0000950170-23-061523 | 10-Q | XBRL Viewer

ACCOUNTS RECEIVABLE, NET

6 Months Ended

Sep. 30, 2023

NOTE 4 — ACCOUNTS RECEIVABLE, NET

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


	September 30, 2023			March 31, 2023
Accounts receivable, gross	$	16,389		$	13,814
Allowance for credit losses		(272	)		(86	)
Accounts receivable, net	$	16,117		$	13,728

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


	For the Three Months Ended September 30,						For the Six Months Ended September 30,
	2023			2022			2023			2022
Beginning of period	$	(272	)	$	(18	)	$	(86	)	$	(8	)
Credit loss expense		—			(23	)		(190	)		(33	)
Write-off		—			—			4			—
End of period	$	(272	)	$	(41	)	$	(272	)	$	(41	)

LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023
Long-term debt
Total long-term debt	$ 10,012	$ 10,020
Less current maturities	(12)	(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	$ 12	$ 20

- Definition

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

+ References + Details

LEASES (Summary of Assets Leased from Third Parties) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Leases [Abstract]
Operating lease assets	$ 2,159	$ 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	$ 948	$ 823
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other	Accrued expenses and other
Operating lease liabilities non-current	$ 1,625	$ 1,826
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 2,573	$ 2,649

ACQUISITION (Tables) - Voltrek LLC

6 Months Ended

Sep. 30, 2023

Business Acquisition [Line Items]

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

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

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

PREPAID EXPENSES AND OTHER CURRENT ASSETS

6 Months Ended

Sep. 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 consists primarily of prepaid insurance premiums, debt issue costs, prepaid subscription fees and sales tax receivable.

Other current assets as of September 30, 2023 and March 31, 2023 consists primarily of $1.8 million and none, respectively, of prepaid software and services.

NET LOSS PER COMMON SHARE (Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net Income (Loss)	$ (4,388)	$ (6,637)	$ (2,331)	$ (2,835)	$ (11,025)	$ (5,166)
Denominator:
Weighted-average common shares outstanding	32,502,566		31,330,030		32,424,623	31,240,475
Weighted-average common shares and common share equivalents outstanding	32,502,566		31,330,030		32,424,623	31,240,475
Net (loss) income per common share:
Basic	$ (0.14)		$ (0.07)		$ (0.34)	$ (0.17)
Net (loss) income per common share:
Diluted	$ (0.14)		$ (0.07)		$ (0.34)	$ (0.17)

- Definition

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

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+ Details

REVENUE

6 Months Ended

Sep. 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 complement 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 lighting and 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 and six months ended September 30, 2023 and September 30, 2022 (dollars in thousands):


	Three Months Ended September 30, 2023						Six Months Ended September 30, 2023
	Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	11,928	$	1,614	$	13,542	$	23,713	$	2,445	$	26,158
Maintenance services		876		2,757		3,633		1,775		5,612		7,387
Electric vehicle charging		2,752		627		3,379		3,734		883		4,617
Solar energy related revenues		13		—		13		13		—		13
Total revenues from contracts with customers		15,569		4,998		20,567		29,235		8,940		38,175
Revenue accounted for under other guidance		19		—		19		24		—		24
Total revenue	$	15,588	$	4,998	$	20,586	$	29,259	$	8,940	$	38,199

	Three Months Ended September 30, 2022						Six Months Ended September 30, 2022
	Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	12,059	$	2,036	$	14,095	$	24,463	$	3,394	$	27,857
Maintenance services		755		2,691		3,446		1,744		5,756		7,500
Total revenues from contracts with customers		12,814		4,727		17,541		26,207		9,150		35,357
Revenue accounted for under other guidance		19		—		19		109		—		109
Total revenue	$	12,833	$	4,727	$	17,560	$	26,316	$	9,150	$	35,466

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


	September 30, 2023		March 31, 2023
Accounts receivable, net	$	16,117	$	13,728
Contract assets	$	1,827	$	1,320
Contract liabilities	$	1,748	$	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 September 30, 2023 and March 31, 2023, includes $1.7 million and $0.5 million, respectively, of contract liabilities which represent consideration received from a customer contract on which installation has not yet begun and Orion has not fulfilled the promises included. Of the $0.5 million outstanding as of March 31, 2023, $0.3 million has been recognized as revenue.

- 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

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-Topic 606
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+ Details

REVENUE Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 20,567	$ 17,541	$ 38,175	$ 35,357
Revenue accounted for under other guidance	19	19	24	109
Total revenue	20,586	17,560	38,199	35,466
Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	15,569	12,814	29,235	26,207
Revenue accounted for under other guidance	19	19	24	109
Total revenue	15,588	12,833	29,259	26,316
Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	4,998	4,727	8,940	9,150
Revenue accounted for under other guidance	0	0	0	0
Total revenue	4,998	4,727	8,940	9,150
Lighting product and installation
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	13,542	14,095	26,158	27,857
Lighting product and installation \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	11,928	12,059	23,713	24,463
Lighting product and installation \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	1,614	2,036	2,445	3,394
Maintenance Services
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	3,633	3,446	7,387	7,500
Maintenance Services \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	876	755	1,775	1,744
Maintenance Services \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,757	$ 2,691	5,612	$ 5,756
Electric vehicle charging
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	3,379		4,617
Electric vehicle charging \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,752		3,734
Electric vehicle charging \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	627		883
Solar energy related revenues
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	13		13
Solar energy related revenues \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	13		13
Solar energy related revenues \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 0		$ 0

