0000950170-24-092909 | 10-Q | XBRL Viewer

GOODWILL AND OTHER INTANGIBLE ASSETS, (Tables)

3 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Components and Changes in Other Intangible Assets

As of June 30, 2024 and March 31, 2024, the components of, and changes in, the carrying amount of other intangible assets, net, were as follows (dollars in thousands):


	June 30, 2024									March 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life		Gross Carrying Amount		Accumulated Amortization			Net
Amortized Intangible Assets
Patents	$	2,521	$	(2,053	)	$	468		8.1	$	2,521	$	(2,029	)	$	492
Licenses		58		(58	)		—		—		58		(58	)		—
Trade name and trademarks		300		(104	)		196		3.3		300		(90	)		210
Customer relationships		5,000		(4,413	)		587		1.3		5,000		(4,296	)		704
Vendor relationships		2,600		(647	)		1,953		5.3		2,600		(554	)		2,046
Developed technology		900		(900	)		—		—		900		(900	)		—
Total Amortized Intangible Assets	$	11,379	$	(8,175	)	$	3,204		4.8	$	11,379	$	(7,927	)	$	3,452

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 2025 (period remaining)	$	741
Fiscal 2026		751
Fiscal 2027		501
Fiscal 2028		455
Fiscal 2029		407
Thereafter		349
Total	$	3,204

ACCRUED EXPENSES AND OTHER

3 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

ACCRUED EXPENSES AND OTHER

NOTE 10 — ACCRUED EXPENSES AND OTHER

As of June 30, 2024 and March 31, 2024, accrued expenses and other included the following (dollars in thousands):


	June 30, 2024		March 31, 2024
Accrued acquisition earn-out	$	875	$	875
Other accruals		1,963		1,854
Compensation and benefits		2,629		2,255
Credits due to customers		1,401		1,167
Accrued project costs		2,236		2,366
Warranty		545		552
Sales returns reserve		88		106
Sales tax		68		219
Legal and professional fees		30		46
Total	$	9,835	$	9,440

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

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


	For the Three Months Ended June 30,
	2024			2023
Beginning of period	$	725		$	646
Accruals		108			64
Warranty claims (net of vendor reimbursements)		(105	)		(56	)
End of period	$	728		$	654

Effective on October 5, 2022, Orion acquired all the membership interests of Voltrek, an electric vehicle charging station solutions provider (the “Voltrek Acquisition”). The Voltrek Acquisition agreement includes, depending upon the relative EBITDA growth of Voltrek’s business in fiscal 2023, 2024 and 2025, Orion could pay up to an additional $3.0 million, $3.5 million and $7.15 million, respectively, in earn-out payments. These compensatory payments do not fall within the scope of ASC 805, Business Combinations, and will be expensed over the course of the earn-out periods to the extent they are earned. As of June 30, 2024, Orion recorded $0.9 million to accrued expenses for the fiscal 2025 earn-out opportunity, which is recorded in accrued expenses and other.

ACCOUNTS RECEIVABLE, NET - Summary of Orion' s allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Beginning of period	$ (72)	$ (86)
Credit loss expense	(40)	(190)
Write-off	5	4
End of period	$ (107)	$ (272)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LEASES (Tables)

3 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary of Assets Leased from Third Parties

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


	Balance sheet classification	June 30, 2024		March 31, 2024
Assets
Operating lease assets	Other long-term assets	$	1,591	$	1,770
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other	$	1,010	$	990
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		881		1,121
Total lease liabilities		$	1,891	$	2,111

Summary of Estimated Maturity of Lease Liabilities

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


Maturity of Lease Liabilities	Operating Leases
Fiscal 2025 (period remaining)	$	815
Fiscal 2026		983
Fiscal 2027		177
Thereafter		—
Total lease payments	$	1,975
Less: Interest		(84	)
Present value of lease liabilities	$	1,891

PROPERTY AND EQUIPMENT (Summary of Property and Equipment) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Property and equipment
Gross property and equipment	$ 35,460	$ 35,516
Less: accumulated depreciation	(26,185)	(25,923)
Total property and equipment, net	9,275	9,593
Land and land improvements
Property and equipment
Gross property and equipment	433	433
Buildings and building improvements
Property and equipment
Gross property and equipment	9,530	9,504
Furniture, fixtures and office equipment
Property and equipment
Gross property and equipment	7,941	7,941
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	11,060	11,142
Vehicles
Property and equipment
Gross property and equipment	$ 959	$ 959

RESTRICTED SHARES

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

RESTRICTED SHARES

NOTE 16 — RESTRICTED SHARES

At Orion’s 2023 annual meeting of shareholders, 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); added a minimum vesting period for all awards granted under the Amended 2016 Plan (with limited exceptions); and added a specific prohibition on the payment of dividends and dividend equivalents on unvested awards.

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

Prior to the 2016 Omnibus Incentive Plan, Orion maintained its 2004 Stock and Incentive Awards Plan, as amended, which authorized the grant of cash and equity awards to employees (the “2004 Plan”). No new awards are being granted under the 2004 Plan; however, all awards granted under the 2004 Plan that are outstanding will continue to be governed by the 2004 Plan. Forfeited awards originally issued under the 2004 Plan are canceled and are not available for subsequent issuance under the 2004 Plan or under the Amended 2016 Plan. The Amended 2016 Plan and the 2004 Plan also permit accelerated vesting in the event of certain changes of control of Orion as well as under other special circumstances.

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

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


	For the Three Months Ended June 30,
	2024		2023
Cost of product revenue	$	2	$	1
General and administrative		282		182
Sales and marketing		8		4
Research and development		2		1
Total	$	294	$	188

The following table summarizes information with respect to performance-vesting restricted stock and time vesting-restricted stock activity:


	Time-Based Restricted Shares					Performance-Based Restricted Shares
	Shares			Weighted Average Fair Value Price		Shares		Weighted Average Fair Value Price
Balance at March 31, 2024		1,014,104		$	1.87		708,377	$	1.66
Shares issued		685,322		$	1.09		821,559	$	1.09
Shares vested		(175,204	)	$	2.99		—		—
Shares outstanding at June 30, 2024		1,524,222		$	1.39		1,529,936	$	1.35
Per share price on grant date	$1.09					$1.09

As of June 30, 2024, the amount of deferred stock-based compensation expense to be recognized, over a remaining period of 2.6 years, was approximately $1.7 million.

