0000950170-23-040546 | 10-Q | XBRL Viewer

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Components and Changes in Other Intangible Assets

As of June 30, 2023 and March 31, 2023, the components of, and changes in, the carrying amount of other intangible assets, net, were as follows (dollars in thousands):


	June 30, 2023									March 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life		Gross Carrying Amount		Accumulated Amortization			Net
Amortized Intangible Assets
Patents	$	2,521	$	(1,956	)	$	565		8.5	$	2,521	$	(1,930	)	$	591
Licenses		58		(58	)		—		—		58		(58	)		—
Trade name and trademarks		464		(94	)		370		4.0		464		(73	)		391
Customer relationships		5,509		(4,041	)		1,468		6.3		5,509		(3,914	)		1,595
Vendor relationships		2,600		(275	)		2,325		3.4		2,600		(183	)		2,417
Developed technology		900		(900	)		—		—		900		(900	)		—
Total Amortized Intangible Assets	$	12,052	$	(7,324	)	$	4,728		5.5	$	12,052	$	(7,058	)	$	4,994

Indefinite-lived Intangible Assets
Trade name and trademarks	$	1,010	$	—		$	1,010			$	1,010	$	—		$	1,010
Total Non-Amortized Intangible Assets	$	1,010	$	—		$	1,010			$	1,010	$	—		$	1,010

Summary of Estimated Amortization Expense

The estimated amortization expense for the remainder of fiscal 2024, the next five fiscal years and beyond is shown below (dollars in thousands):


Fiscal 2024 (period remaining)	$	820
Fiscal 2025		1,086
Fiscal 2026		848
Fiscal 2027		589
Fiscal 2028		518
Fiscal 2029		471
Thereafter		396
Total	$	4,728

LEASES

3 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

NOTE 8 — LEASES

From time to time, Orion leases assets from third parties. Orion also leases certain assets to third parties.

Orion accounts for leases in accordance with ASC 842. 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. 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.

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


	Balance sheet classification	June 30, 2023		March 31, 2023
Assets
Operating lease assets	Other long-term assets	$	2,349	$	2,174
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other	$	923	$	823
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		1,870		1,826
Total lease liabilities		$	2,793	$	2,649

Orion had operating lease costs of $0.4 million for the three months ended June 30, 2023. Orion had operating lease costs of $0.3 million for the three months ended June 30, 2022.

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 2024 (period remaining)	$	785
Fiscal 2025		1,083
Fiscal 2026		984
Fiscal 2027		177
Fiscal 2028		—
Thereafter		—
Total lease payments	$	3,029
Less: Interest		(236	)
Present value of lease liabilities	$	2,793

Assets Orion Leases to Other Parties

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 under ASC 842. 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.

Revenues, and production and acquisition costs, associated with sales-type leases are included in Product revenue and Costs of product revenues in the Condensed Consolidated Statement of Operations. There was no revenue and cost of sales arising from sales-type leases during the three months ended June 30, 2023 and June 30, 2022.

SEGMENTS (Reconciliation of Segment Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Corporate and Other
Revenues	$ 17,613	$ 17,906
Operating Loss	(6,397)	(3,617)
Total assets	64,146		$ 71,579
Operating Segments \| Maintenance Segment
Corporate and Other
Revenues	3,754	4,054
Operating Loss	(1,840)	(290)
Total assets	8,250		10,372
Operating Segments \| Electric Vehicle Charging Systems
Corporate and Other
Revenues	1,238
Operating Loss	(1,934)
Total assets	9,945		11,501
Operating Segments \| Lighting Segment [Member]
Corporate and Other
Revenues	12,621	13,852
Operating Loss	(766)	(1,004)
Total assets	28,025		25,009
Corporate and Other
Corporate and Other
Revenues	0	0
Operating Loss	(1,857)	$ (2,323)
Total assets	$ 17,926		$ 24,697

- 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

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+ 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

+ Details

DESCRIPTION OF BUSINESS	3 Months Ended
Jun. 30, 2023
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 provides light emitting diode lighting systems, wireless Internet of Things enabled control solutions, project engineering, energy project management design, maintenance services and turnkey electric vehicle charging station installation services 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, Lawrence, Massachusetts and Pewaukee, Wisconsin.

DESCRIPTION OF BUSINESS

3 Months Ended

Jun. 30, 2023

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 provides light emitting diode lighting systems, wireless Internet of Things enabled control solutions, project engineering, energy project management design, maintenance services and turnkey electric vehicle charging station installation services 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, Lawrence, Massachusetts and Pewaukee, Wisconsin.

ACCRUED EXPENSES AND OTHER (Narrative) (Details)	3 Months Ended
ACCRUED EXPENSES AND OTHER (Narrative) (Details)	Jun. 30, 2023
Minimum
Product Warranty Liability [Line Items]
Limited warranty term	1 year
Maximum [Member]
Product Warranty Liability [Line Items]
Limited warranty term	10 years

ACCOUNTS RECEIVABLE, NET (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Receivables [Abstract]
Accounts receivable, gross	$ 14,885	$ 13,814
Allowance for doubtful accounts	(272)	(86)
Accounts receivable, net	$ 14,613	$ 13,728

STOCK OPTIONS AND RESTRICTED SHARES (Restricted Shares and Stock Options) (Details)	3 Months Ended
	Jun. 30, 2023 $ / shares shares
Stock Options
Non-vested, beginning balance (shares)	73,136
Awards granted (shares)	0
Awards vested or exercised (shares)	0
Awards forfeited (shares)	(73,136)
Non-vested, ending balance (shares)	0
Per share weighted average price on grant date (USD per share) \| $ / shares	$ 0
Restricted shares
Restricted Shares
Beginning balance (shares)	743,454
Awards granted (shares)	50,753
Awards vested or exercised (shares)	(206,451)
Awards forfeited (shares)	(5,250)
Ending balance (shares)	582,506
Per share weighted average price on grant date (USD per share) \| $ / shares	$ 1.66

LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Long-term debt
Total long-term debt	$ 10,016	$ 10,020
Less current maturities	(16)	(17)
Long-term debt, less current maturities	10,000	10,003
Revolving credit facility
Long-term debt
Revolving credit facility	10,000	10,000
Equipment debt obligations
Long-term debt
Total long-term debt	$ 16	$ 20

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

ACCRUED EXPENSES AND OTHER (Tables)

3 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Expenses and Other

As of June 30, 2023 and March 31, 2023, accrued expenses and other included the following (dollars in thousands):


	June 30, 2023		March 31, 2023
Accrued acquisition earn-out	$	3,000	$	3,000
Other accruals		2,162		2,598
Compensation and benefits		1,818		1,412
Credits due to customers		1,122		1,310
Accrued project costs		971		1,218
Warranty		502		497
Sales returns reserve		69		71
Sales tax		325		274
Legal and professional fees		76		172
Total	$	10,045	$	10,552

Changes in Warranty Accrual

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


	For the Three Months Ended June 30,
	2023			2022
Beginning of period	$	646		$	860
Accruals		64			167
Warranty claims (net of vendor reimbursements)		(56	)		(216	)
End of period	$	654		$	811

ACQUISITION - Schedule of Preliminary Allocation of Purchase Consideration to Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 1,484	$ 1,484
Preliminary Opening Balance Sheet [Member]
Business Acquisition [Line Items]
Cash	416
Accounts receivable	1,363
Revenue earned but not billed	325
Inventory	880
Prepaid expenses and other current assets	39
Property and equipment	4
Goodwill	920
Other intangible assets	4,300
Other long-term assets	223
Accounts payable	(1,133)
Accrued expenses and other	286
Other long-term liabilities	(180)
Net purchase consideration	$ 6,871