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net loss	$ (11,025)	$ (5,166)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation	707	663
Amortization of intangible assets	540	104
Stock-based compensation	414	987
Amortization of debt issue costs	49	31
Deferred income tax	0	(1,620)
Loss on sale of property and equipment	45	10
Provision for inventory reserves	283	175
Provision for credit losses	190	20
Other	(1)	117
Changes in operating assets and liabilities:
Accounts receivable	(2,579)	233
Revenue earned but not billed	(507)	1,075
Inventories	(2,238)	2,808
Prepaid expenses and other assets	(2,058)	448
Accounts payable	2,154	(3,954)
Accrued expenses and other	1,365	(2,486)
Deferred revenue, current and long-term	1,346	(40)
Net cash used in operating activities	(11,315)	(6,595)
Investing activities
Cash to fund acquisition, net of cash received	0	55
Purchases of property and equipment	(747)	(442)
Additions to patents and licenses	0	(10)
Proceeds from sale of property, plant and equipment	100	0
Net cash used in investing activities	(647)	(397)
Financing activities
Payment of long-term debt	(7)	(8)
Proceeds from revolving credit facility	0	5,000
Payments of revolving credit facility	0	0
Payments to settle employee tax withholdings on stock-based compensation	0	(2)
Proceeds from employee equity exercises	2	56
Net cash (used in) provided by financing activities	(5)	5,046
Net decrease in cash and cash equivalents	(11,967)	(1,946)
Cash and cash equivalents at beginning of period	15,992	14,466
Cash and cash equivalents at end of period	4,025	12,520
Supplemental disclosure of non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$ 363	$ 0

SEGMENTS (Reconciliation of Segment Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Corporate and Other
Revenues	$ 20,586	$ 17,560	$ 38,199	$ 35,466
Operating Loss	(4,168)	(2,943)	(10,565)	(6,560)
Total assets	65,830		65,830		$ 71,579
Lighting Segment
Corporate and Other
Total assets	27,827		27,827		25,009
Maintenance Services
Corporate and Other
Total assets	8,051		8,051		10,372
Electric Vehicle Charging Systems
Corporate and Other
Total assets	16,626		16,626		11,501
Corporate and Other
Corporate and Other
Total assets	13,326		13,326		$ 24,697
Operating Segments \| Lighting Segment
Corporate and Other
Revenues	13,573	14,115	26,194	27,967
Operating Loss	(1,962)	(2,296)	(2,728)	(3,300)
Operating Segments \| Maintenance Services
Corporate and Other
Revenues	3,634	3,445	7,388	7,499
Operating Loss	(1,760)	(795)	(3,600)	(1,085)
Operating Segments \| Electric Vehicle Charging Systems
Corporate and Other
Revenues	3,379	0	4,617	0
Operating Loss	(1,029)	0	(2,963)	0
Operating Segments \| Corporate and Other
Corporate and Other
Revenues	0	0	0	0
Operating Loss	$ 583	$ 148	$ (1,274)	$ (2,175)

- 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.

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- 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

ACCRUED EXPENSES AND OTHER (Warranty Accrual) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Movement in Standard Product Warranty Accrual
Beginning of period	$ 654	$ 811	$ 646	$ 860
Accruals	81	29	145	196
Warranty claims (net of vendor reimbursements)	(60)	(142)	(116)	(358)
End of period	$ 675	$ 698	$ 675	$ 698

INVENTORIES, NET

6 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES, NET

NOTE 5 — INVENTORIES, NET

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


	Cost		Excess and Obsolescence Reserve			Net
As of September 30, 2023
Raw materials and components	$	7,292	$	(1,085	)	$	6,207
Work in process		512		(141	)		371
Finished goods		14,318		(736	)		13,582
Total	$	22,122	$	(1,962	)	$	20,160

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

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 7 — PROPERTY AND EQUIPMENT, NET

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


	September 30, 2023			March 31, 2023
Land and land improvements	$	433		$	433
Buildings and building improvements		9,504			9,491
Furniture, fixtures and office equipment		7,910			7,782
Leasehold improvements		540			540
Equipment leased to customers		4,997			4,997
Plant equipment		11,135			11,234
Vehicles		1,027			720
Construction in Progress		103			37
Gross property and equipment		35,649			35,234
Less: accumulated depreciation		(25,281	)		(24,764	)
Total property and equipment, net	$	10,368		$	10,470

ACQUISITION - Schedule of Intangible Assets Acquired at Date of Acquisition (Details) - Voltrek LLC $ in Thousands	6 Months Ended
	Sep. 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

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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)	32,503,320	32,295,408
Treasury stock (in shares)	9,470,223	9,471,684

LEASES (Tables)

6 Months Ended

Sep. 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	September 30, 2023		March 31, 2023
Assets
Operating lease assets	Other long-term assets	$	2,159	$	2,174
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other	$	948	$	823
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		1,625		1,826
Total lease liabilities		$	2,573	$	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)	$	531
Fiscal 2025		1,083
Fiscal 2026		984
Fiscal 2027		177
Thereafter		—
Total lease payments	$	2,775
Less: Interest		(202	)
Present value of lease liabilities	$	2,573

NET LOSS PER COMMON SHARE (Tables)

6 Months Ended

Sep. 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 September 30,						For the Six Months Ended September 30,
	2023			2022			2023			2022
Numerator:
Net loss (in thousands)	$	(4,388	)	$	(2,331	)	$	(11,025	)	$	(5,166	)
Denominator:
Weighted-average common shares outstanding		32,502,566			31,330,030			32,424,623			31,240,475
Weighted-average common shares and common share equivalents outstanding		32,502,566			31,330,030			32,424,623			31,240,475
Net loss per common share:
Basic	$	(0.14	)	$	(0.07	)	$	(0.34	)	$	(0.17	)
Diluted	$	(0.14	)	$	(0.07	)	$	(0.34	)	$	(0.17	)

