0001564590-21-031193 | 10-K | XBRL Viewer

Print Document View Excel Document

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Mar. 31, 2021	May 21, 2021	Sep. 30, 2020
Document and Entity Information [Line Items]
Entity Registrant Name	ORION ENERGY SYSTEMS, INC.
Entity Central Index Key	0001409375
Document Type	10-K
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Public Float			$ 189,240,242
Entity Common Stock, Shares Outstanding		30,806,390
Entity File Number	001-33887
Entity Tax Identification Number	39-1847269
Entity Address, Address Line One	2210 Woodland Drive
Entity Address, City or Town	Manitowoc
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54220
City Area Code	920
Local Phone Number	892-9340
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	WI
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's Proxy Statement for the 2021 Annual Meeting of Shareholders to be held on August 5, 2021 are incorporated herein by reference in Part III of this Annual Report on Form 10-K.
Common stock, no par value
Document and Entity Information [Line Items]
Title of 12(b) Security	Common stock, no par value
Trading Symbol	OESX
Security Exchange Name	NASDAQ
Common stock purchase rights
Document and Entity Information [Line Items]
Title of 12(b) Security	Common stock purchase rights
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Assets
Cash and cash equivalents	$ 19,393,000	$ 28,751,000
Accounts receivable, net	13,572,000	10,427,000
Revenue earned but not billed	2,930,000	560,000
Inventories, net	19,554,000	14,507,000
Prepaid expenses and other current assets	1,082,000	723,000
Total current assets	56,531,000	54,968,000
Property and equipment, net	11,369,000	11,817,000
Other intangible assets, net	1,952,000	2,216,000
Deferred tax assets	19,785,000
Long-term accounts receivable	0	760,000
Other long-term assets	3,184,000	2,802,000
Total assets	92,821,000	72,563,000
Liabilities and Shareholders’ Equity
Accounts payable	17,045,000	19,834,000
Accrued expenses and other	13,226,000	7,228,000
Deferred revenue, current	87,000	107,000
Current maturities of long-term debt	14,000	35,000
Total current liabilities	30,372,000	27,204,000
Revolving credit facility		10,013,000
Long-term debt, less current maturities	35,000	50,000
Deferred revenue, long-term	640,000	715,000
Other long-term liabilities	3,700,000	3,546,000
Total liabilities	34,747,000	41,528,000
Commitments and contingencies (Note 15)
Shareholders’ equity:
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 shares at March 31, 2021 and 2020; no shares issued and outstanding at March 31, 2021 and 2020	0	0
Common stock, no par value: Shares authorized: 200,000,000 at March 31, 2021 and 2020; shares issued: 40,279,050 and 39,729,569 at March 31, 2021 and 2020; shares outstanding: 30,805,300 and 30,265,997 at March 31, 2021 and 2020	0	0
Additional paid-in capital	157,485,000	156,503,000
Treasury stock: 9,473,750 and 9,463,572 common shares at March 31, 2021 and 2020	(36,240,000)	(36,163,000)
Retained deficit	(63,171,000)	(89,305,000)
Total shareholders’ equity	58,074,000	31,035,000
Total liabilities and shareholders’ equity	$ 92,821,000	$ 72,563,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (USD per share)
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	40,279,050	39,729,569
Common stock, shares outstanding (in shares)	30,805,300	30,265,997
Treasury stock (in shares)	9,473,750	9,463,572

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 116,840	$ 150,841	$ 65,754
Cost of revenue	86,716	113,718	51,202
Gross profit	30,124	37,123	14,552
Operating expenses:
General and administrative	11,262	11,184	10,231
Sales and marketing	10,341	11,113	9,104
Research and development	1,685	1,716	1,374
Total operating expenses	23,288	24,013	20,709
Income (loss) from operations	6,836	13,110	(6,157)
Other income (expense):
Other income	56	28	80
Interest expense	(127)	(279)	(493)
Amortization of debt issue costs	(157)	(243)	(101)
Loss on debt extinguishment	(90)
Interest income		5	11
Total other expense	(318)	(489)	(503)
Income (loss) before income tax	6,518	12,621	(6,660)
Income tax (benefit) expense	(19,616)	159	14
Net income (loss)	$ 26,134	$ 12,462	$ (6,674)
Basic net income (loss) per share attributable to common shareholders	$ 0.85	$ 0.41	$ (0.23)
Weighted-average common shares outstanding	30,634,553	30,104,552	29,429,540
Diluted net income (loss) per share	$ 0.83	$ 0.40	$ (0.23)
Weighted-average common shares and share equivalents outstanding	31,303,727	30,964,777	29,429,540
Product revenue
Revenues	$ 87,664	$ 113,352	$ 56,261
Cost of revenue	63,233	83,588	44,111
Service revenue
Revenues	29,176	37,489	9,493
Cost of revenue	$ 23,483	$ 30,130	$ 7,091

STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect Period Of Adoption Adjustment	Common Stock, Shares	Common Stock, Additional Paid-in Capital	Treasury Stock	Retained Earnings (Deficit)	Retained Earnings (Deficit) Cumulative Effect Period Of Adoption Adjustment
Shareholders' equity, beginning of period at Mar. 31, 2018	$ 23,424	$ 401		$ 155,003	$ (36,085)	$ (95,494)	$ 401
Shareholders' equity, beginning of period (Shares) at Mar. 31, 2018			28,953,183
Shares issued under Employee Stock Purchase Plan	4				4
Shares issued under Employee Stock Purchase Plan (shares)			4,642
Stock-based compensation	825			825
Stock-based compensation (shares)			653,394
Employee tax withholdings on stock-based compensation	$ (10)				(10)
Employee tax withholdings on stock-based compensation (shares)			(11,061)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201409Member
Net income (loss)	$ (6,674)					(6,674)
Shareholders' equity, end of period at Mar. 31, 2019	17,970			155,828	(36,091)	(101,767)
Shareholders' equity, at end of period (shares) at Mar. 31, 2019			29,600,158
Exercise of stock options and warrants for cash	57			57
Exercise of stock options and warrants for cash (shares)			22,362
Shares issued under Employee Stock Purchase Plan	$ 7				7
Shares issued under Employee Stock Purchase Plan (shares)	2,361		2,361
Stock-based compensation	$ 618			618
Stock-based compensation (shares)			669,238
Employee tax withholdings on stock-based compensation	(79)				(79)
Employee tax withholdings on stock-based compensation (shares)			(28,122)
Net income (loss)	12,462					12,462
Shareholders' equity, end of period at Mar. 31, 2020	31,035			156,503	(36,163)	(89,305)
Shareholders' equity, at end of period (shares) at Mar. 31, 2020			30,265,997
Exercise of stock options and warrants for cash	229			229
Exercise of stock options and warrants for cash (shares)			99,000
Shares issued under Employee Stock Purchase Plan	$ 7				7
Shares issued under Employee Stock Purchase Plan (shares)	1,146		1,146
Stock-based compensation	$ 753			753
Stock-based compensation (shares)			450,481
Employee tax withholdings on stock-based compensation	(84)				(84)
Employee tax withholdings on stock-based compensation (shares)			(11,324)
Net income (loss)	26,134					26,134
Shareholders' equity, end of period at Mar. 31, 2021	$ 58,074			$ 157,485	$ (36,240)	$ (63,171)
Shareholders' equity, at end of period (shares) at Mar. 31, 2021			30,805,300

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income (loss)	$ 26,134	$ 12,462	$ (6,674)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	1,190	1,203	1,339
Amortization of intangible assets	290	359	444
Stock-based compensation	753	618	825
Amortization of debt issue costs	157	243	101
Loss on debt extinguishment	90
Deferred income tax benefit	(19,860)	75	19
Loss on sale of property and equipment	1	10
Provision for inventory reserves	275	205	(202)
Provision for bad debts			56
Other	106	57	57
Changes in operating assets and liabilities:
Accounts receivable	(2,384)	3,616	(5,840)
Revenue earned but not billed	(2,370)	3,186	(1,390)
Inventories	(5,322)	(1,319)	(4,689)
Prepaid expenses and other assets	(396)	66	68
Accounts payable	(2,637)	(79)	8,916
Accrued expenses and other liabilities	5,797	(192)	1,975
Deferred revenue, current and long-term	(95)	(92)	(44)
Net cash provided by (used in) operating activities	1,729	20,343	(5,058)
Investing activities
Purchase of property and equipment	(902)	(814)	(381)
Additions to patents and licenses	(51)	(131)	(68)
Proceeds from sales of property, plant and equipment	7	9
Net cash used in investing activities	(946)	(936)	(449)
Financing activities
Payment of long-term debt	(35)	(92)	(80)
Proceeds from revolving credit facility	8,000	74,100	60,270
Payment of revolving credit facility	(18,013)	(73,289)	(54,976)
Payments to settle employee tax withholdings on stock-based compensation	(84)	(76)	(10)
Debt issue costs	(245)	(91)	(396)
Net proceeds from employee equity exercises	236	63	4
Net cash (used in) provided by financing activities	(10,141)	615	4,812
Net (decrease) increase in cash and cash equivalents	(9,358)	20,022	(695)
Cash and cash equivalents at beginning of period	28,751	8,729	9,424
Cash and cash equivalents at end of period	19,393	28,751	8,729
Supplemental cash flow information:
Cash paid for interest	(118)	(254)	(176)
Cash (paid) received for income taxes	(175)	(28)	12
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property, plant and equipment by issuing a debt			$ 74
Operating lease assets obtained in exchange for new operating lease liabilities	$ 355	$ 2,757

DESCRIPTION OF BUSINESS

12 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS

NOTE 1 — DESCRIPTION OF BUSINESS

Orion includes Orion Energy Systems, Inc., a Wisconsin corporation, and all consolidated subsidiaries. Orion is a developer, manufacturer and seller of lighting and energy management systems to commercial and industrial businesses, and federal and local governments, predominantly in North America.

Orion’s corporate offices and leased primary manufacturing operations are located in Manitowoc, Wisconsin. Orion also leases office space in Jacksonville, Florida.

IMPACT OF COVID-19

12 Months Ended

Mar. 31, 2021

Extraordinary And Unusual Items [Abstract]

IMPACT OF COVID-19

NOTE 2 — IMPACT OF COVID-19

The COVID-19 pandemic has disrupted business, trade, commerce, financial and credit markets, in the U.S. and globally. Orion’s business was adversely impacted by measures taken by government entities and others to control the spread of the virus beginning in March 2020, the last month of Orion’s fiscal 2020 year, and continuing most significantly into the second quarter of fiscal 2021. During the second half of fiscal 2021, Orion experienced a rebound in business. Project installations resumed for Orion’s largest customer and started installations for a new large specialty retail customer began, with no further significant COVID-19 impacts. However, some customers continue to refrain from awarding new projects and potential future risks remain due to the COVID-19 pandemic.

As an essential business, Orion provides products and services to ensure energy and lighting infrastructure and Orion therefore has continued to operate throughout the pandemic.

As part of Orion’s response to the impacts of the COVID-19 pandemic, during the fourth quarter of fiscal 2020 Orion implemented a number of cost reduction and cash conservation measures, including reducing headcount. While certain restrictions began to initially lessen in certain jurisdictions during fiscal 2021, stay-at-home, face mask or lockdown orders remain in effect in others, with employees asked to work remotely if possible. Some customers and projects are in areas where travel restrictions have been imposed, certain customers have either closed or reduced on-site activities, and timelines for the completion of several projects have been delayed, extended or terminated. These modifications to Orion’s business practices, including any future actions Orion takes, may cause Orion to experience reductions in productivity and disruptions to Orion’s business routines. In addition, Orion is required to make substantial working capital expenditures and advance inventory purchases that Orion may not be able to recoup if Orion’s customer agreements or a substantial volume of purchase orders under Orion’s customer agreements are delayed or terminated as a result of COVID-19. At this time, it is not possible to predict the overall impact the COVID-19 pandemic will have on Orion’s business, liquidity, capital resources or financial results, although the economic and regulatory impacts of COVID-19 significantly reduced Orion’s revenue and profitability in the first half of fiscal 2021. If the COVID-19 pandemic becomes more pronounced in Orion’s markets or experiences a resurgence in markets recovering from the spread of COVID-19, Orion’s operations in areas impacted by such events could experience further material adverse financial impacts due to market changes and other resulting events and circumstances.

Due to the forecasted change in macroeconomic conditions due to the COVID-19 pandemic, as of March 31, 2020, a triggering event occurred requiring Orion to evaluate its long-lived assets for impairment. Orion performed the Step 1 recoverability test for the asset group, and the asset group was deemed recoverable. See Note 8 – Property and Equipment.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law and includes certain income tax provisions relevant to businesses. Orion is required to recognize the effect on the consolidated financial statements in the period the law was enacted, which was the period ended March 31, 2020. For the fiscal years ended March 31, 2021, and March 31, 2020, the CARES Act did not have a material impact on Orion’s consolidated financial statements. See Note 14 – Income Taxes.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of Orion Energy Systems, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during that reporting period. Areas that require the use of significant management estimates include revenue recognition, inventory obsolescence, allowance for doubtful accounts, accruals for warranty and loss contingencies, income taxes, impairment analyses, and certain equity transactions. Accordingly, actual results could differ from those estimates.

Cash and Cash Equivalents

Orion considers all highly liquid, short-term investments with original maturities of three months or less to be cash equivalents.

Fair Value of Financial Instruments

Orion’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other, revolving credit facility and long-term debt. The carrying amounts of Orion’s financial instruments approximate their respective fair values due to the relatively short-term nature of these instruments, or in the case of long-term debt and revolving credit facility, because of the interest rates currently available to Orion for similar obligations. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on the following three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value:

Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly.

Level 3 — Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management's best estimate of what market participants would use in valuing the asset or liability at the measurement date.

Allowance for Doubtful Accounts

Orion performs ongoing evaluations of its customers and continuously monitors collections and payments. Orion estimates an allowance for doubtful accounts based upon the aging of the underlying receivables, historical experience with write-offs and specific customer collection issues that have been identified. See Note 5 – Accounts Receivable for further discussion of the allowance for doubtful accounts.

Incentive Plan

Orion’s compensation committee approved an Executive Annual Cash Incentive Program. Based upon the results for the fiscal years ended March 31, 2021, 2020 and 2019, Orion accrued approximately $0.7 million, $0.8 million, and no expense related to this plan, respectively.

Revenue Recognition

Orion generates revenues primarily by selling commercial lighting fixtures and components and by installing these fixtures in its customer’s facilities. Orion recognizes revenue in accordance with the guidance in “Revenue from Contracts with Customers” (Topic 606) (“ASC 606”) when control of the goods or services being provided (which Orion refers to as a performance obligation) is transferred to a customer at an amount that reflects the consideration that management expects to receive in exchange for those goods or services. Prices are generally fixed at the time of order confirmation. The amount of expected consideration includes estimated deductions and early payment discounts calculated based on historical experience, customer rebates based on agreed upon terms applied to actual and projected sales levels over the rebate period, and any amounts paid to customers in conjunction with fulfilling a performance obligation.

If there are multiple performance obligations in a single contract, the contract’s total transaction price is allocated to each individual performance obligation based on their relative standalone selling price. A performance obligation’s standalone selling price is the price at which Orion would sell such promised good or service separately to a customer. Orion uses an observable price to determine the stand-alone selling price for separate performance obligations or an expected cost-plus margin approach when one is not available. The expected cost-plus margin approach is used to determine the estimated stand-alone selling price for the installation performance obligation and is based on average historical installation margin.

Revenue derived from customer contracts which include only performance obligation(s) for the sale of lighting fixtures and components is classified as Product revenue in the Consolidated Statements of Operations. The revenue for these transactions is recorded at the point in time when management believes that the customer obtains control of the products, generally either upon shipment or upon delivery to the customer’s facility. This point in time is determined separately for each contract and requires judgment by management of the contract terms and the specific facts and circumstances concerning the transaction.

Revenue from a customer contract which includes both the sale of fixtures and the installation of such fixtures (which Orion refers to as a turnkey project) is allocated between each lighting fixture and the installation performance obligation based on relative standalone selling prices.