ACQUISITION (Tables) - Voltrek LLC

3 Months Ended

Jun. 30, 2023

Business Acquisition [Line Items]

Schedule of Preliminary Allocation of Purchase Consideration to Fair Value of Assets Acquired and Liabilities Assumed


(in thousands)	Opening Balance Sheet
Cash	$	416
Accounts receivable		1,363
Revenue earned but not billed		325
Inventory		880
Prepaid expenses and other current assets		39
Property and equipment		4
Goodwill		920
Other intangible assets		4,300
Other long-term assets		223
Accounts payable		(1,133	)
Accrued expenses and other		(286	)
Other long-term liabilities		(180	)
Net purchase consideration	$	6,871

Goodwill recorded from the Voltrek Acquisition is attributable to the skillset of the acquired workforce. The goodwill resulting from the Voltrek Acquisition is expected to be deductible for tax purposes. The intangible assets include amounts recognized for the fair value of the trade name, vendor relationship and customer relationships

Schedule of Intangible Assets Acquired at Date of Acquisition

The following table presents the details of the intangible assets acquired at the date of Voltrek Acquisition (dollars in thousands):


	Estimated Fair Value		Estimated Useful Life (Years)
Tradename	$	300		5
Vendor relationship		2,600		7
Customer relationships		1,400		3

ACQUISITION - Schedule of Intangible Assets Acquired at Date of Acquisition (Details) - Voltrek LLC $ in Thousands	3 Months Ended
	Jun. 30, 2023 USD ($)
Trade name
Business Acquisition [Line Items]
Estimated Fair Value	$ 300
Estimated Useful Life (Years)	5 years
Customer relationships
Business Acquisition [Line Items]
Estimated Fair Value	$ 1,400
Estimated Useful Life (Years)	3 years
Vendor Relationship
Business Acquisition [Line Items]
Estimated Fair Value	$ 2,600
Estimated Useful Life (Years)	7 years

ACCRUED EXPENSES AND OTHER

3 Months Ended

Jun. 30, 2023

Other Liabilities Disclosure [Abstract]

ACCRUED EXPENSES AND OTHER

NOTE 10 — ACCRUED EXPENSES AND OTHER

As of June 30, 2023 and March 31, 2023, accrued expenses and other included the following (dollars in thousands):


	June 30, 2023		March 31, 2023
Accrued acquisition earn-out	$	3,000	$	3,000
Other accruals		2,162		2,598
Compensation and benefits		1,818		1,412
Credits due to customers		1,122		1,310
Accrued project costs		971		1,218
Warranty		502		497
Sales returns reserve		69		71
Sales tax		325		274
Legal and professional fees		76		172
Total	$	10,045	$	10,552

Orion generally offers a limited warranty of one to ten years on its lighting products, including the pass through of standard warranties offered by major original equipment component manufacturers. The manufacturers’ warranties cover lamps, power supplies, LED modules, chips and 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):


	For the Three Months Ended June 30,
	2023			2022
Beginning of period	$	646		$	860
Accruals		64			167
Warranty claims (net of vendor reimbursements)		(56	)		(216	)
End of period	$	654		$	811

NET LOSS PER COMMON SHARE (Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income (Loss)	$ (6,637)	$ (2,835)
Denominator:
Weighted-average common shares outstanding	32,345,823	31,138,398
Weighted-average common shares and common share equivalents outstanding	32,345,823	31,138,398
Net (loss) income per common share:
Basic	$ (0.21)	$ (0.09)
Net (loss) income per common share:
Diluted	$ (0.21)	$ (0.09)

- Definition

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

+ References

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- 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.

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- Definition

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

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+ Details

STOCK OPTIONS AND RESTRICTED SHARES

3 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK OPTIONS AND RESTRICTED SHARES

NOTE 16 — 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”). 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.

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, Orion 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. 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.

Certain non-employee directors have from time to time elected to receive stock awards in lieu of cash compensation pursuant to elections made under Orion’s non-employee director compensation program.

The following amounts of stock-based compensation were recorded (dollars in thousands):


	For the Three Months Ended June 30,
	2023		2022
Cost of product revenue	$	1	$	1
General and administrative		182		250
Sales and marketing		4		2
Research and development		1		1
Total	$	188	$	254

During the three months ended June 30, 2023, Orion had the following activity related to its stock-based compensation. Restricted shares includes both performance-vesting restricted stock and time vesting-restricted stock.


	Restricted Shares			Stock Options
Awards outstanding at March 31, 2023		743,454			73,136
Awards granted		50,753			—
Awards vested or exercised		(206,451	)		—
Awards forfeited		(5,250	)		(73,136	)
Awards outstanding at June 30, 2023		582,506			—
Per share weighted average price on grant date	$	1.66			—

As of June 30, 2023, the amount of deferred stock-based compensation expense to be recognized, over a remaining period of 2.0 years, was approximately $1.1 million.

INVENTORIES, NET

3 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES, NET

NOTE 5 — INVENTORIES, NET

As of June 30, 2023 and March 31, 2023, Orion's inventory balances were as follows (dollars in thousands):


	Cost		Excess and Obsolescence Reserve			Net
As of June 30, 2023
Raw materials and components	$	8,050	$	(1,171	)	$	6,879
Work in process		631		(173	)		458
Finished goods		10,938		(586	)		10,352
Total	$	19,619	$	(1,930	)	$	17,689

As of March 31, 2023
Raw materials and components	$	9,988	$	(1,094	)	$	8,894
Work in process		693		(135	)		558
Finished goods		9,313		(560	)		8,753
Total	$	19,994	$	(1,789	)	$	18,205

LEASES (Summary of Estimated Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Leases [Abstract]
Fiscal 2024 (period remaining)	$ 785
Fiscal 2025	1,083
Fiscal 2026	984
Fiscal 2027	177
Fiscal 2028	0
Thereafter	0
Total lease payments	3,029
Less: Interest	(236)
Present value of lease liabilities	$ 2,793	$ 2,649

SHAREHOLDERS' EQUITY (Schedule of ESPP Activity) (Details) - $ / shares	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Shares issued under ESPP plan	700	443
Closing market price	$ 1.63	$ 2.01

PROPERTY AND EQUIPMENT, NET (Summary of Property and Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Property and equipment
Gross property and equipment	$ 35,508	$ 35,234
Less: accumulated depreciation	(24,974)	(24,764)
Total property and equipment, net	10,534	10,470
Land and land improvements
Property and equipment
Gross property and equipment	433	433
Buildings and building improvements
Property and equipment
Gross property and equipment	9,491	9,491
Furniture, fixtures and office equipment
Property and equipment
Gross property and equipment	7,783	7,782
Leasehold Improvements
Property and equipment
Gross property and equipment	540	540
Equipment leased to customers
Property and equipment
Gross property and equipment	4,997	4,997
Plant equipment
Property and equipment
Gross property and equipment	11,195	11,234
Vehicles
Property and equipment
Gross property and equipment	948	720
Construction in Progress
Property and equipment
Gross property and equipment	$ 121	$ 37

ACCOUNTS RECEIVABLE, NET

3 Months Ended

Jun. 30, 2023

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 4 — ACCOUNTS RECEIVABLE, NET