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 September 30,				For the Six Months Ended September 30,
	2023		2022		2023		2022
Common stock options		—		85,136		—		85,136
Time-Based Restricted shares		933,808		845,645		933,808		845,645
Performance-Based Restricted shares		708,377		178,669		708,377		178,669
Total		1,642,185		1,109,450		1,642,185		1,109,450

DESCRIPTION OF BUSINESS

6 Months Ended

Sep. 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

6 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

ACCRUED EXPENSES AND OTHER

NOTE 10 — ACCRUED EXPENSES AND OTHER

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


	September 30, 2023		March 31, 2023
Accrued acquisition earn-out	$	3,250	$	3,000
Other accruals		2,739		2,598
Compensation and benefits		1,903		1,412
Accrued project costs		1,532		1,218
Credits due to customers		1,142		1,310
Warranty		517		497
Sales tax		335		274
Sales returns reserve		175		71
Legal and professional fees		19		172
Total	$	11,612	$	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 September 30,						For the Six Months Ended September 30,
	2023			2022			2023			2022
Beginning of period	$	654		$	811		$	646		$	860
Accruals		81			29			145			196
Warranty claims (net of vendor reimbursements)		(60	)		(142	)		(116	)		(358	)
End of period	$	675		$	698		$	675		$	698

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Components and Changes in Other Intangible Assets

As of September 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):


	September 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	$	(1,981	)	$	540		8.4	$	2,521	$	(1,930	)	$	591
Licenses		58		(58	)		—		—		58		(58	)		—
Trade name and trademarks		464		(117	)		347		3.8		464		(73	)		391
Customer relationships		5,509		(4,174	)		1,335		3.3		5,509		(3,914	)		1,595
Vendor relationships		2,600		(368	)		2,232		6.0		2,600		(183	)		2,417
Developed technology		900		(900	)		—		—		900		(900	)		—
Total Amortized Intangible Assets	$	12,052	$	(7,598	)	$	4,454		5.3	$	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)	$	545
Fiscal 2025		1,083
Fiscal 2026		845
Fiscal 2027		587
Fiscal 2028		516
Fiscal 2029		469
Thereafter		409
Total	$	4,454

LONG-TERM DEBT (Tables)

6 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Long-Term Debt

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


	September 30, 2023			March 31, 2023
Revolving credit facility	$	10,000		$	10,000
Equipment debt obligations		12			20
Total long-term debt		10,012			10,020
Less current maturities		(12	)		(17	)
Long-term debt, less current maturities	$	10,000		$	10,003

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Entity Registrant Name	Orion Energy Systems, Inc.
Entity Central Index Key	0001409375
Document Type	10-Q
Document Period End Date	Sep. 30, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		32,512,221
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

SEGMENTS

6 Months Ended

Sep. 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 Segment”). 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. Orion configured its fiscal 2024 budget 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. The Lighting Segment sells mostly through direct sales, but it 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 EV 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 September 30,				For the Three Months Ended September 30,
	2023		2022		2023			2022			September 30, 2023		March 31, 2023
Segments:
Lighting Segment	$	13,573	$	14,115	$	(1,962	)	$	(2,296	)	$	27,827	$	25,009
Maintenance Segment		3,634		3,445		(1,760	)		(795	)		8,051		10,372
Electric Vehicle Charging Segment		3,379		—		(1,029	)		—			16,626		11,501
Corporate and Other		—		—		583			148			13,326		24,697
	$	20,586	$	17,560	$	(4,168	)	$	(2,943	)	$	65,830	$	71,579


	Revenues				Operating Income (Loss)
	For the Six Months Ended September 30,				For the Six Months Ended September 30,
	2023		2022		2023			2022
Segments:
Lighting Segment	$	26,194	$	27,967	$	(2,728	)	$	(3,300	)
Maintenance Segment		7,388		7,499		(3,600	)		(1,085	)
Electric Vehicle Charging Segment		4,617		—		(2,963	)		—
Corporate and Other		—		—		(1,274	)		(2,175	)
	$	38,199	$	35,466	$	(10,565	)	$	(6,560	)

- 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2023 Supplier Customer	Sep. 30, 2022 Supplier Customer	Sep. 30, 2023 Supplier Customer Financial_instituion	Sep. 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	0	0
Number of customer more than ten percent of revenue	2	1	2	1
Number Of Customer More Than Ten Percent Of Accounts Receivable	2		2		1
Cost of revenue \| Supplier Concentration Risk \| Minimum
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Revenue \| Customer Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	18.20%	16.00%	19.30%	14.90%
Revenue \| Customer Concentration Risk \| Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	10.70%		10.80%
Accounts Receivable \| Credit Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage			11.10%		10.80%
Accounts Receivable \| Credit Concentration Risk \| Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage			10.60%

ACQUISITION (Narrative) (Details) - USD ($)				3 Months Ended		6 Months Ended
ACQUISITION (Narrative) (Details) - USD ($)	Jun. 30, 2025	Jun. 30, 2024	Oct. 05, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Business Acquisition [Line Items]
Value of Common Stock				$ 0		$ 0		$ 0
Earnest Money Deposits			$ 900,000
Accrued expenses				3,000,000		3,000,000
Other long-term liabilities				2,100,000		2,100,000
Business acquisition cost of acquired entity transaction costs				$ 3,000	$ 300,000	100,000	$ 300,000
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					18,800,000		37,900,000
Business acquisition, pro forma operating income loss					$ (2,700,000)		$ (6,000,000)
Voltrek LLC \| Subsequent Event
Business Acquisition [Line Items]
Business combination additional earnout related purchase price	$ 7,150,000	$ 3,500,000

