0001193125-26-039420 | 10-Q | XBRL Viewer

DEBT (Narrative) (Details)			9 Months Ended
DEBT (Narrative) (Details)	Sep. 02, 2025 USD ($)	Aug. 01, 2025 USD ($)	Dec. 31, 2025 USD ($) shares	Sep. 30, 2025 USD ($)	Jul. 16, 2025 USD ($) shares	Mar. 31, 2025 USD ($) shares	Apr. 22, 2024 USD ($)	Dec. 29, 2020 USD ($)
Line Of Credit Facility [Line Items]
Long Term Debt Maturities Repayments Of Principal In Current Fiscal Year				$ 88,125,000
Stated interest rate, percentage			7.00%
Remaining outstanding earn-out amount			20.00%
Value of Common Stock			$ 0			$ 0
Common stock, shares issued (in shares) \| shares			4,314,582			4,247,023
Accrued acquisition earnout			$ 0			$ 3,263,000
Voltrek Acquisition
Line Of Credit Facility [Line Items]
Business combination, cash purchase price			5,000,000
Value of Common Stock			1,000,000
Earn out payments			3,000,000
Final Frontier
Line Of Credit Facility [Line Items]
Business combination, cash purchase price	$ 375,000	$ 500,000
Orion
Line Of Credit Facility [Line Items]
Value of Common Stock					$ 1,000,000
Common stock, shares issued (in shares) \| shares					164,908
Business combination, estimate of earn-out liability			3,000,000
Credit Agreement \| Line of Credit
Line Of Credit Facility [Line Items]
Credit agreement, amounts borrowed							$ 3,525,000
Credit Agreement \| Bank of America N A \| Revolving credit facility
Line Of Credit Facility [Line Items]
Credit facility, amount			12,900,000
Credit Agreement \| Bank of America N A \| Line of Credit \| Revolving credit facility
Line Of Credit Facility [Line Items]
Credit facility, amount				$ 25,000,000				$ 25,000,000
Credit agreement, springing minimum fixed cost coverage ratio								1
Credit agreement, springing minimum fixed cost coverage ratio covenant amount of excess availability under credit facility								$ 4,000,000
Credit facility, available amount			7,100,000
Credit agreement, amounts borrowed			5,800,000
Senior Subordinated Note \| Maximum
Line Of Credit Facility [Line Items]
Debt principal payment			50,000,000
Senior Subordinated Note \| Minimum
Line Of Credit Facility [Line Items]
Debt principal payment			$ 25,000,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2025
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 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, 2026 or other interim periods. The Condensed Consolidated Balance Sheet as of March 31, 2025 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, 2025 filed with the SEC on June 26, 2025. On August 22, 2025, Orion enacted a 1-for-10 reverse stock split in order to remain compliant with the Minimum Bid Price Rule as defined below. The par value was not adjusted for the reverse stock split. All share and per share data have been adjusted for all periods presented to reflect the reverse stock split.
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 management estimates include revenue recognition, net realizable value of inventory, allowance for credit losses, accruals for warranty, loss contingencies, earnout, income taxes, impairment analyses, and certain equity transactions. Accordingly, actual results could differ from those estimates.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Orion's cash is primarily deposited with one financial institution. At times, deposits in this institution exceeds the amount of insurance provided on such deposits. Orion has not experienced any losses in such accounts and believes that it is not exposed to any significant financial institution viability risk on these balances. Orion purchases components necessary for its lighting products, including lamps and LED components, from multiple suppliers. For the three and nine months ended December 31, 2025 and 2024, no suppliers accounted for more than 10% of total cost of revenue. For the three months ended December 31, 2025, two customers accounted for 30.7% and 14.1% of total revenue, respectively. For the nine months ended December 31, 2025, two customers accounted for 31.7% and 10.5% of total revenue, respectively. For the three months ended December 31, 2024, two customers accounted for 26.7% and 10.4% of total revenue, respectively. For the nine months ended December 31, 2024, one customer accounted for 24.2% of total revenue. As of December 31, 2025, two customers accounted for 17.3% and 15.3% of accounts receivable, respectively. As of March 31, 2025, one customer accounted for 13.0% of accounts receivable.
Compliance with the Continued Listing Standards of the Nasdaq Capital Market (''NASDAQ'')	Compliance with the Continued Listing Standards of the Nasdaq Capital Market (“NASDAQ”) As previously disclosed, on September 20, 2024, Orion received written notice from the Listing Qualifications Department (the “Staff”) of NASDAQ notifying Orion that it was not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”) for continued listing on NASDAQ, as the closing bid price of the Orion’s common stock had been below $1.00 per share for 30 consecutive trading days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), Orion was granted 180 calendar days, or until March 19, 2025, to regain compliance with the Minimum Bid Price Rule which was followed by another 180-day extension. On March 19, 2025, Orion submitted a formal request to NASDAQ for an additional 180-calendar day period to regain compliance with the Minimum Bid Price Rule and provided written notice to NASDAQ of its intent to effectuate a reverse stock split during the additional compliance period if necessary to regain compliance with the Minimum Bid Price Rule. On March 20, 2025, Orion received a letter from NASDAQ granting Orion the additional period, through September 15, 2025, to regain compliance with the Minimum Bid Price Rule. Ultimately, in order to regain compliance with the Minimum Bid Price Rule, Orion effected a 1-for-10 reverse stock split of its common stock as of the opening of trading on August 22, 2025. As a result of the effect of Orion's reverse stock split, on September 8, 2025, Orion received a written notification from the Staff indicating that Orion had regained compliance with the Minimum Bid Price Rule. Consequently, Orion is now in compliance with all applicable listing standards of, and remains listed on, the Nasdaq.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Issued: Not Yet Adopted In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2025-11, which is intended to improve the navigability of the guidance in Accounting Standards Codification (ASC) 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides "interim financial statements and notes in accordance with GAAP." The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other codification topics, and establishes a principle under which an entity must "disclose events since the end of the last annual reporting period that have a material impact on the entity." As the FASB stated in the proposed guidance and reiterates in the ASU, the amendments are not intended to "change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements." The amendments will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Orion is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326), which modifies the current credit loss guidance in Topic 326 to expand on how an entity develops and estimate of expected credit losses. The amendments in this update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit loses for current accounts receivable and current contract assets arising from transactions accounted for under "Revenue from Contracts with Customers" Topic 606, ASC 606, as follows: "1. Practical expedient. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. 2. Accounting policy election. An entity other than a public business entity that elects the practical expedient is permitted to make an accounting policy election to consider collection activity after the balance sheet date when estimating expected credit losses." The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. Orion is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which modifies the disclosure and presentation requirements relating to expenses shown on the statements of operations. The amendments in the update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: "1. Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities. 2. Include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements. 3. Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. 4. Disclose the total amount of selling expense and, in annual reporting periods, an entity's definition of selling expenses." The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. 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.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

REVENUE

9 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

NOTE 3 — REVENUE

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

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 Statements 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 Statements of Operations.

The following tables provide detail of Orion’s total revenue for the three and nine months ended December 31, 2025 and December 31, 2024 (dollars in thousands):


	Three Months Ended December 31, 2025						Nine Months Ended December 31, 2025
	Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	8,930	$	2,936	$	11,866	$	27,401	$	7,740	$	35,141
Maintenance services		2,165		2,191		4,356		5,711		7,133		12,844
Electric vehicle charging		3,336		1,323		4,659		7,373		4,746		12,119
Solar energy related revenues		7		—		7		11		—		11
Total revenues from contracts with customers		14,438		6,450		20,888		40,496		19,619		60,115
Revenue accounted for under other guidance		201		—		201		468		—		468
Total revenue	$	14,639	$	6,450	$	21,089	$	40,964	$	19,619	$	60,583

	Three Months Ended December 31, 2024						Nine Months Ended December 31, 2024
	Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	11,291	$	1,754	$	13,045	$	30,636	$	5,725	$	36,361
Maintenance services		1,672		2,253		3,925		3,795		7,250		11,045
Electric vehicle charging		1,176		1,269		2,445		4,567		6,434		11,001
Solar energy related revenues		—		—		—		17		—		17
Total revenues from contracts with customers		14,139		5,276		19,415		39,015		19,409		58,424
Revenue accounted for under other guidance		169		—		169		427		—		427
Total revenue	$	14,308	$	5,276	$	19,584	$	39,442	$	19,409	$	58,851

From time to time, Orion sells the receivables from one customer to a financing institution. The total amount received from the advances of these receivables was $0.9 million and $1.5 million for the three and nine months ended December 31, 2025, respectively. Orion's gains on these sales were $45 thousand and $43 thousand for the three and nine months ended December 31, 2025, respectively, and are included in Interest expense in the Condensed Consolidated Statements of Operations. The total amount received from the advances of these receivables was $0.7 million and $1.3 million for the three and nine months ended December 31, 2024. Orion's losses on these sales were $12 thousand and $30 thousand for the three and nine months ended December 31, 2024.