As of June 30, 2023 and March 31, 2023, Orion's accounts receivable and allowance for credit losses balances were as follows (dollars in thousands):


	June 30, 2023			March 31, 2023
Accounts receivable, gross	$	14,885		$	13,814
Allowance for credit losses		(272	)		(86	)
Accounts receivable, net	$	14,613		$	13,728

Changes in Orion’s allowance for credit losses were as follows (dollars in thousands):


	For the Three Months Ended June 30,
	2023			2022
Beginning of period	$	(86	)	$	(8	)
Credit loss expense		(190	)		(10	)
Write-off		4			—
End of period	$	(272	)	$	(18	)

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Summary of Components and Changes in Other Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 12,052	$ 12,052
Accumulated Amortization	(7,324)	(7,058)
Intangible Assets, Net	$ 4,728	4,994
Weighted Average Useful Life	5 years 6 months
Indefinite-lived Intangible Assets	$ 1,010	1,010
Trade name and trademarks
Finite Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets	1,010	1,010
Patents
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,521	2,521
Accumulated Amortization	(1,956)	(1,930)
Intangible Assets, Net	$ 565	591
Weighted Average Useful Life	8 years 6 months
Licenses
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 58	58
Accumulated Amortization	(58)	(58)
Intangible Assets, Net	$ 0	0
Weighted Average Useful Life
Trade name and trademarks
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 464	464
Accumulated Amortization	(94)	(73)
Intangible Assets, Net	$ 370	391
Weighted Average Useful Life	4 years
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,509	5,509
Accumulated Amortization	(4,041)	(3,914)
Intangible Assets, Net	$ 1,468	1,595
Weighted Average Useful Life	6 years 3 months 18 days
Vendor Relationship
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,600	2,600
Accumulated Amortization	(275)	(183)
Intangible Assets, Net	$ 2,325	2,417
Weighted Average Useful Life	3 years 4 months 24 days
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 900	900
Accumulated Amortization	900	(900)
Intangible Assets, Net	$ 0	$ 0
Weighted Average Useful Life

PROPERTY AND EQUIPMENT, NET (Tables)

3 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

As of June 30, 2023 and March 31, 2023, property and equipment, net, included the following (dollars in thousands):


	June 30, 2023			March 31, 2023
Land and land improvements	$	433		$	433
Buildings and building improvements		9,491			9,491
Furniture, fixtures and office equipment		7,783			7,782
Leasehold improvements		540			540
Equipment leased to customers		4,997			4,997
Plant equipment		11,195			11,234
Vehicles		948			720
Construction in Progress		121			37
Gross property and equipment		35,508			35,234
Less: accumulated depreciation		(24,974	)		(24,764	)
Total property and equipment, net	$	10,534		$	10,470

LONG-TERM DEBT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Dec. 29, 2020	Feb. 28, 2019
Credit Agreement \| Bank of America N A \| Revolving credit facility
Line Of Credit Facility [Line Items]
Credit facility, amount	$ 18,600
Credit Agreement \| Bank of America N A \| Line of Credit \| Revolving credit facility
Line Of Credit Facility [Line Items]
Credit facility, amount	$ 25,000	$ 25,000
Credit agreement period	5 years
Credit agreement, maturity date	Dec. 29, 2025
Credit facility, available amount	$ 8,600
Credit agreement, amounts borrowed	$ 10,000
Prior Credit Agreement \| Western Alliance Bank \| Line of Credit \| Revolving credit facility
Line Of Credit Facility [Line Items]
Credit facility, amount		$ 20,150
Debt Instrument 1 \| Equipment debt obligations
Line Of Credit Facility [Line Items]
Principal amount of debt			$ 44
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
Stated interest rate, percentage			8.77%
Debt maturity month and year	2024-01

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

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

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements of Orion have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement have been included. Interim results are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2024 or other interim periods.

The Condensed Consolidated Balance Sheet as of March 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information required by GAAP for complete financial statements.

The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in Orion’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023 filed with the SEC on June 12, 2023.

Allowance for Credit Losses

Orion performs ongoing evaluations of its customers and continuously monitors collections and payments. Orion estimates an allowance for credit losses based upon the historical collectability based on past due status and makes judgments about the creditworthiness of customers based on ongoing credit evaluations. We also consider customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions.

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 credit losses, accruals for warranty and loss contingencies, earn-out, income taxes, impairment analyses, and certain equity transactions. Accordingly, actual results could differ from those estimates.

Concentration of Credit Risk and Other Risks and Uncertainties

Orion's cash is primarily deposited with one financial institution. At times, deposits in this institution exceeds 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 lamps and LED components, from multiple suppliers. For the three months ended June 30, 2023 and June 30, 2022, no suppliers accounted for more than 10.0% of total cost of revenue.

For the three months ended June 30, 2023, two customers accounted for 20.6% and 11.0% of total revenue, respectively. For the three months ended June 30, 2022, one customer accounted for 13.8% of total revenue.

As of June 30, 2023, one customer accounted for 11.1% of accounts receivable. As of March 31, 2023, one customers accounted for 10.8% of accounts receivable.

Recent Accounting Pronouncements

Recently Adopted Standards

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 adopted ASU 2016-13 effective April 1, 2023. The effect of adoption was immaterial.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (6,637)	$ (2,835)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation	346	354
Amortization of intangible assets	266	52
Stock-based compensation	188	254
Amortization of debt issue costs	24	15
Deferred income tax	0	(978)
Loss (gain) on sale of property and equipment	28	(1)
Provision for inventory reserves	161	100
Provision for credit losses	190	0
Other	1	(9)
Changes in operating assets and liabilities:
Accounts receivable	(1,075)	109
Revenue earned but not billed	89	527
Inventories	355	979
Prepaid expenses and other assets	(257)	160
Accounts payable	(1,906)	(2,491)
Accrued expenses and other	666	(1,273)
Deferred revenue, current and long-term	234	32
Net cash used in operating activities	(7,327)	(5,005)
Investing activities
Cash to fund acquisition, net of cash received	0	55
Purchases of property and equipment	(508)	(139)
Additions to patents and licenses	0	(1)
Proceeds from sale of property, plant and equipment	95	0
Net cash used in investing activities	(413)	(85)
Financing activities
Payment of long-term debt	(4)	(4)
Proceeds from revolving credit facility	0	0
Payments of revolving credit facility	0	0
Payments to settle employee tax withholdings on stock-based compensation	0	(2)
Proceeds from employee equity exercises	1	54
Net cash (used in) provided by financing activities	(3)	48
Net decrease in cash and cash equivalents	(7,743)	(5,042)
Cash and cash equivalents at beginning of period	15,992	14,466
Cash and cash equivalents at end of period	8,249	9,424
Supplemental disclosure of non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$ 363	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 1,484		$ 1,484
Amortization expense	266	$ 52
Voltrek LLC
Finite Lived Intangible Assets [Line Items]
Goodwill	900
Orion Services Group
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 600

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

LONG-TERM DEBT

3 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT

NOTE 12 — LONG-TERM DEBT

Long-term debt consisted of the following (dollars in thousands):


	June 30, 2023			March 31, 2023
Revolving credit facility	$	10,000		$	10,000
Equipment debt obligations		16			20
Total long-term debt		10,016			10,020
Less current maturities		(16	)		(17	)
Long-term debt, less current maturities	$	10,000		$	10,003

Revolving Credit Agreement

On December 29, 2020, Orion entered into a new $25 million 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 (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 June 30, 2023, the borrowing base of the Credit Facility supports $18.6 million of availability, with $8.6 million of remaining availability net of $10.0 million borrowed.

