Start here if you're new
what it is
Orion sells LED lighting, controls, EV chargers, and maintenance work to commercial customers.
how it gets paid
Last year Orion Energy Systems made $80M in revenue.
why growth slowed
Revenue fell 12.0% last year. 30.7% gross margin means Orion keeps 31 cents before overhead on every $1 of sales.
what just happened
Revenue hit $61M, but EPS was -$0.48.
At a glance
C+ balance sheet — struggling to keep the lights on
5/100 earnings predictability — expect surprises
9.4% return on capital — nothing to write home about
-$3.60 fy2024 eps est
$80M fy2024 rev est
xvary composite: 38/100 — weak
What they do
Orion sells LED lighting, controls, EV chargers, and maintenance work to commercial customers.
Orion sells into six end markets: retail, manufacturing, warehousing, government, healthcare, and schools. That spread gives you more places to win than a one-customer shop. The catch is ugly: fiscal 2024 EPS was -$3.60, so the business still has not turned volume into profit.
How they make money
$80M
annual revenue · revenue declined -12.0% last year
total revenue
$80M
12.0%
The products that matter
commercial lighting retrofit projects
LED Lighting Systems
$64M · 80% of revenue
it is the core business at $64M, but sales fell 12.0% from last year and gross margin was 30.7%. you need this segment to stabilize before the turnaround story earns a premium.
30.7% gross margin
electrical infrastructure and charger installs
EV Charging & Infrastructure
$16M · 20% of revenue
this segment produced $16M of revenue and a recent $3.6M project win. that helps, but one contract is still only about 4.5% of the $80M annual revenue base.
$3.6M recent win
Key numbers
$39M
market cap
The market values Orion at $39M while the company brings in $80M a year. That is a tiny equity cushion for a still-unprofitable business.
$80M
annual revenue
This is the sales base Orion has to turn into profit. It is also why every margin point matters.
13.3%
operating margin
That means Orion loses 13 cents after running the business for every sales dollar it books.
$11M
long-term debt
Debt equals 22% of capital. That matters more when the company is still losing money.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 15 / 100
- long-term debt $11M (22% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for OESX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $61M, but EPS was -$0.48.
Revenue was up 187% from a year earlier. Gross margin came in at 30.7%, so the sales line improved while overhead still pressured earnings.
$61M
revenue
$0.48
eps
30.7%
gross margin
gross margin
30.7% gross margin means Orion keeps 31 cents before overhead on every $1 of sales.
source: company earnings report, 2026
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What could go wrong
the #1 risk is project concentration around an $84M revenue target. when a company is this small, one delayed job can change the whole year.
high
project concentration
Orion depends on a limited number of lighting and infrastructure jobs to reach $84M in revenue. The recent $3.6M win helps, but it also shows the scale problem: a few projects carry a lot of weight.
A shortfall from $84M to the current $80M analyst view already implies a 5% miss before another project moves.
high
balance-sheet pressure
The balance sheet is graded C+, and long-term debt is $11M, or 22% of capital. Large projects consume cash before they produce cash. That is manageable when execution is clean and painful when it is not.
If working capital stretches, Orion has less room to fund multiple jobs at once.
med
commoditized lighting economics
LED lighting is a competitive market, and Orion's 30.7% gross margin does not leave endless room for bidding mistakes. You are not buying a pricing-power story here.
Margin compression would pressure the part of the business that still drives 80% of revenue.
med
earnings volatility
The earnings predictability score is 5/100 and price stability is 15/100. That is the data version of "expect a lumpy ride." Small companies tied to project timing do not miss gracefully.
Even modest quarterly noise can move the stock hard inside a $6–$19 range.
This is a project-timing risk wrapped inside a financing risk: a company worth $39M is trying to hit $84M in annual revenue with a C+ balance sheet and an analyst view already sitting at $80M.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
$84M full-year revenue target
This is the cleanest scorecard on the page. If Orion lands near the current $80M analyst view instead, the market will stop calling this a turnaround and start calling it another almost-year.
trend
positive adjusted EBITDA streak
Five straight quarters is progress. Six makes it harder to dismiss. A reversal would tell you the recent improvement was project timing, not a business reset.
risk
working-capital strain
A C+ balance sheet and $11M of long-term debt do not leave endless slack. If Orion starts winning bigger jobs, watch whether cash needs rise faster than profit.
calendar
the next project announcement
The March 2026 $3.6M EV win was useful proof that demand exists. The next comparable award matters more, because one win is a data point and two starts to look like a pattern.
Analyst rankings
earnings predictability
5 / 100
in human-speak, analysts do not trust this business to produce smooth quarters.
price stability
15 / 100
This stock tends to move around a lot. If you own it, expect volatility to arrive faster than consensus.
risk rank
5
That means it screens as safer than only 5% of stocks in this dataset. Translation: you are nowhere near the defensive aisle.
source: institutional data
Institutional activity
institutional ownership data for OESX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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