The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of December 31, 2025 and March 31, 2025 (dollars in thousands):


	December 31, 2025		March 31, 2025		March 31, 2024
Accounts receivable, net	$	13,249	$	12,845	$	14,022
Revenue earned but not billed (1)	$	3,611	$	2,908	$	4,539
Deferred revenue (2)	$	114	$	367	$	124

(1) Within the revenue earned but not billed line on the Condensed Consolidated Balance Sheets, $0.0 million and $0.7 million was accounted for as a sales type lease under ASC 842 for December 31, 2025 and March 31, 2025, respectively, and therefore not considered a "contract asset", which is an asset defined by ASC 606.

(2) 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 power purchase agreements. 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 increases due to timing of contract completion, offset by the reclassifications to accounts receivable, net upon billing. Deferred revenue, current as of December 31, 2025, and March 31, 2025, includes $0.1 million and $0.4 million, respectively, of contract liabilities which represent consideration received from a new customer contract on which installation has not yet begun and Orion has not fulfilled the promises included. Of the $0.4 million outstanding as of March 31, 2025, $0.3 million has been recognized as revenue for the nine months ended December 31, 2025.

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

- 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.

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+ Details

ACCRUED EXPENSES AND OTHER (Warranty Accrual) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Movement in Standard Product Warranty Accrual
Beginning of period	$ 621	$ 692	$ 640	$ 725
Accruals	107	88	251	259
Warranty claims (net of vendor reimbursements)	(144)	(122)	(307)	(326)
End of period	$ 584	$ 658	$ 584	$ 658

Document and Entity Information	9 Months Ended
Document and Entity Information	Dec. 31, 2025
Cover [Abstract]
Entity Registrant Name	Orion Energy Systems, Inc.
Entity Central Index Key	0001409375
Document Type	10-Q
Document Period End Date	Dec. 31, 2025
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
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

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 20,888	$ 19,415	$ 60,115	$ 58,424
Revenue accounted for under other guidance	201	169	468	427
Total revenue	21,089	19,584	60,583	58,851
Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	14,438	14,139	40,496	39,015
Revenue accounted for under other guidance	201	169	468	427
Total revenue	14,639	14,308	40,964	39,442
Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	6,450	5,276	19,619	19,409
Revenue accounted for under other guidance	0	0	0	0
Total revenue	6,450	5,276	19,619	19,409
Lighting product and installation
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	11,866	13,045	35,141	36,361
Lighting product and installation \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	8,930	11,291	27,401	30,636
Lighting product and installation \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,936	1,754	7,740	5,725
Maintenance services
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	4,356	3,925	12,844	11,045
Maintenance services \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,165	1,672	5,711	3,795
Maintenance services \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	2,191	2,253	7,133	7,250
Electric vehicle charging
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	4,659	2,445	12,119	11,001
Electric vehicle charging \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	3,336	1,176	7,373	4,567
Electric vehicle charging \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	1,323	1,269	4,746	6,434
Solar energy related revenues
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	7	0	11	17
Solar energy related revenues \| Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	7	0	11	17
Solar energy related revenues \| Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers	$ 0	$ 0	$ 0	$ 0

ACCRUED EXPENSES AND OTHER (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2025	Mar. 31, 2025
Product Warranty Liability [Line Items]
Accrued expenses and other	$ 8,717	$ 12,728
Voltrek Acquisition
Product Warranty Liability [Line Items]
Accrued expenses and other		$ 3,300
Business acquisition common stock issued, value	1,000
Acquisition earnout cash payment	$ 875
Minimum
Product Warranty Liability [Line Items]
Limited warranty term	1 year
Maximum [Member]
Product Warranty Liability [Line Items]
Limited warranty term	10 years

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income tax (benefit)/expense	$ 18	$ 1	$ 41	$ 44
Unrecognized tax benefits	$ 300		$ 300

- Definition

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

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2025 Supplier Customer	Dec. 31, 2024 Supplier Customer	Dec. 31, 2025 Supplier Customer Financial_instituion	Dec. 31, 2024 Supplier Customer	Mar. 31, 2025 Customer
Concentration of Credit Risk and Other Risks and Uncertainties
Number of financial institutions \| Financial_instituion			1
Number of supplier more than ten percent of cost of revenue \| Supplier	0	0	0	0
Number of customer more than ten percent of revenue	2	2	2	1
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		2
Cost of revenue \| Supplier Concentration Risk \| Minimum
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Revenue \| Customer Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	30.70%	26.70%	31.70%	24.20%
Revenue \| Customer Concentration Risk \| Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	14.10%	10.40%	10.50%
Accounts Receivable \| Credit Concentration Risk \| Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage					13.00%
Accounts Receivable \| Credit Concentration Risk \| Minimum \| Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage			15.30%
Accounts Receivable \| Credit Concentration Risk \| Maximum [Member] \| Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage			17.30%

STOCK OPTIONS AND RESTRICTED SHARES (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2025	Aug. 07, 2019	Aug. 03, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares for issuance to eligible participants (in shares)	33,096
Reserved shares amount for issuance to eligible participants	$ 244
Deferred stock-based compensation expense remaining period	1 year 9 months 18 days
Deferred stock-based compensation exepense	$ 1,000
2016 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares for issuance to eligible participants (in shares)		600,000	350,000
Increase in number of common stock shares available for issuance		250,000

- 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.

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+ Details

INVENTORIES

9 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 — INVENTORIES

As of December 31, 2025 and March 31, 2025, Orion's inventory balances, net of excess and obsolete reserves of $2.1 million and $1.8 million, respectively, were as follows (dollars in thousands):


	Inventories
As of December 31, 2025
Raw materials and components	$	3,276
Work in process		121
Finished goods		6,469
Total	$	9,866

As of March 31, 2025
Raw materials and components	$	4,691
Work in process		286
Finished goods		6,415
Total	$	11,392

SEGMENT DATA - (Reconciliation of Segment Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total assets	$ 48,251	$ 52,463
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	48,251	52,463
Operating Segments [Member] \| Lighting Segment
Segment Reporting Information [Line Items]
Total assets	18,074	20,646
Operating Segments [Member] \| Maintenance Segment
Segment Reporting Information [Line Items]
Total assets	5,833	4,384
Operating Segments [Member] \| EV Segment
Segment Reporting Information [Line Items]
Total assets	10,043	11,963
Operating Segments [Member] \| Corporate and Other
Segment Reporting Information [Line Items]
Total assets	$ 14,301	$ 15,470

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

LEASES

9 Months Ended

Dec. 31, 2025

Leases [Abstract]

LEASES

NOTE 8 — LEASES

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

Under ASC 842, both finance and operating lease Right-Of-Use ("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	December 31, 2025		March 31, 2025
Assets
Operating lease assets	Other long-term assets	$	2,878	$	3,456
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other	$	762	$	794
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		2,274		2,829
Total lease liabilities		$	3,036	$	3,623

Orion had operating lease costs of $0.3 million and $0.9 million for the three and nine months ended December 31, 2025, respectively. Orion had operating lease costs of $0.3 million and $0.9 million for the three and nine months ended December 31, 2024, 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 2026 (period remaining)	$	258
Fiscal 2027		886
Fiscal 2028		803
Fiscal 2029		828
Fiscal 2030		707
Total lease payments	$	3,482
Less: Interest		(446	)
Present value of lease liabilities	$	3,036

Assets Orion Leases to Other Parties

Orion provides long-term financing to one customer who engages Orion in large turnkey projects that span between three and nine months. The customer executes an agreement providing for monthly payments, at a fixed monthly amount, of the contract price, plus interest, over typically a five-year period. The total transaction price in these contracts is allocated between product and services in the same manner as all other turnkey projects. The portion of the transaction associated with the installation is accounted for consistently with all other installation related performance obligations under ASC 606.

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

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

The following chart shows the amount of revenue and cost of sales arising from sales-type leases during the quarter ended December 31, 2025 and 2024 (dollars in thousands):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2025		2024		2025		2024
Product revenue	$	182	$	147	$	393	$	356
Cost of product revenue	$	167	$	123	$	316	$	319