Effective November 4, 2022, Orion, with Bank of America, N.A. as lender, executed Amendment No. 1 to its Credit Agreement. The primary purpose of the amendment was to include the assets of the acquired subsidiaries, Stay-Lite Lighting, Inc. ("Stay-Lite Lighting") and Voltrek, as secured collateral under the Credit Agreement. Accordingly, eligible assets of Stay-Lite and Voltrek will be included in the borrowing base calculation for the purpose of establishing the monthly borrowing availability under the Credit Agreement. The amendment also clarified that the earn-out liabilities associated with the Stay-Lite and Voltrek transactions are permitted under the Credit Agreement and that the expenses recognized in connection with those earn-outs should be added back in the computation of EBITDA, as defined, under the Credit Agreement.

As of June 30, 2023, Orion was in compliance with all debt covenants.

Equipment Debt Obligations

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

ACCRUED EXPENSES AND OTHER (Accrued Expenses and Other) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued acquisition earn-out	$ 3,000	$ 3,000
Other accruals	2,162	2,598
Compensation and benefits	1,818	1,412
Credits due to customers	1,122	1,310
Accrued project costs	971	1,218
Warranty	502	497
Sales returns reserve	69	71
Sales tax	325	274
Legal and professional fees	76	172
Total	$ 10,045	$ 10,552

NET LOSS PER COMMON SHARE (Potentially Dilutive Securities Excluded From the Calculation of Diluted Net Income Per Common Share) (Details) - shares	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of potentially dilutive securities
Potentially dilutive securities outstanding	582,506	1,197,234
Common stock options
Number of potentially dilutive securities
Potentially dilutive securities outstanding	0	115,782
Restricted shares
Number of potentially dilutive securities
Potentially dilutive securities outstanding	582,506	1,081,452

REVENUE (Narrative) (Details) - USD ($)	3 Months Ended
REVENUE (Narrative) (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Proceeds from sale of revenue earned but not billed	$ 0		$ 0
Change in contract asset reclassified to accounts receivable	0
Contract liabilities	$ 700,000	$ 500,000

SEGMENTS

3 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

SEGMENTS

NOTE 17 — SEGMENTS

Reportable segments are components of an entity that have separate financial data that the entity's chief operating decision maker ("CODM") regularly reviews when allocating resources and assessing performance. Orion's CODM is the chief executive officer. Previously, Orion had four reportable segments: Orion Services Group Division ("OSG"), Orion Distribution Services Division ("ODS"), Orion U.S. Markets Division (“USM”) and Orion Electric Vehicle Charging Division (“EV Division”). Effective during the first quarter of fiscal 2024, Orion began to evaluate and report the business using three segments: Orion Lighting Division, Orion Maintenance Division and Orion Electric Vehicle Charging Division (“EV Division”). Orion configured its fiscal 2024 plan in order to compare actual performance to plan performance for these segments. Due to the change in composition of reportable segments in the first quarter of fiscal 2024, the corresponding segment information for fiscal year 2023 has been restated for presentation on a comparable basis.

Lighting Segment

The Lighting Segment develops and sells lighting products and provides construction and engineering services for Orion's commercial lighting and energy management systems. The Lighting Segment provides engineering, design, lighting products and in many cases turnkey solutions for large national accounts, governments, municipalities, schools and other customers mostly through direct sales and also sells lighting products though manufacturer representative agencies and to the wholesale contractor markets through energy service companies and contractors.

Maintenance Segment

The Maintenance Segment provides retailers, distributors and other businesses with maintenance, repair and replacement services for the lighting and related electrical components deployed in their facilities.

Electric Vehicle Charging Segment

The Electric Vehicle Charging Segment offers leading electric vehicle charging expertise, sells and installs sourced electric vehicle charging stations with related software subscriptions and renewals and provides EV turnkey installation solutions with ongoing support to all commercial verticals.

Corporate and Other

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


	Revenues				Operating Loss						Total Assets
	For the Three Months Ended June 30,				For the Three Months Ended June 30,
	2023		2022		2023			2022			June 30, 2023		March 31, 2023
Segments:
Lighting Segment	$	12,621	$	13,852	$	(766	)	$	(1,004	)	$	28,025	$	25,009
Maintenance Segment		3,754		4,054		(1,840	)		(290	)		8,250		10,372
Electric Vehicle Charging Segment		1,238		—		(1,934	)		—			9,945		11,501
Corporate and Other		—		—		(1,857	)		(2,323	)		17,926		24,697
	$	17,613	$	17,906	$	(6,397	)	$	(3,617	)	$	64,146	$	71,579

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 6 — PREPAID EXPENSES AND OTHER CURRENT ASSETS

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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 17,613	$ 17,906
Cost of revenue	14,442	14,352
Gross profit	3,171	3,554
Operating expenses:
General and administrative	5,739	3,754
Acquisition related costs	53	14
Sales and marketing	3,296	2,889
Research and development	480	514
Total operating expenses	9,568	7,171
Loss from operations	(6,397)	(3,617)
Other income (expense):
Other income	0	(1)
Interest expense	(176)	(17)
Amortization of debt issue costs	(24)	(15)
Interest income	2	0
Total other expense	(198)	(33)
(Loss) income before income tax	(6,595)	(3,650)
Income tax expense	42	(815)
Net loss	$ (6,637)	$ (2,835)
Basic net (loss) income per share attributable to common shareholders	$ (0.21)	$ (0.09)
Weighted-average common shares outstanding	32,345,823	31,138,398
Diluted net (loss) income per share	$ (0.21)	$ (0.09)
Weighted-average common shares and share equivalents outstanding	32,345,823	31,138,398
Product revenue
Revenues	$ 13,671	$ 13,483
Cost of revenue	10,059	10,385
Service revenue
Revenues	3,942	4,423
Cost of revenue	$ 4,383	$ 3,967

REVENUE - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 14,613	$ 13,728
Contract assets	1,231	1,320
Contract liabilities	$ (657)	$ (480)

ACQUISITION

3 Months Ended

Jun. 30, 2023

Business Combinations [Abstract]

ACQUISITION

NOTE 18 — ACQUISITION

Acquisition of Voltrek

Effective on October 5, 2022, Orion acquired all the membership interests of Voltrek, an electric vehicle charging station solutions provider for a purchase price of $5.0 million in cash and $1.0 million of shares of common stock of Orion, subject to normal and customary closing adjustments of $0.9 million (the “Voltrek Acquisition”). In addition, depending upon the relative EBITDA growth of Voltrek’s business in fiscal 2023, 2024 and 2025, Orion could pay up to an additional $3.0 million, $3.5 million and $7.15 million, respectively, in earn-out payments. These compensatory payments do not fall within the scope of ASC 805, Business Combinations, and will be expensed over the course of the earn-out periods to the extent they are earned. As of June 30, 2023, Orion recorded $3.0 million to accrued expenses for the fiscal 2023 earn-out opportunity and an additional $2.1 million to other long-term liabilities for the cumulative potential earn-out opportunity which would be paid in fiscal 2026. The Voltrek Acquisition was funded with cash and Orion shares. Voltrek operates as Voltrek, an Orion Energy Systems business. The Voltrek Acquisition leverages Orion’s project management and maintenance expertise into a rapidly growing sector.