SEGMENTS

3 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENTS

NOTE 17 — SEGMENT DATA

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. Orion evaluates and reports on the business using three segments: Lighting Segment, Maintenance Segment and Electric Vehicle Charging Segment (“EV Segment”).

Lighting Segment

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

Maintenance Segment

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

Electric Vehicle Charging Segment

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

Corporate and Other

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


	Revenues				Operating Loss						Total Assets
	For the Three Months Ended June 30,				For the Three Months Ended June 30,
	2024		2023		2024			2023			June 30, 2024		March 31, 2024
Segments:
Lighting Segment	$	12,751	$	12,621	$	(1,206	)	$	(766	)	$	23,785	$	25,911
Maintenance Segment		3,324		3,754		(976	)		(1,840	)		5,856		8,827
Electric Vehicle Charging Segment		3,831		1,238		(231	)		(1,934	)		14,812		15,291
Corporate and Other		—		—		(1,019	)		(1,857	)		15,302		13,140
	$	19,906	$	17,613	$	(3,432	)	$	(6,397	)	$	59,755	$	63,169

- 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.

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RESTRICTED SHARES (Tables)

3 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

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


	For the Three Months Ended June 30,
	2024		2023
Cost of product revenue	$	2	$	1
General and administrative		282		182
Sales and marketing		8		4
Research and development		2		1
Total	$	294	$	188

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

The following table summarizes information with respect to performance-vesting restricted stock and time vesting-restricted stock activity:


	Time-Based Restricted Shares					Performance-Based Restricted Shares
	Shares			Weighted Average Fair Value Price		Shares		Weighted Average Fair Value Price
Balance at March 31, 2024		1,014,104		$	1.87		708,377	$	1.66
Shares issued		685,322		$	1.09		821,559	$	1.09
Shares vested		(175,204	)	$	2.99		—		—
Shares outstanding at June 30, 2024		1,524,222		$	1.39		1,529,936	$	1.35
Per share price on grant date	$1.09					$1.09

REVENUE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
REVENUE (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Proceeds from sale of revenue earned but not billed	$ 0	$ 0
Change in contract asset reclassified to accounts receivable	0
Contract liabilities	$ 100		$ 100

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,758)	$ (6,637)

- Definition

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

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+ Details

INVENTORIES (Tables)

3 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

As of June 30, 2024 and March 31, 2024, Orion's inventory balances were as follows (dollars in thousands):


	Inventories
As of June 30, 2024
Raw materials and components	$	6,357
Work in process		321
Finished goods		9,182
Total	$	15,860

As of March 31, 2024
Raw materials and components	$	7,219
Work in process		267
Finished goods		10,760
Total	$	18,246

INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Net
Raw materials and components	$ 6,357	$ 7,219
Work in process	321	267
Finished goods	9,182	10,760
Total	$ 15,860	$ 18,246

RESTRUCTURING EXPENSE (Tables)

3 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs

Orion's restructuring expense for the three months ended June 30, 2024 and 2023 is reflected within its consolidated statement of operations as follows (dollars in thousands):


	For the Three Months Ended June 30,
	2024		2023
Cost of service revenue	$	197	$	—
General and administrative		196		—
	$	393	$	—

Schedule of Restructuring Expense by Segment Table Text Block

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


	For the Three Months Ended June 30,
	2024		2023
Segments:
Maintenance	$	389	$	—
Corporate and Other		4		—
	$	393	$	—

RESTRUCTURING EXPENSE - Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 393	$ 0
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 196	$ 0

- 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 + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Entity Registrant Name	Orion Energy Systems, Inc.
Entity Central Index Key	0001409375
Document Type	10-Q
Document Period End Date	Jun. 30, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity 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
Entity Common Stock, Shares Outstanding		32,743,409

RESTRICTED SHARES (Stock-based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Stock-based compensation
Total	$ 294	$ 188
Cost of product revenue
Stock-based compensation
Total	2	1
General and administrative
Stock-based compensation
Total	282	182
Sales and marketing
Stock-based compensation
Total	8	4
Research and development
Stock-based compensation
Total	$ 2	$ 1

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 19,906	$ 17,613
Cost of revenue	15,607	14,442
Gross profit	4,299	3,171
Operating expenses:
General and administrative	4,530	5,739
Acquisition related costs		53
Sales and marketing	2,937	3,296
Research and development	264	480
Total operating expenses	7,731	9,568
Loss from operations	(3,432)	(6,397)
Other income (expense):
Interest expense	(262)	(176)
Amortization of debt issue costs	(58)	(24)
Royalty income	15
Total other expense	(305)	(198)
Loss before income tax	(3,737)	(6,595)
Income tax expense	21	42
Net loss	$ (3,758)	$ (6,637)
Basic net loss per share attributable to common shareholders	$ (0.12)	$ (0.21)
Weighted-average common shares outstanding	32,610,604	32,345,823
Diluted net loss per share	$ (0.12)	$ (0.21)
Weighted-average common shares and share equivalents outstanding	32,610,604	32,345,823
Product revenue
Revenues	$ 12,767	$ 13,671
Cost of revenue	8,541	10,059
Service revenue
Revenues	7,139	3,942
Cost of revenue	$ 7,066	$ 4,383

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2024

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 Energy Systems, Inc. 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, 2025 or other interim periods.

The Condensed Consolidated Balance Sheet as of March 31, 2024 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, 2024 filed with the SEC on June 12, 2024.

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

Concentration of Credit Risk and Other Risks and Uncertainties

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

Orion purchases components necessary for its lighting products, including lamps and LED components, from multiple suppliers. For the three months ended June 30, 2024, one supplier accounted for 14.0% of total cost of revenue, while no suppliers accounted for more than 10% of total cost of revenue for three months ended June 30, 2023.

For the three months ended June 30, 2024, one customer accounted for 21.1% of total revenue. For the three months ended June 30, 2023, two customers accounted for 20.6% and 11.0% of total revenue, respectively.

