10-Q Filing

ORION ENERGY SYSTEMS, INC. CIK: 1409375 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001409375-17-000025`
Period End Date	20170630
Filing Date	20170804
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	oesx-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 46 Cash Flow Statement 59

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.54M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.48M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$9.17M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$7.04M	USD	Point-in-time
Inventories, net	`InventoryNet`	$12.27M	USD	Point-in-time
Inventories, net	`InventoryNet`	$13.59M	USD	Point-in-time
Deferred contract costs	`DeferredCostsCurrent`	$935.00K	USD	Point-in-time
Deferred contract costs	`DeferredCostsCurrent`	$1.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.88M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.09M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.59M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$43.88M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.64M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.79M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.07M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.21M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$175.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$118.00K	USD	Point-in-time
Total assets	`Assets`	$62.05M	USD	Point-in-time
Total assets	`Assets`	$50.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.61M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.63M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$5.99M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$5.13M	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$621.00K	USD	Point-in-time
Deferred revenue, current	`DeferredRevenueCurrent`	$823.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$152.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$110.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.67M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$3.85M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$6.63M	USD	Point-in-time
Long-term debt, less current maturities	`OtherLongTermDebtNoncurrent`	$190.00K	USD	Point-in-time
Long-term debt, less current maturities	`OtherLongTermDebtNoncurrent`	$164.00K	USD	Point-in-time
Deferred revenue, long-term	`DeferredRevenueNoncurrent`	$945.00K	USD	Point-in-time
Deferred revenue, long-term	`DeferredRevenueNoncurrent`	$944.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$560.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$442.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$26.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$21.19M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2017 and March 31, 2017; no shares issued and outstanding at June 30, 2017 and March 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2017 and March 31, 2017; no shares issued and outstanding at June 30, 2017 and March 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2017 and March 31, 2017; shares issued: 38,161,796 at June 30, 2017 and 37,747,227 at March 31, 2017; shares outstanding: 28,732,979 at June 30, 2017 and 28,317,490 at March 31, 2017	`CommonStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2017 and March 31, 2017; shares issued: 38,161,796 at June 30, 2017 and 37,747,227 at March 31, 2017; shares outstanding: 28,732,979 at June 30, 2017 and 28,317,490 at March 31, 2017	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$153.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$154.23M	USD	Point-in-time
Treasury stock, common shares: 9,428,817 at June 30, 2017 and 9,429,737 at March 31, 2017	`TreasuryStockValue`	$36.08M	USD	Point-in-time
Treasury stock, common shares: 9,428,817 at June 30, 2017 and 9,429,737 at March 31, 2017	`TreasuryStockValue`	$36.08M	USD	Point-in-time
Shareholder notes receivable	`ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock`	-	USD	Point-in-time
Shareholder notes receivable	`ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock`	$4.00K	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-88.93M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-82.37M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$29.22M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$35.45M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$62.05M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$50.41M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Product revenue	`SalesRevenueGoodsNet`	$11.78M	USD	1 Quarter
Product revenue	`SalesRevenueGoodsNet`	$15.35M	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$777.00K	USD	1 Quarter
Service revenue	`SalesRevenueServicesNet`	$282.00K	USD	1 Quarter
Total revenue	`Revenues`	$12.56M	USD	1 Quarter
Total revenue	`Revenues`	$15.63M	USD	1 Quarter
Cost of product revenue	`CostOfGoodsSold`	$8.81M	USD	1 Quarter
Cost of product revenue	`CostOfGoodsSold`	$11.42M	USD	1 Quarter
Cost of service revenue	`CostOfServices`	$1.03M	USD	1 Quarter
Cost of service revenue	`CostOfServices`	$189.00K	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$9.85M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$11.61M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.71M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.03M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.33M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.90M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.35M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.90M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$524.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$481.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.28M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.21M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.50M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.25M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$100.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Interest expense	`InterestExpense`	$67.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$70.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$10.00K	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$-62.00K	USD	1 Quarter
Total other (expense) income	`NonoperatingIncomeExpense`	$40.00K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.56M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.21M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-271.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.56M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.94M	USD	1 Quarter
Basic net loss per share attributable to common shareholders (in dollars per share)	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Basic net loss per share attributable to common shareholders (in dollars per share)	`EarningsPerShareBasic`	$-0.23	USD	1 Quarter
Weighted-average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.46M	shares	1 Quarter
Weighted-average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.89M	shares	1 Quarter
Diluted net loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Diluted net loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.23	USD	1 Quarter
Weighted-average common shares and share equivalents outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.89M	shares	1 Quarter
Weighted-average common shares and share equivalents outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	28.46M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.56M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.94M	USD	1 Quarter
Depreciation	`Depreciation`	$389.00K	USD	1 Quarter
Depreciation	`Depreciation`	$353.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$243.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$162.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$329.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$320.00K	USD	1 Quarter
Provision for inventory reserves	`ProvisionForInventoryReserves`	$254.00K	USD	1 Quarter
Provision for inventory reserves	`ProvisionForInventoryReserves`	$130.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$-375.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$33.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-12.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-56.00K	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$1.80M	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$-2.10M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.28M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.20M	USD	1 Quarter
Deferred contract costs	`IncreaseDecreaseInDeferredCharges`	$200.00K	USD	1 Quarter
Deferred contract costs	`IncreaseDecreaseInDeferredCharges`	$770.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.20M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$163.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.03M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.52M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-285.00K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-743.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInDeferredRevenue`	$52.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInDeferredRevenue`	$204.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.31M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.75M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$204.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$53.00K	USD	1 Quarter
Additions to patents and licenses	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Additions to patents and licenses	`PaymentsToAcquireIntangibleAssets`	$20.00K	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Proceeds from sales of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$2.60M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-224.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.55M	USD	1 Quarter
Payment of long-term debt and capital leases	`RepaymentsOfLongTermDebt`	$381.00K	USD	1 Quarter
Payment of long-term debt and capital leases	`RepaymentsOfLongTermDebt`	$67.00K	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$16.31M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$16.66M	USD	1 Quarter
Payment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$17.89M	USD	1 Quarter
Payment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$19.08M	USD	1 Quarter
Payments to settle employee tax withholdings on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$4.00K	USD	1 Quarter
Net proceeds from employee equity exercises	`ProceedsFromExerciseOfWarrantsAndStockOptions`	-	USD	1 Quarter
Net proceeds from employee equity exercises	`ProceedsFromExerciseOfWarrantsAndStockOptions`	$2.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.61M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.84M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-8.82M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.38M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.54M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.31M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.16M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.48M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.54M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.31M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.16M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.48M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.