Orion has accounted for the Voltrek Acquisition as a business combination. Orion has allocated the purchase price of approximately $6.9 million to the assets acquired and liabilities assumed at estimated fair values, and the excess of the purchase price over the aggregate fair values is recorded as goodwill. The purchase price and closing adjustments were paid in cash and 620,067 shares of common stock with a total fair market value of $1.0 million, which is recorded in the opening balance sheet at fair value of $0.8 million, the discount on which is due to lock-up requirements on the shares.

The following table summarizes the purchase price allocation for Voltrek:


(in thousands)	Opening Balance Sheet
Cash	$	416
Accounts receivable		1,363
Revenue earned but not billed		325
Inventory		880
Prepaid expenses and other current assets		39
Property and equipment		4
Goodwill		920
Other intangible assets		4,300
Other long-term assets		223
Accounts payable		(1,133	)
Accrued expenses and other		(286	)
Other long-term liabilities		(180	)
Net purchase consideration	$	6,871

The tradename intangible asset was valued using a relief from royalty method. The significant assumptions used include the estimated revenue and royalty rate, among other factors.
The vendor relationship intangible asset was valued using the income approach – excess earnings method. The significant assumptions include estimated revenue, cost of goods sold, and probability of renewal, among other factors.

The customer relationship intangible asset was valued using the income approach – with-and-without method. The significant assumptions include estimated cash flows (including appropriate revenue, cost of revenue and operating expenses attributable to the asset, retention rate, among other factors), and discount rate, reflecting the risks inherent in the future cash flow stream, among other factors.

The categorization of the framework used to measure fair value of the intangible assets is considered to be within the Level 3 valuation hierarchy due to the subjective nature of the unobservable inputs used.

The following table presents the details of the intangible assets acquired at the date of Voltrek Acquisition (dollars in thousands):


	Estimated Fair Value		Estimated Useful Life (Years)
Tradename	$	300		5
Vendor relationship		2,600		7
Customer relationships		1,400		3

Voltrek's post-acquisition results of operations since October 5, 2022 are included in Orion’s Condensed Consolidated Statements of Operations. The operating results of Voltrek are included in the EV segment. See note 17 – Segments, for results.

Transaction costs related to the Voltrek Acquisition are recorded in acquisition costs in the Condensed Consolidated Statements of Operations. Transaction costs totaled $0.1 million in the three months ended June 30, 2023 and $14 thousand in the three months ended June 30, 2022, respectively.

If Voltrek was acquired on April 1, 2022, the pro forma Orion revenue for the three months ended June 30, 2022 would have been $19.1 million and proforma net loss would have been $(3.2) million.

The pro forma information was determined based on the historical results of Orion and unaudited financial results from Voltrek. These proforma results reflect additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant, and equipment and intangible asset occurred at the beginning of the period, along with consequential tax effects. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what would have occurred had the business combinations been completed at the beginning of the period or the results that may occur in the future. Furthermore, the unaudited pro forma financial information does not reflect the impact of any synergies resulting from the acquisitions.

LEASES (Summary of Assets Leased from Third Parties) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Leases [Abstract]
Operating lease assets	$ 2,349	$ 2,174
Operating Lease, Right Of Use Asset Statement Of Financial Position [Extensible List]	Other long-term assets	Other long-term assets
Operating lease liabilities current	$ 923	$ 823
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other	Accrued expenses and other
Operating lease liabilities non-current	$ 1,870	$ 1,826
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 2,793	$ 2,649

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2023 Supplier Customer Financial_instituion	Jun. 30, 2022 Supplier Customer	Mar. 31, 2023 Customer
Concentration of Credit Risk and Other Risks and Uncertainties
Number of financial institutions \| Financial_instituion	1
Number of supplier more than ten percent of cost of revenue \| Supplier	0	0
Number of customer more than ten percent of revenue	2	1
Number Of Customer More Than Ten Percent Of Accounts Receivable	1		1
Cost of revenue \| Supplier Concentration Risk \| Minimum
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	10.00%	10.00%
Revenue \| Customer Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	20.60%	13.80%
Revenue \| Customer Concentration Risk \| Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	11.00%
Accounts Receivable \| Credit Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	11.10%		10.80%

REVENUE Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 17,608	$ 17,816
Revenue accounted for under other guidance	5	90
Total revenue	17,613	17,906
Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	13,666	13,393
Revenue accounted for under other guidance	5	0
Total revenue	13,671	13,483
Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	3,942	4,423
Revenue accounted for under other guidance	0	0
Total revenue	3,942	4,423
Lighting product and installation
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	12,616	13,762
Lighting product and installation \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	11,785	12,404
Lighting product and installation \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	831	1,358
Maintenance Segment
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	3,754	4,054
Maintenance Segment \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	899	989
Maintenance Segment \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,855	3,065
Electric vehicle charging
Disaggregation Of Revenue [Line Items]
Total revenue	1,238
Electric vehicle charging \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	982
Electric vehicle charging \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 256
Solar energy related revenues
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers		0
Solar energy related revenues \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers		0
Solar energy related revenues \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers		$ 0

LEASES (Tables)

3 Months Ended

Jun. 30, 2023

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	June 30, 2023		March 31, 2023
Assets
Operating lease assets	Other long-term assets	$	2,349	$	2,174
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other	$	923	$	823
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		1,870		1,826
Total lease liabilities		$	2,793	$	2,649

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 2024 (period remaining)	$	785
Fiscal 2025		1,083
Fiscal 2026		984
Fiscal 2027		177
Fiscal 2028		—
Thereafter		—
Total lease payments	$	3,029
Less: Interest		(236	)
Present value of lease liabilities	$	2,793

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2023	Jun. 30, 2022
Equity Class Of Treasury Stock [Line Items]
Shares issued under ESPP plan			700	443
Closing market price			$ 1.63	$ 2.01
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
Maximum \| At Market Issuance Sales Agreement
Equity Class Of Treasury Stock [Line Items]
Proceeds from sale of common stock	$ 50

ACCOUNTS RECEIVABLE, NET (Tables)

3 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Accounts Receivable and Allowance for Doubtful Accounts Balances

As of June 30, 2023 and March 31, 2023, Orion's accounts receivable and allowance for credit losses balances were as follows (dollars in thousands):


	June 30, 2023			March 31, 2023
Accounts receivable, gross	$	14,885		$	13,814
Allowance for credit losses		(272	)		(86	)
Accounts receivable, net	$	14,613		$	13,728

Schedule of Changes in Orion' s allowance for credit losses

Changes in Orion’s allowance for credit losses were as follows (dollars in thousands):


	For the Three Months Ended June 30,
	2023			2022
Beginning of period	$	(86	)	$	(8	)
Credit loss expense		(190	)		(10	)
Write-off		4			—
End of period	$	(272	)	$	(18	)

LONG-TERM DEBT (Tables)

3 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Long-term debt consisted of the following (dollars in thousands):


	June 30, 2023			March 31, 2023
Revolving credit facility	$	10,000		$	10,000
Equipment debt obligations		16			20
Total long-term debt		10,016			10,020
Less current maturities		(16	)		(17	)
Long-term debt, less current maturities	$	10,000		$	10,003