As of June 30, 2024, one customer accounted for 15.7% and two customers accounted for 10.1% of accounts receivable. As of March 31, 2024, two customers accounted for 17.3% and 11.7% of accounts receivable.

Recent Accounting Pronouncements

Recently Adopted Standards

In June 2016, the Financial Accounting Standards Board ("FASB:) issued accounting standards updates ("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.

Issued: Not Yet Adopted

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM") and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Orion is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity's income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2025. Orion is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

ACQUISITION - Schedule of Preliminary Allocation of Purchase Consideration to Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Business Acquisition [Line Items]
Goodwill	$ 1,484	$ 1,484

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

SHAREHOLDERS' EQUITY

3 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

NOTE 15 — SHAREHOLDERS’ EQUITY

Employee Stock Purchase Plan

In August 2010, Orion’s Board of Directors approved a non-compensatory employee stock purchase plan, or “ESPP”. In the three months ended June 30, 2024, Orion issued 459 shares under the ESPP plan at a closing market price of $1.11. In the three months ended June 30, 2023, Orion issued 700 shares under the ESPP plan at a closing market price of $1.63.

Sale of shares

In March 2023, Orion filed a universal shelf registration statement with the Securities and Exchange Commission. Under the shelf registration statement, Orion currently has the flexibility to publicly offer and sell from time to time up to $100 million of debt and/or equity securities. The filing of the shelf registration statement may help facilitate Orion’s ability to raise public equity or debt capital to expand existing businesses, fund potential acquisitions, invest in other growth opportunities, repay existing debt, or for other general corporate purposes.

In March 2021, Orion entered into an At Market Issuance Sales Agreement to undertake an “at the market” (ATM) public equity capital raising program pursuant to which Orion may offer and sell shares of common stock from time to time, having an aggregate offering price of up to $50 million. No share sales have been effected pursuant to the ATM program through June 30, 2024.

- Definition

The entire disclosure for equity.

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 18
-Subparagraph (b)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

ACCOUNTS RECEIVABLE, NET (Tables)

3 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts Receivable and Allowance for Doubtful Accounts Balances

As of June 30, 2024 and March 31, 2024, Orion's accounts receivable and allowance for credit losses balances were as follows (dollars in thousands):


	June 30, 2024			March 31, 2024
Accounts receivable, gross	$	12,582		$	14,094
Allowance for credit losses		(107	)		(72	)
Accounts receivable, net	$	12,475		$	14,022

Schedule of Changes in Orion' s allowance for credit losses

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


	For the Three Months Ended June 30,
	2024			2023
Beginning of period	$	(72	)	$	(86	)
Credit loss expense		(40	)		(190	)
Write-off		5			4
End of period	$	(107	)	$	(272	)

ACCOUNTS RECEIVABLE, NET (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Receivables [Abstract]
Accounts receivable, gross	$ 12,582	$ 14,094
Allowance for doubtful accounts	(107)	(72)
Accounts receivable, net	$ 12,475	$ 14,022

GOODWILL AND OTHER INTANGIBLE ASSETS, (Summary of Estimated Amortization Expense) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets, Estimated Amortization Expense
Fiscal 2025 (period remaining)	$ 741
Fiscal 2026	751
Fiscal 2027	501
Fiscal 2028	455
Fiscal 2029	407
Thereafter	349
Amortized Intangible Assets, Net	$ 3,204	$ 3,452

ACCRUED EXPENSES AND OTHER (Tables)

3 Months Ended

Jun. 30, 2024

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Expenses and Other

As of June 30, 2024 and March 31, 2024, accrued expenses and other included the following (dollars in thousands):


	June 30, 2024		March 31, 2024
Accrued acquisition earn-out	$	875	$	875
Other accruals		1,963		1,854
Compensation and benefits		2,629		2,255
Credits due to customers		1,401		1,167
Accrued project costs		2,236		2,366
Warranty		545		552
Sales returns reserve		88		106
Sales tax		68		219
Legal and professional fees		30		46
Total	$	9,835	$	9,440

Changes in Warranty Accrual

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


	For the Three Months Ended June 30,
	2024			2023
Beginning of period	$	725		$	646
Accruals		108			64
Warranty claims (net of vendor reimbursements)		(105	)		(56	)
End of period	$	728		$	654

SEGMENTS (Tables)

3 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Information

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


	Revenues				Operating Loss						Total Assets
	For the Three Months Ended June 30,				For the Three Months Ended June 30,
	2024		2023		2024			2023			June 30, 2024		March 31, 2024
Segments:
Lighting Segment	$	12,751	$	12,621	$	(1,206	)	$	(766	)	$	23,785	$	25,911
Maintenance Segment		3,324		3,754		(976	)		(1,840	)		5,856		8,827
Electric Vehicle Charging Segment		3,831		1,238		(231	)		(1,934	)		14,812		15,291
Corporate and Other		—		—		(1,019	)		(1,857	)		15,302		13,140
	$	19,906	$	17,613	$	(3,432	)	$	(6,397	)	$	59,755	$	63,169

LEASES (Summary of Assets Leased from Third Parties) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Leases [Abstract]
Operating lease assets	$ 1,591	$ 1,770
Operating Lease, Right Of Use Asset Statement Of Financial Position [Extensible List]	Other long-term assets	Other long-term assets
Operating lease liabilities current	$ 1,010	$ 990
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other	Accrued expenses and other
Operating lease liabilities non-current	$ 881	$ 1,121
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 1,891	$ 2,111

INVENTORIES

3 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 — INVENTORIES

As of June 30, 2024 and March 31, 2024, Orion's inventory balances were as follows (dollars in thousands):


	Inventories
As of June 30, 2024
Raw materials and components	$	6,357
Work in process		321
Finished goods		9,182
Total	$	15,860

As of March 31, 2024
Raw materials and components	$	7,219
Work in process		267
Finished goods		10,760
Total	$	18,246

