10-Q Filing

ORION ENERGY SYSTEMS, INC. CIK: 1409375 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001409375-18-000024`
Period End Date	20180630
Filing Date	20180807
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	oesx-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 38 Cash Flow Statement 60

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (usd per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.83M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.31M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.48M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$8.74M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$7.18M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Revenue earned but not billed	`UnbilledContractsReceivable`	$1.05M	USD	Point-in-time
Revenue earned but not billed	`UnbilledContractsReceivable`	-	USD	Point-in-time
Common stock, par value (usd per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Inventories, net	`InventoryNet`	$7.83M	USD	Point-in-time
Inventories, net	`InventoryNet`	$8.60M	USD	Point-in-time
Common stock, par value (usd per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Deferred contract costs	`DeferredCostsCurrent`	$1.00M	USD	Point-in-time
Deferred contract costs	`DeferredCostsCurrent`	-	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.84M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	38.38M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$408.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.47M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`SharesOutstanding`	29.40M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$29.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$25.08M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`SharesOutstanding`	28.95M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	9.43M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.57M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.89M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	9.43M	shares	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.87M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.75M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$110.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$105.00K	USD	Point-in-time
Total assets	`Assets`	$40.50M	USD	Point-in-time
Total assets	`Assets`	$45.33M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$11.68M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.21M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$4.17M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$4.91M	USD	Point-in-time
Deferred revenue, current	`ContractWithCustomerLiabilityCurrent`	$89.00K	USD	Point-in-time
Deferred revenue, current	`ContractWithCustomerLiabilityCurrent`	$499.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$79.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$80.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$15.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$16.42M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$2.30M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$3.91M	USD	Point-in-time
Long-term debt, less current maturities	`OtherLongTermDebtNoncurrent`	$85.00K	USD	Point-in-time
Long-term debt, less current maturities	`OtherLongTermDebtNoncurrent`	$105.00K	USD	Point-in-time
Deferred revenue, long-term	`ContractWithCustomerLiabilityNoncurrent`	$847.00K	USD	Point-in-time
Deferred revenue, long-term	`ContractWithCustomerLiabilityNoncurrent`	$940.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$524.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$615.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$21.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$19.14M	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, 2018 and March 31, 2018; no shares issued and outstanding at June 30, 2018 and March 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2018 and March 31, 2018; no shares issued and outstanding at June 30, 2018 and March 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2018 and March 31, 2018; shares issued: 38,838,329 at June 30, 2018 and 38,384,575 at March 31, 2018; shares outstanding: 29,403,485 at June 30, 2018 and 28,953,183 at March 31, 2018	`CommonStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2018 and March 31, 2018; shares issued: 38,838,329 at June 30, 2018 and 38,384,575 at March 31, 2018; shares outstanding: 29,403,485 at June 30, 2018 and 28,953,183 at March 31, 2018	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$155.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$155.23M	USD	Point-in-time
Treasury stock, common shares: 9,434,844 at June 30, 2018 and 9,431,392 at March 31, 2018	`TreasuryStockValue`	$36.09M	USD	Point-in-time
Treasury stock, common shares: 9,434,844 at June 30, 2018 and 9,431,392 at March 31, 2018	`TreasuryStockValue`	$36.09M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-95.49M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-97.78M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$23.42M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$21.36M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$40.50M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$45.33M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$12.56M	USD	1 Quarter
Revenues	`Revenues`	$13.82M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$9.85M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$10.37M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.71M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.46M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$5.33M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.08M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.35M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.58M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$524.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$405.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.06M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.21M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.60M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.50M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$19.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$89.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$67.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$5.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-62.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-67.00K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.67M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.56M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$22.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.56M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.69M	USD	1 Quarter
Basic net loss per share attributable to common shareholders (in dollars per share)	`EarningsPerShareBasic`	$-0.23	USD	1 Quarter
Basic net loss per share attributable to common shareholders (in dollars per share)	`EarningsPerShareBasic`	$-0.09	USD	1 Quarter
Weighted-average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.46M	shares	1 Quarter
Weighted-average common shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	29.07M	shares	1 Quarter
Diluted net loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.09	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`	28.46M	shares	1 Quarter
Weighted-average common shares and share equivalents outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.07M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.56M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.69M	USD	1 Quarter
Depreciation	`Depreciation`	$347.00K	USD	1 Quarter
Depreciation	`Depreciation`	$353.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$121.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$162.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$228.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$320.00K	USD	1 Quarter
Provision for inventory reserves	`ProvisionForInventoryReserves`	$130.00K	USD	1 Quarter
Provision for inventory reserves	`ProvisionForInventoryReserves`	$17.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$33.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$82.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-3.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-12.00K	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$-2.10M	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$-1.76M	USD	1 Quarter
Revenue earned but not billed	`IncreaseDecreaseInUnbilledReceivables`	$-1.30M	USD	1 Quarter
Revenue earned but not billed	`IncreaseDecreaseInUnbilledReceivables`	-	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.20M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$102.00K	USD	1 Quarter
Deferred contract costs	`IncreaseDecreaseInDeferredCharges`	-	USD	1 Quarter
Deferred contract costs	`IncreaseDecreaseInDeferredCharges`	$770.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$163.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-150.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-575.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.03M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-743.00K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-553.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInDeferredRevenue`	$204.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInDeferredRevenue`	$-21.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$61.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.75M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$204.00K	USD	1 Quarter
Additions to patents and licenses	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Additions to patents and licenses	`PaymentsToAcquireIntangibleAssets`	$20.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-23.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-224.00K	USD	1 Quarter
Payment of long-term debt and capital leases	`RepaymentsOfLongTermDebt`	$19.00K	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`	$17.19M	USD	1 Quarter
Payment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$19.08M	USD	1 Quarter
Payment of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$18.79M	USD	1 Quarter
Payments to settle employee tax withholdings on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.00K	USD	1 Quarter
Payments to settle employee tax withholdings on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Net proceeds from employee equity exercises	`ProceedsFromExerciseOfWarrantsAndStockOptions`	$1.00K	USD	1 Quarter
Net proceeds from employee equity exercises	`ProceedsFromExerciseOfWarrantsAndStockOptions`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.63M	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`	$-1.59M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.83M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.42M	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`	$8.48M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.83M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.42M	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`	$8.48M	USD	Point-in-time

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