ORION ENERGY SYSTEMS, INC.

Orion Energy Systems, Inc.

Overview

Orion Energy Systems designs, sources, and installs energy-efficient LED lighting and IoT-enabled controls. The company also provides wireless control solutions, commercial and industrial EV charging infrastructure, and lighting-related maintenance services. Its primary focus is retrofit projects across North America, supplying lighting systems to replace existing fixtures and offering related design, installation, and ongoing management services.

Core segments and services

• Lighting
  • Engineering, design, and sale of interior and exterior LED fixtures.
  • Turnkey projects for large national accounts, governments, municipalities, and schools.
• Maintenance
  • Maintenance, repair, and replacement services for lighting and related electrical components.
  • Multi-location rollouts and ongoing support.
• EV
  • EV charging expertise and turnkey installation solutions with ongoing support.
  • EV charging stations and components are sourced from third parties and installed by Orion.
• Cross-segment services
  • Site surveys and audits, engineering design, project management, installation, IoT control integration, and assistance with utility incentives and government subsidies.

Products and capabilities

• LED lighting fixtures, many with IoT-enabled controls for energy monitoring, space utilization, and security.
• Smart lighting control systems.
• EV charging stations and related services, including installation, commissioning, and network services.
• Lighting and electrical maintenance services.
• Some products are manufactured at Orion’s Manitowoc, Wisconsin facility; others are sourced through contract manufacturers and global supply chain partners.

Customers and channels

• Targets commercial, institutional, and industrial customers, including warehousing, retail, manufacturing, and office facilities.
• Principal customers include large national account end-users, electrical distributors, electrical contractors, and energy service companies (ESCOs).
• As of fiscal 2026, one customer accounted for 26.0% of total revenue (historical concentrations: 18.1% in 2025 and 25.6% in 2024).
• Channel ecosystem includes 36 ESCO partners and independent lighting agencies representing Orion in North America (end of fiscal 2026).

Geographic and operational footprint

• Nearly all sales occur in North America.
• Manufacturing and distribution: approximately 266,000 sq ft leased facility in Manitowoc, Wisconsin.
• Corporate technology center and headquarters: approximately 70,000 sq ft, adjacent to the Manitowoc facility.
• Additional offices: about 10,500 sq ft in Jacksonville, Florida; about 5,375 sq ft in Lawrence, Massachusetts. The EV segment operates from the Lawrence facility.

People and intellectual property

• Approximately 174 full-time employees as of March 31, 2026, with temporary manufacturing staff added as demand requires.
• More than 90 U.S. patents granted as of March 31, 2026, with additional patent applications filed.

History and strategic development

• Acquired Voltrek LLC in October 2022 to expand EV charging capabilities and turnkey EV installation services.
• In fiscal 2026, expanded services to include electrical contracting, broadening maintenance and integration capabilities across projects.

Backlog and revenue visibility

• Backlog stood at $30.1 million as of March 31, 2026, compared with $17.3 million as of March 31, 2025.
• Backlog is generally expected to be recognized as revenue within one year; it does not include contracted maintenance revenue.

Dividends and capital structure

• The company does not pay cash dividends and does not anticipate doing so in the foreseeable future.
• The company maintains a mix of debt covenants and equity plans and sells through a network of ESCO partners and distributors.

Summary

Orion Energy Systems provides LED lighting, IoT-enabled controls, EV charging installation services, and lighting maintenance, primarily through retrofit projects in North America. The company draws on a North American footprint, a network of partners, and an established patent portfolio to serve commercial, institutional, and industrial customers. Recent strategic moves include the Voltrek acquisition and an expansion into electrical contracting. Backlog levels and customer concentration reflect revenue visibility and concentration risk.