NET LOSS PER COMMON SHARE

6 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

NET (LOSS) INCOME PER COMMON SHARE

NOTE 11 — NET LOSS PER COMMON SHARE

Basic net loss 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 loss per common share reflects the dilution that would occur if stock options were exercised and restricted shares vested. In the computation of diluted net income per common share, Orion uses the treasury stock method for outstanding options and restricted shares. For the three and six months ended September 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 September 30,						For the Six Months Ended September 30,
	2023			2022			2023			2022
Numerator:
Net loss (in thousands)	$	(4,388	)	$	(2,331	)	$	(11,025	)	$	(5,166	)
Denominator:
Weighted-average common shares outstanding		32,502,566			31,330,030			32,424,623			31,240,475
Weighted-average common shares and common share equivalents outstanding		32,502,566			31,330,030			32,424,623			31,240,475
Net loss per common share:
Basic	$	(0.14	)	$	(0.07	)	$	(0.34	)	$	(0.17	)
Diluted	$	(0.14	)	$	(0.07	)	$	(0.34	)	$	(0.17	)


	For the Three Months Ended September 30,				For the Six Months Ended September 30,
	2023		2022		2023		2022
Common stock options		—		85,136		—		85,136
Time-Based Restricted shares		933,808		845,645		933,808		845,645
Performance-Based Restricted shares		708,377		178,669		708,377		178,669
Total		1,642,185		1,109,450		1,642,185		1,109,450

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Equity Class Of Treasury Stock [Line Items]
Shares issued under ESPP plan			762	648
Closing market price			$ 1.26	$ 1.56
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

INCOME TAXES

6 Months Ended

Sep. 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 September 30, 2023 and 2022, Orion recorded income tax expense (benefit) of $15 thousand and $(0.6) million, respectively, using this methodology. For the six months ended September 30, 2023 and 2022, Orion recorded income tax (benefit)/expense of $0.1 million and $(1.5) million, respectively, using this methodology.

As of September 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 September 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

ACCRUED EXPENSES AND OTHER (Tables)

6 Months Ended

Sep. 30, 2023

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Expenses and Other

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


	September 30, 2023		March 31, 2023
Accrued acquisition earn-out	$	3,250	$	3,000
Other accruals		2,739		2,598
Compensation and benefits		1,903		1,412
Accrued project costs		1,532		1,218
Credits due to customers		1,142		1,310
Warranty		517		497
Sales tax		335		274
Sales returns reserve		175		71
Legal and professional fees		19		172
Total	$	11,612	$	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 September 30,						For the Six Months Ended September 30,
	2023			2022			2023			2022
Beginning of period	$	654		$	811		$	646		$	860
Accruals		81			29			145			196
Warranty claims (net of vendor reimbursements)		(60	)		(142	)		(116	)		(358	)
End of period	$	675		$	698		$	675		$	698

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 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 and six months ended September 30, 2023 and September 30, 2022, no suppliers accounted for more than 10.0% of total cost of revenue. For the three months ended September 30, 2023, two customers accounted for 18.2% and 10.7% of total revenue, respectively. For the six months ended September 30, 2023, two customers accounted for 19.3% and 10.8% of total revenue, respectively. For the three and six months ended September 30, 2022, one customer accounted for 16.0% and 14.9% of total revenue, respectively. As of September 30, 2023, two customers accounted for 11.1% and 10.6% of accounts receivable, respectively. As of March 31, 2023, one customer accounted for 10.8% of accounts receivable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs are either not applicable to the Company or will have minimal impact on its consolidated financial statements when adopted. 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.

REVENUE (Tables)

6 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended September 30, 2023						Six Months Ended September 30, 2023
	Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	11,928	$	1,614	$	13,542	$	23,713	$	2,445	$	26,158
Maintenance services		876		2,757		3,633		1,775		5,612		7,387
Electric vehicle charging		2,752		627		3,379		3,734		883		4,617
Solar energy related revenues		13		—		13		13		—		13
Total revenues from contracts with customers		15,569		4,998		20,567		29,235		8,940		38,175
Revenue accounted for under other guidance		19		—		19		24		—		24
Total revenue	$	15,588	$	4,998	$	20,586	$	29,259	$	8,940	$	38,199

	Three Months Ended September 30, 2022						Six Months Ended September 30, 2022
	Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	12,059	$	2,036	$	14,095	$	24,463	$	3,394	$	27,857
Maintenance services		755		2,691		3,446		1,744		5,756		7,500
Total revenues from contracts with customers		12,814		4,727		17,541		26,207		9,150		35,357
Revenue accounted for under other guidance		19		—		19		109		—		109
Total revenue	$	12,833	$	4,727	$	17,560	$	26,316	$	9,150	$	35,466

Summary of Contract Assets and Liabilities


	September 30, 2023		March 31, 2023
Accounts receivable, net	$	16,117	$	13,728
Contract assets	$	1,827	$	1,320
Contract liabilities	$	1,748	$	480

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

6 Months Ended

Sep. 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 September 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):


	September 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	$	(1,981	)	$	540		8.4	$	2,521	$	(1,930	)	$	591
Licenses		58		(58	)		—		—		58		(58	)		—
Trade name and trademarks		464		(117	)		347		3.8		464		(73	)		391
Customer relationships		5,509		(4,174	)		1,335		3.3		5,509		(3,914	)		1,595
Vendor relationships		2,600		(368	)		2,232		6.0		2,600		(183	)		2,417
Developed technology		900		(900	)		—		—		900		(900	)		—
Total Amortized Intangible Assets	$	12,052	$	(7,598	)	$	4,454		5.3	$	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 $0.2 million and $0.5 million for the three and six months ended September 30, 2023, respectively.