Revenue from turnkey projects that is allocated to the sale of the lighting fixtures is recorded at the point in time when management believes the customer obtains control of the product(s) and is reflected in Product revenue. This point in time is determined separately for each customer contract based upon the terms of the contract and the nature and extent of Orion’s control of the light fixtures during the installation. Product revenue associated with turnkey projects can be recorded (a) upon shipment or delivery, (b) subsequent to shipment or delivery and upon customer payments for the light fixtures, (c) when an individual light fixture is installed and working correctly, or (d) when the customer acknowledges that the entire installation project is substantially complete. Determining the point in time when a customer obtains control of the lighting fixtures in a turnkey project can be a complex judgment and is applied separately for each individual light fixture included in a contract. In making this judgment, management considers the timing of various factors, including, but not limited to, those detailed below:

•

when there is a legal transfer of ownership;

•

when the customer obtains physical possession of the products;

•

when the customer starts to receive the benefit of the products;

•

the amount and duration of physical control that Orion maintains on the products after they are shipped to, and received at, the customer’s facility;

•

whether Orion is required to maintain insurance on the lighting fixtures when they are in transit and after they are delivered to the customer’s facility;

•

when each light fixture is physically installed and working correctly;

•

when the customer formally accepts the product; and

•

when Orion receives payment from the customer for the light fixtures.

Revenue from turnkey projects that is allocated to the single installation performance obligation is reflected in Service revenue. Service revenue is recorded over-time as Orion fulfills its obligation to install the light fixtures. Orion measures its performance toward fulfilling its performance obligations for installations using an output method that calculates the number of light fixtures removed and installed as of the measurement date in comparison to the total number of light fixtures to be removed and installed under the contract.

Orion offers a financing program, called an Orion Throughput Agreement, or OTA, for a customer’s lease of Orion’s energy management systems. The OTA is structured as a sales-type lease and upon successful installation of the system and customer acknowledgment that the system is operating as specified, revenue is recognized at Orion’s net investment in the lease, which typically is the net present value of the future cash flows.

Orion also records revenue in conjunction with several limited power purchase agreements (“PPAs”) still outstanding. Those PPAs are supply-side agreements for the generation of electricity. Orion’s last PPA expires in 2031. Revenue associated with the sale of energy generated by the solar facilities under these PPAs is within the scope of ASC 606. Revenues are recognized over-time and are equal to the amount billed to the customer, which is calculated by applying the fixed rate designated in the PPAs to the variable amount of electricity generated each month. This approach is in accordance with the “right to invoice” practical expedient provided for in ASC 606. Orion also recognizes revenue upon the sale to third parties of tax credits received from operating the solar facilities and from amortizing a grant received from the federal government during the period starting when the power generating facilities were constructed until the expiration of the PPAs; these revenues are not derived from contracts with customers and therefore not under the scope of ASC 606.

See Note 11 – Accrued Expenses and Other for a discussion of Orion’s accounting for the warranty it provides to customers for its products and services.

Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis.

Shipping and Handling Costs

Orion records costs incurred in connection with shipping and handling of products as cost of product revenue. Amounts billed to customers in connection with these costs are included in product revenue.

Research and Development

Orion expenses research and development costs as incurred. Amounts are included in the Statement of Operations on the line item Research and development.

Income Taxes

Orion recognizes deferred tax assets and liabilities for the future tax consequences of temporary differences between financial reporting and income tax basis of assets and liabilities, measured using the enacted tax rates and laws expected to be in effect when the temporary differences reverse. Deferred income taxes also arise from the future tax benefits of operating loss and tax credit carryforwards. A valuation allowance is established when management determines that it is more likely than not that all or a portion of a deferred tax asset will not be realized. For the fiscal year ended March 31, 2021, Orion decreased its full valuation allowance by $20.9 million against its deferred tax assets on the basis of management’s reassessment of the amount of its deferred tax assets that are more likely than not to be realized.

ASC 740, Income Taxes, also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination. Orion has classified the amounts recorded for uncertain tax benefits in the balance sheet as other liabilities (non-current) to the extent that payment is not anticipated within one year. Orion recognizes penalties and interest related to uncertain tax liabilities in income tax expense. Penalties and interest are immaterial and are included in the unrecognized tax benefits.

Stock Based Compensation

Orion’s share-based payments to employees are measured at fair value and are recognized against earnings, on a straight-line basis over the requisite service period.

Orion accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period. As more fully described in Note 17 – Stock Options and Restricted Shares, Orion currently awards non-vested restricted stock (and in some cases, in conjunction with associated cash award accounted for as a liability) to employees, executive officers and directors.

Orion has not paid dividends in the past and does not plan to pay any dividends in the foreseeable future.

Concentration of Credit Risk and Other Risks and Uncertainties

Orion’s cash is deposited with three financial institutions. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. Orion has not experienced any losses in such accounts and believes that it is not exposed to any significant financial institution viability risk on these balances.

Orion purchases components necessary for its lighting products, including ballasts, lamps and LED components, from multiple suppliers. For fiscal 2021, no supplier accounted for more than 10% of total cost of revenue. For fiscal 2020, one supplier accounted for 11.8% of total cost of revenue. For fiscal 2019, no supplier accounted for more than 10% of total cost of revenue.

In fiscal 2021, one customer accounted for 56.0% of revenue. In fiscal 2020, one customer accounted for 74.1% of total revenue. In fiscal 2019, one customer accounted for 20.7% of total revenue.

As of March 31, 2021, three customers accounted for 33.9%, 16.4% and 10.1% of accounts receivable, respectively, and as of March 31, 2020, two customers accounted for 37.3% and 13.0% of accounts receivable, respectively.

Recent Accounting Pronouncements

Issued: Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to assess impairment of its financial instruments based on its estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. The provisions of ASU 2016-13 and the related amendments are effective for Orion for fiscal years (and interim reporting periods within those years) beginning after December 15, 2022. Entities are required to apply these changes through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Orion is currently evaluating the impact of adoption of this standard on its consolidated statements of operations, cash flows, and the related footnote disclosures.

Recently Adopted Standards

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general rules of Topic 740. The provisions of ASU 2019-12 are effective for Orion in the current period. One provision applicable to Orion and relevant to recently filed financial statements relate to hybrid tax regimes. Hybrid tax regimes are those that impose the greater of two taxes – one based on income or one based on items other than income. The old guidance specified that if there is a tax based on income that is greater than a franchise tax based on capital, only that excess is subject to ASC 740. The new guidance states that an entity should include the amount of tax based on income in the tax provision and include any incremental amount recorded as a tax not based on income. The adoption of this ASU did not have a material impact on Orion’s consolidated financial statements.

REVENUE

12 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

REVENUE

NOTE 4 — REVENUE

Revenue Recognition

See Note 3 – Summary of Significant Accounting Policies for a discussion of Orion’s accounting policies related to revenue recognition.

Contract Fulfillment Costs

Costs associated with product sales are accumulated in inventory as the fixtures are manufactured and are transferred to Cost of product revenue at the time revenue is recorded. See Note 6 – Inventories. Costs associated with installation sales are expensed as incurred.

Disaggregation of Revenue

Orion’s Product revenue includes revenue from contracts with customers accounted for under the scope of ASC 606 and revenue which is accounted for under other guidance. For fiscal year 2021, Product revenue included $2.8 million derived from sales-type leases for light fixtures, $0.1 million derived from the sale of tax credits generated from Orion’s legacy operation for distributing solar energy, and $0.1 million derived from the amortization of federal grants received in 2010 and 2011 as reimbursement for a portion of the costs to construct the legacy solar facilities which are not under the scope of ASC 606. All remaining Product revenue, and all Service revenue, are derived from contracts with customers as defined in ASC 606.

The primary end-users of Orion’s lighting products and services are (a) the federal government, and (b) commercial or industrial companies.

The federal government obtains Orion products and services primarily through turnkey project sales that Orion makes to a select group of contractors who focus on the federal government. Revenues associated with government end-users are primarily included in the Orion Engineered Systems Division segment.

Commercial or industrial end-users obtain Orion products and services through turnkey project sales or by purchasing products either direct from Orion or through distributors or energy service companies ("ESCOs"). Revenues associated with commercial and industrial end-users are included within each of Orion’s segments, dependent on the sales channel.

See Footnote 18 - Segment Data, for additional discussion concerning Orion’s reportable segments.

The following table provides detail of Orion’s total revenues for the year ended March 31, 2021 (dollars in thousands):

	Year Ended March 31, 2021						Year Ended March 31, 2020						Year Ended March 31, 2019
	Product		Services		Total		Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting revenues, by end user
Federal government	$	696	$	965	$	1,661	$	922	$	379	$	1,301	$	2,579	$	642	$	3,221
Commercial and industrial		83,963		28,211		112,174		110,742		37,110		147,852		49,963		8,851		58,814
Total lighting		84,659		29,176		113,835		111,664		37,489		149,153		52,542		9,493		62,035
Solar energy related revenues		57		—		57		56		—		56		57		—		57
Total revenues from contracts with customers		84,716		29,176		113,892		111,720		37,489		149,209		52,599		9,493		62,092
Revenue accounted for under other guidance		2,948		—		2,948		1,632		—		1,632		3,662		—		3,662
Total revenue	$	87,664	$	29,176	$	116,840	$	113,352	$	37,489	$	150,841	$	56,261	$	9,493	$	65,754

Cash Flow Considerations

Customer payments for material only orders are due shortly after shipment.

Turnkey projects where the end-user is a commercial or industrial company typically span between one week to three months. Customer payment requirements for these projects vary by contract. Some contracts provide for customer payments for products and services as they are delivered, other contracts specify that the customer will pay for the project in its entirety upon completion of the installation.

Turnkey projects where the end-user is the federal government typically span a three to six-month period. The contracts for these sales often provide for monthly progress payments equal to ninety percent (90%) of the value provided by Orion during the month.

Orion provides long-term financing to one customer who frequently engages Orion in large turnkey projects that span between three and nine months. The customer executes an agreement providing for monthly payments of the contract price, plus interest, over a five-year period. The total transaction price in these contracts is allocated between product and services in the same manner as all other turnkey projects. The portion of the transaction associated with the installation is accounted for consistently with all other installation related performance obligations. The portion of the transaction associated with the sale of the multiple individual light fixtures is accounted for as sales-type leases in accordance with the guidance for leases. Revenues associated with the sales-type leases are included in Product revenue and recorded for each fixture separately based on the customer’s monthly acknowledgment that specified fixtures have been installed and are operating as specified.

The payments associated with these transactions that are due during the twelve months subsequent to March 31, 2021 are included in Accounts receivable, net in Orion’s Consolidated Balance Sheets. The remaining amounts due that are associated with these transactions are included in Long-term accounts receivable in Orion’s Consolidated Balance Sheets. As of March 31, 2021, there were no such transactions included in Long-term accounts receivable.

The customer’s monthly payment obligation commences after completion of the turnkey project. Orion generally sells the receivable from the customer to an independent financial institution either during, or shortly after completion of, the installation period. Upon execution of the receivables purchase / sales agreement, all amounts due from the customer are included in Revenues earned but not billed on Orion’s Consolidated Balance Sheets until cash is received from the financial institution. The financial institution releases funds to Orion based on the customer’s monthly acknowledgment of the progress Orion has achieved in fulfilling its installation obligation. Orion provides the progress certifications to the financial institution one month in arrears.

The total amount received from the sales of these receivables during the twelve months ended March 31, 2021, 2020, and 2019 was $5.1 million, $4.4 million, and $6.9 million, respectively. Orion’s losses on these sales aggregated to $0.1 million, $0.1 million, and $0.3 million for the twelve months ended March 31, 2021, 2020, and 2019, respectively, and are included in Interest expense in the Consolidated Statements of Operations.

Practical Expedients and Exemptions

Orion expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within Sales and marketing expense. There are no other capitalizable costs associated with obtaining contracts with customers.

Orion’s performance obligations related to lighting fixtures typically do not exceed nine months in duration. As a result, Orion has elected the practical expedient that provides an exemption to the disclosure requirements regarding information about value assigned to remaining performance obligations on contracts that have original expected durations of one year or less.

Orion also elected the practical expedient that permits companies to not disclose quantitative information about the future revenue when revenue is recognized as invoices are issued to customers for services performed.

Other than the turnkey projects which result in sales-type leases discussed above, Orion generally receives full payment for satisfied performance obligations in less than one year. Accordingly, Orion does not adjust revenues for the impact of any potential significant financing component as permitted by the practical expedients provided in ASC 606.

Contract Balances

A receivable is recognized when Orion has an enforceable right to payment in accordance with contract terms and an invoice has been issued to the customer. Payment terms on invoiced amounts are typically 30 days from the invoice date.

Revenue earned but not billed represents revenue that has been recognized in advance of billing the customer, which is a common practice in Orion turnkey contracts. Once Orion has an unconditional right to consideration under a turnkey contract, Orion typically bills the customer accordingly and reclassifies the amount to Accounts receivable, net. Revenue earned but not billed as of March 31, 2021 and March 31, 2020 includes $0.6 million and $39 thousand, respectively, which was not derived from contracts with customers and therefore not classified as a contract asset as defined by the new standards.

Long term accounts receivable as of March 31, 2020, includes $0.6 million of contract assets related to the service portion of the long-term financing agreement provided one customer.

Deferred revenue, current as of March 31, 2021, includes $11 thousand of contract liabilities which represented consideration received from customers prior to the point that Orion has fulfilled the promises included in a performance obligation and recorded revenue.

Deferred revenue, long-term consists of the unamortized portion of the funds received from the federal government in 2010 and 2011 as reimbursement for the costs to build the two facilities related to the PPAs. As the transaction is not considered a contract with a customer, this value is not a contract liability as defined by the new standards.

The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of March 31, 2021, and March 31, 2020, after the adoption of the new standards (dollars in thousands):

	March 31, 2021		March 31, 2020
Accounts receivable, net	$	13,572	$	10,427
Contract assets	$	2,367	$	1,082
Contract liabilities	$	11	$	31

There were no significant changes in the contract assets outside of standard reclassifications to Accounts receivable, net upon billing. There were no significant changes to contract liabilities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

ACCOUNTS RECEIVABLE

12 Months Ended

Mar. 31, 2021

Receivables [Abstract]

ACCOUNTS RECEIVABLE

NOTE 5 — ACCOUNTS RECEIVABLE

Orion’s accounts receivable are due from companies in the commercial, governmental, industrial and agricultural industries, as well as wholesalers. Credit is extended based on an evaluation of a customer’s financial condition. Generally, collateral is not required for end users; however, the payment of certain trade accounts receivable from wholesalers is secured by irrevocable standby letters of credit and/or guarantees. Accounts receivable are generally due within 30-60 days. Accounts receivable are stated at the amount Orion expects to collect from outstanding balances. Orion provides for probable uncollectible amounts through a charge to earnings and a credit to an allowance for doubtful accounts based on its assessment of the current status of individual accounts. Balances that are still outstanding after Orion has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to accounts receivable. Orion's accounts receivable and allowance for doubtful accounts balances were as follows (dollars in thousands):

	2021			2020
Accounts receivable, gross	$	13,583		$	10,455
Allowance for doubtful accounts		(11	)		(28	)
Accounts receivable, net	$	13,572		$	10,427

INVENTORIES

12 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 6 — INVENTORIES

Inventories consist of raw materials and components, such as drivers, metal sheet and coil stock and molded parts; work in process inventories, such as frames and reflectors; and finished goods, including completed fixtures and systems, and accessories. All inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out (FIFO) method. Orion reduces the carrying value of its inventories for differences between the cost and estimated net realizable value, taking into consideration usage in the preceding 9 to 12 months, expected demand, and other information indicating obsolescence. Orion records, as a charge to cost of product revenue, the amount required to reduce the carrying value of inventory to net realizable value. As of March 31, 2021 and 2020, Orion's inventory balances were as follows (dollars in thousands):

	Cost		Excess and Obsolescence Reserve			Net
As of March 31, 2021
Raw materials and components	$	12,410	$	(967	)	$	11,443
Work in process		758		(356	)		402
Finished goods		8,295		(586	)		7,709
Total	$	21,463	$	(1,909	)	$	19,554
As of March 31, 2020
Raw materials and components	$	9,639	$	(1,244	)	$	8,395
Work in process		699		(305	)		394
Finished goods		6,598		(880	)		5,718
Total	$	16,936	$	(2,429	)	$	14,507

Costs associated with the procurement and warehousing of inventories, such as inbound freight charges and purchasing and receiving costs, are also included in cost of product revenue.

PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Mar. 31, 2021

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist primarily of prepaid subscription fees, prepaid insurance premiums, debt issue costs, and sales tax receivable.

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 8 — PROPERTY AND EQUIPMENT

Property and equipment are stated at cost. Expenditures for additions and improvements are capitalized, while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed as incurred. Properties and equipment sold, or otherwise disposed of, are removed from the property and equipment accounts, with gains or losses on disposal credited or charged to income from operations.

Orion periodically reviews the carrying values of property and equipment for impairment in accordance with ASC 360, Property, Plant and Equipment, if events or changes in circumstances indicate that the assets may be impaired. The estimated future undiscounted cash flows expected to result from the use of the assets and their eventual disposition are compared to the assets' carrying amount to determine if a write down to market value is required.

As of March 31, 2020, due to the forecasted change in the macroeconomic conditions due to the COVID-19 pandemic, a triggering event occurred requiring Orion to evaluate its long-lived assets for impairment. Due to the central nature of its operations, Orion’s tangible and intangible definite-lived assets support its full operations, are utilized by all three of its reportable segments, and do not generate separately identifiable cash flows. As such, these assets together represent a single asset group. Orion performed the recoverability test for the asset group by comparing its carrying value to the group’s expected future undiscounted cash flows. Orion concluded that the undiscounted cash flows of the long-lived asset group exceeded its carrying value. As such the asset group was deemed recoverable and no impairment was recorded.

Property and equipment were comprised of the following (dollars in thousands):

	March 31, 2021			March 31, 2020
Land and land improvements	$	433		$	433
Buildings and building improvements		9,477			9,470
Furniture, fixtures and office equipment		7,372			7,270
Leasehold improvements		340			324
Equipment leased to customers		4,997			4,997
Plant equipment		12,451			12,021
Construction in progress		135			15
		35,205			34,530
Less: accumulated depreciation and amortization		(23,836	)		(22,713	)
Net property and equipment	$	11,369		$	11,817

Depreciation is recognized over the estimated useful lives of the respective assets, using the straight-line method. Orion recorded depreciation expense of $1.2 million, $1.2 million and $1.3 million for the years ended March 31, 2021, 2020 and 2019, respectively.

Depreciable lives by asset category are as follows:

Land improvements		10-15 years
Buildings and building improvements		10-39 years
Furniture, fixtures and office equipment		2-10 years
Leasehold improvements		Shorter of asset life or life of lease
Equipment leased to customers under Power Purchase Agreements		20 years
Plant equipment		3-10 years

No interest was capitalized for construction in progress during fiscal 2021 or fiscal 2020.

LEASES

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

LEASES

NOTE 9 — LEASES

From time to time, Orion leases assets from third parties. Orion also leases certain assets to third parties. Effective April 1, 2019, leases are accounted for, and reported upon, following the requirements of ASC 842, Leases.

Whether it is the lessee or the lessor, Orion’s determination of whether a contract includes a lease, and assessing how the lease should be accounted for, is a matter of judgment based on whether the risks and rewards, as well as substantive control of the assets specified in the contract, have been transferred from the lessor to the lessee. The judgement considers matters such as whether the assets are transferred from the lessor to the lessee at the end of the contract, the term of the agreement in relation to the asset’s remaining economic useful life, and whether the assets are of such a specialized nature that the lessor will not have an alternative use for such assets at the termination of the agreement. Other matters requiring judgement are the lease term when the agreement includes renewal or termination options and the interest rate used when initially determining the ROU asset and lease liability.

ROU assets represent Orion’s right to use an underlying asset for the lease term and lease liabilities represent Orion’s obligation to make lease payments arising from the lease. Under ASC 842, both finance and operating lease ROU assets and lease liabilities for leases with initial terms in excess of 12 months are recognized at the commencement date based on the present value of lease payments over the lease term. When available, Orion uses the implicit interest rate in the lease when completing this calculation. However, as most of Orion’s operating lease agreements generating ROU assets do not provide the implicit rate, Orion’s incremental borrowing rate under its line of credit, adjusted for differences in duration and the relative collateral value in relation to the payment obligation, at the commencement of the lease is generally used in this calculation. The lease term includes options to extend or renew the agreement, or for early termination of the agreement, when it is reasonably certain that Orion will exercise such option. ROU assets are depreciated using the straight-line method over the lease term.

Orion recognizes lease expense for leases with an initial term of 12 months or less, referred to as short term leases, on a straight-line basis over the lease term.

One of Orion’s frequent customers purchases products and installation services under agreements that provide for monthly payments, at a fixed monthly amount, of the contract price, plus interest, typically over a five-year period. While Orion retains ownership of the light fixtures during the financing period, the transaction terms and the underlying economics associated with used lighting fixtures results in Orion essentially ceding ownership of the lighting fixtures to the customer after completion of the agreement. The portions of the transaction associated with the sale of the light fixtures is accounted for as a sales-type lease. The total transaction price in these contracts is allocated between the lease and non-lease components in the same manner as the total transaction price of other turnkey projects containing lighting fixtures and installation services.

Orion leases portions of its corporate headquarters to third parties; all such agreements have been, and continue to be, classified as operating leases under the applicable authoritative accounting guidance. The assets being leased continue to be included in Property and equipment, net. Lease payments earned are recorded as a reduction in administrative expenses.

Assets Orion Leases from Other Parties

On January 31, 2020, Orion entered into the current lease for its approximately 266,000 square foot primary manufacturing and distribution facility in Manitowoc, WI. The lease has a 10-year term, with the option to terminate after six years. Orion is responsible for the costs of insurance and utilities for the facility. These costs are considered variable lease costs. The agreement is classified as an operating lease.

The prior lease agreement for this facility provided the lessor the right to terminate the lease agreement at any time with 12 months’ notice to Orion. As a result, the agreement was previously classified as a short-term lease.

In February 2014, Orion entered into a multi-year lease agreement for use of approximately 10,500 square feet of office space in a multi-use office building in Jacksonville, Florida. The lease has since been extended, most recently during the first quarter of fiscal 2021, and presently terminates on June 30, 2023. The agreement is classified as an operating lease.

Orion has leased other assets from third parties, principally office and production equipment. The terms of our other leases vary from contract to contract and expire at various dates in the next five years.

The weighted average discount rate for Orion’s lease obligations as of March 31, 2021 is 5.4%. The weighted average remaining lease term as of March 31, 2021 is 4.6 years.

A summary of Orion’s assets leased from third parties follows (dollars in thousands):

	Balance sheet classification	March 31, 2021		March 31, 2020
Assets
Operating lease assets	Other long-term assets	$	2,585	$	2,745
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other		647		691
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		2,642		2,830
Total lease liabilities		$	3,289	$	3,521

Orion had operating lease costs of $0.9 million for the year ended March 31, 2021. This includes short-term leases and variable lease costs, which are immaterial.

The estimated maturity of lease liabilities for each of the next five years is shown below (dollars in thousands):

Maturity of Lease Liabilities	Operating Leases
Fiscal 2022	$	810
Fiscal 2023		820
Fiscal 2024		746
Fiscal 2025		735
Fiscal 2026		628
Total lease payments	$	3,739
Less: Interest		(450	)
Present value of lease liabilities	$	3,289

Assets Orion Leases to Other Parties

While Orion retains ownership of the light fixtures during the financing period, the transaction terms and the underlying economics associated with used lighting fixtures results in Orion essentially ceding ownership of the lighting fixtures to the customer after completion of the agreement. Therefore, the portions of the transaction associated with the sale of the multiple individual light fixtures is accounted for as a sales-type lease under ASC 842.

Revenues, and production and acquisition costs, associated with sales-type leases are included in Product revenue and Costs of product revenues in the Consolidated Statement of Operations. These amounts are recorded for each fixture separately based on the customer’s monthly acknowledgment that specified fixtures have been installed and are operating as specified. The execution of the acknowledgement is considered the commencement date as defined in ASC 842.

The following chart shows the amount of revenue and cost of sales arising from sales-type leases during the year ended March 31, 2021 and 2020 (dollars in thousands):

	March 31, 2021		March 31, 2020
Product revenue	$	2,758	$	1,362
Cost of product revenue		2,512		1,208

The Consolidated Balance Sheet as of March 31, 2021 does not include a net investment in sales-type leases as all amounts due from the customer associated with lighting fixtures that were acknowledged to be installed and working correctly prior to period end were transferred to the financing institution prior to the respective balance sheet dates. The Consolidated Balance Sheet as of March 31, 2020 includes an immaterial amount related to the net investment in sales-type leases.

Other Agreements where Orion is the Lessor

Orion has leased unused portions of its corporate headquarters to third parties. The length and payment terms of the leases vary from contract to contract and, in some cases, include options for the tenants to extend the lease terms. Annual lease payments are recorded as a reduction in administrative operating expenses and were not material in the years ended March 31, 2021 and 2020. Orion accounts for these transactions as operating leases.

OTHER INTANGIBLE ASSETS, NET

12 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS

NOTE 10 — OTHER INTANGIBLE ASSETS

The costs of specifically identifiable intangible assets that do not have an indefinite life are amortized over their estimated useful lives. Intangible assets with indefinite lives are not amortized.

Amortizable intangible assets are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods:

Patents	10-17 years	Straight-line
Licenses	7-13 years	Straight-line
Customer relationships	5-8 years	Accelerated based upon the pattern of economic benefits consumed
Developed technology	8 years	Accelerated based upon the pattern of economic benefits consumed

Intangible assets that have a definite life are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable based primarily upon whether expected future undiscounted cash flows are sufficient to support the asset recovery. If the actual useful life of the asset is shorter than the estimated life, the asset may be deemed to be impaired and accordingly a write-down of the value of the asset determined by a discounted cash flow analysis or shorter amortization period may be required.

Indefinite lived intangible assets are evaluated for impairment at least annually on the first day of Orion’s fiscal fourth quarter, or when indications of potential impairment exist. This annual impairment review may begin with a qualitative test to determine whether it is more likely than not that an indefinite lived intangible asset's carrying value is greater than its fair value. If the qualitative assessment reveals that asset impairment is more likely than not, a quantitative impairment test is performed comparing the fair value of the indefinite lived intangible asset to its carrying value. Alternatively, the qualitative test may be bypassed and the quantitative impairment test may be immediately performed. If the fair value of the indefinite lived intangible asset exceeds its carrying value, the indefinite lived intangible asset is not impaired and no further review is performed. If the carrying value of the indefinite lived intangible asset exceeds its fair value, an impairment loss would be recognized in an amount equal to such excess. Once an impairment loss is recognized, the adjusted carrying value becomes the new accounting basis of the indefinite lived intangible asset.

Orion performed a qualitative assessment in conjunction with its annual impairment test of its indefinite lived intangible assets as of January 1, 2021. This qualitative assessment considered Orion’s operating results for the first nine months of fiscal 2021 in comparison to prior years as well as its anticipated fourth quarter results and fiscal 2022 plan. As a result of the conditions that existed as of the assessment date, an asset impairment was not deemed to be more likely than not and a quantitative analysis was not required.

The components of, and changes in, the carrying amount of other intangible assets were as follows (dollars in thousands):

	March 31, 2021							March 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Patents	$	2,796	$	(1,875	)	$	921	$	2,766	$	(1,700	)	$	1,066
Licenses		58		(58	)		—		58		(58	)		—
Trade name and trademarks		1,011		—			1,011		1,014		—			1,014
Customer relationships		3,600		(3,591	)		9		3,600		(3,545	)		55
Developed technology		900		(889	)		11		900		(819	)		81
Total	$	8,365	$	(6,413	)	$	1,952	$	8,338	$	(6,122	)	$	2,216

As of March 31, 2021, the weighted average useful life of definite life intangible assets was 3.75 years. The estimated amortization expense for each of the next five years is shown below (dollars in thousands):

Fiscal 2022	$	206
Fiscal 2023		115
Fiscal 2024		111
Fiscal 2025		100
Fiscal 2026		90
Thereafter		319
	$	941

Amortization expense is set forth in the following table (dollars in thousands):

	Fiscal Year Ended March 31,
	2021		2020		2019
Amortization included in cost of sales:
Patents	$	175	$	171	$	171
Total	$	175	$	171	$	171
Amortization included in operating expenses:
Customer relationships	$	47	$	86	$	133
Developed technology		68		102		135
Non-competition agreements		—		—		5
Total		115		188		273
Total amortization of intangible assets	$	290	$	359	$	444

Orion’s management periodically reviews the carrying value of patent applications and related costs. When a patent application is probable of being unsuccessful or a patent is no longer in use, Orion writes off the remaining carrying value as a charge to general and administrative expense within its Consolidated Statements of Operations. In fiscal years 2021, 2020, and 2019, write-offs were immaterial.

ACCRUED EXPENSES AND OTHER

12 Months Ended

Mar. 31, 2021

Other Liabilities Disclosure [Abstract]

ACCRUED EXPENSES AND OTHER

NOTE 11 — ACCRUED EXPENSES AND OTHER

As of March 31, 2021 and March 31, 2020, Accrued expenses and other included the following (dollars in thousands):

	March 31, 2021		March 31, 2020
Compensation and benefits	$	2,851	$	2,594
Sales tax		1,318		513
Accrued project costs		5,010		1,173
Legal and professional fees		497		312
Warranty		705		708
Sales returns reserve		106		98
Credits due to customers		1,009		932
Other accruals		1,730		898
Total	$	13,226	$	7,228

Orion generally offers a limited warranty of one to 10 years on its lighting products including the pass through of standard warranties offered by major original equipment component manufacturers. The manufacturers’ warranties cover lamps, ballasts, LED modules, LED chips, LED drivers, control devices, and other fixture related items, which are significant components in Orion's lighting products.

Changes in Orion’s warranty accrual (both current and long-term) were as follows (dollars in thousands):

	March 31,
	2021			2020
Beginning of year	$	1,069		$	657
Accruals		644			863
Warranty claims (net of vendor reimbursements)		(704	)		(451	)
Ending balance	$	1,009		$	1,069

NET INCOME (LOSS) PER COMMON SHARE

12 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER COMMON SHARE

NOTE 12 — NET INCOME (LOSS) PER COMMON SHARE

Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents.

Diluted net income (loss) per common share reflects the dilution that would occur if stock options were exercised and restricted shares vested. In the computation of diluted net income (loss) per common share, Orion uses the treasury stock method for outstanding options and restricted shares. Because of the net loss for the year ended March 31, 2019 potentially dilutive securities would be anti-dilutive, and therefore diluted net income (loss) per common share is the same as basic net income (loss) per common share for the year ended March 31, 2019. Net income (loss) per common share is calculated based upon the following shares:

	Fiscal Year Ended March 31,
	2021		2020		2019
Numerator:
Net income (loss) (dollars in thousands)	$	26,134	$	12,462	$	(6,674	)
Denominator:
Weighted-average common shares outstanding		30,634,553		30,104,552		29,429,540
Weighted-average effect of assumed conversion of stock options and restricted stock		669,174		860,225		—
Weighted-average common shares and share equivalents outstanding		31,303,727		30,964,777		29,429,540
Net income (loss) per common share:
Basic	$	0.85	$	0.41	$	(0.23	)
Diluted	$	0.83	$	0.40	$	(0.23	)

The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net income (loss) per common share because their inclusion would have been anti-dilutive. The number of shares is as of the end of each period:

	March 31,
	2021		2020		2019
Common stock options		—		164,072		467,836
Restricted shares		—		—		1,312,593
Total		—		164,072		1,780,429

LONG-TERM DEBT

12 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

LONG-TERM DEBT

NOTE 13 — LONG-TERM DEBT

Long-term debt as of March 31, 2021 and 2020 consisted of the following (dollars in thousands):

	March 31,
	2021			2020
Revolving credit facility	$	—		$	10,013
Equipment debt obligations		49			85
Total long-term debt		49			10,098
Less current maturities		(14	)		(35	)
Long-term debt, less current maturities	$	35		$	10,063

Revolving Credit Agreement

On December 29, 2020, Orion entered into a new Loan and Security Agreement with Bank of America, N.A., as lender (the “Credit Agreement”). The Credit Agreement replaced Orion’s prior $20.15 million secured revolving credit and security agreement dated as of October 26, 2018, as amended, by and among Orion and Western Alliance Bank, National Association, as lender (the “Prior Credit Agreement”). The replacement of the Prior Credit Agreement with the Credit Agreement provides Orion with increased financing capacity and liquidity to fund its operations and implement its strategic plans.