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net loss	$ (3,758)	$ (6,637)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	348	346
Amortization of intangible assets	248	266
Stock-based compensation	294	188
Amortization of debt issue costs	58	24
Loss (gain) on sale of property and equipment	(6)	28
Provision for inventory reserves	33	161
Provision for credit losses	40	190
Other	(196)	1
Changes in operating assets and liabilities:
Accounts receivable	1,507	(1,075)
Revenue earned but not billed	(301)	89
Inventories	2,156	355
Prepaid expenses and other assets	(304)	(257)
Accounts payable	(3,929)	(1,906)
Accrued expenses and other	490	666
Deferred revenue, current and long-term	(34)	234
Net cash used in operating activities	(2,962)	(7,327)
Investing activities
Purchases of property and equipment	(24)	(508)
Proceeds from sale of property, plant and equipment		95
Net cash used in investing activities	(24)	(413)
Financing activities
Payment of long-term debt	(3)	(4)
Proceeds from long-term debt	3,525
Proceeds from employee equity exercises	1	1
Net cash (used in) provided by financing activities	3,523	(3)
Net increase (decrease) in cash and cash equivalents	537	(7,743)
Cash and cash equivalents at beginning of period	5,155	15,992
Cash and cash equivalents at end of period	5,692	8,249
Supplemental disclosure of non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$ 0	$ 363

ACQUISITION (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Business Acquisition [Line Items]
Value of Common Stock	$ 0	$ 0

NET LOSS PER COMMON SHARE (Tables)

3 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Summary of the Effect of Net Loss Per Common Share

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


	For the Three Months Ended June 30,
	2024			2023
Numerator:
Net loss (in thousands)	$	(3,758	)	$	(6,637	)
Denominator:
Weighted-average common shares outstanding		32,610,604			32,345,823
Weighted-average common shares and common share equivalents outstanding		32,610,604			32,345,823
Net loss per common share:
Basic	$	(0.12	)	$	(0.21	)
Diluted	$	(0.12	)	$	(0.21	)

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

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


	For the Three Months Ended June 30,
	2024		2023
Restricted shares		1,524,222		582,506
Total		1,524,222		582,506

RESTRUCTURING EXPENSE

3 Months Ended

Jun. 30, 2024

Disclosure Text Block [Abstract]

RESTRUCTURING EXPENSE

NOTE 18 — RESTRUCTURING EXPENSE

As part of Orion's response to declining financial results, Orion entered into separation agreements with multiple employees during the fourth quarter of fiscal 2024. In addition, an inventory write-off was recognized in the first quarter of fiscal 2025 for inventory related to a customer Orion no longer does business with. Orion's restructuring expense for the three months ended June 30, 2024 and 2023 is reflected within its consolidated statement of operations as follows (dollars in thousands):


	For the Three Months Ended June 30,
	2024		2023
Cost of service revenue	$	197	$	—
General and administrative		196		—
	$	393	$	—

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


	For the Three Months Ended June 30,
	2024		2023
Segments:
Maintenance	$	389	$	—
Corporate and Other		4		—
	$	393	$	—

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jun. 30, 2024

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.

LONG-TERM DEBT (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Dec. 29, 2020
Line Of Credit Facility [Line Items]
Long Term Debt Maturities Repayments Of Principal In Current Fiscal Year	$ 88,125
Long-Term Debt, Maturity, Year One	200
Long-Term Debt, Maturity, Year Two	13,300
Credit Agreement \| Line of Credit
Line Of Credit Facility [Line Items]
Credit agreement, amounts borrowed	3,525
Credit Agreement \| Bank of America N A \| Revolving credit facility
Line Of Credit Facility [Line Items]
Credit facility, amount	18,300
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	$ 300
Credit agreement, amounts borrowed	$ 10,000

NET LOSS PER COMMON SHARE

3 Months Ended

Jun. 30, 2024

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 loss attributable to common shareholders by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents.

Diluted net loss per common share reflects the dilution that would occur if restricted shares were vested. In the computation of diluted net loss per common share, Orion uses the treasury stock method for outstanding options and restricted shares. For the three months ended June 30, 2024 and 2023, 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 per common share is calculated based upon the following shares:


	For the Three Months Ended June 30,
	2024			2023
Numerator:
Net loss (in thousands)	$	(3,758	)	$	(6,637	)
Denominator:
Weighted-average common shares outstanding		32,610,604			32,345,823
Weighted-average common shares and common share equivalents outstanding		32,610,604			32,345,823
Net loss per common share:
Basic	$	(0.12	)	$	(0.21	)
Diluted	$	(0.12	)	$	(0.21	)


	For the Three Months Ended June 30,
	2024		2023
Restricted shares		1,524,222		582,506
Total		1,524,222		582,506

REVENUE

3 Months Ended

Jun. 30, 2024

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) when control of the goods or services being provided (which Orion refers to as a performance obligation) is transferred to a customer at an amount that reflects the consideration Orion expects to receive in exchange for those goods or services.

The sale of charging stations and related software subscriptions, renewals and extended warranty 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, renewals and extended warranty, 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 maintenance offering that includes both the sale of Orion manufactured or sourced product and service is allocated between the product and service performance obligations based on relative standalone selling prices, and is recorded in Product revenue and Service revenue, respectively, in the Condensed Consolidated Statement of Operations.

The following tables provide detail of Orion’s total revenue for the three months ended June 30, 2024 and June 30, 2023 (dollars in thousands):


	Three Months Ended June 30, 2024
	Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	10,045	$	2,674	$	12,719
Maintenance services		1,000		2,323		3,323
Electric vehicle charging		1,688		2,142		3,830
Solar energy related revenues		15		—		15
Total revenues from contracts with customers		12,748		7,139		19,887
Revenue accounted for under other guidance		19		—		19
Total revenue	$	12,767	$	7,139	$	19,906

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

From time to time, Orion sells the receivables from one customer to a financing institution. The was no such activity during the three months ended June 30, 2024 or 2023.

The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of June 30, 2024 and March 31, 2024 (dollars in thousands):


	June 30, 2024		March 31, 2024
Accounts receivable, net	$	12,475	$	14,022
Revenue earned but not billed	$	4,841	$	4,539
Deferred revenue (1)	$	124	$	124

(1) Includes the unamortized portion of the funds received from the federal government in 2010 and 2011 as reimbursement for the costs to build the two facilities related to the PPAs. As the transaction is not considered a contract with a customer, this value is not a contract liability as defined by ASC 606.