Amortization expense on intangible assets was $0.1 million for the three and six months ended September 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)	$	545
Fiscal 2025		1,083
Fiscal 2026		845
Fiscal 2027		587
Fiscal 2028		516
Fiscal 2029		469
Thereafter		409
Total	$	4,454

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Sep. 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 and six months ended September 30, 2023 and September 30, 2022, no suppliers accounted for more than 10.0% of total cost of revenue.

For the three months ended September 30, 2023, two customers accounted for 18.2% and 10.7% of total revenue, respectively. For the six months ended September 30, 2023, two customers accounted for 19.3% and 10.8% of total revenue, respectively. For the three and six months ended September 30, 2022, one customer accounted for 16.0% and 14.9% of total revenue, respectively.

As of September 30, 2023, two customers accounted for 11.1% and 10.6% of accounts receivable, respectively. As of March 31, 2023, one customer accounted for 10.8% of accounts receivable.

Recent Accounting Pronouncements

Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs are either not applicable to the Company or will have minimal impact on its consolidated financial statements when adopted.

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.

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Summary of Components and Changes in Other Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 12,052	$ 12,052
Accumulated Amortization	(7,598)	(7,058)
Intangible Assets, Net	$ 4,454	4,994
Weighted Average Useful Life	5 years 3 months 18 days
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	(1,981)	(1,930)
Intangible Assets, Net	$ 540	591
Weighted Average Useful Life	8 years 4 months 24 days
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	(117)	(73)
Intangible Assets, Net	$ 347	391
Weighted Average Useful Life	3 years 9 months 18 days
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,509	5,509
Accumulated Amortization	(4,174)	(3,914)
Intangible Assets, Net	$ 1,335	1,595
Weighted Average Useful Life	3 years 3 months 18 days
Vendor Relationship
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,600	2,600
Accumulated Amortization	(368)	(183)
Intangible Assets, Net	$ 2,232	2,417
Weighted Average Useful Life	6 years
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

ACCOUNTS RECEIVABLE, NET - Summary of Orion' s allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Receivables [Abstract]
Beginning of period	$ (272)	$ (18)	$ (86)	$ (8)
Credit loss expense	0	(23)	(190)	(33)
Write-off	0	0	4	0
End of period	$ (272)	$ (41)	$ (272)	$ (41)

REVENUE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
REVENUE (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Change in contract asset reclassified to accounts receivable		$ 0
Contract liabilities	$ 500	$ 1,700
Amount Outstanding to Fulfilled Contract Promise	500
Revenue Recognized	$ 300

LEASES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
LEASES (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease costs	$ 0.7	$ 0.3	$ 1.1	$ 0.6

LEASES (Summary of Estimated Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Leases [Abstract]
Fiscal 2024 (period remaining)	$ 531
Fiscal 2025	1,083
Fiscal 2026	984
Fiscal 2027	177
Thereafter	0
Total lease payments	2,775
Less: Interest	(202)
Present value of lease liabilities	$ 2,573	$ 2,649

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Assets
Cash and cash equivalents	$ 4,025	$ 15,992
Accounts receivable, net	16,117	13,728
Revenue earned but not billed	1,827	1,320
Inventories, net	20,160	18,205
Prepaid expenses and other current assets	3,153	1,116
Total current assets	45,282	50,361
Property and equipment, net	10,368	10,470
Goodwill	1,484	1,484
Other intangible assets, net	5,464	6,004
Other long-term assets	3,232	3,260
Total assets	65,830	71,579
Liabilities and Shareholders’ Equity
Accounts payable	15,561	13,405
Accrued expenses and other	11,612	10,552
Deferred revenue, current	1,864	480
Current maturities of long-term debt	12	17
Total current liabilities	29,049	24,454
Revolving credit facility	10,000	10,000
Long-term debt, less current maturities	0	3
Deferred revenue, long-term	451	489
Other long-term liabilities	3,690	3,384
Total liabilities	43,190	38,330
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at September 30, 2023 and March 31, 2023; no shares issued and outstanding at September 30, 2023 and March 31, 2023	0	0
Common stock, no par value: Shares authorized: 200,000,000 at September 30, 2023 and March 31, 2023; shares issued: 41,973,543 at September 30, 2023 and 41,767,092 at March 31, 2023; shares outstanding: 32,503,320 at September 30, 2023 and 32,295,408 at March 31, 2023	0	0
Additional paid-in capital	161,321	160,907
Treasury stock, common shares: 9,470,223 at September 30, 2023 and 9,471,684 at March 31, 2023	(36,235)	(36,237)
Retained deficit	(102,446)	(91,421)
Total shareholders’ equity	22,640	33,249
Total liabilities and shareholders’ equity	$ 65,830	$ 71,579

ACCOUNTS RECEIVABLE, NET (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Receivables [Abstract]
Accounts receivable, gross	$ 16,389	$ 13,814
Allowance for credit losses	(272)	(86)
Accounts receivable, net	$ 16,117	$ 13,728

SHAREHOLDERS' EQUITY

6 Months Ended

Sep. 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 September 30, 2023, Orion issued 762 shares under the ESPP plan at a closing market price of $1.26. In the three months ended September 30, 2022, Orion issued 648 shares under the ESPP plan at a closing market price of $1.56.