The Credit Agreement provides for a five-year $25.0 million revolving credit facility (the “Credit Facility”) that matures on December 29, 2025. Borrowings under the Credit Facility are subject to a borrowing base requirement based on eligible receivables, inventory and cash. As of March 31, 2021, the borrowing base supports the full availability of the Credit Facility. As of March 31, 2021, no amounts were borrowed under the Credit Facility.

The Credit Agreement is secured by a first lien security interest in substantially all of Orion’s assets.

Borrowings under the Credit Agreement are permitted in the form of LIBOR or prime rate-based loans and generally bear interest at floating rates plus an applicable margin determined by reference to Orion’s availability under the Credit Agreement. Among other fees, Orion is required to pay an annual facility fee of $15,000 and a fee of 25 basis points on the unused portion of the Credit Facility.

The Credit Agreement includes a springing minimum fixed cost coverage ratio of 1.0 to 1.0 when excess availability under the Credit Facility falls below the greater of $3.0 million or 15% of the committed facility. Currently, the required springing minimum fixed cost coverage ratio is not required.

The Credit Agreement also contains customary events of default and other covenants, including certain restrictions on Orion’s ability to incur additional indebtedness, consolidate or merge, enter into acquisitions, pay any dividend or distribution on Orion’s stock, redeem, retire or purchase shares of Orion’s stock, make investments or pledge or transfer assets. If an event of default under the Credit Agreement occurs and is continuing, then Bank of America, N.A. may cease making advances under the Credit Agreement and declare any outstanding obligations under the Credit Agreement to be immediately due and payable. In addition, if Orion becomes the subject of voluntary or involuntary proceedings under any bankruptcy or similar law, then any outstanding obligations under the Credit Agreement will automatically become immediately due and payable.

Orion did not incur any early termination fees in connection with the termination of the Prior Credit Agreement, but did recognize a loss on debt extinguishment of $0.1 million on the write-off of unamortized debt issue costs related to the Prior Credit Agreement. The Prior Credit Agreement was scheduled to mature on October 26, 2021.

As of March 31, 2021, Orion is in compliance with all debt covenants.

Equipment Debt Obligation

In February 2019, Orion entered into additional debt agreements with a financing company in the principal amount of $44 thousand and $30 thousand fund certain equipment. The debts are secured by the related equipment. The debts bear interest at a rate of 6.43% and 8.77% respectively and both debts mature in January 2024.

Aggregate Maturities

As of March 31, 2021, aggregate maturities of long-term debt were as follows (dollars in thousands):

Fiscal 2022	$	14
Fiscal 2023		14
Fiscal 2024		17
Fiscal 2025		4
	$	49

INCOME TAXES

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 14 — INCOME TAXES

The total provision (benefit) for income taxes consists of the following for the fiscal years ended (dollars in thousands):

	Fiscal Year Ended March 31,
	2021			2020		2019
Current	$	244		$	84	$	(5	)
Deferred		(19,860	)		75		19
Total	$	(19,616	)	$	159	$	14

	2021			2020		2019
Federal, Current	$	—		$	17	$	(16	)
Federal, Deferred		(16,217	)	$	39	$	19
Total Federal		(16,217	)		56		3
State, Current		244			67		11
State, Deferred		(3,643	)		36		—
Total State		(3,399	)		103		11
Total	$	(19,616	)	$	159	$	14

A reconciliation of the statutory federal income tax rate and effective income tax rate is as follows:

	Fiscal Year Ended March 31,
	2021			2020			2019
Statutory federal tax rate		21.0	%		21.0	%		21.0	%
State taxes, net		3.7	%		6.5	%		5.6	%
Federal tax credit		—	%		—	%		(0.3	)%
Change in valuation reserve		(321.4	)%		(25.0	)%		(23.8	)%
Permanent items		(3.4	)%		(1.0	)%		(1.1	)%
Change in tax contingency reserve		(0.5	)%		0.2	%		—	%
Federal refunds		0.0	%		0.0	%		0.3	%
Equity compensation cancellations		0.6	%		0.2	%		(1.0	)%
Other, net		(1.0	)%		(0.6	)%		(0.9	)%
Effective income tax rate		(301.0	)%		1.3	%		(0.2	)%

The net deferred tax assets and liabilities reported in the accompanying consolidated financial statements include the following components (dollars in thousands):

	March 31,
	2021			2020
Deferred tax assets:
Inventory, accruals and reserves		860			1,046
Federal and state operating loss carry-forwards		18,313			19,540
Tax credit carry-forwards		1,916			1,916
Equity compensation		198			250
Deferred revenue		38			18
Lease liability		853			903
Other		406			121
Total deferred tax assets		22,584			23,794
Valuation allowance		(1,279	)		(22,228	)
Deferred tax assets, net of valuation allowance		21,305			1,566

Deferred tax liabilities:
Lease ROU asset		(670	)		(704	)
Fixed assets		(626	)		(689	)
Intangible assets		(224	)		(248	)
Total deferred tax liabilities		(1,520	)		(1,641	)

Total net deferred tax assets/(liabilities)	$	19,785		$	(75	)

The CARES Act includes significant business tax provisions that, among other things, temporarily eliminate the taxable income limit for certain NOLs, allow businesses to carry back tax year 2018-2020 NOLs to the five prior tax years, accelerate refunds of corporate AMT credits, and generally decrease the amount of disallowed business interest expense. Because of Orion’s loss carryforwards, the income tax provisions of the CARES Act did not result in a material cash or financial statement impact.

For fiscal year ended March 31, 2021, Orion’s deferred tax assets were primarily the result of U.S. NOL and tax credit carryforwards. Orion recorded a valuation allowance of $1.3 million and $22.2 million against its net deferred tax asset balance as of March 31, 2021 and March 31, 2020, respectively, due to the uncertainty of its realization value in the future. For the year ended March 31, 2021, Orion recorded a net valuation allowance release of $20.9 million on the basis of management’s reassessment of the amount of its deferred tax assets that are more likely than not to be realized. For the fiscal year ended March 31, 2020, the valuation allowance against Orion's net federal and net state deferred tax assets decreased $3.2 million, primarily due to the fiscal year ended March 31, 2020 loss usage.

As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Orion considers future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. As of March 31, 2021, in part because Orion achieved its second full year of pretax income and three years of cumulative pretax income in the U.S. federal tax jurisdiction, management determined there was sufficient positive evidence to conclude that it is more likely than not that deferred taxes assets of $20.9 are realizable. It therefore reduced the valuation allowance accordingly.

As of March 31, 2021, Orion has federal NOL carryforwards of approximately $69.4 million, state NOL carryforwards of approximately $61.8 million, and foreign NOL carryforwards of approximately $0.8 million. Orion also had federal tax credit carryforwards of approximately $1.3 million and state tax credits of $0.8 million. All of Orion's tax credit carryforwards and $123.6 million of its NOL carryforwards will begin to expire in varying amounts between 2022 and 2040. The remaining $8.4 million of its federal and state NOL carryforwards are not subject to time restrictions but may only be used to offset 80% of adjusted taxable income. Orion believes it is more likely than not that the benefit from its state credit carryforwards, foreign NOL carryforwards, a portion of its federal credit carryforwards, and certain state loss carryforwards will not be realized. In recognition of this risk, Orion has provided a valuation allowance of $1.3 million on the deferred tax assets related to these carryforwards.

Generally, a change of more than 50% in the ownership of Orion's stock, by value, over a three-year period constitutes an ownership change for federal income tax purposes as defined under Section 382 of the Internal Revenue Code. As a result, Orion's ability to use its net operating loss carryforwards, attributable to the period prior to such ownership change, to offset taxable income can be subject to limitations in a particular year, which could potentially result in increased future tax liability for Orion. There was no limitation of NOL carryforwards that occurred for fiscal 2021, fiscal 2020, or fiscal 2019.

Orion records its tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Where Orion believes that a tax position is supportable for income tax purposes, the item is included in their income tax returns. Where treatment of a position is uncertain, a liability is recorded based upon the expected most likely outcome taking into consideration the technical merits of the position based on specific tax regulations and facts of each matter. These liabilities may be affected by changing interpretations of laws, rulings by tax authorities, or the expiration of the statute of limitations.

Orion files income tax returns in the United States federal jurisdiction and in several state jurisdictions. The Company's federal tax returns for tax years beginning April 1, 2017 or later are open. For states in which Orion files state income tax returns, the statute of limitations is generally open for tax years ended March 31, 2017 and forward.

State income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return. The state effect of any federal changes remains subject to examination by various states for a period of up to two years after formal notification to the states. Orion currently has no state income tax return positions in the process of examination, administrative appeals or litigation.

Uncertain tax positions

As of March 31, 2021, the balance of gross unrecognized tax benefits was approximately $0.3 million, all of which would affect Orion’s effective tax rate if recognized.

Orion has classified the amounts recorded for uncertain tax benefits in the balance sheet as other liabilities (non-current) to the extent that payment is not anticipated within one year. Orion recognizes penalties and interest related to uncertain tax liabilities in income tax expense. Penalties and interest are included in the unrecognized tax benefits. Orion had the following unrecognized tax benefit activity (dollars in thousands):

	Fiscal Year Ended March 31,
	2021			2020		2019
Unrecognized tax benefits as of beginning of fiscal year	$	259		$	130	$	129
Additions based on tax positions related to the current period positions		123			23		1
Additions/(reductions) for tax positions of prior years		(97	)		106		—
Unrecognized tax benefits as of end of fiscal year	$	285		$	259	$	130

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 15 — COMMITMENTS AND CONTINGENCIES

Purchase Commitments

Orion enters into non-cancellable purchase commitments for certain inventory items in order to secure better pricing and ensure materials on hand. As of March 31, 2021, Orion had entered into $13.1 million of purchase commitments related primarily to inventory purchases.

Retirement Savings Plan

Orion sponsors a tax deferred retirement savings plan that permits eligible employees to contribute varying percentages of their compensation up to the limit allowed by the Internal Revenue Service. This plan also provides for discretionary contributions by Orion. In fiscal 2021, Orion made matching contributions of $0.1 million. In fiscal 2020 and 2019, Orion made matching contributions of approximately $0.1 million and $9 thousand, respectively.

Litigation

Orion is subject to various claims and legal proceedings arising in the ordinary course of business. As of the date of this report, Orion does not believe that the final resolution of any of such claims or legal proceedings would have a material adverse effect on its future results of operations. In addition to ordinary-course litigation, Orion was or is a party to the proceedings described below.

State Tax Assessment

During fiscal year 2018, Orion was notified of a pending sales and use tax audit by the Wisconsin Department of Revenue for the period covering April 1, 2013 through March 31, 2017. Although the final resolution of the Company’s sales and use tax audit is uncertain, based on current information, in the opinion of the Company’s management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated balance sheet, statements of operations, or liquidity.

SHAREHOLDERS' EQUITY

12 Months Ended

Mar. 31, 2021

Stockholders Equity Note [Abstract]

SHAREHOLDERS' EQUITY

NOTE 16 — SHAREHOLDERS’ EQUITY

Share Repurchase Program and Treasury Stock

In 2011 and 2012, Orion’s Board approved several share repurchase programs authorizing Orion to repurchase in aggregate up to a maximum of $ 7.5 million of Orion's outstanding common stock. As of March 31, 2021, Orion had repurchased 3,022,349 shares of common stock at a cost of $6.8 million under these programs. Orion did not repurchase any shares in fiscal 2021, fiscal 2020 or fiscal 2019 and currently does not intend to repurchase any additional common stock under this program in the near-term.

Shareholder Rights Plan

On January 3, 2019, Orion entered into Amendment No. 1 to the Rights Agreement, which amended the Rights Agreement dated as of January 7, 2009 and extended its terms by three years to January 7, 2022. Under the amendment, each common share purchase right (a “Right”), if exercisable, will initially represent the right to purchase from Orion, one share of Orion’s common stock, no par value per share, for a purchase price of $7.00 per share (the “Purchase Price”).

The Rights will not be exercisable (and will be transferable only with Orion’s common stock) until a “Distribution Date” occurs (or the Rights are earlier redeemed or expire). A Distribution Date generally will occur on the earlier of a public announcement that a person or group of affiliated or associated persons (“Acquiring Person”) has acquired beneficial ownership of 20% or more of Orion’s outstanding common stock (“Shares Acquisition Date”) or 10 business days after the commencement of, or the announcement of an intention to make, a tender offer or exchange offer that would result in any such person or group of persons acquiring such beneficial ownership.

If a person becomes an Acquiring Person, holders of Rights (except as otherwise provided in the Rights Agreement) will have the right to receive that number of shares of Orion’s common stock having a market value of two times the then-current Purchase Price, and all Rights beneficially owned by an Acquiring Person, or by certain related parties or transferees, will be null and void. If, after a Shares Acquisition Date, Orion is acquired in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power are sold, proper provision will be made so that each holder of a Right (except as otherwise provided in the Rights Agreement) will thereafter have the right to receive that number of shares of the acquiring company’s common stock which at the time of such transaction will have a market value of two times the then-current Purchase Price.

Until a Right is exercised, the holder thereof, as such, will have no rights as a shareholder of Orion. At any time prior to a person becoming an Acquiring Person, the Board of Directors of Orion may redeem the Rights in whole, but not in part, at a price of $0.001 per Right. Unless they are extended or earlier redeemed or exchanged, the Rights will expire on January 7, 2022.

Employee Stock Purchase Plan

In August 2010, Orion’s Board of Directors approved a non-compensatory employee stock purchase plan, or ESPP. The ESPP authorizes 2,500,000 shares to be issued from treasury or authorized shares to satisfy employee share purchases under the ESPP. All full-time employees of Orion are eligible to be granted a non-transferable purchase right each calendar quarter to purchase directly from Orion up to $20,000 of Orion’s common stock at a purchase price equal to 100% of the closing sale price of Orion’s common stock on The NASDAQ Capital Market on the last trading day of each quarter. In prior years, Orion issued loans to non-executive employees to purchase shares of its stock. The loan program has been discontinued and new loans are no longer issued. Orion had the following shares issued from treasury during fiscal 2021 and fiscal 2020:

	As of March 31, 2021
	Shares Issued Under ESPP Plan		Closing Market Price
Quarter Ended March 31, 2021		359			6.90
Quarter Ended December 31, 2020		178			9.87
Quarter Ended September 30, 2020		151			7.57
Quarter Ended June 30, 2020		458			3.46
Total		1,146	$	3.46 - 6.90

	As of March 31, 2020
	Shares Issued Under ESPP Plan		Closing Market Price
Quarter Ended March 31, 2020		512	$		3.70
Quarter Ended December 31, 2019		666	$		3.35
Quarter Ended September 30, 2019		570	$		2.85
Quarter Ended June 30, 2019		613	$		2.97
Total		2,361	$	2.85 - 3.70

Sale of shares

In March 2020, Orion filed a universal shelf registration statement with the Securities and Exchange Commission. Under the shelf registration statement, Orion currently has the flexibility to publicly offer and sell from time to time up to $100.0 million of debt and/or equity securities. The filing of the shelf registration statement may help facilitate Orion’s ability to raise public equity or debt capital to expand existing businesses, fund potential acquisitions, invest in other growth opportunities, repay existing debt, or for other general corporate purposes. The COVID-19 pandemic has had a negative near-term impact on the capital markets and may impact Orion’s ability to access this capital.