There were no significant changes in the contract assets outside of standard reclassifications to accounts receivable, net upon billing. Deferred revenue, current as of June 30, 2024 and March 31, 2024, includes $0.1 for both periods, of contract liabilities which represent consideration received from a new customer contract on which installation has not yet begun and Orion has not fulfilled the promises included.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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

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

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

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

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

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Orion Energy Systems, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
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, 2025 or other interim periods. The Condensed Consolidated Balance Sheet as of March 31, 2024 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, 2024 filed with the SEC on June 12, 2024.
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, net realizable value of inventory, allowance for credit losses, accruals for warranty and loss contingencies, earn-out, income taxes, impairment analyses, and certain equity transactions. Accordingly, actual results could differ from those estimates.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Orion's cash is primarily deposited with one financial institution. At times, deposits in this institution exceeds the amount of insurance provided on such deposits. Orion has not experienced any losses in such accounts and believes that it is not exposed to any significant financial institution viability risk on these balances. Orion purchases components necessary for its lighting products, including lamps and LED components, from multiple suppliers. For the three months ended June 30, 2024, one supplier accounted for 14.0% of total cost of revenue, while no suppliers accounted for more than 10% of total cost of revenue for three months ended June 30, 2023. For the three months ended June 30, 2024, one customer accounted for 21.1% of total revenue. For the three months ended June 30, 2023, two customers accounted for 20.6% and 11.0% of total revenue, respectively. As of June 30, 2024, one customer accounted for 15.7% and two customers accounted for 10.1% of accounts receivable. As of March 31, 2024, two customers accounted for 17.3% and 11.7% of accounts receivable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Standards In June 2016, the Financial Accounting Standards Board ("FASB:) issued accounting standards updates ("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. Issued: Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM") and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Orion is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity's income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2025. Orion is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.

REVENUE (Tables)

3 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables provide detail of Orion’s total revenue for the three months ended June 30, 2024 and June 30, 2023 (dollars in thousands):


	Three Months Ended June 30, 2024
	Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	10,045	$	2,674	$	12,719
Maintenance services		1,000		2,323		3,323
Electric vehicle charging		1,688		2,142		3,830
Solar energy related revenues		15		—		15
Total revenues from contracts with customers		12,748		7,139		19,887
Revenue accounted for under other guidance		19		—		19
Total revenue	$	12,767	$	7,139	$	19,906

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

Summary of Contract Assets and Liabilities


	June 30, 2024		March 31, 2024
Accounts receivable, net	$	12,475	$	14,022
Revenue earned but not billed	$	4,841	$	4,539
Deferred revenue (1)	$	124	$	124

NET LOSS PER COMMON SHARE (Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net Income (Loss)	$ (3,758)	$ (6,637)
Denominator:
Weighted-average common shares outstanding	32,610,604	32,345,823
Weighted-average common shares and common share equivalents outstanding	32,610,604	32,345,823
Net (loss) income per common share:
Basic	$ (0.12)	$ (0.21)
Net (loss) income per common share:
Diluted	$ (0.12)	$ (0.21)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Mar. 31, 2024
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)	42,214,171	42,038,967
Common stock, shares outstanding (in shares)	32,743,409	32,567,746
Treasury stock (in shares)	9,470,762	9,471,221

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 19,887	$ 17,608
Revenue accounted for under other guidance	19	5
Total revenue	19,906	17,613
Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	12,748	13,666
Revenue accounted for under other guidance	19	5
Total revenue	12,767	13,671
Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	7,139	3,942
Revenue accounted for under other guidance	0	0
Total revenue	7,139	3,942
Lighting product and installation
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	12,719	12,616
Lighting product and installation \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	10,045	11,785
Lighting product and installation \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,674	831
Maintenance services
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	3,323	3,754
Maintenance services \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	1,000	899
Maintenance services \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,323	2,855
Electric vehicle charging
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	3,830	1,238
Electric vehicle charging \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	1,688	982
Electric vehicle charging \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,142	$ 256
Solar energy related revenues
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	15
Solar energy related revenues \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	15
Solar energy related revenues \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 0

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Summary of Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses	$ 1.5	$ 1.3
Other prepaid expenses	$ 1.7	$ 1.6

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

As of June 30, 2024 and March 31, 2024, property and equipment, net, included the following (dollars in thousands):


	June 30, 2024			March 31, 2024
Land and land improvements	$	433		$	433
Buildings and building improvements		9,530			9,504
Furniture, fixtures and office equipment		7,941			7,941
Leasehold improvements		540			540
Equipment leased to customers		4,997			4,997
Plant equipment		11,060			11,142
Vehicles		959			959
Gross property and equipment		35,460			35,516
Less: accumulated depreciation		(26,185	)		(25,923	)
Total property and equipment, net	$	9,275		$	9,593

LONG-TERM DEBT (Tables)

3 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Summary of Long-Term Debt

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


	June 30, 2024			March 31, 2024
Revolving credit facility	$	10,000		$	10,000
Term Loan		3,525			—
Equipment debt obligations		—			3
Total long-term debt		13,525			10,003
Less current maturities		(264	)		(3	)
Long-term debt, less current maturities	$	13,261		$	10,000

LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Long-term debt
Total long-term debt	$ 13,525	$ 10,003
Less current maturities	(264)	(3)
Long-term debt, less current maturities	13,261	10,000
Revolving credit facility
Long-term debt
Revolving credit facility	10,000	10,000
Equipment debt obligations
Long-term debt
Total long-term debt	0	3
Term Loan
Long-term debt
Total long-term debt	$ 3,525	$ 0

- Definition

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

+ References + Details

DESCRIPTION OF BUSINESS

3 Months Ended

Jun. 30, 2024

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 and Germany.

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.

