The following is a summary of the Orion Energy Systems, Inc. (OESX) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Orion's Q3 2024 revenue was reported at $26 million, up 28% year-over-year and 26% sequentially.

• Gross margin increased by 95 basis points to 24.5% in Q3 due to a more favorable sales mix of products, higher sales volume, and improved service margin.

• Net loss in Q3 2024 was $2.3 million, a decrease from the net loss of $24.1 million reported in Q3 2023.

• Cash generated from operations was approximately $1 million in Q3 2024 with current assets of $45.7 million including investments.

• Orion updated fiscal 2024 revenue expectations to be between $90 million to $95 million, indicating growth of 16-23%.

Business Progress:

• Orion reported progress on several larger retrofit LED lighting projects which will contribute to growth over the next few quarters.

• The firm is making progress with Volterek EV charging solutions in building out the team and its geographical reach.

• Orion's electrical contractor channel is showing strong pipeline build since the launch of TritonPro and exterior Harris lines.

• Revenue from its Voltrek EV charging solutions remained flat, however, Orion's project pipeline for its Voltrek EV solutions is now over $50 million.

• The company is implementing a project for a national specialty retailer using TritonPro, expected to generate revenue of $3 million to $4 million over the next 24 months.

More details: Orion Energy Systems IR

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