In March 2021, Orion entered into an At Market Issuance Sales Agreement to undertake an “at the market” (ATM) public equity capital raising program pursuant to which Orion may offer and sell shares of common stock, having an aggregate offering price of up to $50 million from time to time through or to the Agent, acting as sales agent or principal. No share sales were effected pursuant to the ATM program through March 31, 2021.

STOCK OPTIONS AND RESTRICTED SHARES

12 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

STOCK OPTIONS AND RESTRICTED SHARES

NOTE 17 — STOCK OPTIONS AND RESTRICTED SHARES

At Orion’s 2019 annual meeting of shareholders held on August 7, 2019, Orion’s shareholders approved the Orion Energy Systems, Inc. 2016 Omnibus Incentive Plan, as amended and restated (the “Amended 2016 Plan”). Approval of the Amended 2016 Plan increased the number of shares of Orion’s common stock available for issuance under the Amended 2016 Plan from 1,750,000 shares to 3,500,000 shares (an increase of 1,750,000 shares); added a minimum vesting period for all awards granted under the Amended 2016 Plan (with limited exceptions); and added a specific prohibition on the payment of dividends and dividend equivalents on unvested awards. As of March 31, 2021, the number of shares available for grant under the Amended 2016 Plan was 1,578,445.

The Amended 2016 Plan authorizes grants of equity-based and incentive cash awards to eligible participants designated by the Plan's administrator. Awards under the Amended 2016 Plan may consist of stock options, stock appreciation rights, performance shares, performance units, common stock, restricted stock, restricted stock units, incentive awards or dividend equivalent units.

Prior to the 2016 Omnibus Incentive Plan, the Company maintained its 2004 Stock and Incentive Awards Plan, as amended, which authorized the grant of cash and equity awards to employees (the “2004 Plan”). No new awards are being granted under the 2004 Plan; however, all awards granted under the 2004 Plan that are outstanding will continue to be governed by the 2004 Plan. Forfeited awards originally issued under the 2004 Plan are canceled and are not available for subsequent issuance under the 2004 Plan or under the Amended 2016 Plan.

Certain non-employee directors have elected to receive stock awards in lieu of cash compensation pursuant to elections made under Orion’s non-employee director compensation program. The Amended 2016 Plan and the 2004 Plan also permit accelerated vesting in the event of certain changes of control of Orion as well as under other special circumstances.

Orion historically granted stock options and restricted stock under the 2004 Plan. Orion has not issued stock options since fiscal 2014 and instead has issued restricted stock.

The following amounts of stock-based compensation expense for restricted shares and options were recorded (dollars in thousands):

	Fiscal Year Ended March 31,
	2021		2020			2019
Cost of product revenue	$	4	$	3		$	2
Cost of service revenue		—		(1	)		3
General and administrative		716		576			764
Sales and marketing		29		38			54
Research and development		4		2			2
	$	753	$	618		$	825

The following table summarizes information with respect to outstanding stock options:

	Number of Shares			Weighted Average Exercise Price
Outstanding at March 31, 2018		629,667		$	3.36
Granted		—		$	—
Exercised		—		$	—
Forfeited		(161,831	)	$	3.61
Outstanding at March 31, 2019		467,836		$	3.14
Granted		—		$	—
Exercised		(22,362	)	$	2.51
Forfeited		(49,174	)	$	4.63
Outstanding at March 31, 2020		396,300		$	2.80
Granted		—		$	—
Exercised		(99,000	)	$	2.34
Forfeited		(100,982	)	$	3.39
Outstanding at March 31, 2021		196,318		$	2.74
Exercisable at March 31, 2021		196,318

The following table summarizes the range of exercise prices on outstanding stock options at March 31, 2021:

	March 31, 2021
	Outstanding and Vested		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
$2.00 - 2.03		57,292		1.21	$	2.03
$2.41 - 2.75		92,936		1.53		2.46
$4.19		46,090		0.15		4.19
		196,318		1.11	$	2.74

The following table summarizes information with respect to restricted shares activity:

	Fiscal Year Ended March 31,
	2021			2020			2019
Balance at March 31, 2020		772,720			1,312,593			1,485,799
Shares issued		287,998			279,468			529,000
Shares vested		(450,481	)		(669,238	)		(653,394	)
Shares forfeited		(140,598	)		(150,103	)		(48,812	)
Shares outstanding at March 31, 2021		469,639			772,720			1,312,593
Per share price on grant date	$3.92 - 10.01			$2.69 - 3.03			$0.84 - 1.00

During fiscal 2021, Orion recognized $0.8 million of stock-based compensation expense related to restricted shares.

As of March 31, 2021, the weighted average grant-date fair value of restricted shares granted was $4.27.

Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2021 is expected to be recognized as follows (dollars in thousands):

Fiscal 2022	$	484
Fiscal 2023		361
Fiscal 2024		93
Fiscal 2025		10
Total	$	948
Remaining weighted average expected term	3.1 years

SEGMENT DATA

12 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

SEGMENT DATA

NOTE 18 — SEGMENT DATA

Orion has the following business segments: Orion Engineered Services Division (“OES”), Orion Distribution Services Division (“ODS”), and Orion U.S. Markets Division (“USM”). The accounting policies are the same for each business segment as they are on a consolidated basis.

Orion Engineered Systems Division (“OES”)

The OES segment develops and sells lighting products and provides construction and engineering services for Orion's commercial lighting and energy management systems. OES provides engineering, design, lighting products and in many cases turnkey solutions for large national accounts, governments, municipalities, schools and other customers.

Orion Distribution Services Division (“ODS”)

The ODS segment sells lighting products through manufacturer representative agencies and a network of North American broadline electrical distributors and contractors.

Orion U.S. Markets Division (“USM”)

The USM segment sells commercial lighting systems and energy management systems to the wholesale contractor markets. USM customers include ESCOs and contractors.

Corporate and Other

Corporate and Other is comprised of operating expenses not directly allocated to Orion’s segments and adjustments to reconcile to consolidated results (dollars in thousands).

	Revenues						Operating Income (Loss)
	For the year ended March 31,						For the year ended March 31,
(dollars in thousands)	2021		2020		2019		2021			2020			2019
Segments:
Engineered Systems	$	84,243	$	122,744	$	30,925	$	7,472		$	16,164		$	(1,237	)
Distribution Services		21,122		15,087		24,173		2,430			(852	)		(1,742	)
U.S. Markets		11,475		13,010		10,656		1,683			2,447			1,132
Corporate and Other		—		—		—		(4,749	)		(4,649	)		(4,310	)
	$	116,840	$	150,841	$	65,754	$	6,836		$	13,110		$	(6,157	)

	Depreciation and Amortization For the year ended March 31,						Capital Expenditures For the year ended March 31,
	2021		2020		2019		2021		2020		2019
Segments:
Engineered Systems	$	913	$	1,013	$	774	$	516	$	302	$	165
Distribution Services		231		187		485		158		81		44
U.S. Markets		128		126		233		107		78		31
Corporate and Other		208		236		291		121		353		215
	$	1,480	$	1,562	$	1,783	$	902	$	814	$	455

	Total Assets
	March 31, 2021		March 31, 2020
Segments:
Engineered Systems	$	29,856	$	22,354
Distribution Services		6,530		5,502
U.S. Markets		6,057		4,859
Corporate and Other		50,378		39,848
	$	92,821	$	72,563

Orion’s revenue outside the United States is insignificant and Orion has no long-lived assets outside the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

RESTRUCTURING EXPENSE

12 Months Ended

Mar. 31, 2021

Restructuring And Related Activities [Abstract]

RESTRUCTURING EXPENSE

NOTE 19 — RESTRUCTURING EXPENSE

During the fourth quarter of fiscal 2020, as part of Orion’s response to the impacts of the COVID-19 pandemic, Orion entered into separation agreements with multiple employees, and recognized $0.4 million of expense. Orion’s restructuring expense for the 12 months ended March 31, 2021, 2020 and 2019 is reflected within its consolidated statements of operations as follows (dollars in thousands):

	Year Ended March 31,		Year Ended March 31,		Year Ended March 31,
	2021		2020		2019
Cost of product revenue	$	—	$	82	$	—
Cost of product service		—		74		26
General and administrative		—		28		17
Sales and marketing		—		207		—
Total	$	—	$	391	$	43

Total restructuring expense by segment was recorded as follows (dollars in thousands):

	Year Ended March 31,		Year Ended March 31,		Year Ended March 31,
	2021		2020		2019
Orion Engineered Systems	$	—	$	139	$	—
Orion Distribution Systems		—		142		12
Corporate and Other		—		110		31
Total	$	—	$	391	$	43

SUBSEQUENT EVENTS

12 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 20 — SUBSEQUENT EVENTS

Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date.

On May 5, 2021, Orion announced a $0.5 million strategic investment in ndustrial, a provider of software and services that optimize industrial facilities across all stages of discrete and process manufacturing supply chains. Orion secured an equity stake in ndustrial through its participation in the ndustrial’s $6 million Series A financing.

QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Mar. 31, 2021

Quarterly Financial Data [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 21 — QUARTERLY FINANCIAL DATA (UNAUDITED)

Summary quarterly results for the years ended March 31, 2021 and March 31, 2020 are as follows:

	Three Months Ended
	Jun 30, 2020			Sep 30, 2020		Dec 31, 2020		March 31, 2021		Total
	(in thousands, except per share amounts)
Total revenue	$	10,811		$	26,281	$	44,251	$	35,497	$	116,840
Gross profit	$	2,635		$	7,263	$	11,006	$	9,220	$	30,124
Net income (loss) ⁽¹⁾	$	(2,219	)	$	1,914	$	4,315	$	22,124	$	26,134
Basic net income (loss) per share ⁽¹⁾	$	(0.07	)	$	0.06	$	0.14	$	0.72	$	0.85
Shares used in basic per share calculation		30,352			30,669		30,736		30,782		30,635
Diluted net loss per share ⁽¹⁾	$	(0.07	)	$	0.06	$	0.14	$	0.71	$	0.83
Shares used in diluted per share calculation		30,352			31,170		31,320		31,295		31,304

	Three Months Ended
	Jun 30, 2019		Sep 30, 2019		Dec 31, 2019		Mar 31, 2020			Total
	(in thousands, except per share amounts)
Total revenue	$	42,378	$	48,322	$	34,249	$	25,892		$	150,841
Gross profit	$	10,283	$	12,791	$	8,274	$	5,775		$	37,123
Net income (loss) ⁽²⁾	$	3,968	$	6,721	$	2,304	$	(531	)	$	12,462
Basic net loss per share	$	0.13	$	0.22	$	0.08	$	(0.02	)	$	0.41
Shares used in basic per share calculation		29,723		30,189		30,244		30,259			30,105
Diluted net loss per share	$	0.13	$	0.22	$	0.07	$	(0.02	)	$	0.40
Shares used in diluted per share calculation		30,551		30,830		30,824		30,259			30,965

(1)	Includes $20.9 million of tax benefit related to the release of the valuation allowance on deferred tax assets during the three months ended March 31, 2021.

(2)	Includes a $0.4 million restructuring charge during the three months ended March 31, 2020.

The four quarters for net earnings per share may not add to the total year because of differences in the weighted average number of shares outstanding during the quarters and the year.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Orion considers all highly liquid, short-term investments with original maturities of three months or less to be cash equivalents.

Fair Value of Financial Instruments

Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

Allowance for Doubtful Accounts

Incentive Plan

Revenue Recognition

•

when there is a legal transfer of ownership;

•

when the customer obtains physical possession of the products;

•

when the customer starts to receive the benefit of the products;

•

the amount and duration of physical control that Orion maintains on the products after they are shipped to, and received at, the customer’s facility;

•

whether Orion is required to maintain insurance on the lighting fixtures when they are in transit and after they are delivered to the customer’s facility;

•

when each light fixture is physically installed and working correctly;

•

when the customer formally accepts the product; and

•

when Orion receives payment from the customer for the light fixtures.

See Note 11 – Accrued Expenses and Other for a discussion of Orion’s accounting for the warranty it provides to customers for its products and services.

Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis.

Shipping And Handling Costs

Shipping and Handling Costs

Research and Development

Orion expenses research and development costs as incurred. Amounts are included in the Statement of Operations on the line item Research and development.

Income Taxes

Stock Based Compensation

Orion’s share-based payments to employees are measured at fair value and are recognized against earnings, on a straight-line basis over the requisite service period.

Orion has not paid dividends in the past and does not plan to pay any dividends in the foreseeable future.

Concentration of Credit Risk and Other Risks and Uncertainties

In fiscal 2021, one customer accounted for 56.0% of revenue. In fiscal 2020, one customer accounted for 74.1% of total revenue. In fiscal 2019, one customer accounted for 20.7% of total revenue.

Recent Accounting Pronouncements

Issued: Not Yet Adopted

Recently Adopted Standards

REVENUE (Tables)

12 Months Ended

Mar. 31, 2021

Revenue From Contract With Customer [Abstract]

Disaggregation of Revenue

The following table provides detail of Orion’s total revenues for the year ended March 31, 2021 (dollars in thousands):

	Year Ended March 31, 2021						Year Ended March 31, 2020						Year Ended March 31, 2019
	Product		Services		Total		Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting revenues, by end user
Federal government	$	696	$	965	$	1,661	$	922	$	379	$	1,301	$	2,579	$	642	$	3,221
Commercial and industrial		83,963		28,211		112,174		110,742		37,110		147,852		49,963		8,851		58,814
Total lighting		84,659		29,176		113,835		111,664		37,489		149,153		52,542		9,493		62,035
Solar energy related revenues		57		—		57		56		—		56		57		—		57
Total revenues from contracts with customers		84,716		29,176		113,892		111,720		37,489		149,209		52,599		9,493		62,092
Revenue accounted for under other guidance		2,948		—		2,948		1,632		—		1,632		3,662		—		3,662
Total revenue	$	87,664	$	29,176	$	116,840	$	113,352	$	37,489	$	150,841	$	56,261	$	9,493	$	65,754

Summary of Contract Assets and Liabilities

	March 31, 2021		March 31, 2020
Accounts receivable, net	$	13,572	$	10,427
Contract assets	$	2,367	$	1,082
Contract liabilities	$	11	$	31

ACCOUNTS RECEIVABLE (Tables)

12 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Accounts Receivable and Allowance for Doubtful Accounts Balances

Orion's accounts receivable and allowance for doubtful accounts balances were as follows (dollars in thousands):

	2021			2020
Accounts receivable, gross	$	13,583		$	10,455
Allowance for doubtful accounts		(11	)		(28	)
Accounts receivable, net	$	13,572		$	10,427

INVENTORIES (Tables)

12 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

As of March 31, 2021 and 2020, Orion's inventory balances were as follows (dollars in thousands):

	Cost		Excess and Obsolescence Reserve			Net
As of March 31, 2021
Raw materials and components	$	12,410	$	(967	)	$	11,443
Work in process		758		(356	)		402
Finished goods		8,295		(586	)		7,709
Total	$	21,463	$	(1,909	)	$	19,554
As of March 31, 2020
Raw materials and components	$	9,639	$	(1,244	)	$	8,395
Work in process		699		(305	)		394
Finished goods		6,598		(880	)		5,718
Total	$	16,936	$	(2,429	)	$	14,507

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Property and Equipment

Property and equipment were comprised of the following (dollars in thousands):

	March 31, 2021			March 31, 2020
Land and land improvements	$	433		$	433
Buildings and building improvements		9,477			9,470
Furniture, fixtures and office equipment		7,372			7,270
Leasehold improvements		340			324
Equipment leased to customers		4,997			4,997
Plant equipment		12,451			12,021
Construction in progress		135			15
		35,205			34,530
Less: accumulated depreciation and amortization		(23,836	)		(22,713	)
Net property and equipment	$	11,369		$	11,817