LEASES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
LEASES (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease costs	$ 0.4	$ 0.4

LONG-TERM DEBT

3 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

NOTE 12 — LONG-TERM DEBT

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


	June 30, 2024			March 31, 2024
Revolving credit facility	$	10,000		$	10,000
Term Loan		3,525			—
Equipment debt obligations		—			3
Total long-term debt		13,525			10,003
Less current maturities		(264	)		(3	)
Long-term debt, less current maturities	$	13,261		$	10,000

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 provides for a five-year $25.0 million revolving credit facility (the “Credit Facility”) that matures on December 29, 2025. Borrowings under the Credit Facility are subject to a borrowing base requirement based on eligible receivables, inventory and cash. As of June 30, 2024, the borrowing base of the Credit Facility supports $18.3 million of availability, with $8.3 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.

Effective April 22, 2024, the Company, with Bank of America, N.A. as lender, executed Amendment No. 2 to its Credit Agreement (“Amendment No. 2”). The primary purpose of Amendment No. 2 was to add a $3.525 million mortgage loan facility to the Credit Agreement secured by the Company’s office headquarters property in Manitowoc, Wisconsin. Amendment No. 2 also broadened the definition of receivables to encompass government receivables as being eligible to be included in the Company’s borrowing base calculation for the purpose of establishing the Company’s monthly borrowing availability under the Credit Agreement. Quarterly installments of $88,125 will be due on the first day of each fiscal quarter beginning October 1, 2024.

Remaining principal payments on long-term debt are $0.2 million and $13.3 million in fiscal 2025 and fiscal 2026, respectively.

As of June 30, 2024, Orion was in compliance with all debt covenants.

INCOME TAXES

3 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 13 — INCOME TAXES

Orion’s income tax provision was determined by applying an estimated annual effective tax rate, based upon the facts and circumstances known, to book income (loss) before income tax, adjusting for discrete items. Orion’s actual effective tax rate is adjusted each interim period, as appropriate, for changes in facts and circumstances. For the three months ended June 30, 2024 and 2023, Orion recorded income tax expense of $21 thousand and $42 thousand, respectively, using this methodology.

As of June 30, 2024 and March 31, 2024, Orion had a full valuation allowance against its net deferred tax asset balance. Orion considers future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. In the event that Orion determines that the deferred tax assets are able to be realized, an adjustment to the deferred tax asset would increase income in the period such determination is made.

As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Orion considers future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. In the event that Orion determines that the more or less of its deferred tax assets are able to be realized, an adjustment to the valuation allowance would be reflected in the company’s provision for income taxes.

Uncertain Tax Positions

As of June 30, 2024, 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 tax.

+ References

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+ Details

RESTRICTED SHARES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Aug. 07, 2019	Aug. 03, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred stock-based compensation expense remaining period	2 years 7 months 6 days
Deferred stock-based compensation exepense		$ 1.7
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

LEASES

3 Months Ended

Jun. 30, 2024

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 Accounting Standards Codification ("ASC") 842. Under ASC 842, both finance and operating lease ROU assets and lease liabilities for leases with initial terms in excess of 12 months are recognized at the commencement date based on the present value of lease payments over the lease term. Orion recognizes lease expense for leases with an initial term of 12 months or less, referred to as short term leases, on a straight-line basis over the lease term.

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


	Balance sheet classification	June 30, 2024		March 31, 2024
Assets
Operating lease assets	Other long-term assets	$	1,591	$	1,770
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other	$	1,010	$	990
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		881		1,121
Total lease liabilities		$	1,891	$	2,111

Orion had operating lease costs of $0.4 million for the three months ended June 30, 2024 and 2023, respectively.

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


Maturity of Lease Liabilities	Operating Leases
Fiscal 2025 (period remaining)	$	815
Fiscal 2026		983
Fiscal 2027		177
Thereafter		—
Total lease payments	$	1,975
Less: Interest		(84	)
Present value of lease liabilities	$	1,891

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Equity Class Of Treasury Stock [Line Items]
Shares issued under ESPP plan	459	700
Shares issued, price per share	$ 1.11	$ 1.63
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

SEGMENTS - (Reconciliation of Segment Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Corporate and Other
Revenues	$ 19,906	$ 17,613
Operating Loss	(3,432)	(6,397)
Total assets	59,755		$ 63,169
Operating Segments
Corporate and Other
Revenues	19,906	17,613
Operating Loss	(3,432)	(6,397)
Total assets	59,755		63,169
Operating Segments \| Lighting Segment [Member]
Corporate and Other
Revenues	12,751	12,621
Operating Loss	(1,206)	(766)
Total assets	23,785		25,911
Operating Segments \| Maintenance services
Corporate and Other
Revenues	3,324	3,754
Operating Loss	(976)	(1,840)
Total assets	5,856		8,827
Operating Segments \| Electric Vehicle Charging Systems
Corporate and Other
Revenues	3,831	1,238
Operating Loss	(231)	(1,934)
Total assets	14,812		15,291
Operating Segments \| Corporate and Other
Corporate and Other
Revenues	0	0
Operating Loss	(1,019)	$ (1,857)
Total assets	$ 15,302		$ 13,140

- Definition

Amount of asset recognized for present right to economic benefit.

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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).

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+ Details

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, 2023	$ 33,249		$ 160,907	$ (36,237)	$ (91,421)
Shareholders' equity, beginning of period (Shares) at Mar. 31, 2023		32,295,408
Shares issued under Employee Stock Purchase Plan	$ 1			1
Shares issued under Employee Stock Purchase Plan (shares)	700	699
Stock-based compensation	$ 188		188
Stock-based compensation (shares)		206,451
Net 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, 2024	22,542		161,869	(36,235)	(103,092)
Shareholders' equity, beginning of period (Shares) at Mar. 31, 2024		32,567,746
Shares issued under Employee Stock Purchase Plan	$ 1			1
Shares issued under Employee Stock Purchase Plan (shares)	459	459
Stock-based compensation	$ 294		294
Stock-based compensation (shares)		175,204
Net loss	(3,758)				(3,758)
Shareholders' equity, end of period at Jun. 30, 2024	$ 19,079		$ 162,163	$ (36,234)	$ (106,850)
Shareholders' equity, at end of period (Shares) at Jun. 30, 2024		32,743,409

- Definition

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

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

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-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