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 September 30, 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

STOCK OPTIONS AND RESTRICTED SHARES (Stock-based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation
Total	$ 226	$ 733	$ 414	$ 987
Cost of product revenue
Stock-based compensation
Total	2	1	3	2
General and administrative
Stock-based compensation
Total	218	729	400	979
Sales and marketing
Stock-based compensation
Total	4	2	8	4
Research and development
Stock-based compensation
Total	$ 2	$ 1	$ 3	$ 2

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
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, 2022	65,100		158,419	(36,239)	(57,080)
Shareholders' equity, beginning of period (Shares) at Mar. 31, 2022		31,097,872
Net income (loss)	(5,166)
Shareholders' equity, end of period at Sep. 30, 2022	60,975		159,460	(36,239)	(62,246)
Shareholders' equity, at end of period (shares) at Sep. 30, 2022		31,355,911
Shareholders' equity, beginning of period at Jun. 30, 2022	62,572		158,727	(36,240)	(59,915)
Shareholders' equity, beginning of period (Shares) at Jun. 30, 2022		31,250,071
Shares issued under Employee Stock Purchase Plan	$ 1			1
Shares issued under Employee Stock Purchase Plan (shares)	648	648
Stock-based compensation	$ 733		733
Stock-based compensation (shares)		105,192
Net income (loss)	(2,331)				(2,331)
Shareholders' equity, end of period at Sep. 30, 2022	60,975		159,460	(36,239)	(62,246)
Shareholders' equity, at end of period (shares) at Sep. 30, 2022		31,355,911
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)		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
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
Net income (loss)	(11,025)
Shareholders' equity, end of period at Sep. 30, 2023	22,640		161,321	(36,235)	(102,446)
Shareholders' equity, at end of period (shares) at Sep. 30, 2023		32,503,320
Shareholders' equity, beginning of period at Jun. 30, 2023	26,801		161,095	(36,236)	(98,058)
Shareholders' equity, beginning of period (Shares) at Jun. 30, 2023		32,502,558
Shares issued under Employee Stock Purchase Plan	$ 1			1
Shares issued under Employee Stock Purchase Plan (shares)	762	762
Stock-based compensation	$ 226		226
Net income (loss)	(4,388)				(4,388)
Shareholders' equity, end of period at Sep. 30, 2023	$ 22,640		$ 161,321	$ (36,235)	$ (102,446)
Shareholders' equity, at end of period (shares) at Sep. 30, 2023		32,503,320

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Sep. 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.

STOCK OPTIONS AND RESTRICTED SHARES (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2023	Aug. 10, 2023	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 7 months 6 days
Deferred stock-based compensation exepense	$ 1.8
2016 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares for issuance to eligible participants (in shares)		6,000,000	3,500,000
Increase in number of common stock shares available for issuance		2,500,000

- 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

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Mar. 31, 2023
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 1,484		$ 1,484			$ 1,484
Amortization expense	200	$ 100	540	$ 104
Voltrek LLC
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 900		$ 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

STOCK OPTIONS AND RESTRICTED SHARES

6 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

STOCK OPTIONS AND RESTRICTED SHARES

NOTE 16 — STOCK OPTIONS AND RESTRICTED SHARES

At Orion's 2023 annual meeting of shareholders (the “2023 Annual Meeting”) held on August 10, 2023, 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 3,500,000 shares to 6,000,000 shares (an increase of 2,500,000 shares) and extended the term of the Amended 2016 Plan to the tenth anniversary of the date of the 2023 Annual Meeting.

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.

During the three and six months ended September 30, 2023 and 2022, the following amounts of stock-based compensation were recorded in Orion’s Condensed Consolidated Statements of Operations (dollars in thousands):


	For the Three Months Ended September 30,				For the Six Months Ended September 30,
	2023		2022		2023		2022
Cost of product revenue	$	2	$	1	$	3	$	2
General and administrative		218		729		400		979
Sales and marketing		4		2		8		4
Research and development		2		1		3		2
Total	$	226	$	733	$	414	$	987

During the three and six months ended September 30, 2023, Orion had the following activity related to its stock-based compensation.


	Time-Based Restricted Shares			Performance-Based Restricted Shares		Stock Options
Awards outstanding at March 31, 2023		612,819			130,635		73,136
Awards granted		532,690			577,742		—
Awards vested or exercised		(206,451	)		—		—
Awards forfeited		(5,250	)		—		(73,136	)
Awards outstanding at September 30, 2023		933,808			708,377		—
Per share weighted average price on grant date	$	1.56		$	1.55		—

As of September 30, 2023, the amount of deferred stock-based compensation expense to be recognized, over a remaining period of 2.6 years, was approximately $1.8 million.