Depreciable lives by asset category are as follows:

Land improvements		10-15 years
Buildings and building improvements		10-39 years
Furniture, fixtures and office equipment		2-10 years
Leasehold improvements		Shorter of asset life or life of lease
Equipment leased to customers under Power Purchase Agreements		20 years
Plant equipment		3-10 years

LEASES (Tables)

12 Months Ended

Mar. 31, 2021

Leases [Abstract]

Summary of Assets Leased from Third Parties

A summary of Orion’s assets leased from third parties follows (dollars in thousands):

	Balance sheet classification	March 31, 2021		March 31, 2020
Assets
Operating lease assets	Other long-term assets	$	2,585	$	2,745
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other		647		691
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		2,642		2,830
Total lease liabilities		$	3,289	$	3,521

Summary of Estimated Maturity of Lease Liabilities

The estimated maturity of lease liabilities for each of the next five years is shown below (dollars in thousands):

Maturity of Lease Liabilities	Operating Leases
Fiscal 2022	$	810
Fiscal 2023		820
Fiscal 2024		746
Fiscal 2025		735
Fiscal 2026		628
Total lease payments	$	3,739
Less: Interest		(450	)
Present value of lease liabilities	$	3,289

Schedule of Revenue and Cost of Sales Arising from Sales-Type Leases

The following chart shows the amount of revenue and cost of sales arising from sales-type leases during the year ended March 31, 2021 and 2020 (dollars in thousands):

	March 31, 2021		March 31, 2020
Product revenue	$	2,758	$	1,362
Cost of product revenue		2,512		1,208

OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Amortizable Intangible Assets

Amortizable intangible assets are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods:

Patents	10-17 years	Straight-line
Licenses	7-13 years	Straight-line
Customer relationships	5-8 years	Accelerated based upon the pattern of economic benefits consumed
Developed technology	8 years	Accelerated based upon the pattern of economic benefits consumed

Summary of Components and Changes in Other Intangible Assets

The components of, and changes in, the carrying amount of other intangible assets were as follows (dollars in thousands):

	March 31, 2021							March 31, 2020
	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Patents	$	2,796	$	(1,875	)	$	921	$	2,766	$	(1,700	)	$	1,066
Licenses		58		(58	)		—		58		(58	)		—
Trade name and trademarks		1,011		—			1,011		1,014		—			1,014
Customer relationships		3,600		(3,591	)		9		3,600		(3,545	)		55
Developed technology		900		(889	)		11		900		(819	)		81
Total	$	8,365	$	(6,413	)	$	1,952	$	8,338	$	(6,122	)	$	2,216

Summary of Estimated Amortization Expense

The estimated amortization expense for each of the next five years is shown below (dollars in thousands):

Fiscal 2022	$	206
Fiscal 2023		115
Fiscal 2024		111
Fiscal 2025		100
Fiscal 2026		90
Thereafter		319
	$	941

Amortization expense is set forth in the following table (dollars in thousands):

	Fiscal Year Ended March 31,
	2021		2020		2019
Amortization included in cost of sales:
Patents	$	175	$	171	$	171
Total	$	175	$	171	$	171
Amortization included in operating expenses:
Customer relationships	$	47	$	86	$	133
Developed technology		68		102		135
Non-competition agreements		—		—		5
Total		115		188		273
Total amortization of intangible assets	$	290	$	359	$	444

ACCRUED EXPENSES AND OTHER (Tables)

12 Months Ended

Mar. 31, 2021

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Expenses and Other

As of March 31, 2021 and March 31, 2020, Accrued expenses and other included the following (dollars in thousands):

	March 31, 2021		March 31, 2020
Compensation and benefits	$	2,851	$	2,594
Sales tax		1,318		513
Accrued project costs		5,010		1,173
Legal and professional fees		497		312
Warranty		705		708
Sales returns reserve		106		98
Credits due to customers		1,009		932
Other accruals		1,730		898
Total	$	13,226	$	7,228

Changes in Warranty Accrual

Changes in Orion’s warranty accrual (both current and long-term) were as follows (dollars in thousands):

	March 31,
	2021			2020
Beginning of year	$	1,069		$	657
Accruals		644			863
Warranty claims (net of vendor reimbursements)		(704	)		(451	)
Ending balance	$	1,009		$	1,069

NET INCOME (LOSS) PER COMMON SHARE (Tables)

12 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Summary of the Effect of Net Income (Loss) Per Common Share

Net income (loss) per common share is calculated based upon the following shares:

	Fiscal Year Ended March 31,
	2021		2020		2019
Numerator:
Net income (loss) (dollars in thousands)	$	26,134	$	12,462	$	(6,674	)
Denominator:
Weighted-average common shares outstanding		30,634,553		30,104,552		29,429,540
Weighted-average effect of assumed conversion of stock options and restricted stock		669,174		860,225		—
Weighted-average common shares and share equivalents outstanding		31,303,727		30,964,777		29,429,540
Net income (loss) per common share:
Basic	$	0.85	$	0.41	$	(0.23	)
Diluted	$	0.83	$	0.40	$	(0.23	)

Number of Potentially Dilutive Securities Excluded from the Calculation of Diluted Net Income (Loss) per Common Share

	March 31,
	2021		2020		2019
Common stock options		—		164,072		467,836
Restricted shares		—		—		1,312,593
Total		—		164,072		1,780,429

LONG-TERM DEBT (Tables)

12 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt as of March 31, 2021 and 2020 consisted of the following (dollars in thousands):

	March 31,
	2021			2020
Revolving credit facility	$	—		$	10,013
Equipment debt obligations		49			85
Total long-term debt		49			10,098
Less current maturities		(14	)		(35	)
Long-term debt, less current maturities	$	35		$	10,063

Schedule of Maturities of Long-Term Debt

Aggregate Maturities

As of March 31, 2021, aggregate maturities of long-term debt were as follows (dollars in thousands):

Fiscal 2022	$	14
Fiscal 2023		14
Fiscal 2024		17
Fiscal 2025		4
	$	49

INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The total provision (benefit) for income taxes consists of the following for the fiscal years ended (dollars in thousands):

	Fiscal Year Ended March 31,
	2021			2020		2019
Current	$	244		$	84	$	(5	)
Deferred		(19,860	)		75		19
Total	$	(19,616	)	$	159	$	14

	2021			2020		2019
Federal, Current	$	—		$	17	$	(16	)
Federal, Deferred		(16,217	)	$	39	$	19
Total Federal		(16,217	)		56		3
State, Current		244			67		11
State, Deferred		(3,643	)		36		—
Total State		(3,399	)		103		11
Total	$	(19,616	)	$	159	$	14

Reconciliation of the Statutory Federal Income Tax Rate and the Effective Income Tax Rate

A reconciliation of the statutory federal income tax rate and effective income tax rate is as follows:

	Fiscal Year Ended March 31,
	2021			2020			2019
Statutory federal tax rate		21.0	%		21.0	%		21.0	%
State taxes, net		3.7	%		6.5	%		5.6	%
Federal tax credit		—	%		—	%		(0.3	)%
Change in valuation reserve		(321.4	)%		(25.0	)%		(23.8	)%
Permanent items		(3.4	)%		(1.0	)%		(1.1	)%
Change in tax contingency reserve		(0.5	)%		0.2	%		—	%
Federal refunds		0.0	%		0.0	%		0.3	%
Equity compensation cancellations		0.6	%		0.2	%		(1.0	)%
Other, net		(1.0	)%		(0.6	)%		(0.9	)%
Effective income tax rate		(301.0	)%		1.3	%		(0.2	)%

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax assets and liabilities reported in the accompanying consolidated financial statements include the following components (dollars in thousands):

	March 31,
	2021			2020
Deferred tax assets:
Inventory, accruals and reserves		860			1,046
Federal and state operating loss carry-forwards		18,313			19,540
Tax credit carry-forwards		1,916			1,916
Equity compensation		198			250
Deferred revenue		38			18
Lease liability		853			903
Other		406			121
Total deferred tax assets		22,584			23,794
Valuation allowance		(1,279	)		(22,228	)
Deferred tax assets, net of valuation allowance		21,305			1,566

Deferred tax liabilities:
Lease ROU asset		(670	)		(704	)
Fixed assets		(626	)		(689	)
Intangible assets		(224	)		(248	)
Total deferred tax liabilities		(1,520	)		(1,641	)

Total net deferred tax assets/(liabilities)	$	19,785		$	(75	)

Unrecognized Tax Benefit Activity

Orion had the following unrecognized tax benefit activity (dollars in thousands):

	Fiscal Year Ended March 31,
	2021			2020		2019
Unrecognized tax benefits as of beginning of fiscal year	$	259		$	130	$	129
Additions based on tax positions related to the current period positions		123			23		1
Additions/(reductions) for tax positions of prior years		(97	)		106		—
Unrecognized tax benefits as of end of fiscal year	$	285		$	259	$	130

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Mar. 31, 2021

Stockholders Equity Note [Abstract]

Shares Issued from Treasury

Orion had the following shares issued from treasury during fiscal 2021 and fiscal 2020:

	As of March 31, 2021
	Shares Issued Under ESPP Plan		Closing Market Price
Quarter Ended March 31, 2021		359			6.90
Quarter Ended December 31, 2020		178			9.87
Quarter Ended September 30, 2020		151			7.57
Quarter Ended June 30, 2020		458			3.46
Total		1,146	$	3.46 - 6.90

	As of March 31, 2020
	Shares Issued Under ESPP Plan		Closing Market Price
Quarter Ended March 31, 2020		512	$		3.70
Quarter Ended December 31, 2019		666	$		3.35
Quarter Ended September 30, 2019		570	$		2.85
Quarter Ended June 30, 2019		613	$		2.97
Total		2,361	$	2.85 - 3.70

STOCK OPTIONS AND RESTRICTED SHARES (Tables)

12 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-based Compensation

The following amounts of stock-based compensation expense for restricted shares and options were recorded (dollars in thousands):

	Fiscal Year Ended March 31,
	2021		2020			2019
Cost of product revenue	$	4	$	3		$	2
Cost of service revenue		—		(1	)		3
General and administrative		716		576			764
Sales and marketing		29		38			54
Research and development		4		2			2
	$	753	$	618		$	825

Summary of Outstanding Stock Options

The following table summarizes information with respect to outstanding stock options:

	Number of Shares			Weighted Average Exercise Price
Outstanding at March 31, 2018		629,667		$	3.36
Granted		—		$	—
Exercised		—		$	—
Forfeited		(161,831	)	$	3.61
Outstanding at March 31, 2019		467,836		$	3.14
Granted		—		$	—
Exercised		(22,362	)	$	2.51
Forfeited		(49,174	)	$	4.63
Outstanding at March 31, 2020		396,300		$	2.80
Granted		—		$	—
Exercised		(99,000	)	$	2.34
Forfeited		(100,982	)	$	3.39
Outstanding at March 31, 2021		196,318		$	2.74
Exercisable at March 31, 2021		196,318

Schedule of Range of Exercise Prices

The following table summarizes the range of exercise prices on outstanding stock options at March 31, 2021:

	March 31, 2021
	Outstanding and Vested		Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price
$2.00 - 2.03		57,292		1.21	$	2.03
$2.41 - 2.75		92,936		1.53		2.46
$4.19		46,090		0.15		4.19
		196,318		1.11	$	2.74

Summary of Restricted Shares

The following table summarizes information with respect to restricted shares activity:

	Fiscal Year Ended March 31,
	2021			2020			2019
Balance at March 31, 2020		772,720			1,312,593			1,485,799
Shares issued		287,998			279,468			529,000
Shares vested		(450,481	)		(669,238	)		(653,394	)
Shares forfeited		(140,598	)		(150,103	)		(48,812	)
Shares outstanding at March 31, 2021		469,639			772,720			1,312,593
Per share price on grant date	$3.92 - 10.01			$2.69 - 3.03			$0.84 - 1.00

Schedule of Unrecognized Compensation Cost Related to Non-vested Awards

Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2021 is expected to be recognized as follows (dollars in thousands):

Fiscal 2022	$	484
Fiscal 2023		361
Fiscal 2024		93
Fiscal 2025		10
Total	$	948
Remaining weighted average expected term	3.1 years

SEGMENT DATA (Tables)

12 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Information

Corporate and Other is comprised of operating expenses not directly allocated to Orion’s segments and adjustments to reconcile to consolidated results (dollars in thousands).

	Revenues						Operating Income (Loss)
	For the year ended March 31,						For the year ended March 31,
(dollars in thousands)	2021		2020		2019		2021			2020			2019
Segments:
Engineered Systems	$	84,243	$	122,744	$	30,925	$	7,472		$	16,164		$	(1,237	)
Distribution Services		21,122		15,087		24,173		2,430			(852	)		(1,742	)
U.S. Markets		11,475		13,010		10,656		1,683			2,447			1,132
Corporate and Other		—		—		—		(4,749	)		(4,649	)		(4,310	)
	$	116,840	$	150,841	$	65,754	$	6,836		$	13,110		$	(6,157	)

	Depreciation and Amortization For the year ended March 31,						Capital Expenditures For the year ended March 31,
	2021		2020		2019		2021		2020		2019
Segments:
Engineered Systems	$	913	$	1,013	$	774	$	516	$	302	$	165
Distribution Services		231		187		485		158		81		44
U.S. Markets		128		126		233		107		78		31
Corporate and Other		208		236		291		121		353		215
	$	1,480	$	1,562	$	1,783	$	902	$	814	$	455

	Total Assets
	March 31, 2021		March 31, 2020
Segments:
Engineered Systems	$	29,856	$	22,354
Distribution Services		6,530		5,502
U.S. Markets		6,057		4,859
Corporate and Other		50,378		39,848
	$	92,821	$	72,563

RESTRUCTURING EXPENSE (Tables)

12 Months Ended

Mar. 31, 2021

Restructuring And Related Activities [Abstract]

Restructuring Costs

Orion’s restructuring expense for the 12 months ended March 31, 2021, 2020 and 2019 is reflected within its consolidated statements of operations as follows (dollars in thousands):

	Year Ended March 31,		Year Ended March 31,		Year Ended March 31,
	2021		2020		2019
Cost of product revenue	$	—	$	82	$	—
Cost of product service		—		74		26
General and administrative		—		28		17
Sales and marketing		—		207		—
Total	$	—	$	391	$	43

Total restructuring expense by segment was recorded as follows (dollars in thousands):

	Year Ended March 31,		Year Ended March 31,		Year Ended March 31,
	2021		2020		2019
Orion Engineered Systems	$	—	$	139	$	—
Orion Distribution Systems		—		142		12
Corporate and Other		—		110		31
Total	$	—	$	391	$	43

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Mar. 31, 2021

Quarterly Financial Data [Abstract]

Schedule of Quarterly Financial Information

Summary quarterly results for the years ended March 31, 2021 and March 31, 2020 are as follows:

	Three Months Ended
	Jun 30, 2020			Sep 30, 2020		Dec 31, 2020		March 31, 2021		Total
	(in thousands, except per share amounts)
Total revenue	$	10,811		$	26,281	$	44,251	$	35,497	$	116,840
Gross profit	$	2,635		$	7,263	$	11,006	$	9,220	$	30,124
Net income (loss) ⁽¹⁾	$	(2,219	)	$	1,914	$	4,315	$	22,124	$	26,134
Basic net income (loss) per share ⁽¹⁾	$	(0.07	)	$	0.06	$	0.14	$	0.72	$	0.85
Shares used in basic per share calculation		30,352			30,669		30,736		30,782		30,635
Diluted net loss per share ⁽¹⁾	$	(0.07	)	$	0.06	$	0.14	$	0.71	$	0.83
Shares used in diluted per share calculation		30,352			31,170		31,320		31,295		31,304

	Three Months Ended
	Jun 30, 2019		Sep 30, 2019		Dec 31, 2019		Mar 31, 2020			Total
	(in thousands, except per share amounts)
Total revenue	$	42,378	$	48,322	$	34,249	$	25,892		$	150,841
Gross profit	$	10,283	$	12,791	$	8,274	$	5,775		$	37,123
Net income (loss) ⁽²⁾	$	3,968	$	6,721	$	2,304	$	(531	)	$	12,462
Basic net loss per share	$	0.13	$	0.22	$	0.08	$	(0.02	)	$	0.41
Shares used in basic per share calculation		29,723		30,189		30,244		30,259			30,105
Diluted net loss per share	$	0.13	$	0.22	$	0.07	$	(0.02	)	$	0.40
Shares used in diluted per share calculation		30,551		30,830		30,824		30,259			30,965

(1)	Includes $20.9 million of tax benefit related to the release of the valuation allowance on deferred tax assets during the three months ended March 31, 2021.

