Orion Energy reports preliminary Q2 revenue $19.4M, consensus $22.16M

Orion reported preliminary Q2’25 revenue of approximately $19.4M compared to $20.6M in Q2’24. Orion also reported preliminary FY 2025 first six months revenue of approximately $39.3M compared to $38.2M in 6M’24. EV charging solutions revenue rose 40% to $4.7M compared to Q2’24, benefitting from Eversource Energy’s “EV Make Ready” program contracts and additional work for Boston Public Schools. LED lighting revenue declined approximately 20% to $10.8M in Q2’25 vs. Q2’24, following the completion of a large European retrofit project in Q1’25. This project benefited the prior-year period versus no revenue in Q2’25. Due to customer delays, several projects did not yet commence in Q2’25 as anticipated but are expected to start in Q3’25 or Q4’25. Orion maintains a robust pipeline in the automotive, retail, technology, logistics/distribution, financial and public sectors, from a mix of existing and new customers. In addition, Orion recently secured a new 5-Year, $25M contract to supply LED lighting fixtures for new store construction projects for its largest customer, a major national retailer. Maintenance services revenue rose 5% to $3.8M in Q2’25 compared to the year-ago quarter, delivering better than expected performance following the Q1’25 revenue decrease that resulted from the lapse of unprofitable customer contracts. Maintenance services gross profit percentage rebounded 2,290 basis points in Q2’25 from a negative margin in Q2’24. Orion ended the quarter with cash of approximately $5.4M after a $1M debt repayment on the Company’s bank facility in Q2’25.