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2025
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 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, 2026 or other interim periods. The Condensed Consolidated Balance Sheet as of March 31, 2025 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, 2025 filed with the SEC on June 26, 2025. On August 22, 2025, Orion enacted a 1-for-10 reverse stock split in order to remain compliant with the Minimum Bid Price Rule as defined below. The par value was not adjusted for the reverse stock split. All share and per share data have been adjusted for all periods presented to reflect the reverse stock split. 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 management estimates include revenue recognition, net realizable value of inventory, allowance for credit losses, accruals for warranty, loss contingencies, earnout, income taxes, impairment analyses, and certain equity transactions. Accordingly, actual results could differ from those estimates. Concentration of Credit Risk and Other Risks and Uncertainties Orion's cash is primarily deposited with one financial institution. At times, deposits in this institution exceeds the amount of insurance provided on such deposits. Orion has not experienced any losses in such accounts and believes that it is not exposed to any significant financial institution viability risk on these balances. Orion purchases components necessary for its lighting products, including lamps and LED components, from multiple suppliers. For the three and nine months ended December 31, 2025 and 2024, no suppliers accounted for more than 10% of total cost of revenue. For the three months ended December 31, 2025, two customers accounted for 30.7% and 14.1% of total revenue, respectively. For the nine months ended December 31, 2025, two customers accounted for 31.7% and 10.5% of total revenue, respectively. For the three months ended December 31, 2024, two customers accounted for 26.7% and 10.4% of total revenue, respectively. For the nine months ended December 31, 2024, one customer accounted for 24.2% of total revenue. As of December 31, 2025, two customers accounted for 17.3% and 15.3% of accounts receivable, respectively. As of March 31, 2025, one customer accounted for 13.0% of accounts receivable. Compliance with the Continued Listing Standards of the Nasdaq Capital Market (“NASDAQ”) As previously disclosed, on September 20, 2024, Orion received written notice from the Listing Qualifications Department (the “Staff”) of NASDAQ notifying Orion that it was not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”) for continued listing on NASDAQ, as the closing bid price of the Orion’s common stock had been below $1.00 per share for 30 consecutive trading days. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), Orion was granted 180 calendar days, or until March 19, 2025, to regain compliance with the Minimum Bid Price Rule which was followed by another 180-day extension. On March 19, 2025, Orion submitted a formal request to NASDAQ for an additional 180-calendar day period to regain compliance with the Minimum Bid Price Rule and provided written notice to NASDAQ of its intent to effectuate a reverse stock split during the additional compliance period if necessary to regain compliance with the Minimum Bid Price Rule. On March 20, 2025, Orion received a letter from NASDAQ granting Orion the additional period, through September 15, 2025, to regain compliance with the Minimum Bid Price Rule. Ultimately, in order to regain compliance with the Minimum Bid Price Rule, Orion effected a 1-for-10 reverse stock split of its common stock as of the opening of trading on August 22, 2025. As a result of the effect of Orion's reverse stock split, on September 8, 2025, Orion received a written notification from the Staff indicating that Orion had regained compliance with the Minimum Bid Price Rule. Consequently, Orion is now in compliance with all applicable listing standards of, and remains listed on, the Nasdaq. Recent Accounting Pronouncements Issued: Not Yet Adopted In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2025-11, which is intended to improve the navigability of the guidance in Accounting Standards Codification (ASC) 270 and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides "interim financial statements and notes in accordance with GAAP." The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other codification topics, and establishes a principle under which an entity must "disclose events since the end of the last annual reporting period that have a material impact on the entity." As the FASB stated in the proposed guidance and reiterates in the ASU, the amendments are not intended to "change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements." The amendments will be effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Orion is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326), which modifies the current credit loss guidance in Topic 326 to expand on how an entity develops and estimate of expected credit losses. The amendments in this update provide (1) all entities with a practical expedient and (2) entities other than public business entities with an accounting policy election when estimating expected credit loses for current accounts receivable and current contract assets arising from transactions accounted for under "Revenue from Contracts with Customers" Topic 606, ASC 606, as follows: "1. Practical expedient. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. 2. Accounting policy election. An entity other than a public business entity that elects the practical expedient is permitted to make an accounting policy election to consider collection activity after the balance sheet date when estimating expected credit losses." The amendments will be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. Orion is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which modifies the disclosure and presentation requirements relating to expenses shown on the statements of operations. The amendments in the update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity: "1. Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities. 2. Include certain amounts that are already required to be disclosed under current generally accepted accounting principles in the same disclosure as the other disaggregation requirements. 3. Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. 4. Disclose the total amount of selling expense and, in annual reporting periods, an entity's definition of selling expenses." The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. 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.

SHAREHOLDERS' EQUITY

9 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

NOTE 15 — SHAREHOLDERS’ EQUITY

Reverse Stock Split

On August 22, 2025, Orion enacted a 1-for-10 reverse stock split in order to remain compliant with the Minimum Bid Price Rule. The par value was not adjusted for the reverse stock split. All share and per share data have been adjusted for all periods presented to reflect the reverse stock split.

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 December 31, 2025, Orion issued 10 shares under the ESPP plan at a closing market price of $15.38. In the three months ended December 31, 2024, Orion issued 54 shares under the ESPP plan at a closing market price of $8.00.

Sale of Shares

In March 2023, Orion filed a 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, subject to regulatory limitations. 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. See Note 19 - Subsequent Events.

- Definition

The entire disclosure for equity.

+ References

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS, (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2025
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 1,484		$ 1,484		$ 1,484
Amortization expense	100	$ 300	612	$ 754
Stay Lite Lighting Acquisition
Finite Lived Intangible Assets [Line Items]
Goodwill	600		600
Voltrek LLC
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 900		$ 900

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- 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.

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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

SEGMENT DATA (Tables)

9 Months Ended

Dec. 31, 2025

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.


Three Months Ended December 31, 2025
(dollars in thousands)
	Lighting			Maintenance		EV		Corporate and Other			Total
Product revenue	$	9,138		$	2,165	$	3,336	$	—		$	14,639
Service revenue		2,936			2,191		1,323		—			6,450
Total revenue		12,074			4,356		4,659		—			21,089
Cost of product revenue		6,679			1,151		1,950		—			9,780
Cost of service revenue		1,843			1,957		1,002		—			4,802
Total cost of revenue		8,522			3,108		2,952		—			14,582
Gross profit		3,552			1,248		1,707		—			6,507
Operating expenses:
General and administrative		1,424			532		713		716			3,385
Sales and marketing		2,014			112		267		106			2,499
Research and development		116			36		21		64			237
Total operating expenses		3,554			680		1,001		886			6,121
Income (loss) from operations		(2	)		568		706		(886	)		386
Other income (expense):
Royalty income												46
Interest expense												(203	)
Amortization of debt issue cost												(51	)
Total other expense												(208	)
Income before income tax											$	178


Three Months Ended December 31, 2024
(dollars in thousands)
	Lighting		Maintenance		EV			Corporate and Other			Total
Product revenue	$	11,460	$	1,672	$	1,176		$	—		$	14,308
Service revenue		1,754		2,253		1,269			—			5,276
Total revenue		13,214		3,925		2,445			—			19,584
Cost of product revenue		7,878		784		685			—			9,347
Cost of service revenue		1,352		2,103		1,028			—			4,483
Total cost of revenue		9,230		2,887		1,713			—			13,830
Gross profit		3,984		1,038		732			—			5,754
Operating expenses:
General and administrative		1,330		523		1,370			634			3,857
Sales and marketing		2,079		166		501			113			2,859
Research and development		146		40		27			74			287
Total operating expenses		3,555		729		1,898			821			7,003
Income (loss) from operations		429		309		(1,166	)		(821	)		(1,249	)
Other income (expense):
Royalty income												45
Interest expense												(255	)
Interest income												1
Amortization of debt issue cost												(49	)
Total other expense												(258	)
Loss before income tax											$	(1,507	)


Nine Months Ended December 31, 2025
(dollars in thousands)
	Lighting			Maintenance		EV		Corporate and Other			Total
Product revenue	$	27,880		$	5,711	$	7,373	$	—		$	40,964
Service revenue		7,740			7,133		4,746		—			19,619
Total revenue		35,620			12,844		12,119		—			60,583
Cost of product revenue		19,881			3,128		4,370		—			27,379
Cost of service revenue		5,374			6,296		2,949		—			14,619
Total cost of revenue		25,255			9,424		7,319		—			41,998
Gross profit		10,365			3,420		4,800					18,585
Operating expenses:
General and administrative		4,813			1,731		2,482		2,461			11,487
Sales and marketing		5,882			332		753		326			7,293
Research and development		330			103		59		182			674
Total operating expenses		11,025			2,166		3,294		2,969			19,454
Income (loss) from operations		(660	)		1,254		1,506		(2,969	)		(869	)
Other income (expense):
Royalty income												49
Interest expense												(652	)
Amortization of debt issue cost												(152	)
Total other expense												(755	)
Loss before income tax											$	(1,624	)


Nine Months Ended December 31, 2024
(dollars in thousands)
	Lighting			Maintenance			EV			Corporate and Other			Total
Product revenue	$	31,080		$	3,795		$	4,567		$	—		$	39,442
Service revenue		5,725			7,250			6,434			—			19,409
Total revenue		36,805			11,045			11,001			—			58,851
Cost of product revenue		21,958			2,007			2,844			—			26,809
Cost of service revenue		5,227			7,292			5,022			—			17,541
Total cost of revenue		27,185			9,299			7,866			—			44,350
Gross profit		9,620			1,746			3,135						14,501
Operating expenses:
General and administrative		4,516			2,169			4,007			2,278			12,970
Sales and marketing		6,731			478			1,051			384			8,644
Research and development		428			118			78			216			840
Total operating expenses		11,675			2,765			5,136			2,878			22,454
Loss from operations		(2,055	)		(1,019	)		(2,001	)		(2,878	)		(7,953	)
Other income (expense):
Royalty income														61
Interest expense														(800	)
Interest income														1
Amortization of debt issue cost														(155	)
Total other expense														(893	)
Loss before income tax													$	(8,846	)