(2)	Includes a $0.4 million restructuring charge during the three months ended March 31, 2020.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	12 Months Ended
	Mar. 31, 2021 USD ($) Customer financial_instituion Supplier	Mar. 31, 2020 USD ($) Customer Supplier	Mar. 31, 2019 USD ($) Supplier Customer
Concentration of Credit Risk and Other Risks and Uncertainties
Deferred tax assets valuation allowance \| $	$ 20,900,000
Number of financial institutions \| financial_instituion	3
Number of supplier more than ten percent of cost of revenue \| Supplier	0	1	0
Number of customer more than ten percent of revenue \| Customer	1	1	1
Number of customer more than ten percent of accounts receivable \| Customer	3	2
ASU No. 2019-12
Concentration of Credit Risk and Other Risks and Uncertainties
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, immaterial effect	true
Cost of revenue \| Customer Concentration Risk
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage			10.00%
Cost of revenue \| Customer Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage		11.80%
Revenue \| Customer Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	56.00%	74.10%	20.70%
Accounts Receivable \| Credit Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	33.90%	37.30%
Accounts Receivable \| Credit Concentration Risk \| Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	16.40%	13.00%
Accounts Receivable \| Credit Concentration Risk \| Customers Three
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	10.10%
Deferred Bonus
Concentration of Credit Risk and Other Risks and Uncertainties
Discretionary bonus payments, accrued expenses \| $	$ 700,000	$ 800,000	$ 0

REVENUE - Narrative (Details) - USD ($)	3 Months Ended								12 Months Ended
REVENUE - Narrative (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Total revenue	$ 35,497,000	$ 44,251,000	$ 26,281,000	$ 10,811,000	$ 25,892,000	$ 34,249,000	$ 48,322,000	$ 42,378,000	$ 116,840,000	$ 150,841,000	$ 65,754,000
Percentage of contract for sale equal monthly progress payments									90.00%
Long-term accounts receivable	0				760,000				$ 0	760,000
Proceeds from sale of revenue earned but not billed									5,100,000	4,400,000	6,900,000
Gain (loss) on sale of revenue earned but not billed									$ (100,000)	(100,000)	$ 300,000
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false]									true
Revenue, Practical Expedient, Financing Component [true false]									true
Unbilled accounts receivable	$ 600,000				39,000				$ 600,000	39,000
Contract assets					$ 600,000					$ 600,000
Contract liabilities									11,000
Change in contract asset reclassified to accounts receivable									0
Change in contract liability									0
Light fixture sales-type lease
Disaggregation Of Revenue [Line Items]
Total revenue									2,800,000
Sale of tax credits
Disaggregation Of Revenue [Line Items]
Total revenue									100,000
Legacy solar facilities
Disaggregation Of Revenue [Line Items]
Total revenue									$ 100,000

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									$ 113,892	$ 149,209	$ 62,092
Revenue accounted for under other guidance									2,948	1,632	3,662
Total revenue	$ 35,497	$ 44,251	$ 26,281	$ 10,811	$ 25,892	$ 34,249	$ 48,322	$ 42,378	116,840	150,841	65,754
Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									84,716	111,720	52,599
Revenue accounted for under other guidance									2,948	1,632	3,662
Total revenue									87,664	113,352	56,261
Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									29,176	37,489	9,493
Revenue accounted for under other guidance									0	0	0
Total revenue									29,176	37,489	9,493
Federal government
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									1,661	1,301	3,221
Federal government \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									696	922	2,579
Federal government \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									965	379	642
Commercial and industrial
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									112,174	147,852	58,814
Commercial and industrial \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									83,963	110,742	49,963
Commercial and industrial \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									28,211	37,110	8,851
Total lighting
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									113,835	149,153	62,035
Total lighting \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									84,659	111,664	52,542
Total lighting \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									29,176	37,489	9,493
Solar energy related revenues
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									57	56	57
Solar energy related revenues \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									57	56	57
Solar energy related revenues \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									$ 0	$ 0	$ 0

REVENUE - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Accounts receivable, net	$ 13,572	$ 10,427
Contract assets	2,367	1,082
Contract liabilities	$ 11	$ 31

ACCOUNTS RECEIVABLE (Narrative) (Details)	12 Months Ended
ACCOUNTS RECEIVABLE (Narrative) (Details)	Mar. 31, 2021
Receivables [Abstract]
Accounts receivable, minimum period due	30 days
Accounts receivable, maximum period due	60 days

ACCOUNTS RECEIVABLE (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Receivables [Abstract]
Accounts receivable, gross	$ 13,583	$ 10,455
Allowance for doubtful accounts	(11)	(28)
Accounts receivable, net	$ 13,572	$ 10,427

INVENTORIES (Narrative) (Details)	12 Months Ended
INVENTORIES (Narrative) (Details)	Mar. 31, 2021
Minimum
Inventory [Line Items]
Inventory consideration usage	9 months
Maximum
Inventory [Line Items]
Inventory consideration usage	12 months

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Cost
Raw materials and components	$ 12,410	$ 9,639
Work in process	758	699
Finished goods	8,295	6,598
Total	21,463	16,936
Reserve
Raw materials and components	(967)	(1,244)
Work in process	(356)	(305)
Finished goods	(586)	(880)
Total	(1,909)	(2,429)
Net
Raw materials and components	11,443	8,395
Work in process	402	394
Finished goods	7,709	5,718
Total	$ 19,554	$ 14,507

PROPERTY AND EQUIPMENT (Summary of Property and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Property and equipment
Gross property and equipment	$ 35,205	$ 34,530
Less: accumulated depreciation and amortization	(23,836)	(22,713)
Net property and equipment	11,369	11,817
Land and land improvements
Property and equipment
Gross property and equipment	433	433
Buildings and building improvements
Property and equipment
Gross property and equipment	9,477	9,470
Furniture, fixtures and office equipment
Property and equipment
Gross property and equipment	7,372	7,270
Leasehold Improvements
Property and equipment
Gross property and equipment	340	324
Equipment leased to customers
Property and equipment
Gross property and equipment	4,997	4,997
Plant equipment
Property and equipment
Gross property and equipment	12,451	12,021
Construction in progress
Property and equipment
Gross property and equipment	$ 135	$ 15

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation	$ 1,190	$ 1,203	$ 1,339
Interest capitalized for construction in progress	$ 0	$ 0

PROPERTY AND EQUIPMENT (Useful Lives) (Details)	12 Months Ended
PROPERTY AND EQUIPMENT (Useful Lives) (Details)	Mar. 31, 2021
Land improvements \| Minimum
Property and equipment
Property, plant and equipment, useful life	10 years
Land improvements \| Maximum
Property and equipment
Property, plant and equipment, useful life	15 years
Buildings and building improvements \| Minimum
Property and equipment
Property, plant and equipment, useful life	10 years
Buildings and building improvements \| Maximum
Property and equipment
Property, plant and equipment, useful life	39 years
Furniture, fixtures and office equipment \| Minimum
Property and equipment
Property, plant and equipment, useful life	2 years
Furniture, fixtures and office equipment \| Maximum
Property and equipment
Property, plant and equipment, useful life	10 years
Leasehold Improvements
Property and equipment
Property, plant and equipment, useful life	Shorter of asset life or life of lease
Equipment leased to customers under Power Purchase Agreements
Property and equipment
Property, plant and equipment, useful life	20 years
Plant equipment \| Minimum
Property and equipment
Property, plant and equipment, useful life	3 years
Plant equipment \| Maximum
Property and equipment
Property, plant and equipment, useful life	10 years

LEASES (Narrative) (Details) $ in Millions		12 Months Ended
LEASES (Narrative) (Details) $ in Millions	Jan. 31, 2020 ft²	Mar. 31, 2021 USD ($)	Mar. 31, 2020	Feb. 28, 2014 ft²
Lessee Lease Description [Line Items]
Lessee, operating lease, option to terminate		The prior lease agreement for this facility provided the lessor the right to terminate the lease agreement at any time with 12 months’ notice to Orion. As a result, the agreement was previously classified as a short-term lease.
Lessee, operating lease, existence of option to terminate		true
Term of other leases		5 years
Operating lease, weighted average discount rate		5.40%
Operating lease, weighted average remaining lease term		4 years 7 months 6 days
Operating lease costs \| $		$ 0.9
Lessor, Operating Lease, Existence of Option to Extend [true false]		true	true
Manitowoc, WI
Lessee Lease Description [Line Items]
Area of leased property	266,000
Lease term of agreement	10 years
Lessee, sale leaseback, option to terminate, minimum period	6 years
Jacksonville Florida
Lessee Lease Description [Line Items]
Area of operating leased property				10,500
Termination of lease		Jun. 30, 2023

LEASES (Summary of Assets Leased from Third Parties) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease assets	$ 2,585	$ 2,745
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent	us-gaap:OtherAssetsNoncurrent
Operating lease liabilities current	$ 647	$ 691
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating lease liabilities non-current	$ 2,642	$ 2,830
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Total lease liabilities	$ 3,289	$ 3,521

LEASES (Summary of Estimated Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Fiscal 2022	$ 810
Fiscal 2023	820
Fiscal 2024	746
Fiscal 2025	735
Fiscal 2026	628
Total lease payments	3,739
Less: Interest	(450)
Present value of lease liabilities	$ 3,289	$ 3,521

LEASES (Schedule of Revenue and Cost of Sales Arising from Sales-Type Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Product revenue	$ 2,758	$ 1,362
Cost of product revenue	$ 2,512	$ 1,208

OTHER INTANGIBLE ASSETS (Useful Lives) (Details)	12 Months Ended
OTHER INTANGIBLE ASSETS (Useful Lives) (Details)	Mar. 31, 2021
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life descrption	Straight-line
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	10 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	17 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life descrption	Straight-line
Licenses \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	7 years
Licenses \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	13 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life descrption	Accelerated based upon the pattern of economic benefits consumed
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	5 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	8 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	8 years
Intangible assets, useful life descrption	Accelerated based upon the pattern of economic benefits consumed

OTHER INTANGIBLE ASSETS, NET (Summary of Components and Changes in Other Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,365	$ 8,338
Accumulated Amortization	(6,413)	(6,122)
Intangible Assets, Net	1,952	2,216
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,796	2,766
Accumulated Amortization	(1,875)	(1,700)
Intangible Assets, Net	921	1,066
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	58	58
Accumulated Amortization	(58)	(58)
Intangible Assets, Net	0	0
Trade name and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,011	1,014
Accumulated Amortization	0	0
Intangible Assets, Net	1,011	1,014
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,600	3,600
Accumulated Amortization	(3,591)	(3,545)
Intangible Assets, Net	9	55
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	900	900
Accumulated Amortization	(889)	(819)
Intangible Assets, Net	$ 11	$ 81

OTHER INTANGIBLE ASSETS (Narrative) (Details)	12 Months Ended
OTHER INTANGIBLE ASSETS (Narrative) (Details)	Mar. 31, 2021
Weighted average
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	3 years 9 months

OTHER INTANGIBLE ASSETS (Summary of Estimated Amortization Expense) (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Finite-Lived Intangible Assets, Estimated Amortization Expense
Fiscal 2022	$ 206
Fiscal 2023	115
Fiscal 2024	111
Fiscal 2025	100
Fiscal 2026	90
Thereafter	319
Total	$ 941

OTHER INTANGIBLE ASSETS (Summary of Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 290	$ 359	$ 444
Cost of product revenue
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	175	171	171
Cost of product revenue \| Patents
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	175	171	171
Operating Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	115	188	273
Operating Expenses \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	47	86	133
Operating Expenses \| Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	68	102	135
Operating Expenses \| Non-competition agreements
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 0	$ 0	$ 5

ACCRUED EXPENSES AND OTHER (Accrued Expenses and Other) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Other Liabilities Disclosure [Abstract]
Compensation and benefits	$ 2,851	$ 2,594
Sales tax	1,318	513
Accrued project costs	5,010	1,173
Legal and professional fees	497	312
Warranty	705	708
Sales returns reserve	106	98
Credits due to customers	1,009	932
Other accruals	1,730	898
Total	$ 13,226	$ 7,228

ACCRUED EXPENSES AND OTHER (Narrative) (Details)	12 Months Ended
ACCRUED EXPENSES AND OTHER (Narrative) (Details)	Mar. 31, 2021
Minimum
Product Warranty Liability [Line Items]
Limited warranty term	1 year
Maximum
Product Warranty Liability [Line Items]
Limited warranty term	10 years

ACCRUED EXPENSES AND OTHER (Warranty Accrual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement in Standard Product Warranty Accrual
Beginning of year	$ 1,069	$ 657
Accruals	644	863
Warranty claims (net of vendor reimbursements)	(704)	(451)
End of year	$ 1,009	$ 1,069

NET INCOME (LOSS) PER COMMON SHARE (Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income (loss)	$ 22,124	$ 4,315	$ 1,914	$ (2,219)	$ (531)	$ 2,304	$ 6,721	$ 3,968	$ 26,134	$ 12,462	$ (6,674)
Denominator:
Weighted-average common shares outstanding	30,782,000	30,736,000	30,669,000	30,352,000	30,259,000	30,244,000	30,189,000	29,723,000	30,634,553	30,104,552	29,429,540
Weighted-average effect of assumed conversion of stock options and restricted stock									669,174	860,225
Weighted-average common shares and share equivalents outstanding	31,295,000	31,320,000	31,170,000	30,352,000	30,259,000	30,824,000	30,830,000	30,551,000	31,303,727	30,964,777	29,429,540
Net income (loss) per common share:
Basic	$ 0.72	$ 0.14	$ 0.06	$ (0.07)	$ (0.02)	$ 0.08	$ 0.22	$ 0.13	$ 0.85	$ 0.41	$ (0.23)
Diluted	$ 0.71	$ 0.14	$ 0.06	$ (0.07)	$ (0.02)	$ 0.07	$ 0.22	$ 0.13	$ 0.83	$ 0.40	$ (0.23)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120380238&loc=d3e3842-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1252-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1337-109256

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

NET INCOME (LOSS) PER COMMON SHARE (Potentially Dilutive Securities Excluded From the Calculation of Diluted Net Income (Loss) Per Common Share ) (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Number of potentially dilutive securities
Potentially dilutive securities outstanding (in shares)	164,072	1,780,429
Common stock options
Number of potentially dilutive securities
Potentially dilutive securities outstanding (in shares)	164,072	467,836
Restricted shares
Number of potentially dilutive securities
Potentially dilutive securities outstanding (in shares)		1,312,593

LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Long-term debt
Total long-term debt	$ 49	$ 10,098
Less current maturities	(14)	(35)
Long-term debt, less current maturities	35	10,063
Revolving credit facility
Long-term debt
Total long-term debt		10,013
Equipment debt obligations
Long-term debt
Total long-term debt	$ 49	$ 85

