10-Q Filing

ORION ENERGY SYSTEMS, INC. CIK: 1409375 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-036850`
Period End Date	20200630
Filing Date	20200805
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	oesx-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 40 Cash Flow Statement 57 Stockholders Equity 19

Balance Sheet 76 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`	$28.75M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.78M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.70M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$10.43M	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
Revenue earned but not billed	`UnbilledContractsReceivable`	$560.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Revenue earned but not billed	`UnbilledContractsReceivable`	$2.38M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$14.51M	USD	Point-in-time
Inventories, net	`InventoryNet`	$17.07M	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, par value (USD per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$570.00K	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`	$723.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	39.73M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	40.09M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$36.51M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$54.97M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.82M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.69M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	30.62M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	30.27M	shares	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.22M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.16M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	9.47M	shares	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	9.46M	shares	Point-in-time
Long-term accounts receivable	`AccountsReceivableNetNoncurrent`	$760.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$2.80M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$3.01M	USD	Point-in-time
Total assets	`Assets`	$72.56M	USD	Point-in-time
Total assets	`Assets`	$53.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$19.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$13.66M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$5.80M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$7.23M	USD	Point-in-time
Deferred revenue, current	`ContractWithCustomerLiabilityCurrent`	$92.00K	USD	Point-in-time
Deferred revenue, current	`ContractWithCustomerLiabilityCurrent`	$107.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$35.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$14.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.56M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	$10.01M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligationsLessCurrentMaturities`	$46.00K	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligationsLessCurrentMaturities`	$50.00K	USD	Point-in-time
Deferred revenue, long-term	`ContractWithCustomerLiabilityNoncurrent`	$696.00K	USD	Point-in-time
Deferred revenue, long-term	`ContractWithCustomerLiabilityNoncurrent`	$715.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.55M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.01M	USD	Point-in-time
Total liabilities	`Liabilities`	$24.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$41.53M	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, 2020 and March 31, 2020; no shares issued and outstanding at June 30, 2020 and March 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2020 and March 31, 2020; no shares issued and outstanding at June 30, 2020 and March 31, 2020	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2020 and March 31, 2020; shares issued: 40,092,349 at June 30, 2020 and 39,729,569 at March 31, 2020; shares outstanding: 30,624,889 at June 30, 2020 and 30,265,997 at March 31, 2020	`CommonStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2020 and March 31, 2020; shares issued: 40,092,349 at June 30, 2020 and 39,729,569 at March 31, 2020; shares outstanding: 30,624,889 at June 30, 2020 and 30,265,997 at March 31, 2020	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$156.75M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$156.50M	USD	Point-in-time
Treasury stock, common shares: 9,467,460 at June 30, 2020 and 9,463,572 at March 31, 2020	`TreasuryStockCommonValue`	$36.16M	USD	Point-in-time
Treasury stock, common shares: 9,467,460 at June 30, 2020 and 9,463,572 at March 31, 2020	`TreasuryStockCommonValue`	$36.18M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-91.52M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-89.31M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$29.05M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$17.97M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$22.06M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$31.04M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$72.56M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$53.36M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$42.38M	USD	1 Quarter
Revenues	`Revenues`	$10.81M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$8.18M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$32.09M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.63M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.28M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.41M	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`	$1.85M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$415.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$411.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.68M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.12M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-2.04M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$4.16M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$9.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$12.00K	USD	1 Quarter
Interest expense	`InterestExpenseDebtExcludingAmortization`	$136.00K	USD	1 Quarter
Interest expense	`InterestExpenseDebtExcludingAmortization`	$49.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$61.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$61.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$2.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-183.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-101.00K	USD	1 Quarter
(Loss) income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.15M	USD	1 Quarter
(Loss) income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.98M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$8.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$73.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.22M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$3.97M	USD	1 Quarter
Basic net (loss) income per share attributable to common shareholders	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Basic net (loss) income per share attributable to common shareholders	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Weighted-average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	30.35M	shares	1 Quarter
Weighted-average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	29.72M	shares	1 Quarter
Diluted net (loss) income per share	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Diluted net (loss) income per share	`EarningsPerShareDiluted`	$0.13	USD	1 Quarter
Weighted-average common shares and share equivalents outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.35M	shares	1 Quarter
Weighted-average common shares and share equivalents outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.55M	shares	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-2.22M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$3.97M	USD	1 Quarter
Depreciation	`Depreciation`	$315.00K	USD	1 Quarter
Depreciation	`Depreciation`	$292.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$94.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$78.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$171.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$208.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$61.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$61.00K	USD	1 Quarter
Provision for inventory reserves	`ProvisionForInventoryReserves`	$80.00K	USD	1 Quarter
Provision for inventory reserves	`ProvisionForInventoryReserves`	$27.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-21.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-9.00K	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$9.20M	USD	1 Quarter
Accounts receivable, current and long-term	`IncreaseDecreaseInAccountsReceivable`	$-5.48M	USD	1 Quarter
Revenue earned but not billed	`IncreaseDecreaseInContractWithCustomerAsset`	$1.82M	USD	1 Quarter
Revenue earned but not billed	`IncreaseDecreaseInContractWithCustomerAsset`	$-238.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.59M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.61M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-236.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-6.12M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.11M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-1.32M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$777.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInContractWithCustomerLiability`	$-21.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInContractWithCustomerLiability`	$-34.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.00M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.71M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$221.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$200.00K	USD	1 Quarter
Additions to patents and licenses	`PaymentsToAcquireIntangibleAssets`	$23.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-244.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-200.00K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebtExcludingRevolvingLinesOfCredit`	$21.00K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebtExcludingRevolvingLinesOfCredit`	$25.00K	USD	1 Quarter
Proceeds from revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$31.10M	USD	1 Quarter
Payments of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$31.33M	USD	1 Quarter
Payments of revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$10.01M	USD	1 Quarter
Payments to settle employee tax withholdings on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$19.00K	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`	$43.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-295.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.01M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-17.97M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.50M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.75M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.78M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.23M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.73M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$28.75M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.78M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$10.23M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.73M	USD	Point-in-time
Operating lease assets obtained in exchange for new operating lease liabilities	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$355.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Shareholders' equity, beginning of period	`StockholdersEquity`	$29.05M	USD	Point-in-time
Shareholders' equity, beginning of period	`StockholdersEquity`	$17.97M	USD	Point-in-time
Shareholders' equity, beginning of period	`StockholdersEquity`	$22.06M	USD	Point-in-time
Shareholders' equity, beginning of period	`StockholdersEquity`	$31.04M	USD	Point-in-time
Exercise of stock options for cash	`StockIssuedDuringPeriodValueStockOptionsExercisedForCash`	$41.00K	USD	1 Quarter
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`	$2.00K	USD	1 Quarter
Shares issued under Employee Stock Purchase Plan (shares)	`StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans`	458.00	shares	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$208.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$171.00K	USD	1 Quarter
Employee tax withholdings on stock-based compensation	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$64.00K	USD	1 Quarter
Employee tax withholdings on stock-based compensation	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$18.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.22M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$3.97M	USD	1 Quarter
Shareholders' equity, end of period	`StockholdersEquity`	$29.05M	USD	Point-in-time
Shareholders' equity, end of period	`StockholdersEquity`	$17.97M	USD	Point-in-time
Shareholders' equity, end of period	`StockholdersEquity`	$22.06M	USD	Point-in-time
Shareholders' equity, end of period	`StockholdersEquity`	$31.04M	USD	Point-in-time

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