Orion Energy Systems (NASDAQ: OESX) is a commercial and industrial energy technology company that sells LED lighting systems, IoT-enabled lighting controls, and EV charging infrastructure, along with installation and maintenance services. Revenue comes from two streams: product sales (68.2% of FY2025 total revenue) and service revenue (31.8%), generating $79.7 million in total revenue for the fiscal year ended March 31, 2025, down from $90.6 million in FY2024. The company sells directly to large national account end-users and on a wholesale basis to electrical distributors, electrical contractors, and energy service companies (ESCOs). Gross margins on products range from 10% to 50% depending on mix, creating period-to-period profit variability. Orion acquired EV charging installer Voltrek in October 2022 for $5.0 million cash plus $1.0 million in stock, and operates three reportable segments as of FY2024: lighting, maintenance, and EV. Sally A. Washlow became CEO on April 14, 2025, replacing Michael Jenkins. The company is headquartered in Manitowoc, Wisconsin, where it also operates a leased production facility, and does not pay dividends.

Revenue model

Transactional product sales of LED lighting fixtures, controls, and EV charging hardware, plus fee-for-service revenue from turnkey installation and ongoing maintenance contracts. Product revenue was $54.4 million (68.2% of total) and service revenue was $25.4 million (31.8% of total) in FY2025 (fiscal year ended March 31, 2025).

Products and services

LED lighting systems (retrofit and new), wireless IoT-enabled lighting control solutions, commercial and industrial EV charging infrastructure (via Voltrek subsidiary), turnkey lighting and EV installation services, and ongoing lighting and electrical maintenance services.

Customers and end markets

Large national account end-users, electrical distributors, electrical contractors, and ESCOs. Primary vertical markets include big box retail, manufacturing, warehousing and logistics, commercial office, federal and municipal government, healthcare, and schools.

Value-chain role

Product manufacturer (LED lighting produced at Manitowoc, Wisconsin facility), systems integrator, and turnkey installation and maintenance services provider. Sells both directly to end-users and wholesale through electrical distributors, contractors, and ESCOs.

Geographic exposure

Virtually all sales occur within North America, per the 10-K filed June 26, 2025.

Source: SEC 10-K, filed 2025-06-26

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