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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


	September 30, 2023			March 31, 2023
Land and land improvements	$	433		$	433
Buildings and building improvements		9,504			9,491
Furniture, fixtures and office equipment		7,910			7,782
Leasehold improvements		540			540
Equipment leased to customers		4,997			4,997
Plant equipment		11,135			11,234
Vehicles		1,027			720
Construction in Progress		103			37
Gross property and equipment		35,649			35,234
Less: accumulated depreciation		(25,281	)		(24,764	)
Total property and equipment, net	$	10,368		$	10,470

LONG-TERM DEBT (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 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	$ 18,900
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	$ 8,900
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

NET LOSS PER COMMON SHARE (Potentially Dilutive Securities Excluded From the Calculation of Diluted Net Income Per Common Share) (Details) - shares	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Number of potentially dilutive securities
Potentially dilutive securities outstanding	1,642,185	1,109,450	1,642,185	1,109,450
Common stock options
Number of potentially dilutive securities
Potentially dilutive securities outstanding	0	85,136	0	85,136
Time-Based Restricted shares
Number of potentially dilutive securities
Potentially dilutive securities outstanding	933,808	845,645	933,808	845,645
Performance-Based Restricted shares
Number of potentially dilutive securities
Potentially dilutive securities outstanding	708,377	178,669	708,377	178,669

LONG-TERM DEBT

6 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT

NOTE 12 — LONG-TERM DEBT

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


	September 30, 2023			March 31, 2023
Revolving credit facility	$	10,000		$	10,000
Equipment debt obligations		12			20
Total long-term debt		10,012			10,020
Less current maturities		(12	)		(17	)
Long-term debt, less current maturities	$	10,000		$	10,003

Revolving Credit Agreement

On December 29, 2020, Orion entered into a $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 September 30, 2023, the borrowing base of the Credit Facility supports $18.9 million of availability, with $8.9 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 September 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.

ACCOUNTS RECEIVABLE, NET (Tables)

6 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Accounts Receivable and Allowance for Doubtful Accounts Balances

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


	September 30, 2023			March 31, 2023
Accounts receivable, gross	$	16,389		$	13,814
Allowance for credit losses		(272	)		(86	)
Accounts receivable, net	$	16,117		$	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 September 30,						For the Six Months Ended September 30,
	2023			2022			2023			2022
Beginning of period	$	(272	)	$	(18	)	$	(86	)	$	(8	)
Credit loss expense		—			(23	)		(190	)		(33	)
Write-off		—			—			4			—
End of period	$	(272	)	$	(41	)	$	(272	)	$	(41	)

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other prepaid expenses	$ 1.8	$ 0.0

INVENTORIES, NET (Tables)

6 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES, NET

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


	Cost		Excess and Obsolescence Reserve			Net
As of September 30, 2023
Raw materials and components	$	7,292	$	(1,085	)	$	6,207
Work in process		512		(141	)		371
Finished goods		14,318		(736	)		13,582
Total	$	22,122	$	(1,962	)	$	20,160

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

ACCRUED EXPENSES AND OTHER (Accrued Expenses and Other) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Accrued acquisition earn-out	$ 3,250	$ 3,000
Other accruals	2,739	2,598
Compensation and benefits	1,903	1,412
Accrued project costs	1,532	1,218
Credits due to customers	1,142	1,310
Warranty	517	497
Sales tax	335	274
Sales returns reserve	175	71
Legal and professional fees	19	172
Total	$ 11,612	$ 10,552

SEGMENTS (Tables)

6 Months Ended

Sep. 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 September 30,				For the Three Months Ended September 30,
	2023		2022		2023			2022			September 30, 2023		March 31, 2023
Segments:
Lighting Segment	$	13,573	$	14,115	$	(1,962	)	$	(2,296	)	$	27,827	$	25,009
Maintenance Segment		3,634		3,445		(1,760	)		(795	)		8,051		10,372
Electric Vehicle Charging Segment		3,379		—		(1,029	)		—			16,626		11,501
Corporate and Other		—		—		583			148			13,326		24,697
	$	20,586	$	17,560	$	(4,168	)	$	(2,943	)	$	65,830	$	71,579


	Revenues				Operating Income (Loss)
	For the Six Months Ended September 30,				For the Six Months Ended September 30,
	2023		2022		2023			2022
Segments:
Lighting Segment	$	26,194	$	27,967	$	(2,728	)	$	(3,300	)
Maintenance Segment		7,388		7,499		(3,600	)		(1,085	)
Electric Vehicle Charging Segment		4,617		—		(2,963	)		—
Corporate and Other		—		—		(1,274	)		(2,175	)
	$	38,199	$	35,466	$	(10,565	)	$	(6,560	)

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit)/expense	$ 15	$ (643)	$ 57	$ (1,458)
Unrecognized tax benefits	$ 200		$ 200

- Definition

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

+ References + Details

ACCRUED EXPENSES AND OTHER (Narrative) (Details)	6 Months Ended
ACCRUED EXPENSES AND OTHER (Narrative) (Details)	Sep. 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

INVENTORIES, NET - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Cost
Raw materials and components	$ 7,292	$ 9,988
Work in process	512	693
Finished goods	14,318	9,313
Total	22,122	19,994
Excess and Obsolescence Reserve
Raw materials and components	(1,085)	(1,094)
Work in process	(141)	(135)
Finished goods	(736)	(560)
Total	(1,962)	(1,789)
Net
Raw materials and components	6,207	8,894
Work in process	371	558
Finished goods	13,582	8,753
Total	$ 20,160	$ 18,205

ACQUISITION

6 Months Ended

Sep. 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 September 30, 2023, Orion recorded $3.0 million to accrued expenses for its fiscal 2023 earn-out payment and an additional $2.1 million to other long-term liabilities for the cumulative potential earn-out opportunity which is anticipated to 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 a 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

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.

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 $3 thousand and $0.1 million in the three and six months ended September 30, 2023, respectively, and $0.3 million in each of the three and six months ended September 30, 2022, respectively.

If Voltrek had been acquired on April 1, 2022, the pro forma Orion revenue for the three and six months ended September 30, 2022 would have been $18.8 million and $37.9 million, respectively. Proforma net loss for the three and six months ended September 30, 2022 would have been $(2.7) million and $(6.0) million, respectively.