	Depreciation and Amortization				Capital Expenditures
	Nine Months Ended December 31,				Nine Months Ended December 31,
(dollars in thousands)	2025		2024		2025			2024
Segments:
Lighting Segment	$	487	$	596	$	55		$	12
Maintenance Segment		146		289		4			1
EV Segment		632		777		—			-
Corporate and Other		212		206		(1	)		35
	$	1,477	$	1,868	$	58		$	48


	Total Assets
(dollars in thousands)	December 31, 2025		March 31, 2025
Segments:
Lighting Segment	$	18,074	$	20,646
Maintenance Segment		5,833		4,384
EV Segment		10,043		11,963
Corporate and Other		14,301		15,470
	$	48,251	$	52,463

DEBT - Schedule of Subordinated Debt , net of the costs incurred to issue the debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Debt Instrument [Line Items]
Subordinated debt	$ 1,388	$ 0
Issuance costs	(354)	0
Subordinated debt, net	$ 1,034	$ 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.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock, Shares	Common Stock, Additional Paid-in Capital	Treasury Stock	Accumulated Deficit
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		3,256,775
Shares issued under Employee Stock Purchase Plan	1			1
Shares issued under Employee Stock Purchase Plan (shares)		46
Stock-based compensation	294		294
Stock-based compensation (shares)		17,520
Net loss (in thousands)	(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		3,274,341
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		3,256,775
Net loss (in thousands)	(8,890)
Shareholders' equity, end of period at Dec. 31, 2024	14,475		162,691	(36,233)	(111,983)
Shareholders' equity, at end of period (Shares) at Dec. 31, 2024		3,293,992
Shareholders' equity, beginning of period at Jun. 30, 2024	19,079		162,163	(36,234)	(106,850)
Shareholders' equity, beginning of period (Shares) at Jun. 30, 2024		3,274,341
Shares issued under Employee Stock Purchase Plan	1			1
Shares issued under Employee Stock Purchase Plan (shares)		69
Stock-based compensation	348		348
Stock-based compensation (shares)		16,163
Net loss (in thousands)	(3,625)				(3,625)
Shareholders' equity, end of period at Sep. 30, 2024	15,803		162,511	(36,233)	(110,475)
Shareholders' equity, at end of period (Shares) at Sep. 30, 2024		3,290,573
Shares issued under Employee Stock Purchase Plan (shares)		54
Stock-based compensation	180		180
Stock-based compensation (shares)		3,414
Employee tax withholdings on stock-based compensation (shares)		(48)
Net loss (in thousands)	(1,508)				(1,508)
Shareholders' equity, end of period at Dec. 31, 2024	14,475		162,691	(36,233)	(111,983)
Shareholders' equity, at end of period (Shares) at Dec. 31, 2024		3,293,992
Shareholders' equity, beginning of period at Mar. 31, 2025	11,884		163,025	(36,248)	(114,893)
Shareholders' equity, beginning of period (Shares) at Mar. 31, 2025		3,298,389
Shares issued under Employee Stock Purchase Plan (shares)		25
Stock-based compensation	166		166
Stock-based compensation (shares)		56,949
Net loss (in thousands)	(1,244)				(1,244)
Shareholders' equity, end of period at Jun. 30, 2025	10,806		163,191	(36,248)	(116,137)
Shareholders' equity, at end of period (Shares) at Jun. 30, 2025		3,355,363
Shareholders' equity, beginning of period at Mar. 31, 2025	11,884		163,025	(36,248)	(114,893)
Shareholders' equity, beginning of period (Shares) at Mar. 31, 2025		3,298,389
Net loss (in thousands)	(1,665)
Shareholders' equity, end of period at Dec. 31, 2025	11,839		163,345	(34,948)	(116,558)
Shareholders' equity, at end of period (Shares) at Dec. 31, 2025		3,552,077
Shareholders' equity, beginning of period at Jun. 30, 2025	10,806		163,191	(36,248)	(116,137)
Shareholders' equity, beginning of period (Shares) at Jun. 30, 2025		3,355,363
Shares issued under Employee Stock Purchase Plan (shares)		20
Shares issued to Final Frontier as partial payment of the accrued earn-out liability, Shares		164,908
Shares issued to Final Frontier as partial payment of the accrued earn-out liability	1,000			1,000
Stock-based compensation	157		157
Stock-based compensation (shares)		10,579
Net loss (in thousands)	(581)				(581)
Shareholders' equity, end of period at Sep. 30, 2025	11,382		163,348	(35,248)	(116,718)
Shareholders' equity, at end of period (Shares) at Sep. 30, 2025		3,530,870
Shares issued under Employee Stock Purchase Plan (shares)		10
Stock-based compensation	3		3
Stock-based compensation (shares)		35
Employee tax withholdings on stock-based compensation (shares)		(4)
Net loss (in thousands)	160				160
Shareholders' equity, end of period at Dec. 31, 2025	$ 11,839		$ 163,345	$ (34,948)	$ (116,558)
Shareholders' equity, at end of period (Shares) at Dec. 31, 2025		3,552,077

PROPERTY AND EQUIPMENT (Tables)

9 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

As of December 31, 2025 and March 31, 2025, property and equipment, net, included the following (dollars in thousands):


	December 31, 2025			March 31, 2025
Land and land improvements	$	433		$	433
Buildings and building improvements		9,552			9,552
Furniture, fixtures and office equipment		7,719			7,886
Leasehold improvements		496			493
Equipment leased to customers		4,997			4,997
Plant equipment		10,995			11,011
Vehicles		464			464
Construction in progress		47			—
Gross property and equipment		34,703			34,836
Less: accumulated depreciation		(27,336	)		(26,810	)
Total property and equipment, net	$	7,367		$	8,026

RESTRUCTURING EXPENSE (Tables)

9 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs

Orion's restructuring expense for the three and nine months ended December 31, 2025 and 2024 is reflected within its Condensed Consolidated Statement of Operations as follows (dollars in thousands):


	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2025		2024		2025		2024
Cost of product revenue	$	—	$	—	$	—	$	197
Cost of service revenue		—		—		—		149
General and administrative		—		20		—		388
Total Restructuring	$	—	$	20	$	—	$	734

Schedule Of Restructuring Expense By Segment

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


	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2025		2024		2025		2024
Segments:
Maintenance	$	—		20		—		719
Corporate and Other		—		—		—		15
Total Restructuring	$	—	$	20	$	—	$	734

INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Net
Raw materials and components	$ 3,276	$ 4,691
Work in process	121	286
Finished goods	6,469	6,415
Total	$ 9,866	$ 11,392