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Assets
Cash and cash equivalents	$ 8,249	$ 15,992
Accounts receivable, net	14,613	13,728
Revenue earned but not billed	1,231	1,320
Inventories, net	17,689	18,205
Prepaid expenses and other current assets	1,172	1,116
Total current assets	42,954	50,361
Property and equipment, net	10,534	10,470
Goodwill	1,484	1,484
Other intangible assets, net	5,738	6,004
Other long-term assets	3,436	3,260
Total assets	64,146	71,579
Liabilities and Shareholders’ Equity
Accounts payable	11,524	13,405
Accrued expenses and other	10,045	10,552
Deferred revenue, current	732	480
Current maturities of long-term debt	16	17
Total current liabilities	22,317	24,454
Revolving credit facility	10,000	10,000
Long-term debt, less current maturities	0	3
Deferred revenue, long-term	470	489
Other long-term liabilities	4,558	3,384
Total liabilities	37,345	38,330
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2023 and March 31, 2023; no shares issued and outstanding at June 30, 2023 and March 31, 2023	0	0
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2023 and March 31, 2023; shares issued: 41,973,543 at June 30, 2023 and 41,767,092 at March 31, 2023; shares outstanding: 32,502,558 at June 30, 2023 and 32,295,408 at March 31, 2023	0	0
Additional paid-in capital	161,095	160,907
Treasury stock, common shares: 9,470,985 at June 30, 2023 and 9,471,684 at March 31, 2023	(36,236)	(36,237)
Retained deficit	(98,058)	(91,421)
Total shareholders’ equity	26,801	33,249
Total liabilities and shareholders’ equity	$ 64,146	$ 71,579

PROPERTY AND EQUIPMENT, NET

3 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 7 — PROPERTY AND EQUIPMENT, NET

As of June 30, 2023 and March 31, 2023, property and equipment, net, included the following (dollars in thousands):


	June 30, 2023			March 31, 2023
Land and land improvements	$	433		$	433
Buildings and building improvements		9,491			9,491
Furniture, fixtures and office equipment		7,783			7,782
Leasehold improvements		540			540
Equipment leased to customers		4,997			4,997
Plant equipment		11,195			11,234
Vehicles		948			720
Construction in Progress		121			37
Gross property and equipment		35,508			35,234
Less: accumulated depreciation		(24,974	)		(24,764	)
Total property and equipment, net	$	10,534		$	10,470

LEASES (Schedule of Revenue and Cost of Sales Arising from Sales-Type Leases) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Product revenue	$ 0	$ 0

ACCRUED EXPENSES AND OTHER (Warranty Accrual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Movement in Standard Product Warranty Accrual
Beginning of period	$ 646	$ 860
Accruals	64	167
Warranty claims (net of vendor reimbursements)	(56)	(216)
End of period	$ 654	$ 811

STOCK OPTIONS AND RESTRICTED SHARES (Stock-based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation
Total	$ 188	$ 254
Cost of product revenue
Stock-based compensation
Total	1	1
General and administrative
Stock-based compensation
Total	182	250
Sales and marketing
Stock-based compensation
Total	4	2
Research and development
Stock-based compensation
Total	$ 1	$ 1

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 14 — COMMITMENTS AND CONTINGENCIES

Litigation

Orion is subject to various claims and legal proceedings arising in the ordinary course of business. Orion does not believe the final resolution of any of such claims or legal proceedings will have a material adverse effect on Orion’s future results of operations or financial condition.

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. This sales and use tax audit was settled during the quarter ended June 30, 2022 with no tax adjustment.

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit)/expense	$ 42	$ (815)
Unrecognized tax benefits	$ 200

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Summary of Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Total	$ 1,172	$ 1,116

INVENTORIES, NET (Tables)

3 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES, NET

As of June 30, 2023 and March 31, 2023, Orion's inventory balances were as follows (dollars in thousands):


	Cost		Excess and Obsolescence Reserve			Net
As of June 30, 2023
Raw materials and components	$	8,050	$	(1,171	)	$	6,879
Work in process		631		(173	)		458
Finished goods		10,938		(586	)		10,352
Total	$	19,619	$	(1,930	)	$	17,689

As of March 31, 2023
Raw materials and components	$	9,988	$	(1,094	)	$	8,894
Work in process		693		(135	)		558
Finished goods		9,313		(560	)		8,753
Total	$	19,994	$	(1,789	)	$	18,205

ACCOUNTS RECEIVABLE, NET - Summary of Orion' s allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Receivables [Abstract]
Beginning of period	$ (86)	$ (8)
Credit loss expense	(190)	(10)
Write-off	4	0
End of period	$ (272)	$ (18)

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

3 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

NOTE 9 — GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Orion has $0.9 million of goodwill related to its purchase of Voltrek in the third quarter of fiscal 2023, which has an indefinite life, and is assigned to the EV Charging operating segment.

Orion has $0.6 million of goodwill related to its purchase of Stay-Light Lighting during fiscal year 2022, which has an indefinite life, and is assigned to the Maintenance operating segment.

See Note 18 – Acquisition for further discussion of the Voltrek acquisition.

As of June 30, 2023 and March 31, 2023, the components of, and changes in, the carrying amount of other intangible assets, net, were as follows (dollars in thousands):


	June 30, 2023									March 31, 2023
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life		Gross Carrying Amount		Accumulated Amortization			Net
Amortized Intangible Assets
Patents	$	2,521	$	(1,956	)	$	565		8.5	$	2,521	$	(1,930	)	$	591
Licenses		58		(58	)		—		—		58		(58	)		—
Trade name and trademarks		464		(94	)		370		4.0		464		(73	)		391
Customer relationships		5,509		(4,041	)		1,468		6.3		5,509		(3,914	)		1,595
Vendor relationships		2,600		(275	)		2,325		3.4		2,600		(183	)		2,417
Developed technology		900		(900	)		—		—		900		(900	)		—
Total Amortized Intangible Assets	$	12,052	$	(7,324	)	$	4,728		5.5	$	12,052	$	(7,058	)	$	4,994

Indefinite-lived Intangible Assets
Trade name and trademarks	$	1,010	$	—		$	1,010			$	1,010	$	—		$	1,010
Total Non-Amortized Intangible Assets	$	1,010	$	—		$	1,010			$	1,010	$	—		$	1,010

Amortization expense on intangible assets was $0.3 million for the three months ended June 30, 2023, respectively.

Amortization expense on intangible assets was $0.1 million for the three months ended June 30, 2022, respectively.

The estimated amortization expense for the remainder of fiscal 2024, the next five fiscal years and beyond is shown below (dollars in thousands):


Fiscal 2024 (period remaining)	$	820
Fiscal 2025		1,086
Fiscal 2026		848
Fiscal 2027		589
Fiscal 2028		518
Fiscal 2029		471
Thereafter		396
Total	$	4,728

INVENTORIES, NET - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Cost
Raw materials and components	$ 8,050	$ 9,988
Work in process	631	693
Finished goods	10,938	9,313
Total	19,619	19,994
Reserve
Raw materials and components	(1,171)	(1,094)
Work in process	(173)	(135)
Finished goods	(586)	(560)
Total	(1,930)	(1,789)
Net
Raw materials and components	6,879	8,894
Work in process	458	558
Finished goods	10,352	8,753
Total	$ 17,689	$ 18,205

SEGMENTS (Tables)

3 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

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


	Revenues				Operating Loss						Total Assets
	For the Three Months Ended June 30,				For the Three Months Ended June 30,
	2023		2022		2023			2022			June 30, 2023		March 31, 2023
Segments:
Lighting Segment	$	12,621	$	13,852	$	(766	)	$	(1,004	)	$	28,025	$	25,009
Maintenance Segment		3,754		4,054		(1,840	)		(290	)		8,250		10,372
Electric Vehicle Charging Segment		1,238		—		(1,934	)		—			9,945		11,501
Corporate and Other		—		—		(1,857	)		(2,323	)		17,926		24,697
	$	17,613	$	17,906	$	(6,397	)	$	(3,617	)	$	64,146	$	71,579

REVENUE

3 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

NOTE 3 — REVENUE

Orion generates revenue primarily by selling manufactured or sourced commercial lighting fixtures and components, sourced electric vehicle chargers and related products, installing these products in customer’s facilities, and providing maintenance services including repairs and replacements for the lighting and related electrical components. 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 we refer to as a performance obligation) is transferred to a customer at an amount that reflects the consideration Orion expects to receive in exchange for those goods or services.

