10-Q Filing

ORION ENERGY SYSTEMS, INC. CIK: 1409375 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-040789`
Period End Date	20210630
Filing Date	20210804
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	oesx-10q_20210630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 38 Cash Flow Statement 58 Stockholders Equity 19

Balance Sheet 77 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`	$15.86M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	30.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.39M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$19.51M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$13.57M	USD	Point-in-time
Revenue earned but not billed	`UnbilledContractsReceivable`	$2.93M	USD	Point-in-time
Revenue earned but not billed	`UnbilledContractsReceivable`	$1.04M	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
Common stock, par value (USD per share)	`CommonStockNoParValue`	-	USD	Point-in-time
Inventories, net	`InventoryNet`	$20.65M	USD	Point-in-time
Inventories, net	`InventoryNet`	$19.55M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$963.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.08M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	40.47M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$56.53M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	40.28M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$58.02M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	31.00M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	30.81M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.37M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.25M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	9.47M	shares	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.95M	USD	Point-in-time
Other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$1.89M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockCommonShares`	9.47M	shares	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$18.91M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$19.79M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$3.18M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$3.54M	USD	Point-in-time
Total assets	`Assets`	$93.62M	USD	Point-in-time
Total assets	`Assets`	$92.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$18.53M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$17.05M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$9.86M	USD	Point-in-time
Accrued expenses and other	`AccruedLiabilitiesCurrent`	$13.23M	USD	Point-in-time
Deferred revenue, current	`ContractWithCustomerLiabilityCurrent`	$87.00K	USD	Point-in-time
Deferred revenue, current	`ContractWithCustomerLiabilityCurrent`	$203.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$14.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$15.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$30.37M	USD	Point-in-time
Revolving credit facility	`LongTermLineOfCredit`	-	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligationsLessCurrentMaturities`	$35.00K	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligationsLessCurrentMaturities`	$31.00K	USD	Point-in-time
Deferred revenue, long-term	`ContractWithCustomerLiabilityNoncurrent`	$640.00K	USD	Point-in-time
Deferred revenue, long-term	`ContractWithCustomerLiabilityNoncurrent`	$621.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.70M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.52M	USD	Point-in-time
Total liabilities	`Liabilities`	$34.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$32.77M	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, 2021 and March 31, 2021; no shares issued and outstanding at June 30, 2021 and March 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2021 and March 31, 2021; no shares issued and outstanding at June 30, 2021 and March 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2021 and March 31, 2021; shares issued: 40,474,565 at June 30, 2021 and 40,279,050 at March 31, 2021; shares outstanding: 31,000,701 at June 30, 2021 and 30,805,300 at March 31, 2021	`CommonStockValue`	-	USD	Point-in-time
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2021 and March 31, 2021; shares issued: 40,474,565 at June 30, 2021 and 40,279,050 at March 31, 2021; shares outstanding: 31,000,701 at June 30, 2021 and 30,805,300 at March 31, 2021	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$157.49M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$157.75M	USD	Point-in-time
Treasury stock, common shares: 9,473,864 at June 30, 2021 and 9,473,750 at March 31, 2021	`TreasuryStockCommonValue`	$36.24M	USD	Point-in-time
Treasury stock, common shares: 9,473,864 at June 30, 2021 and 9,473,750 at March 31, 2021	`TreasuryStockCommonValue`	$36.24M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-63.17M	USD	Point-in-time
Retained deficit	`RetainedEarningsAccumulatedDeficit`	$-60.66M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$29.05M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$60.84M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$31.04M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$58.07M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$92.82M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$93.62M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$35.10M	USD	1 Quarter
Revenues	`Revenues`	$10.81M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$24.87M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$8.18M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.63M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.23M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.41M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.11M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$3.25M	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`	$456.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.68M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.81M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-2.04M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$3.42M	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$9.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$1.00K	USD	1 Quarter
Interest expense	`InterestExpenseDebtExcludingAmortization`	$19.00K	USD	1 Quarter