LONG-TERM DEBT (Narrative) (Details)		12 Months Ended
LONG-TERM DEBT (Narrative) (Details)	Dec. 29, 2020 USD ($)	Mar. 31, 2021 USD ($)	Feb. 28, 2019 USD ($)	Oct. 26, 2018 USD ($)
Line Of Credit Facility [Line Items]
Loss on debt extinguishment		$ 90,000
Prior Credit Agreement \| Western Alliance Bank \| Line of credit \| Revolving credit facility
Line Of Credit Facility [Line Items]
Credit facility, amount				$ 20,150,000
Credit agreement, maturity date		Oct. 26, 2021
Credit agreement, early termination fees	$ 0
Loss on debt extinguishment	100,000
Credit Agreement \| Bank Of America N A \| Line of credit \| Revolving credit facility
Line Of Credit Facility [Line Items]
Credit facility, amount	$ 25,000,000
Credit agreement period	5 years
Credit agreement, maturity date		Dec. 29, 2025
Credit agreement, amounts borrowed		$ 0
Credit agreement, annual facility fee	$ 15,000
Credit agreement, basis points on unused portion of credit facility for fee	0.25%
Credit agreement, springing minimum fixed cost coverage ratio	1.0
Credit agreement, springing minimum fixed cost coverage ratio covenant amount of excess availability under credit facility	$ 3,000,000
Credit agreement, springing minimum fixed cost coverage ratio covenant percentage of committed facility	15.00%
Debt Instrument 1 \| Equipment debt obligations
Line Of Credit Facility [Line Items]
Principal amount of debt			$ 44,000
Stated interest rate, percentage			6.43%
Debt maturity month and year		2024-01
Debt Instrument 2 \| Equipment debt obligations
Line Of Credit Facility [Line Items]
Principal amount of debt			$ 30,000
Stated interest rate, percentage			8.77%
Debt maturity month and year		2024-01

LONG-TERM DEBT (Aggregate Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Fiscal 2022	$ 14
Fiscal 2023	14
Fiscal 2024	17
Fiscal 2025	4
Total long-term debt	$ 49	$ 10,098

INCOME TAXES (Schedule of Components of Income Tax Expense or Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Current		$ 244	$ 84	$ (5)
Deferred income tax benefit	$ (20,900)	(19,860)	75	19
Total provision (benefit) for income taxes		(19,616)	159	14
Federal, Current		0	17	(16)
Federal, Deferred		(16,217)	39	19
Total Federal		(16,217)	56	3
State, Current		244	67	11
State, Deferred		(3,643)	36	0
Total State		$ (3,399)	$ 103	$ 11

INCOME TAXES (Reconciliation of Tax Rates) (Details)	12 Months Ended
INCOME TAXES (Reconciliation of Tax Rates) (Details)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21.00%	21.00%	21.00%
State taxes, net	3.70%	6.50%	5.60%
Federal tax credit	(0.00%)	(0.00%)	(0.30%)
Change in valuation reserve	(321.40%)	(25.00%)	(23.80%)
Permanent items	(3.40%)	(1.00%)	(1.10%)
Change in tax contingency reserve	(0.50%)	0.20%	0.00%
Federal refunds	0.00%	0.00%	0.30%
Equity compensation cancellations	0.60%	0.20%	(1.00%)
Other, net	(1.00%)	(0.60%)	(0.90%)
Effective income tax rate	(301.00%)	1.30%	(0.20%)

INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Deferred tax assets:
Inventory, accruals and reserves	$ 860	$ 1,046
Federal and state operating loss carry-forwards	18,313	19,540
Tax credit carry-forwards	1,916	1,916
Equity compensation	198	250
Deferred revenue	38	18
Lease liability	853	903
Other	406	121
Total deferred tax assets	22,584	23,794
Valuation allowance	(1,279)	(22,228)
Deferred tax assets, net of valuation allowance	21,305	1,566
Deferred tax liabilities:
Lease ROU asset	(670)	(704)
Fixed assets	(626)	(689)
Intangible assets	(224)	(248)
Total deferred tax liabilities	(1,520)	(1,641)
Total net deferred tax assets	$ 19,785
Total net deferred tax liabilities		$ (75)

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 1,279	$ 22,228
Net valuation allowance release	$ 20,900
Increase (decrease) in valuation allowance		(3,200)
Period of cumulative pretax income	3 years
Deferred taxes assets	$ 20,900
Unrecognized tax benefits	285	259	$ 130	$ 129
Unrecognized tax benefits that would impact effective tax rate	$ 300
Minimum
Operating Loss Carryforwards [Line Items]
Examination period for state income tax returns	3 years
Maximum
Operating Loss Carryforwards [Line Items]
Examination period for state income tax returns	5 years
Tax Year 2022 To 2040
Operating Loss Carryforwards [Line Items]
NOL Carryforwards		123,600
Tax Not Subject To Time Restriction
Operating Loss Carryforwards [Line Items]
NOL Carryforwards		$ 8,400
NOL carryforwards, percentage of adjusted taxable income to offset	80.00%
Domestic Country
Operating Loss Carryforwards [Line Items]
NOL Carryforwards	$ 69,400
Tax credit carryforwards	1,300
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
NOL Carryforwards	61,800
Tax credit carryforwards	800
Foreign Country
Operating Loss Carryforwards [Line Items]
NOL Carryforwards	$ 800

INCOME TAXES (Unrecognized Tax Benefit Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits as of beginning of fiscal year	$ 259	$ 130	$ 129
Additions based on tax positions related to the current period positions	123	23	1
(Reductions) for tax positions of prior years	(97)
Additions for tax positions of prior years		106	0
Unrecognized tax benefits as of end of fiscal year	$ 285	$ 259	$ 130

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Long-term Purchase Commitment [Line Items]
Discretionary company contributions to retirement savings plan	$ 100	$ 100	$ 9
Inventories
Long-term Purchase Commitment [Line Items]
Purchase commitments	$ 13,100

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($)		1 Months Ended		12 Months Ended			114 Months Ended
SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($)	Jan. 03, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2021	Aug. 31, 2010
Equity Class Of Treasury Stock [Line Items]
Rights agreement extended term	3 years
Common stock purchased per right	1
Right issue share price	$ 7.00
Minimum subscription percentage				20.00%
Number of business days to trigger a distribution date				10 days
Share acquisition percentage				50.00%
Prior to a person becoming an acquiring person, the board of directors of the company's redemption rate	$ 0.001
Employee stock purchase plan, shares authorized								2,500,000
Maximum amount limit for ESPP per employee								$ 20,000
Purchase price to market price matching percentage								100.00%
At Market Issuance Sales Agreement
Equity Class Of Treasury Stock [Line Items]
Sale of share		0
Maximum
Equity Class Of Treasury Stock [Line Items]
Proceeds from issuance of debt or sale of equity securities			$ 100,000,000
Maximum \| At Market Issuance Sales Agreement
Equity Class Of Treasury Stock [Line Items]
Proceeds from sale of common stock		$ 50,000,000
2011 & 2012
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount		$ 7,500,000		$ 7,500,000			$ 7,500,000
Treasury stock acquired							3,022,349
Repurchase of common stock into treasury							$ 6,800,000
Stock repurchased during period, shares				0	0	0

SHAREHOLDERS' EQUITY (Schedule of ESPP Activity) (Details) - $ / shares	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Shares issued from treasury
Shares Issued Under ESPP Plan	359	178	151	458	512	666	570	613	1,146	2,361
Closing Market Price	$ 6.90	$ 9.87	$ 7.57	$ 3.46	$ 3.70	$ 3.35	$ 2.85	$ 2.97
Minimum
Shares issued from treasury
Closing Market Price									$ 3.46	$ 2.85
Maximum
Shares issued from treasury
Closing Market Price									$ 6.90	$ 3.70

STOCK OPTIONS AND RESTRICTED SHARES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Aug. 07, 2019	Aug. 03, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 753	$ 618	$ 825
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 800
Weighted average grant-date fair value (usd per share)	$ 4.27
2016 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares for issuance to eligible participants (in shares)				3,500,000	1,750,000
Increase in number of common stock shares available for issuance				1,750,000
Number of shares available for grant	1,578,445

STOCK OPTIONS AND RESTRICTED SHARES (Stock-based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Stock-based compensation
Total	$ 753	$ 618	$ 825
Cost of product revenue
Stock-based compensation
Total	4	3	2
Cost of service revenue
Stock-based compensation
Total		(1)	3
General and administrative
Stock-based compensation
Total	716	576	764
Sales and marketing
Stock-based compensation
Total	29	38	54
Research and development
Stock-based compensation
Total	$ 4	$ 2	$ 2

STOCK OPTIONS AND RESTRICTED SHARES (Summary of Outstanding Stock Options) (Details) - $ / shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Number of Shares
Beginning Balance (shares)	396,300	467,836	629,667
Granted (shares)	0	0	0
Exercised (shares)	(99,000)	(22,362)	0
Forfeited (shares)	(100,982)	(49,174)	(161,831)
Ending Balance (shares)	196,318	396,300	467,836
Number of Shares, Exercisable (shares)	196,318
Weighted Average Exercise Price
Beginning Balance (in dollars per share)	$ 2.80	$ 3.14	$ 3.36
Granted Stock Options (in dollars per share)	0	0	0
Exercised (in dollars per share)	2.34	2.51	0
Forfeited (in dollars per share)	3.39	4.63	3.61
Ending Balance (in dollars per share)	$ 2.74	$ 2.80	$ 3.14

STOCK OPTIONS AND RESTRICTED SHARES (Summary of Exercise Price Range) (Details) - $ / shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding and Vested (shares)	196,318	396,300	467,836	629,667
Weighted Average Remaining Contractual Life (Years)	1 year 1 month 9 days
Weighted Average Exercise Price (usd per share)	$ 2.74	$ 2.80	$ 3.14	$ 3.36
$2.00 - 2.03
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit (usd per share)	2.00
Exercise Price Range, Upper Range Limit (usd per share)	$ 2.03
Outstanding and Vested (shares)	57,292
Weighted Average Remaining Contractual Life (Years)	1 year 2 months 15 days
Weighted Average Exercise Price (usd per share)	$ 2.03
$2.41 - 2.75
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit (usd per share)	2.41
Exercise Price Range, Upper Range Limit (usd per share)	$ 2.75
Outstanding and Vested (shares)	92,936
Weighted Average Remaining Contractual Life (Years)	1 year 6 months 10 days
Weighted Average Exercise Price (usd per share)	$ 2.46
$4.19
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding and Vested (shares)	46,090
Weighted Average Remaining Contractual Life (Years)	1 month 24 days
Weighted Average Exercise Price (usd per share)	$ 4.19

STOCK OPTIONS AND RESTRICTED SHARES (Schedule of Restricted Shares) (Details) - Restricted shares - $ / shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares outstanding, beginning of the period (shares)	772,720	1,312,593	1,485,799
Shares issued (shares)	287,998	279,468	529,000
Shares vested (shares)	(450,481)	(669,238)	(653,394)
Shares forfeited (shares)	(140,598)	(150,103)	(48,812)
Shares outstanding, end of the period (shares)	469,639	772,720	1,312,593
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Per share price on grant date (usd per share)	$ 3.92	$ 2.69	$ 0.84
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Per share price on grant date (usd per share)	$ 10.01	$ 3.03	$ 1.00

STOCK OPTIONS AND RESTRICTED SHARES (Summary of Unrecognized Compensation Cost) (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2021 USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Fiscal 2022	$ 484
Fiscal 2023	361
Fiscal 2024	93
Fiscal 2025	10
Total	$ 948
Remaining weighted average expected term	3 years 1 month 6 days

SEGMENT DATA (Reconciliation of Segment Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Corporate and Other
Revenues	$ 35,497	$ 44,251	$ 26,281	$ 10,811	$ 25,892	$ 34,249	$ 48,322	$ 42,378	$ 116,840	$ 150,841	$ 65,754
Operating Income (Loss)									6,836	13,110	(6,157)
Depreciation and Amortization									1,480	1,562	1,783
Capital Expenditures									902	814	455
Operating Segments \| U.S. Markets
Corporate and Other
Revenues									11,475	13,010	10,656
Operating Income (Loss)									1,683	2,447	1,132
Depreciation and Amortization									128	126	233
Capital Expenditures									107	78	31
Operating Segments \| Engineered Systems
Corporate and Other
Revenues									84,243	122,744	30,925
Operating Income (Loss)									7,472	16,164	(1,237)
Depreciation and Amortization									913	1,013	774
Capital Expenditures									516	302	165
Operating Segments \| Distribution Services
Corporate and Other
Revenues									21,122	15,087	24,173
Operating Income (Loss)									2,430	(852)	(1,742)
Depreciation and Amortization									231	187	485
Capital Expenditures									158	81	44
Corporate and Other
Corporate and Other
Operating Income (Loss)									(4,749)	(4,649)	(4,310)
Depreciation and Amortization									208	236	291
Capital Expenditures									$ 121	$ 353	$ 215

SEGMENT DATA (Reconciliation of Segment Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Corporate and Other
Total Assets	$ 92,821	$ 72,563
Operating Segments \| U.S. Markets
Corporate and Other
Total Assets	6,057	4,859
Operating Segments \| Engineered Systems
Corporate and Other
Total Assets	29,856	22,354
Operating Segments \| Distribution Services
Corporate and Other
Total Assets	6,530	5,502
Corporate and Other
Corporate and Other
Total Assets	$ 50,378	$ 39,848

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

RESTRUCTURING EXPENSE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Restructuring And Related Activities [Abstract]
Total restructuring charges	$ 400	$ 400	$ 391	$ 43

RESTRUCTURING EXPENSE (Restructuring by Statement of Operations Location) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Restructuring Cost And Reserve [Line Items]
Total restructuring charges	$ 400	$ 400	$ 391	$ 43
Cost of product revenue
Restructuring Cost And Reserve [Line Items]
Total restructuring charges			82
Cost of product service
Restructuring Cost And Reserve [Line Items]
Total restructuring charges			74	26
General and administrative
Restructuring Cost And Reserve [Line Items]
Total restructuring charges			28	$ 17
Sales and marketing
Restructuring Cost And Reserve [Line Items]
Total restructuring charges			$ 207

RESTRUCTURING EXPENSE (Restructuring by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Restructuring Cost And Reserve [Line Items]
Total restructuring charges	$ 400	$ 400	$ 391	$ 43
Operating Segments \| Orion Engineered Systems
Restructuring Cost And Reserve [Line Items]
Total restructuring charges			139
Operating Segments \| Orion Distribution Systems
Restructuring Cost And Reserve [Line Items]
Total restructuring charges			142	12
Corporate and Other
Restructuring Cost And Reserve [Line Items]
Total restructuring charges			$ 110	$ 31

SUBSEQUENT EVENTS - Additional Information (Details) - Subsequent Event - Ndustrial - Series A Financing $ in Millions	May 05, 2021 USD ($)
Subsequent Event [Line Items]
Strategic investment to be made	$ 0.5
Secured equity stake through participation	$ 6.0

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Selected Quarterly Financial Information [Abstract]
Total revenue	$ 35,497	$ 44,251	$ 26,281	$ 10,811	$ 25,892	$ 34,249	$ 48,322	$ 42,378	$ 116,840	$ 150,841	$ 65,754
Gross profit	9,220	11,006	7,263	2,635	5,775	8,274	12,791	10,283	30,124	37,123	14,552
Net income (loss)	$ 22,124	$ 4,315	$ 1,914	$ (2,219)	$ (531)	$ 2,304	$ 6,721	$ 3,968	$ 26,134	$ 12,462	$ (6,674)
Basic net income (loss) per share	$ 0.72	$ 0.14	$ 0.06	$ (0.07)	$ (0.02)	$ 0.08	$ 0.22	$ 0.13	$ 0.85	$ 0.41	$ (0.23)
Shares used in basic per share calculation	30,782,000	30,736,000	30,669,000	30,352,000	30,259,000	30,244,000	30,189,000	29,723,000	30,634,553	30,104,552	29,429,540
Diluted net income (loss) per share	$ 0.71	$ 0.14	$ 0.06	$ (0.07)	$ (0.02)	$ 0.07	$ 0.22	$ 0.13	$ 0.83	$ 0.40	$ (0.23)
Shares used in diluted per share calculation	31,295,000	31,320,000	31,170,000	30,352,000	30,259,000	30,824,000	30,830,000	30,551,000	31,303,727	30,964,777	29,429,540

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

QUARTERLY FINANCIAL DATA (UNAUDITED) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Selected Quarterly Financial Information [Abstract]
Restructuring charge		$ 400	$ 400	$ 391	$ 43
Deferred income tax benefit	$ (20,900)		$ (19,860)	$ 75	$ 19