During the third quarter of fiscal 2023, Orion acquired Voltrek LLC ("Voltrek"), which sells and installs sourced electric vehicle charging stations and related software subscriptions and renewals. The results of Voltrek are included in the Orion Electric Vehicle Charging segment ("EV") and compliment Orion’s existing turnkey installation model.

The sale of charging stations and related software subscriptions and renewals is presented in Product revenue. Orion is the principal in the sales of charging stations as it has control of the physical products prior to transfer to the customer. Accordingly, revenue is recognized on a gross basis. For certain sales, primarily software subscriptions and renewals, Orion is the sales agent providing access to the content and recognize commission revenue net of amounts due to third parties who fulfill the performance obligation. For these sales, control passes at the point in time upon providing access of the content to the customer.

The sale of installation and services related to the EV charging business is presented in Service revenue. Revenue from the EV segment that includes both the sale of product and service is allocated between the product and service performance obligations based on relative standalone selling prices, and is recorded in Product revenue and Service revenue, respectively, in the Condensed Consolidated Statement of Operations.

Revenue from the maintenance offering that includes both the sale of Orion manufactured or sourced product and service is allocated between the product and service performance obligations based on relative standalone selling prices, and is recorded in Product revenue and Service revenue, respectively, in the Condensed Consolidated Statement of Operations.

The following tables provide detail of Orion’s total revenue for the three months ended June 30, 2023 and June 30, 2022 (dollars in thousands):


	Three Months Ended June 30, 2023
	Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	11,785	$	831	$	12,616
Maintenance services		899		2,855		3,754
Electric vehicle charging		982		256		1,238
Total revenues from contracts with customers		13,666		3,942		17,608
Revenue accounted for under other guidance		5		—		5
Total revenue	$	13,671	$	3,942	$	17,613

	Three Months Ended June 30, 2022
	Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	12,404	$	1,358	$	13,762
Maintenance services		989		3,065		4,054
Solar energy related revenues		—		—		0
Total revenues from contracts with customers		13,393		4,423		17,816
Revenue accounted for under other guidance		90		—		90
Total revenue	$	13,483	$	4,423	$	17,906

From time to time, Orion sells the receivables from one customer to a financing institution. The was no such activity during the three months ended June 30, 2023 or 2022.

The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of June 30, 2023 and March 31, 2023 (dollars in thousands):


	June 30, 2023		March 31, 2023
Accounts receivable, net	$	14,613	$	13,728
Contract assets	$	1,231	$	1,320
Contract liabilities	$	657	$	480

There were no significant changes in the contract assets outside of standard reclassifications to accounts receivable, net upon billing. Deferred revenue, current as of June 30, 2023 and March 31, 2023, includes $0.7 million and $0.5 million, respectively, of contract liabilities which represent consideration received from a new customer contract on which installation has not yet begun and Orion has not fulfilled the promises included.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

SHAREHOLDERS' EQUITY

3 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

NOTE 15 — SHAREHOLDERS’ EQUITY

Employee Stock Purchase Plan

In August 2010, Orion’s Board of Directors approved a non-compensatory employee stock purchase plan, or “ESPP”. In the three months ended June 30, 2023, Orion issued 700 shares under the ESPP plan at a closing market price of $1.63. In the three months ended June 30, 2022, Orion issued 443 shares under the ESPP plan at a closing market price of $2.01.

Sale of shares

In March 2023, 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 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.

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 from time to time, having an aggregate offering price of up to $50 million. No share sales have been effected pursuant to the ATM program through June 30, 2023.

- Definition

The entire disclosure for equity.

+ References

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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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-Section 50
-Paragraph 6
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+ Details

STOCK OPTIONS AND RESTRICTED SHARES (Tables)

3 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

The following amounts of stock-based compensation were recorded (dollars in thousands):


	For the Three Months Ended June 30,
	2023		2022
Cost of product revenue	$	1	$	1
General and administrative		182		250
Sales and marketing		4		2
Research and development		1		1
Total	$	188	$	254

Summary of Stock Options Activity


	Restricted Shares			Stock Options
Awards outstanding at March 31, 2023		743,454			73,136
Awards granted		50,753			—
Awards vested or exercised		(206,451	)		—
Awards forfeited		(5,250	)		(73,136	)
Awards outstanding at June 30, 2023		582,506			—
Per share weighted average price on grant date	$	1.66			—

STOCK OPTIONS AND RESTRICTED SHARES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Aug. 07, 2019	Aug. 03, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred stock-based compensation related to grants of restricted shares, period of recognition	2 years
Deferred stock-based compensation exepense	$ 1.1
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES

3 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 13 — INCOME TAXES

Orion’s income tax provision was determined by applying an estimated annual effective tax rate, based upon the facts and circumstances known, to book income (loss) before income tax, adjusting for discrete items. Orion’s actual effective tax rate is adjusted each interim period, as appropriate, for changes in facts and circumstances. For the three months ended June 30, 2023 and 2022, Orion recorded income tax expense (benefit) of $42 thousand and $(0.8) million, respectively, using this methodology.

As of June 30, 2023 and March 31, 2023, Orion had a full valuation allowance against its net deferred tax asset balance. Orion considers future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. In the event that Orion determines that the deferred tax assets are able to be realized, an adjustment to the deferred tax asset would increase income in the period such determination is made.

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. In the event that Orion determines that the more or less of its deferred tax assets are able to be realized, an adjustment to the valuation allowance would be reflected in the company’s provision for income taxes.

Uncertain Tax Positions

As of June 30, 2023, Orion’s balance of gross unrecognized tax benefits was approximately $0.2 million, all of which would reduce Orion’s effective tax rate if recognized.