SEGMENT DATA - (Reconciliation of Segment Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Corporate and Other
Revenues	$ 21,089	$ 19,584	$ 60,583	$ 58,851
Total Cost of Sales	14,582	13,830	41,998	44,350
Gross profit	6,507	5,754	18,585	14,501
Operating expenses:
General and administrative	3,385	3,857	11,487	12,970
Sales and marketing	2,499	2,859	7,291	8,644
Research and development	237	287	676	840
Total operating expenses	6,121	7,003	19,454	22,454
Income (loss) from operations	386	(1,249)	(869)	(7,953)
Other income (expense):
Royalty income	46	45	49	61
Interest income	0	1	0	1
Amortization of debt issue cost	(51)	(49)	(152)	(155)
Loss before income tax	178	(1,507)	(1,624)	(8,846)
Product [Member]
Corporate and Other
Revenues	14,639	14,308	40,964	39,442
Total Cost of Sales	9,780	9,347	27,379	26,809
Service [Member]
Corporate and Other
Revenues	6,450	5,276	19,619	19,409
Total Cost of Sales	4,802	4,483	14,619	17,541
Operating Segments
Corporate and Other
Revenues	21,089	19,584	60,583	58,851
Total Cost of Sales	14,582	13,830	41,998	44,350
Gross profit	6,507	5,754	18,585	14,501
Operating expenses:
General and administrative	3,385	3,857	11,487	12,970
Sales and marketing	2,499	2,859	7,293	8,644
Research and development	237	287	674	840
Total operating expenses	6,121	7,003	19,454	22,454
Income (loss) from operations	(386)	(1,249)	(869)	(7,953)
Other income (expense):
Royalty income	46	45	49	61
Interest expense	(203)	(255)	(652)	800
Interest income		1		1
Amortization of debt issue cost	(51)	(49)	(152)	(155)
Total other expense	(208)	(258)	(755)	(893)
Loss before income tax	178	(1,507)	(1,624)	(8,846)
Depreciation and Amortization			1,477	1,868
Capital Expenditures			58	48
Operating Segments \| Lighting Segment
Corporate and Other
Revenues	12,074	13,214	35,620	36,805
Total Cost of Sales	8,522	9,230	25,255	27,185
Gross profit	3,552	3,984	10,365	9,620
Operating expenses:
General and administrative	1,424	1,330	4,813	4,516
Sales and marketing	2,014	2,079	5,882	6,731
Research and development	116	146	330	428
Total operating expenses	3,554	3,555	11,025	11,675
Income (loss) from operations	(2)	429	(660)	(2,055)
Other income (expense):
Depreciation and Amortization			487	596
Capital Expenditures			55	12
Operating Segments \| Maintenance Segment
Corporate and Other
Revenues	4,356	3,925	12,844	11,045
Total Cost of Sales	3,108	2,887	9,424	9,299
Gross profit	1,248	1,038	3,420	1,746
Operating expenses:
General and administrative	532	523	1,731	2,169
Sales and marketing	112	166	332	478
Research and development	36	40	103	118
Total operating expenses	680	729	2,166	2,765
Income (loss) from operations	568	309	1,254	(1,019)
Other income (expense):
Depreciation and Amortization			146	289
Capital Expenditures			4	1
Operating Segments \| EV Segment
Corporate and Other
Revenues	4,659	2,445	12,119	11,001
Total Cost of Sales	2,952	1,713	7,319	7,866
Gross profit	1,707	732	4,800	3,135
Operating expenses:
General and administrative	713	1,370	2,482	4,007
Sales and marketing	267	501	753	1,051
Research and development	21	27	59	78
Total operating expenses	1,001	1,898	3,294	5,136
Income (loss) from operations	706	(1,166)	1,506	(2,001)
Other income (expense):
Depreciation and Amortization			632	777
Capital Expenditures			0	0
Operating Segments \| Corporate and Other
Corporate and Other
Revenues	0	0	0	0
Total Cost of Sales	0	0	0	0
Gross profit	0	0
Operating expenses:
General and administrative	716	634	2,461	2,278
Sales and marketing	106	113	326	384
Research and development	64	74	182	216
Total operating expenses	886	821	2,969	2,878
Income (loss) from operations	(886)	(821)	(2,969)	(2,878)
Other income (expense):
Depreciation and Amortization			212	206
Capital Expenditures			(1)	35
Operating Segments \| Product [Member]
Corporate and Other
Revenues	14,639	14,308	40,964	39,442
Total Cost of Sales	9,780	9,347	27,379	26,809
Operating Segments \| Product [Member] \| Lighting Segment
Corporate and Other
Revenues	9,138	11,460	27,880	31,080
Total Cost of Sales	6,679	7,878	19,881	21,958
Operating Segments \| Product [Member] \| Maintenance Segment
Corporate and Other
Revenues	2,165	1,672	5,711	3,795
Total Cost of Sales	1,151	784	3,128	2,007
Operating Segments \| Product [Member] \| EV Segment
Corporate and Other
Revenues	3,336	1,176	7,373	4,567
Total Cost of Sales	1,950	685	4,370	2,844
Operating Segments \| Product [Member] \| Corporate and Other
Corporate and Other
Revenues	0	0	0	0
Total Cost of Sales	0	0	0	0
Operating Segments \| Service [Member]
Corporate and Other
Revenues	6,450	5,276	19,619	19,409
Total Cost of Sales	4,802	4,483	14,619	17,541
Operating Segments \| Service [Member] \| Lighting Segment
Corporate and Other
Revenues	2,936	1,754	7,740	5,725
Total Cost of Sales	1,843	1,352	5,374	5,227
Operating Segments \| Service [Member] \| Maintenance Segment
Corporate and Other
Revenues	2,191	2,253	7,133	7,250
Total Cost of Sales	1,957	2,103	6,296	7,292
Operating Segments \| Service [Member] \| EV Segment
Corporate and Other
Revenues	1,323	1,269	4,746	6,434
Total Cost of Sales	1,002	1,028	2,949	5,022
Operating Segments \| Service [Member] \| Corporate and Other
Corporate and Other
Revenues	0	0	0	0
Total Cost of Sales	$ 0	$ 0	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Dec. 31, 2025	Dec. 31, 2025
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Rule 10b5-1 Trading Plans During the three months ended December 31, 2025, none of our directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement," or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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 (Schedule of Revenue and Cost of Sales Arising from Sales-Type Leases) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Product revenue	$ 182	$ 147	$ 393	$ 356
Cost of product revenue	$ 167	$ 123	$ 316	$ 319

ACCRUED EXPENSES AND OTHER

9 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

ACCRUED EXPENSES AND OTHER

NOTE 10 — ACCRUED EXPENSES AND OTHER

As of December 31, 2025, and March 31, 2025, accrued expenses and other included the following (dollars in thousands):


	December 31, 2025		March 31, 2025
Accrued acquisition earnout	$	—	$	3,263
Other accruals		2,454		2,180
Compensation and benefits		2,517		2,424
Credits due to customers		1,104		1,581
Accrued project costs		1,777		2,283
Warranty		388		449
Sales returns reserve		55		273
Sales tax		207		177
Legal and professional fees		215		98
Total	$	8,717	$	12,728

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 December 31,						For the Nine Months Ended December 31,
	2025			2024			2025			2024
Beginning of period	$	621		$	692		$	640		$	725
Accruals		107			88			251			259
Warranty claims (net of vendor reimbursements)		(144	)		(122	)		(307	)		(326	)
End of period	$	584		$	658		$	584		$	658

As of March 31, 2025, the balance of the accrued Voltrek Acquisition earnout was $3.3 million. During the second quarter, Orion issued common stock to the prior owner of Voltrek with a value of $1 million and paid $875 thousand in cash as partial payment of the accrued acquisition earnout. See Note 12 below for additional details around the remaining accrued earnout liability. These compensatory payments have been expensed over the course of the earnout periods to the extent they were or are earned. On June 23, 2025, Orion entered into a binding term sheet (the “Initial Term Sheet”) with respect to its remaining earnout obligations owed to the prior owner of Voltrek pursuant to the Voltrek Acquisition, and on July 31, 2025, Orion entered into an amendment to the Initial Term Sheet (the "Term Sheet Amendment"), each as further described in Note 12 below. Pursuant to the Initial Term Sheet, as amended by the Term Sheet Amendment (the “Term Sheet”), on September 30, 2025, Orion, as borrower, Great Lakes Energy Technologies, LLC (“Great Lakes”), Clean Energy Solutions, LLC (“Clean Energy”), Orion Asset Management, LLC (“Asset Management”), Orion Technologies Ventures, LLC (“Orion Technology”, and together with Voltrek, Clean Energy, Asset Management and Orion Technology, the “Company Subsidiaries”) and Voltrek, as guarantors, and Final Frontier, as lender, entered into a senior subordinated loan agreement (the “Subordinated Loan Agreement”), pursuant to which Final Frontier agreed to defer payment of the Remaining Earnout Amount (as defined below) by Orion pursuant to the terms of the Subordinated Loan Agreement. Orion’s obligation to pay the Remaining Earnout Amount is further evidenced by a senior subordinated note issued by Orion under the Subordinated Loan Agreement (the “Senior Subordinated Note”).

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Total revenue	$ 21,089	$ 19,584	$ 60,583	$ 58,851
Total cost of revenue	14,582	13,830	41,998	44,350
Gross profit	6,507	5,754	18,585	14,501
Operating expenses:
General and administrative	3,385	3,857	11,487	12,970
Sales and marketing	2,499	2,859	7,291	8,644
Research and development	237	287	676	840
Total operating expenses	6,121	7,003	19,454	22,454
Income (loss) from operations	386	(1,249)	(869)	(7,953)
Other income (expense):
Interest expense	(203)	(255)	(652)	(800)
Amortization of debt issue cost	(51)	(49)	(152)	(155)
Royalty income	46	45	49	61
Interest income	0	1	0	1
Total other expense	(208)	(258)	(755)	(893)
Loss before income tax	178	(1,507)	(1,624)	(8,846)
Income tax expense	18	1	41	44
Net loss	$ 160	$ (1,508)	$ (1,665)	$ (8,890)
Basic net loss per share	$ 0.05	$ (0.46)	$ (0.48)	$ (2.71)
Weighted-average common shares outstanding	3,540,765	3,292,332	3,457,481	3,278,711
Diluted net loss per share	$ 0.04	$ (0.46)	$ (0.48)	$ (2.71)
Weighted-average common shares and share equivalents outstanding	3,637,008	3,292,332	3,457,481	3,278,711
Product revenue
Total revenue	$ 14,639	$ 14,308	$ 40,964	$ 39,442
Total cost of revenue	9,780	9,347	27,379	26,809
Service revenue
Total revenue	6,450	5,276	19,619	19,409
Total cost of revenue	$ 4,802	$ 4,483	$ 14,619	$ 17,541

ACCRUED EXPENSES AND OTHER (Tables)

9 Months Ended

Dec. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Accrued Expenses and Other

As of December 31, 2025, and March 31, 2025, accrued expenses and other included the following (dollars in thousands):


	December 31, 2025		March 31, 2025
Accrued acquisition earnout	$	—	$	3,263
Other accruals		2,454		2,180
Compensation and benefits		2,517		2,424
Credits due to customers		1,104		1,581
Accrued project costs		1,777		2,283
Warranty		388		449
Sales returns reserve		55		273
Sales tax		207		177
Legal and professional fees		215		98
Total	$	8,717	$	12,728

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 December 31,						For the Nine Months Ended December 31,
	2025			2024			2025			2024
Beginning of period	$	621		$	692		$	640		$	725
Accruals		107			88			251			259
Warranty claims (net of vendor reimbursements)		(144	)		(122	)		(307	)		(326	)
End of period	$	584		$	658		$	584		$	658

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Dec. 31, 2025

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, prepaid subscription fees, prepaid networking services for EV products, ERP system implementation fees, and value added tax receivable. Prepaid expenses totaled $1.4 million and $1.9 million as of December 31, 2025 and March 31, 2025, respectively.