Interest expense	`InterestExpenseDebtExcludingAmortization`	$49.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$16.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$61.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-34.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-101.00K	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.15M	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.38M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$73.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$874.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.22M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.51M	USD	1 Quarter
Basic net income (loss) per share attributable to common shareholders	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Basic net income (loss) per share attributable to common shareholders	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Weighted-average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	30.35M	shares	1 Quarter
Weighted-average common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	30.86M	shares	1 Quarter
Diluted net income (loss) per share	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Diluted net income (loss) per share	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Weighted-average common shares and share equivalents outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	31.29M	shares	1 Quarter
Weighted-average common shares and share equivalents outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.35M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-2.22M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$2.51M	USD	1 Quarter
Depreciation	`Depreciation`	$309.00K	USD	1 Quarter
Depreciation	`Depreciation`	$292.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$78.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$67.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$160.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$208.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$16.00K	USD	1 Quarter
Amortization of debt issue costs	`AmortizationOfFinancingCosts`	$61.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$872.00K	USD	1 Quarter
Provision for inventory reserves	`ProvisionForInventoryReserves`	$134.00K	USD	1 Quarter
Provision for inventory reserves	`ProvisionForInventoryReserves`	$27.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-9.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$5.93M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.48M	USD	1 Quarter
Revenue earned but not billed	`IncreaseDecreaseInContractWithCustomerAsset`	$1.82M	USD	1 Quarter
Revenue earned but not billed	`IncreaseDecreaseInContractWithCustomerAsset`	$-1.89M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.59M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.23M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-251.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-236.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.45M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-6.12M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-3.55M	USD	1 Quarter
Accrued expenses and other	`IncreaseDecreaseInAccruedLiabilities`	$-1.32M	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInContractWithCustomerLiability`	$-34.00K	USD	1 Quarter
Deferred revenue, current and long-term	`IncreaseDecreaseInContractWithCustomerLiability`	$98.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.97M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.71M	USD	1 Quarter
Cash paid for investment	`PaymentsToAcquireInvestments`	$500.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$221.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$152.00K	USD	1 Quarter
Additions to patents and licenses	`PaymentsToAcquireIntangibleAssets`	$4.00K	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`	$-656.00K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebtExcludingRevolvingLinesOfCredit`	$25.00K	USD	1 Quarter
Payment of long-term debt	`RepaymentsOfLongTermDebtExcludingRevolvingLinesOfCredit`	$4.00K	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`	$4.00K	USD	1 Quarter
Payments to settle employee tax withholdings on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$19.00K	USD	1 Quarter
Deferred financing costs	`PaymentsOfFinancingCosts`	$4.00K	USD	1 Quarter
Net proceeds from employee equity exercises	`ProceedsFromExerciseOfWarrantsAndStockOptions`	$104.00K	USD	1 Quarter
Net proceeds from employee equity exercises	`ProceedsFromExerciseOfWarrantsAndStockOptions`	$43.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.01M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$92.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-17.97M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.53M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.86M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.39M	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`	$28.75M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.86M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.39M	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`	$28.75M	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`	$60.84M	USD	Point-in-time
Shareholders' equity, beginning of period	`StockholdersEquity`	$31.04M	USD	Point-in-time
Shareholders' equity, beginning of period	`StockholdersEquity`	$58.07M	USD	Point-in-time
Exercise of stock options for cash	`StockIssuedDuringPeriodValueStockOptionsExercisedForCash`	$101.00K	USD	1 Quarter
Exercise of stock options for cash	`StockIssuedDuringPeriodValueStockOptionsExercisedForCash`	$41.00K	USD	1 Quarter
Shares issued under Employee Stock Purchase Plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$3.00K	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`	496.00	shares	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$208.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$160.00K	USD	1 Quarter
Employee tax withholdings on stock-based compensation	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$18.00K	USD	1 Quarter
Employee tax withholdings on stock-based compensation	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$4.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.22M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.51M	USD	1 Quarter
Shareholders' equity, end of period	`StockholdersEquity`	$29.05M	USD	Point-in-time
Shareholders' equity, end of period	`StockholdersEquity`	$60.84M	USD	Point-in-time
Shareholders' equity, end of period	`StockholdersEquity`	$31.04M	USD	Point-in-time
Shareholders' equity, end of period	`StockholdersEquity`	$58.07M	USD	Point-in-time

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