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-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit)/expense	$ 21	$ 42
Unrecognized tax benefits	$ 200

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (ee)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS, (Summary of Components and Changes in Other Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2023
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 11,379	$ 11,379
Amortized Intangible Assets, Accumulated Amortization	(8,175)	(7,927)
Amortized Intangible Assets, Net	$ 3,204	3,452
Amortized Intangible Assets, Weighted Average Useful Life	4 years 9 months 18 days
Indefinite-lived Intangible Assets	$ 1,010	1,010
Trade Name and Trademarks[Member]
Finite Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets	1,010	1,010
Patents
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	2,521	2,521
Amortized Intangible Assets, Accumulated Amortization	(2,053)	(2,029)
Amortized Intangible Assets, Net	$ 468	492
Amortized Intangible Assets, Weighted Average Useful Life	8 years 1 month 6 days
Licenses
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 58	58
Amortized Intangible Assets, Accumulated Amortization	(58)	(58)
Amortized Intangible Assets, Net	$ 0	0
Amortized Intangible Assets, Weighted Average Useful Life	0 years
Trade name and trademarks
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 300	300
Amortized Intangible Assets, Accumulated Amortization	(104)	(90)
Amortized Intangible Assets, Net	$ 196	210
Amortized Intangible Assets, Weighted Average Useful Life	3 years 3 months 18 days
Customer relationships
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 5,000	5,000
Amortized Intangible Assets, Accumulated Amortization	(4,413)	(4,296)
Amortized Intangible Assets, Net	$ 587	704
Amortized Intangible Assets, Weighted Average Useful Life	1 year 3 months 18 days
Vendor Relationship
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 2,600	2,600
Amortized Intangible Assets, Accumulated Amortization	(647)	(554)
Amortized Intangible Assets, Net	$ 1,953	2,046
Amortized Intangible Assets, Weighted Average Useful Life	5 years 3 months 18 days
Developed technology
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 900	900
Amortized Intangible Assets, Accumulated Amortization	(900)	(900)
Amortized Intangible Assets, Net	$ 0	$ 0
Amortized Intangible Assets, Weighted Average Useful Life	0 years

ACCRUED EXPENSES AND OTHER (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2023
Product Warranty Liability [Line Items]
Value of Common Stock	$ 0		$ 0
Accrued expenses and other	9,835		9,440
Voltrek Acquisition
Product Warranty Liability [Line Items]
Business combination additional earnout related purchase price			$ 3,500	$ 3,000
Accrued expenses and other	$ 900
Voltrek Acquisition \| Subsequent Event
Product Warranty Liability [Line Items]
Business combination additional earnout related purchase price		$ 7,150
Minimum
Product Warranty Liability [Line Items]
Limited warranty term	1 year
Maximum [Member]
Product Warranty Liability [Line Items]
Limited warranty term	10 years

REVENUE - Summary of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2024

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Accounts receivable, net

$ 12,475

$ 14,022

Revenue earned but not billed

4,841

4,539

Deferred Revenue

^[1]

$ 124

[1]

Includes the unamortized portion of the funds received from the federal government in 2010 and 2011 as reimbursement for the costs to build the two facilities related to the PPAs. As the transaction is not considered a contract with a customer, this value is not a contract liability as defined by ASC 606.

ACCRUED EXPENSES AND OTHER (Accrued Expenses and Other) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Other Liabilities Disclosure [Abstract]
Accrued acquisition earn-out	$ 875	$ 875
Other accruals	1,963	1,854
Compensation and benefits	2,629	2,255
Credits due to customers	1,401	1,167
Accrued project costs	2,236	2,366
Warranty	545	552
Sales returns reserve	88	106
Sales tax	68	219
Legal and professional fees	30	46
Total	$ 9,835	$ 9,440

RESTRICTED SHARES (Schedule of Performance-Vesting Restricted Stock and Time Vesting-Restricted Stock) (Details) - $ / shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restricted Shares
Shares Issued, Price Per Share	$ 1.11	$ 1.63
Time Based Restricted Shares [Member]
Restricted Shares
Beginning balance (shares)	1,014,104
Shares issued	685,322
Shares vested	(175,204)
Ending balance (shares)	1,524,222
Shares Issued, Price Per Share	$ 1.09
Share Outstanding March 31, 2024	1.87
Weighted Average Fair Value Price Shares issued	1.09
Weighted Average Fair Value Price Shares vested	2.99
Share Outstanding at June 30, 2024	$ 1.39
Performance Based Restricted Shares [Member]
Restricted Shares
Beginning balance (shares)	708,377
Shares issued	821,559
Shares vested
Ending balance (shares)	1,529,936
Shares Issued, Price Per Share	$ 1.09
Share Outstanding March 31, 2024	1.66
Weighted Average Fair Value Price Shares issued	1.09
Weighted Average Fair Value Price Shares vested	0
Share Outstanding at June 30, 2024	$ 1.35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2024 Customer Financial_instituion	Jun. 30, 2023 Customer	Mar. 31, 2024 Customer
Concentration of Credit Risk and Other Risks and Uncertainties
Number of financial institutions \| Financial_instituion	1
Number of customer more than ten percent of revenue		2
Number Of Customer More Than Ten Percent Of Accounts Receivable			2
Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Number Of Customer More Than Ten Percent Of Accounts Receivable	1
Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Number Of Customer More Than Ten Percent Of Accounts Receivable	2
Cost of revenue \| Supplier Concentration Risk \| Minimum
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	14.00%	10.00%
Revenue \| Customer Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	21.10%	20.60%
Revenue \| Customer Concentration Risk \| Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage		11.00%
Accounts Receivable \| Credit Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	15.70%		17.30%
Accounts Receivable \| Credit Concentration Risk \| Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	10.10%		11.70%

PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Jun. 30, 2024

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

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE 6 — PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist primarily of prepaid insurance premiums, debt issue costs, prepaid subscription fees and sales tax receivable. Prepaid expenses totaled $1.5 million and $1.3 million as of June 30, 2024 and March 31, 2024, respectively.

Other current assets as of June 30, 2024 and March 31, 2024 consists primarily of $1.7 million and $1.6 million, respectively, of prepaid software and services.