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 9 — GOODWILL AND OTHER INTANGIBLE ASSETS

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

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

As of December 31, 2025, and March 31, 2025, the components of, and changes in, the carrying amount of other intangible assets, net, were as follows (dollars in thousands):


	December 31, 2025									March 31, 2025
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life		Gross Carrying Amount		Accumulated Amortization			Net
Amortized Intangible Assets
Patents	$	1,877	$	(1,598	)	$	279		8.5	$	1,895	$	(1,568	)	$	327
Licenses		58		(58	)		—		—		58		(58	)		—
Trade name and trademarks		300		(195	)		105		1.8		300		(150	)		150
Customer relationships		5,000		(5,000	)		—		—		5,000		(4,763	)		237
Vendor relationships		2,600		(1,204	)		1,396		3.8		2,600		(925	)		1,675
Developed technology		900		(900	)		—		—		900		(900	)		—
Total Amortized Intangible Assets	$	10,735	$	(8,955	)	$	1,780		3.5	$	10,753	$	(8,364	)	$	2,389

Indefinite-lived Intangible Assets
Trade name and trademarks	$	990	$	—		$	990			$	990	$	—		$	990
Total Non-Amortized Intangible Assets	$	990	$	—		$	990			$	990	$	—		$	990

Amortization expense on intangible assets was $0.1 million and $0.6 million for the three and nine months ended December 31, 2025, respectively. Amortization expense on intangible assets was $0.3 million and $0.8 million for the three and nine months ended December 31, 2024, respectively.

The estimated amortization expense for the remainder of fiscal 2026, the next five fiscal years and beyond is shown below (dollars in thousands):


Fiscal 2026 (period remaining)	$	120
Fiscal 2027		476
Fiscal 2028		440
Fiscal 2029		404
Fiscal 2030		219
Thereafter		121
Total	$	1,780

ACCOUNTS RECEIVABLE (Tables)

9 Months Ended

Dec. 31, 2025

Receivables [Abstract]

Accounts Receivable and Allowance for Doubtful Accounts Balances

As of December 31, 2025 and March 31, 2025, Orion's accounts receivable and allowance for credit losses balances were as follows (dollars in thousands):


	December 31, 2025			March 31, 2025
Accounts receivable, gross	$	13,358		$	12,909
Allowance for credit losses		(109	)		(64	)
Accounts receivable, net	$	13,249		$	12,845

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 December 31,						For the Nine Months Ended December 31,
	2025			2024			2025			2024
Beginning of period	$	(94	)	$	(66	)	$	(64	)	$	(72	)
Credit loss expense		(15	)		(75	)		(45	)		(130	)
Write-off		—			11			—			72
End of period	$	(109	)	$	(130	)	$	(109	)	$	(130	)

SEGMENT DATA

9 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

SEGMENT DATA

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's CODM focuses primarily on each segment's ability to generate sufficient revenues and manage cost of services along with operating expenses. As such, the CODM measures operating performance at the segment level based on operating income or loss, including evaluation of budget to actual variances. 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.

EV Segment

The EV 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.


Three Months Ended December 31, 2025
(dollars in thousands)
	Lighting			Maintenance		EV		Corporate and Other			Total
Product revenue	$	9,138		$	2,165	$	3,336	$	—		$	14,639
Service revenue		2,936			2,191		1,323		—			6,450
Total revenue		12,074			4,356		4,659		—			21,089
Cost of product revenue		6,679			1,151		1,950		—			9,780
Cost of service revenue		1,843			1,957		1,002		—			4,802
Total cost of revenue		8,522			3,108		2,952		—			14,582
Gross profit		3,552			1,248		1,707		—			6,507
Operating expenses:
General and administrative		1,424			532		713		716			3,385
Sales and marketing		2,014			112		267		106			2,499
Research and development		116			36		21		64			237
Total operating expenses		3,554			680		1,001		886			6,121
Income (loss) from operations		(2	)		568		706		(886	)		386
Other income (expense):
Royalty income												46
Interest expense												(203	)
Amortization of debt issue cost												(51	)
Total other expense												(208	)
Income before income tax											$	178


Three Months Ended December 31, 2024
(dollars in thousands)
	Lighting		Maintenance		EV			Corporate and Other			Total
Product revenue	$	11,460	$	1,672	$	1,176		$	—		$	14,308
Service revenue		1,754		2,253		1,269			—			5,276
Total revenue		13,214		3,925		2,445			—			19,584
Cost of product revenue		7,878		784		685			—			9,347
Cost of service revenue		1,352		2,103		1,028			—			4,483
Total cost of revenue		9,230		2,887		1,713			—			13,830
Gross profit		3,984		1,038		732			—			5,754
Operating expenses:
General and administrative		1,330		523		1,370			634			3,857
Sales and marketing		2,079		166		501			113			2,859
Research and development		146		40		27			74			287
Total operating expenses		3,555		729		1,898			821			7,003
Income (loss) from operations		429		309		(1,166	)		(821	)		(1,249	)
Other income (expense):
Royalty income												45
Interest expense												(255	)
Interest income												1
Amortization of debt issue cost												(49	)
Total other expense												(258	)
Loss before income tax											$	(1,507	)


Nine Months Ended December 31, 2025
(dollars in thousands)
	Lighting			Maintenance		EV		Corporate and Other			Total
Product revenue	$	27,880		$	5,711	$	7,373	$	—		$	40,964
Service revenue		7,740			7,133		4,746		—			19,619
Total revenue		35,620			12,844		12,119		—			60,583
Cost of product revenue		19,881			3,128		4,370		—			27,379
Cost of service revenue		5,374			6,296		2,949		—			14,619
Total cost of revenue		25,255			9,424		7,319		—			41,998
Gross profit		10,365			3,420		4,800					18,585
Operating expenses:
General and administrative		4,813			1,731		2,482		2,461			11,487
Sales and marketing		5,882			332		753		326			7,293
Research and development		330			103		59		182			674
Total operating expenses		11,025			2,166		3,294		2,969			19,454
Income (loss) from operations		(660	)		1,254		1,506		(2,969	)		(869	)
Other income (expense):
Royalty income												49
Interest expense												(652	)
Amortization of debt issue cost												(152	)
Total other expense												(755	)
Loss before income tax											$	(1,624	)


Nine Months Ended December 31, 2024
(dollars in thousands)
	Lighting			Maintenance			EV			Corporate and Other			Total
Product revenue	$	31,080		$	3,795		$	4,567		$	—		$	39,442
Service revenue		5,725			7,250			6,434			—			19,409
Total revenue		36,805			11,045			11,001			—			58,851
Cost of product revenue		21,958			2,007			2,844			—			26,809
Cost of service revenue		5,227			7,292			5,022			—			17,541
Total cost of revenue		27,185			9,299			7,866			—			44,350
Gross profit		9,620			1,746			3,135						14,501
Operating expenses:
General and administrative		4,516			2,169			4,007			2,278			12,970
Sales and marketing		6,731			478			1,051			384			8,644
Research and development		428			118			78			216			840
Total operating expenses		11,675			2,765			5,136			2,878			22,454
Loss from operations		(2,055	)		(1,019	)		(2,001	)		(2,878	)		(7,953	)
Other income (expense):
Royalty income														61
Interest expense														(800	)
Interest income														1
Amortization of debt issue cost														(155	)
Total other expense														(893	)
Loss before income tax													$	(8,846	)


	Depreciation and Amortization				Capital Expenditures
	Nine Months Ended December 31,				Nine Months Ended December 31,
(dollars in thousands)	2025		2024		2025			2024
Segments:
Lighting Segment	$	487	$	596	$	55		$	12
Maintenance Segment		146		289		4			1
EV Segment		632		777		—			-
Corporate and Other		212		206		(1	)		35
	$	1,477	$	1,868	$	58		$	48


	Total Assets
(dollars in thousands)	December 31, 2025		March 31, 2025
Segments:
Lighting Segment	$	18,074	$	20,646
Maintenance Segment		5,833		4,384
EV Segment		10,043		11,963
Corporate and Other		14,301		15,470
	$	48,251	$	52,463

- Definition

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

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
LEASES (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease costs	$ 0.3	$ 0.3	$ 0.9	$ 0.9

REVENUE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
REVENUE (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Proceeds from sale of revenue earned but not billed	$ 900	$ 700		$ 1,500	$ 1,300
Gain (loss) on sale of revenue earned but not billed	45	$ 12	$ 30	43
Change in contract asset reclassified to accounts receivable				0
Contract liabilities	400			100
Revenue Recognized	$ 400			$ 300

