10-Q Filing

ORION ENERGY SYSTEMS, INC. CIK: 1409375 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-028788`
Period End Date	20190630
Filing Date	20190805
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	oesx-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 40 Cash Flow Statement 58 Stockholders Equity 22

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.23M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.42M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.73M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.83M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$14.80M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$24.00M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Revenue earned but not billed	`UnbilledContractsReceivable`	$3.75M	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`	$3.51M	USD	Point-in-time
Inventories, net	`InventoryNet`	$14.93M	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Inventories, net	`InventoryNet`	$13.40M	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
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$677.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$695.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	39.04M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	39.58M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$41.38M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$53.35M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`SharesOutstanding`	30.12M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`SharesOutstanding`	29.60M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.01M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.95M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	9.46M	shares	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.47M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.38M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	9.44M	shares	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$165.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$262.00K	USD	Point-in-time
Total assets	`Assets`	$56.02M	USD	Point-in-time
Total assets	`Assets`	$67.93M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$26.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$19.71M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$7.41M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$8.33M	USD	Point-in-time
Deferred revenue, current	`ContractWithCustomerLiabilityCurrent`	$121.00K	USD	Point-in-time
Deferred revenue, current	`ContractWithCustomerLiabilityCurrent`	$123.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$96.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$97.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.34M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$35.41M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$9.20M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$8.97M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligationsLessCurrentMaturities`	$59.00K	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligationsLessCurrentMaturities`	$81.00K	USD	Point-in-time
Deferred revenue, long-term	`ContractWithCustomerLiabilityNoncurrent`	$791.00K	USD	Point-in-time
Deferred revenue, long-term	`ContractWithCustomerLiabilityNoncurrent`	$772.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$642.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$655.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$45.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$38.05M	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, 2019 and March 31, 2019; no shares issued and outstanding at June 30, 2019 and March 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2019 and March 31, 2019; no shares issued and outstanding at June 30, 2019 and March 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2019 and March 31, 2019; shares issued: 39,583,313 at June 30, 2019 and 39,037,969 at March 31, 2019; shares outstanding: 30,121,487 at June 30, 2019 and 29,600,158 at March 31, 2019	`CommonStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2019 and March 31, 2019; shares issued: 39,583,313 at June 30, 2019 and 39,037,969 at March 31, 2019; shares outstanding: 30,121,487 at June 30, 2019 and 29,600,158 at March 31, 2019	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$156.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$155.83M	USD	Point-in-time
Treasury stock, common shares: 9,461,826 at June 30, 2019 and 9,437,811 at March 31, 2019	`TreasuryStockValue`	$36.15M	USD	Point-in-time
Treasury stock, common shares: 9,461,826 at June 30, 2019 and 9,437,811 at March 31, 2019	`TreasuryStockValue`	$36.09M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-101.77M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-97.80M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$23.42M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$22.06M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$21.36M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$17.97M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$56.02M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$67.93M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$13.82M	USD	1 Quarter
Revenues	`Revenues`	$42.38M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$32.09M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$10.37M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.28M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.08M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.01M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.71M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.58M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$411.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$405.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.12M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.06M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$4.16M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-2.60M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$19.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$12.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$89.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$136.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$61.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$3.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-67.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-183.00K	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.67M	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.98M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$22.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$8.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.69M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.97M	USD	1 Quarter
Basic net income (loss) per share attributable to common shareholders	`EarningsPerShareBasic`	$-0.09	USD	1 Quarter
Basic net income (loss) per share attributable to common shareholders	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Weighted-average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	29.07M	shares	1 Quarter
Weighted-average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	29.72M	shares	1 Quarter
Diluted net income (loss) per share	`EarningsPerShareDiluted`	$-0.09	USD	1 Quarter
Diluted net income (loss) per share	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Weighted-average common shares and share equivalents outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.55M	shares	1 Quarter
Weighted-average common shares and share equivalents outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.07M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-2.69M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.97M	USD	1 Quarter
Depreciation	`Depreciation`	$347.00K	USD	1 Quarter
Depreciation	`Depreciation`	$315.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$121.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$94.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$228.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$171.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$61.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	-	USD	1 Quarter
Provision for inventory reserves	`ProvisionForInventoryReserves`	$80.00K	USD	1 Quarter
Provision for inventory reserves	`ProvisionForInventoryReserves`	$17.00K	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Provision for bad debts	`ProvisionForDoubtfulAccounts`	$82.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-3.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-21.00K	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$9.20M	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$-1.76M	USD	1 Quarter
Revenue earned but not billed	`IncreaseDecreaseInContractWithCustomerAsset`	$-238.00K	USD	1 Quarter
Revenue earned but not billed	`IncreaseDecreaseInContractWithCustomerAsset`	$-1.30M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.61M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$102.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-150.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.11M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-575.00K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$777.00K	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-553.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInContractWithCustomerLiability`	$-21.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInContractWithCustomerLiability`	$-21.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$61.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$200.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-200.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-23.00K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$19.00K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebt`	$21.00K	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$31.10M	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$17.19M	USD	1 Quarter
Payments of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$18.79M	USD	1 Quarter
Payments of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$31.33M	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`	$63.00K	USD	1 Quarter
Net proceeds from employee equity exercises	`ProceedsFromExerciseOfWarrantsAndStockOptions`	$18.00K	USD	1 Quarter
Net proceeds from employee equity exercises	`ProceedsFromExerciseOfWarrantsAndStockOptions`	$1.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-295.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.63M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.50M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.59M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.23M	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`	$8.73M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.83M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.23M	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`	$8.73M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.83M	USD	Point-in-time

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Shareholders' equity, beginning of period	`StockholdersEquity`	$23.42M	USD	Point-in-time
Shareholders' equity, beginning of period	`StockholdersEquity`	$22.06M	USD	Point-in-time
Shareholders' equity, beginning of period	`StockholdersEquity`	$21.36M	USD	Point-in-time
Shareholders' equity, beginning of period	`StockholdersEquity`	$17.97M	USD	Point-in-time
Shareholders' equity, beginning of period (Shares)	`SharesOutstanding`	30.12M	shares	Point-in-time
Shareholders' equity, beginning of period (Shares)	`SharesOutstanding`	29.60M	shares	Point-in-time
Exercise of stock options for cash	`StockIssuedDuringPeriodValueStockOptionsExercisedForCash`	$16.00K	USD	1 Quarter
Shares issued under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$2.00K	USD	1 Quarter
Shares issued under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$1.00K	USD	1 Quarter
Shares issued under Employee Stock Purchase Plan (shares)	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	613.00	shares	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$171.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$228.00K	USD	1 Quarter
Employee tax withholdings on stock-based compensation	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$64.00K	USD	1 Quarter
Employee tax withholdings on stock-based compensation	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.69M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.97M	USD	1 Quarter
Shareholders' equity, end of period	`StockholdersEquity`	$23.42M	USD	Point-in-time
Shareholders' equity, end of period	`StockholdersEquity`	$22.06M	USD	Point-in-time
Shareholders' equity, end of period	`StockholdersEquity`	$21.36M	USD	Point-in-time
Shareholders' equity, end of period	`StockholdersEquity`	$17.97M	USD	Point-in-time
Shareholders' equity, at end of period (shares)	`SharesOutstanding`	30.12M	shares	Point-in-time
Shareholders' equity, at end of period (shares)	`SharesOutstanding`	29.60M	shares	Point-in-time

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