SHAREHOLDERS' EQUITY (Schedule of ESPP Activity) (Details) - shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Shares issued under ESPP plan	459	700

RESTRUCTURING EXPENSE - Restructuring Expense by Eegment (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 393	$ 0
Corporate Segment and Other Operating Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	4	$ 0
Maintenance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 389

- 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 + Details

ACCRUED EXPENSES AND OTHER (Warranty Accrual) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard Product Warranty Accrual
Beginning of period	$ 725	$ 646
Accruals	108	64
Warranty claims (net of vendor reimbursements)	(105)	(56)
End of period	$ 728	$ 654

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Assets
Cash and cash equivalents	$ 5,692	$ 5,155
Accounts receivable, net	12,475	14,022
Revenue earned but not billed	4,841	4,539
Inventories	15,860	18,246
Prepaid expenses and other current assets	3,272	2,860
Total current assets	42,140	44,822
Property and equipment, net	9,275	9,593
Goodwill	1,484	1,484
Other intangible assets, net	4,214	4,462
Other long-term assets	2,642	2,808
Total assets	59,755	63,169
Liabilities and Shareholders’ Equity
Accounts payable	14,421	18,350
Accrued expenses and other	9,835	9,440
Deferred revenue, current	245	260
Current maturities of long-term debt	264	3
Total current liabilities	24,765	28,053
Revolving credit facility	10,000	10,000
Long-term debt, less current maturities	3,261	0
Deferred revenue, long-term	394	413
Other long-term liabilities	2,256	2,161
Total liabilities	40,676	40,627
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at June 30, 2024 and March 31, 2024; no shares issued and outstanding at June 30, 2024 and March 31, 2024	0	0
Common stock, no par value: Shares authorized: 200,000,000 at June 30, 2024 and March 31, 2024; shares issued: 42,214,171 at June 30, 2024 and 42,038,967 at March 31, 2024; shares outstanding: 32,743,409 at June 30, 2024 and 32,567,746 at March 31, 2024	0	0
Additional paid-in capital	162,163	161,869
Treasury stock, common shares: 9,470,762 at June 30, 2024 and 9,471,221 at March 31, 2024	(36,234)	(36,235)
Retained deficit	(106,850)	(103,092)
Total shareholders’ equity	19,079	22,542
Total liabilities and shareholders’ equity	$ 59,755	$ 63,169

PROPERTY AND EQUIPMENT

3 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 7 — PROPERTY AND EQUIPMENT

As of June 30, 2024 and March 31, 2024, property and equipment, net, included the following (dollars in thousands):


	June 30, 2024			March 31, 2024
Land and land improvements	$	433		$	433
Buildings and building improvements		9,530			9,504
Furniture, fixtures and office equipment		7,941			7,941
Leasehold improvements		540			540
Equipment leased to customers		4,997			4,997
Plant equipment		11,060			11,142
Vehicles		959			959
Gross property and equipment		35,460			35,516
Less: accumulated depreciation		(26,185	)		(25,923	)
Total property and equipment, net	$	9,275		$	9,593

LEASES (Summary of Estimated Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Leases [Abstract]
Fiscal 2025 (period remaining)	$ 815
Fiscal 2026	983
Fiscal 2027	177
Thereafter	0
Total lease payments	1,975
Less: Interest	(84)
Present value of lease liabilities	$ 1,891	$ 2,111

GOODWILL AND OTHER INTANGIBLE ASSETS, (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 1,484		$ 1,484
Amortization of intangible assets	248	$ 266
Stay Lite Lighting Acquisition
Finite Lived Intangible Assets [Line Items]
Goodwill	600
Voltrek LLC
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 900

- 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 + Details

- Definition

+ References

+ Details

NET LOSS PER COMMON SHARE (Potentially Dilutive Securities Excluded From the Calculation of Diluted Net Income Per Common Share) (Details) - shares	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Number of potentially dilutive securities
Potentially dilutive securities outstanding	1,524,222	582,506
Restricted shares
Number of potentially dilutive securities
Potentially dilutive securities outstanding	1,524,222	582,506

ACCOUNTS RECEIVABLE, NET

3 Months Ended

Jun. 30, 2024

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

NOTE 4 — ACCOUNTS RECEIVABLE

As of June 30, 2024 and March 31, 2024, Orion's accounts receivable and allowance for credit losses balances were as follows (dollars in thousands):


	June 30, 2024			March 31, 2024
Accounts receivable, gross	$	12,582		$	14,094
Allowance for credit losses		(107	)		(72	)
Accounts receivable, net	$	12,475		$	14,022

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


	For the Three Months Ended June 30,
	2024			2023
Beginning of period	$	(72	)	$	(86	)
Credit loss expense		(40	)		(190	)
Write-off		5			4
End of period	$	(107	)	$	(272	)

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 9 — GOODWILL AND OTHER INTANGIBLE ASSETS

Orion has $0.9 million of goodwill related to its purchase of Voltrek LLC ("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.

As of June 30, 2024 and March 31, 2024, the components of, and changes in, the carrying amount of other intangible assets, net, were as follows (dollars in thousands):


	June 30, 2024									March 31, 2024
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life		Gross Carrying Amount		Accumulated Amortization			Net
Amortized Intangible Assets
Patents	$	2,521	$	(2,053	)	$	468		8.1	$	2,521	$	(2,029	)	$	492
Licenses		58		(58	)		—		—		58		(58	)		—
Trade name and trademarks		300		(104	)		196		3.3		300		(90	)		210
Customer relationships		5,000		(4,413	)		587		1.3		5,000		(4,296	)		704
Vendor relationships		2,600		(647	)		1,953		5.3		2,600		(554	)		2,046
Developed technology		900		(900	)		—		—		900		(900	)		—
Total Amortized Intangible Assets	$	11,379	$	(8,175	)	$	3,204		4.8	$	11,379	$	(7,927	)	$	3,452

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 $0.3 million for the three months ended June 30, 2024 and 2023, 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 2025 (period remaining)	$	741
Fiscal 2026		751
Fiscal 2027		501
Fiscal 2028		455
Fiscal 2029		407
Thereafter		349
Total	$	3,204