Orion has classified the amounts recorded for uncertain tax benefits in the balance sheet as Other long-term liabilities to the extent that payment is not anticipated within one year. Orion recognizes penalties and interest related to uncertain tax liabilities in income tax (benefit) expense. Penalties and interest are included in the unrecognized tax benefits.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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+ Details

REVENUE (Tables)

3 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables provide detail of Orion’s total revenue for the three months ended June 30, 2023 and June 30, 2022 (dollars in thousands):


	Three Months Ended June 30, 2023
	Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	11,785	$	831	$	12,616
Maintenance services		899		2,855		3,754
Electric vehicle charging		982		256		1,238
Total revenues from contracts with customers		13,666		3,942		17,608
Revenue accounted for under other guidance		5		—		5
Total revenue	$	13,671	$	3,942	$	17,613

	Three Months Ended June 30, 2022
	Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	12,404	$	1,358	$	13,762
Maintenance services		989		3,065		4,054
Solar energy related revenues		—		—		0
Total revenues from contracts with customers		13,393		4,423		17,816
Revenue accounted for under other guidance		90		—		90
Total revenue	$	13,483	$	4,423	$	17,906

Summary of Contract Assets and Liabilities


	June 30, 2023		March 31, 2023
Accounts receivable, net	$	14,613	$	13,728
Contract assets	$	1,231	$	1,320
Contract liabilities	$	657	$	480

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock, Shares	Common Stock, Additional Paid-in Capital	Treasury Stock	Retained Deficit
Shareholders' equity, beginning of period at Mar. 31, 2022	$ 65,100		$ 158,419	$ (36,239)	$ (57,080)
Shareholders' equity, beginning of period (Shares) at Mar. 31, 2022		31,097,872
Exercise of stock options for cash	54		54
Exercise of stock options for cash (shares)		26,646
Shares issued under Employee Stock Purchase Plan	$ 1			1
Shares issued under Employee Stock Purchase Plan (shares)	443	443
Stock-based compensation	$ 254		254
Stock-based compensation (shares)		125,744
Employee tax withholdings on stock-based compensation	(2)			(2)
Employee tax withholdings on stock-based compensation (shares)		(634)
Net income (loss)	(2,835)				(2,835)
Shareholders' equity, end of period at Jun. 30, 2022	62,572		158,727	(36,240)	(59,915)
Shareholders' equity, at end of period (shares) at Jun. 30, 2022		31,250,071
Shareholders' equity, beginning of period at Mar. 31, 2023	33,249		160,907	(36,237)	(91,421)
Shareholders' equity, beginning of period (Shares) at Mar. 31, 2023		32,295,408
Shares issued under Employee Stock Purchase Plan	$ 1			1
Shares issued under Employee Stock Purchase Plan (shares)	700	699
Stock-based compensation	$ 188		188
Stock-based compensation (shares)		206,451
Net income (loss)	(6,637)				(6,637)
Shareholders' equity, end of period at Jun. 30, 2023	$ 26,801		$ 161,095	$ (36,236)	$ (98,058)
Shareholders' equity, at end of period (shares) at Jun. 30, 2023		32,502,558

ACQUISITION (Narrative) (Details) - USD ($)				3 Months Ended
ACQUISITION (Narrative) (Details) - USD ($)	Jun. 30, 2025	Jun. 30, 2024	Oct. 05, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Business Acquisition [Line Items]
Value of Common Stock				$ 0		$ 0
Earnest Money Deposits			$ 900,000
Accrued expenses				3,000,000
Other long-term liabilities				2,100,000
Business acquisition cost of acquired entity transaction costs				100,000	$ 14,000,000
Voltrek LLC
Business Acquisition [Line Items]
Business combination, cash purchase price			5,000,000
Purchase price			$ 6,900,000
Payments For Previous Acquisition in Share			$ 620,067
Value of Common Stock			$ 1,000,000
Recorded In Opening Balance Sheet			$ 800,000
Business combination additional earnout related purchase price				$ 3,000,000
Business acquisition, pro forma revenue					19,100,000
Business acquisition, pro forma operating income loss					$ (3,200,000)
Voltrek LLC \| Subsequent Event
Business Acquisition [Line Items]
Business combination additional earnout related purchase price	$ 7,150,000	$ 3,500,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Orion and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Orion have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement have been included. Interim results are not necessarily indicative of results that may be expected for the fiscal year ending March 31, 2024 or other interim periods. The Condensed Consolidated Balance Sheet as of March 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of the information required by GAAP for complete financial statements. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in Orion’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023 filed with the SEC on June 12, 2023.
Allowance for Credit Losses	Allowance for Credit Losses Orion performs ongoing evaluations of its customers and continuously monitors collections and payments. Orion estimates an allowance for credit losses based upon the historical collectability based on past due status and makes judgments about the creditworthiness of customers based on ongoing credit evaluations. We also consider customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions
Use of Estimates	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 credit losses, accruals for warranty and loss contingencies, earn-out, income taxes, impairment analyses, and certain equity transactions. Accordingly, actual results could differ from those estimates.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Orion's cash is primarily deposited with one financial institution. At times, deposits in this institution exceeds 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 lamps and LED components, from multiple suppliers. For the three months ended June 30, 2023 and June 30, 2022, no suppliers accounted for more than 10.0% of total cost of revenue. For the three months ended June 30, 2023, two customers accounted for 20.6% and 11.0% of total revenue, respectively. For the three months ended June 30, 2022, one customer accounted for 13.8% of total revenue. As of June 30, 2023, one customer accounted for 11.1% of accounts receivable. As of March 31, 2023, one customers accounted for 10.8% of accounts receivable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Standards 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 adopted ASU 2016-13 effective April 1, 2023. The effect of adoption was immaterial.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Entity Registrant Name	Orion Energy Systems, Inc.
Entity Central Index Key	0001409375
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		32,502,558
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
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common stock, no par value
Trading Symbol	OESX
Security Exchange Name	NASDAQ

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Mar. 31, 2023
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)	$ 0	$ 0
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	41,973,543	41,767,092
Common stock, shares outstanding (in shares)	32,502,558	32,295,408
Treasury stock (in shares)	9,470,985	9,471,684

NET LOSS PER COMMON SHARE (Tables)

3 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Summary of the Effect of Net Income Per Common Share

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


	For the Three Months Ended June 30,
	2023			2022
Numerator:
Net loss (in thousands)	$	(6,637	)	$	(2,835	)
Denominator:
Weighted-average common shares outstanding		32,345,823			31,138,398
Weighted-average common shares and common share equivalents outstanding		32,345,823			31,138,398
Net loss per common share:
Basic	$	(0.21	)	$	(0.09	)
Diluted	$	(0.21	)	$	(0.09	)

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

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


	For the Three Months Ended June 30,
	2023		2022
Common stock options		—		115,782
Restricted shares		582,506		1,081,452
Total		582,506		1,197,234

LEASES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease costs	$ 400	$ 300
Product revenue	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Summary of Estimated Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets, Estimated Amortization Expense
Fiscal 2024 (period remaining)	$ 820
Fiscal 2025	1,086
Fiscal 2026	848
Fiscal 2027	589
Fiscal 2028	518
Fiscal 2029	471
Thereafter	396
Intangible Assets, Net	$ 4,728	$ 4,994

NET LOSS PER COMMON SHARE

3 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

NET (LOSS) INCOME PER COMMON SHARE

NOTE 11 — NET LOSS PER COMMON SHARE

Basic net income per common share is computed by dividing net income 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 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 per common share, Orion uses the treasury stock method for outstanding options and restricted shares. For the three months ended June 30, 2023 and 2022, Orion was in a net loss position; therefore, the Basic and Diluted weighted-average shares outstanding are equal because any increase to the basic shares would be anti-dilutive. Net (loss) income per common share is calculated based upon the following shares:


	For the Three Months Ended June 30,
	2023			2022
Numerator:
Net loss (in thousands)	$	(6,637	)	$	(2,835	)
Denominator:
Weighted-average common shares outstanding		32,345,823			31,138,398
Weighted-average common shares and common share equivalents outstanding		32,345,823			31,138,398
Net loss per common share:
Basic	$	(0.21	)	$	(0.09	)
Diluted	$	(0.21	)	$	(0.09	)


	For the Three Months Ended June 30,
	2023		2022
Common stock options		—		115,782
Restricted shares		582,506		1,081,452
Total		582,506		1,197,234