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.

PROPERTY AND EQUIPMENT, NET (Summary of Property and Equipment) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Property and equipment
Gross property and equipment	$ 35,649	$ 35,234
Less: accumulated depreciation	(25,281)	(24,764)
Total property and equipment, net	10,368	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	9,504	9,491
Furniture, fixtures and office equipment
Property and equipment
Gross property and equipment	7,910	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	11,135	11,234
Vehicles
Property and equipment
Gross property and equipment	1,027	720
Construction in Progress
Property and equipment
Gross property and equipment	$ 103	$ 37

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	$ 20,586	$ 17,560	$ 38,199	$ 35,466
Cost of revenue	16,017	13,125	30,459	27,477
Gross profit	4,569	4,435	7,740	7,989
Operating expenses:
General and administrative	5,040	3,945	10,779	7,699
Acquisition related costs	3	333	56	347
Sales and marketing	3,312	2,649	6,608	5,538
Research and development	382	451	862	965
Total operating expenses	8,737	7,378	18,305	14,549
Loss from operations	(4,168)	(2,943)	(10,565)	(6,560)
Other income (expense):
Other income	12	1	12	0
Interest expense	(192)	(16)	(368)	(33)
Amortization of debt issue costs	(25)	(16)	(49)	(31)
Interest income	0	0	2	0
Total other expense	(205)	(31)	(403)	(64)
Loss before income tax	(4,373)	(2,974)	(10,968)	(6,624)
Income tax expense	15	(643)	57	(1,458)
Net loss	$ (4,388)	$ (2,331)	$ (11,025)	$ (5,166)
Basic net loss per share attributable to common shareholders	$ (0.14)	$ (0.07)	$ (0.34)	$ (0.17)
Weighted-average common shares outstanding	32,502,566	31,330,030	32,424,623	31,240,475
Diluted net loss per share	$ (0.14)	$ (0.07)	$ (0.34)	$ (0.17)
Weighted-average common shares and share equivalents outstanding	32,502,566	31,330,030	32,424,623	31,240,475
Product revenue
Revenues	$ 15,588	$ 12,833	$ 29,259	$ 26,316
Cost of revenue	10,897	9,287	20,956	19,672
Service revenue
Revenues	4,998	4,727	8,940	9,150
Cost of revenue	$ 5,120	$ 3,838	$ 9,503	$ 7,805

REVENUE - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 16,117	$ 13,728
Contract assets	1,827	1,320
Contract liabilities	$ 1,748	$ 480

LEASES

6 Months Ended

Sep. 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	September 30, 2023		March 31, 2023
Assets
Operating lease assets	Other long-term assets	$	2,159	$	2,174
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other	$	948	$	823
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		1,625		1,826
Total lease liabilities		$	2,573	$	2,649

Orion had operating lease costs of $0.7 million and $1.1 million for the three and six months ended September 30, 2023, respectively. Orion had operating lease costs of $0.3 million and $0.6 million for the three and six months ended September 30, 2022, respectively.

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)	$	531
Fiscal 2025		1,083
Fiscal 2026		984
Fiscal 2027		177
Thereafter		—
Total lease payments	$	2,775
Less: Interest		(202	)
Present value of lease liabilities	$	2,573

STOCK OPTIONS AND RESTRICTED SHARES (Tables)

6 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation


	For the Three Months Ended September 30,				For the Six Months Ended September 30,
	2023		2022		2023		2022
Cost of product revenue	$	2	$	1	$	3	$	2
General and administrative		218		729		400		979
Sales and marketing		4		2		8		4
Research and development		2		1		3		2
Total	$	226	$	733	$	414	$	987

Summary of Stock Options Activity

During the three and six months ended September 30, 2023, Orion had the following activity related to its stock-based compensation.


	Time-Based Restricted Shares			Performance-Based Restricted Shares		Stock Options
Awards outstanding at March 31, 2023		612,819			130,635		73,136
Awards granted		532,690			577,742		—
Awards vested or exercised		(206,451	)		—		—
Awards forfeited		(5,250	)		—		(73,136	)
Awards outstanding at September 30, 2023		933,808			708,377		—
Per share weighted average price on grant date	$	1.56		$	1.55		—

STOCK OPTIONS AND RESTRICTED SHARES (Restricted Shares and Stock Options) (Details)	6 Months Ended
	Sep. 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
Time-Based Restricted Shares [Member]
Restricted Shares
Beginning balance (shares)	612,819
Awards granted (shares)	532,690
Awards vested or exercised (shares)	206,451
Awards forfeited (shares)	(5,250)
Ending balance (shares)	933,808
Per share weighted average price on grant date (USD per share) \| $ / shares	$ 1.56
Restricted shares
Restricted Shares
Beginning balance (shares)	130,635
Awards granted (shares)	577,742
Awards vested or exercised (shares)	0
Awards forfeited (shares)	0
Ending balance (shares)	708,377
Per share weighted average price on grant date (USD per share) \| $ / shares	$ 1.55

ACQUISITION - Schedule of Preliminary Allocation of Purchase Consideration to Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 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

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Summary of Estimated Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Mar. 31, 2023
Finite-Lived Intangible Assets, Estimated Amortization Expense
Fiscal 2024 (period remaining)	$ 545
Fiscal 2025	1,083
Fiscal 2026	845
Fiscal 2027	587
Fiscal 2028	516
Fiscal 2029	469
Thereafter	409
Intangible Assets, Net	$ 4,454	$ 4,994