DEBT (Tables)

9 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Summary of Subordinated Debt

Debt, including the revolving credit facility, consisted of the following (dollars in thousands):


	December 31, 2025			March 31, 2025
Revolving credit facility	$	5,750		$	7,000
Term loan		3,060			3,324
Subordinated debt, net		1,034			—
Total long-term debt		9,844			10,324
Less current maturities		(803	)		(353	)
Long-term debt, less current maturities	$	9,041		$	9,971

Summary of Long-Term Debt

The below table outlines the total subordinated debt, net of the costs incurred to issue the debt (dollars in thousands):


	December 31, 2025			March 31, 2025
Subordinated debt	$	1,388		$	—
Issuance costs		(354	)		—
Subordinated debt, net	$	1,034		$	—

LEASES (Summary of Assets Leased from Third Parties) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Leases [Abstract]
Operating lease assets	$ 2,878	$ 3,456
Operating Lease, Right Of Use Asset Statement Of Financial Position [Extensible List]	Other long-term assets	Other long-term assets
Operating lease liabilities current	$ 762	$ 794
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other	Accrued expenses and other
Operating lease liabilities non-current	$ 2,274	$ 2,829
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 3,036	$ 3,623

RESTRUCTURING EXPENSE

9 Months Ended

Dec. 31, 2025

Disclosure Text Block [Abstract]

RESTRUCTURING EXPENSE

NOTE 18 — RESTRUCTURING

As part of Orion's restructuring effort in fiscal 2025, Orion entered into certain retention bonus agreements with certain key employees. The remainder of those retention bonuses were paid in the third quarter of fiscal 2025 and are not anticipated to recur. 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 due to the restructuring, along with a lease breakage fee that occurred in the second quarter of fiscal 2025 due to the closing of the Pewaukee office. Orion's restructuring expense for the three and nine months ended December 31, 2025 and 2024 is reflected within its Condensed Consolidated Statement of Operations as follows (dollars in thousands):


	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2025		2024		2025		2024
Cost of product revenue	$	—	$	—	$	—	$	197
Cost of service revenue		—		—		—		149
General and administrative		—		20		—		388
Total Restructuring	$	—	$	20	$	—	$	734

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


	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2025		2024		2025		2024
Segments:
Maintenance	$	—		20		—		719
Corporate and Other		—		—		—		15
Total Restructuring	$	—	$	20	$	—	$	734

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Summary of Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses	$ 0.4	$ 1.9

REVENUE (Tables)

9 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables provide detail of Orion’s total revenue for the three and nine months ended December 31, 2025 and December 31, 2024 (dollars in thousands):


	Three Months Ended December 31, 2025						Nine Months Ended December 31, 2025
	Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	8,930	$	2,936	$	11,866	$	27,401	$	7,740	$	35,141
Maintenance services		2,165		2,191		4,356		5,711		7,133		12,844
Electric vehicle charging		3,336		1,323		4,659		7,373		4,746		12,119
Solar energy related revenues		7		—		7		11		—		11
Total revenues from contracts with customers		14,438		6,450		20,888		40,496		19,619		60,115
Revenue accounted for under other guidance		201		—		201		468		—		468
Total revenue	$	14,639	$	6,450	$	21,089	$	40,964	$	19,619	$	60,583

	Three Months Ended December 31, 2024						Nine Months Ended December 31, 2024
	Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	11,291	$	1,754	$	13,045	$	30,636	$	5,725	$	36,361
Maintenance services		1,672		2,253		3,925		3,795		7,250		11,045
Electric vehicle charging		1,176		1,269		2,445		4,567		6,434		11,001
Solar energy related revenues		—		—		—		17		—		17
Total revenues from contracts with customers		14,139		5,276		19,415		39,015		19,409		58,424
Revenue accounted for under other guidance		169		—		169		427		—		427
Total revenue	$	14,308	$	5,276	$	19,584	$	39,442	$	19,409	$	58,851

Summary of Contract Assets and Liabilities


	December 31, 2025		March 31, 2025		March 31, 2024
Accounts receivable, net	$	13,249	$	12,845	$	14,022
Revenue earned but not billed (1)	$	3,611	$	2,908	$	4,539
Deferred revenue (2)	$	114	$	367	$	124

DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2025	Mar. 31, 2025
Long-term debt
Total long-term debt	$ 9,844	$ 10,324
Subordinated debt, net	1,034	0
Less current maturities	(803)	(353)
Long-term debt, less current maturities	9,041	9,971
Revolving credit facility
Long-term debt
Revolving credit facility	5,750	7,000
Term Loan
Long-term debt
Total long-term debt	$ 3,060	$ 3,324

- Definition

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

+ References

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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Section S99
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-Topic 470
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-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

LEASES (Tables)

9 Months Ended

Dec. 31, 2025

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	December 31, 2025		March 31, 2025
Assets
Operating lease assets	Other long-term assets	$	2,878	$	3,456
Liabilities
Current liabilities
Operating lease liabilities	Accrued expenses and other	$	762	$	794
Non-current liabilities
Operating lease liabilities	Other long-term liabilities		2,274		2,829
Total lease liabilities		$	3,036	$	3,623

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 2026 (period remaining)	$	258
Fiscal 2027		886
Fiscal 2028		803
Fiscal 2029		828
Fiscal 2030		707
Total lease payments	$	3,482
Less: Interest		(446	)
Present value of lease liabilities	$	3,036

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

The following chart shows the amount of revenue and cost of sales arising from sales-type leases during the quarter ended December 31, 2025 and 2024 (dollars in thousands):


	Three Months Ended December 31,				Nine Months Ended December 31,
	2025		2024		2025		2024
Product revenue	$	182	$	147	$	393	$	356
Cost of product revenue	$	167	$	123	$	316	$	319

SUBSEQUENT EVENTS

9 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 19 — SUBSEQUENT EVENTS

On February 2, 2026, Orion issued 500,000 shares of its common stock at a price to the public of $14.00 per share pursuant to a firmly underwritten public offering. Net proceeds from the offering of approximately $6.4 million will be used to reduce

amounts outstanding under Orion's Credit Agreement, with the remainder to be used for working capital and general corporate purposes.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 14 — COMMITMENTS AND CONTINGENCIES

Litigation

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

STOCK OPTIONS AND RESTRICTED SHARES

9 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

STOCK OPTIONS AND RESTRICTED SHARES

NOTE 16 — STOCK OPTIONS AND RESTRICTED SHARES

At Orion’s 2023 annual meeting of shareholders, 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 350,000 shares to 600,000 shares (an increase of 250,000 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.

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

During the third quarter of fiscal 2026, it was determined that the performance obligations required for the performance-based shares granted in August 2023 were not likely to be achieved. As such, the approximately $244 thousand expense related to the 33,096 shares was reversed.

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


	For the Three Months Ended December 31,					For the Nine Months Ended December 31,
	2025			2024		2025		2024
Cost of product revenue	$	(4	)	$	1	$	—	$	5
General and administrative		(14	)		175		282		793
Sales and marketing		14			2		35		17
Research and development		1			2		3		7
Total	$	(3	)	$	180	$	320	$	822

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, 2025		133,159		$	13.00		152,994		$	14.30
Shares issued		48,000		$	5.93		—		$	—
Shares vested		(67,559	)	$	14.81		—		$	—
Shares forfeited		(11,787	)	$	10.19		(72,833	)	$	14.37
Shares outstanding at December 31, 2025		101,813		$	8.80		80,161		$	12.80

The following table summarized information with respect to performance-based option and time-based option activity:


	Time-Based Options				Performance-Based Options
	Options		Weighted Average Exercise Price		Options		Weighted Average Exercise Price
Balance at March 31, 2025		—	$	—		—	$	—
Options granted		26,555	$	6.21		50,000	$	6.00
Options outstanding at December 31, 2025		26,555	$	6.21		50,000	$	6.00

As of December 31, 2025, the amount of deferred stock-based compensation expense to be recognized, over a remaining period of 1.8 years, was approximately $1.0 million.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net loss	$ (1,665)	$ (8,890)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	714	959
Amortization of intangible assets	612	754
Stock-based compensation	320	822
Amortization of debt issue costs	152	155
Gain on sale of property and equipment	0	91
Provision for inventory reserves	339	115
Provision for credit losses	45	65
Other	2	197
Changes in operating assets and liabilities:
Accounts receivable	(449)	1,723
Revenue earned but not billed	(261)	2,353
Inventories	1,187	4,462
Prepaid expenses and other assets	681	1,792
Accounts payable	1,253	(4,938)
Accrued expenses and other	(2,165)	1,668
Deferred revenue, current and long-term	(358)	(30)
Net cash provided by operating activities	407	1,298
Investing activities
Purchases of property and equipment	(58)	(48)
Additions to patents and licenses	(3)	(7)
Proceeds from sale of property, plant and equipment	0	189
Net cash (used in) provided by investing activities	(61)	134
Financing activities
Payment of debt	(264)	(116)
Proceeds from debt	0	3,525
Proceeds from revolving credit facility	1,250	0
Payments of revolving credit facility	(2,500)	(2,500)
Issuance of treasury stock	300	0
Costs incurred related to issuance of subordinated debt	(383)	0
Proceeds from employee equity exercises	0	1
Net cash (used in) provided by financing activities	(1,597)	910
Net (decrease) increase in cash and cash equivalents	(1,251)	2,342
Cash and cash equivalents at beginning of period	5,972	5,155
Cash and cash equivalents at end of period	4,721	7,497
Supplemental cash flow information:
Cash paid for interest	639	772
Supplemental disclosure of non-cash investing and financing activities:
Issuance of common stock to Final Frontier, LLC as partial payment of earnout obligation	1,000	0
Issuance of subordinated debt for earnout obligation	$ 1,388	$ 0

STOCK OPTIONS AND RESTRICTED SHARES - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Stock-based compensation
Total	$ (3)	$ 180	$ 320	$ 822
Cost of product revenue
Stock-based compensation
Total	(4)	1	0	5
General and administrative
Stock-based compensation
Total	(14)	175	282	793
Sales and marketing
Stock-based compensation
Total	14	2	35	17
Research and development
Stock-based compensation
Total	$ 1	$ 2	$ 3	$ 7

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Mar. 31, 2025
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)	20,000,000	20,000,000
Common stock, shares issued (in shares)	4,314,582	4,247,023
Common stock, shares outstanding (in shares)	3,552,077	3,298,389
Treasury stock (in shares)	762,505	948,634

NET INCOME (LOSS PER) COMMON SHARE

9 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

NET LOSS INCOME PER COMMON SHARE

NOTE 11 — NET INCOME (LOSS PER) COMMON SHARE

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

Diluted net income (loss) per common share reflects the dilution that would occur if restricted shares were vested. In the computation of diluted net income (loss) per common share, Orion uses the treasury stock method for outstanding options and restricted shares. Net income (loss) per common share is calculated based upon the following shares:


	For the Three Months Ended December 31,					For the Nine Months Ended December 31,
	2025		2024			2025			2024
Numerator:
Net income (loss) (in thousands)	$	160	$	(1,508	)	$	(1,665	)	$	(8,890	)
Denominator:
Weighted-average common shares outstanding		3,540,765		3,292,332			3,457,481			3,278,711
Weighted-average common shares and common share equivalents outstanding		3,637,008		3,292,332			3,457,481			3,278,711
Net income (loss) per common share:
Basic	$	0.05	$	(0.46	)	$	(0.48	)	$	(2.71	)
Diluted	$	0.04	$	(0.46	)	$	(0.48	)	$	(2.71	)

The following table indicates the number of potentially dilutive securities included in the calculation of Diluted net income (loss) per common share. The number of shares is as of the end of each period:


	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2025		2024		2025		2024
Time-Based Restricted shares		101,813		132,956		101,813		132,956
Performance-Based Restricted shares		80,161		152,994		80,161		152,994
Time-Based Non-Qualified Stock Option		26,555		—		26,555		—
Performance-Based Non-Qualified Stock Option		50,000		—		50,000		—
Total		258,529		285,949		258,529		285,949

PROPERTY AND EQUIPMENT

9 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

NOTE 7 — PROPERTY AND EQUIPMENT

As of December 31, 2025 and March 31, 2025, property and equipment, net, included the following (dollars in thousands):


	December 31, 2025			March 31, 2025
Land and land improvements	$	433		$	433
Buildings and building improvements		9,552			9,552
Furniture, fixtures and office equipment		7,719			7,886
Leasehold improvements		496			493
Equipment leased to customers		4,997			4,997
Plant equipment		10,995			11,011
Vehicles		464			464
Construction in progress		47			—
Gross property and equipment		34,703			34,836
Less: accumulated depreciation		(27,336	)		(26,810	)
Total property and equipment, net	$	7,367		$	8,026

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Assets
Cash and cash equivalents	$ 4,721	$ 5,972
Accounts receivable, net	13,249	12,845
Revenue earned but not billed	3,611	3,350
Inventories, net	9,866	11,392
Prepaid expenses and other current assets	1,356	1,939
Total current assets	32,803	35,498
Property and equipment, net	7,367	8,026
Goodwill	1,484	1,484
Other intangible assets, net	2,770	3,379
Other long-term assets	3,827	4,076
Total assets	48,251	52,463
Liabilities and Shareholders’ Equity
Accounts payable	14,522	13,272
Accrued expenses and other	8,717	12,728
Deferred revenue, current	190	491
Current maturities of long-term debt	803	353
Total current liabilities	24,232	26,844
Revolving credit facility	5,750	7,000
Long-term debt, less current maturities	3,291	2,971
Deferred revenue, long-term	281	337
Other long-term liabilities	2,858	3,427
Total liabilities	36,412	40,579
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 at December 31, 2025 and March 31, 2025; no shares issued and outstanding at December 31, 2025 and March 31, 2025	0	0
Common stock, no par value: Shares authorized: 20,000,000 at December 31, 2025 and March 31, 2025; shares issued: 4,314,582 at December 31, 2025 and 4,247,023 at March 31, 2025; shares outstanding: 3,552,077 at December 31, 2025 and 3,298,389 at March 31, 2025	0	0
Additional paid-in capital	163,345	163,025
Treasury stock, common shares: 762,509 at December 31, 2025 and 948,634 at March 31, 2025	(34,948)	(36,248)
Accumulated deficit	(116,558)	(114,893)
Total shareholders’ equity	11,839	11,884
Total liabilities and shareholders’ equity	$ 48,251	$ 52,463

STOCK OPTIONS AND RESTRICTED SHARES - Summary of Stock Options Activity (Details)	9 Months Ended
	Dec. 31, 2025 $ / shares shares
Time Based Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Balance at March 31, 2025 \| shares	0
Options granted \| shares	26,555
Options outstanding at December 31, 2025 \| shares	26,555
Weighted Average Exercise Price Balance at March 31, 2025 \| $ / shares	$ 0
Weighted Average Exercise Price Options granted \| $ / shares	6.21
Weighted Average Exercise Price Options outstanding at December 31, 2025 \| $ / shares	$ 6.21
Performance Based Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Balance at March 31, 2025 \| shares	0
Options granted \| shares	50,000
Options outstanding at December 31, 2025 \| shares	50,000
Weighted Average Exercise Price Balance at March 31, 2025 \| $ / shares	$ 0
Weighted Average Exercise Price Options granted \| $ / shares	6
Weighted Average Exercise Price Options outstanding at December 31, 2025 \| $ / shares	$ 6

- 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

PROPERTY AND EQUIPMENT (Summary of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Property and equipment
Gross property and equipment	$ 34,703	$ 34,836
Less: accumulated depreciation	(27,336)	(26,810)
Total property and equipment, net	7,367	8,026
Land and land improvements
Property and equipment
Gross property and equipment	433	433
Buildings and building improvements
Property and equipment
Gross property and equipment	9,552	9,552
Furniture, fixtures and office equipment
Property and equipment
Gross property and equipment	7,719	7,886
Leasehold Improvements
Property and equipment
Gross property and equipment	496	493
Equipment leased to customers
Property and equipment
Gross property and equipment	4,997	4,997
Plant equipment
Property and equipment
Gross property and equipment	10,995	11,011
Vehicles
Property and equipment
Gross property and equipment	464	464
Construction in Progress
Property and equipment
Gross property and equipment	$ 47	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS, (Summary of Components and Changes in Other Intangible Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 10,735	$ 10,753
Amortized Intangible Assets, Accumulated Amortization	(8,955)	(8,364)
Total	$ 1,780	2,389
Amortized Intangible Assets, Weighted Average Useful Life	3 years 6 months
Indefinite-lived Intangible Assets	$ 990	990
Trade name and trademarks
Finite Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets	990	990
Patents
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	1,877	1,895
Amortized Intangible Assets, Accumulated Amortization	(1,598)	(1,568)
Total	$ 279	327
Amortized Intangible Assets, Weighted Average Useful Life	8 years 6 months
Licenses
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 58	58
Amortized Intangible Assets, Accumulated Amortization	(58)	(58)
Total	$ 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	(195)	(150)
Total	$ 105	150
Amortized Intangible Assets, Weighted Average Useful Life	1 year 9 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	(5,000)	(4,763)
Total	$ 0	237
Amortized Intangible Assets, Weighted Average Useful Life	0 years
Vendor relationships
Finite Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 2,600	2,600
Amortized Intangible Assets, Accumulated Amortization	(1,204)	(925)
Total	$ 1,396	1,675
Amortized Intangible Assets, Weighted Average Useful Life	3 years 9 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)
Total	$ 0	$ 0
Amortized Intangible Assets, Weighted Average Useful Life	0 years

ACCOUNTS RECEIVABLE - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025	Mar. 31, 2024
Receivables [Abstract]
Accounts receivable, gross	$ 13,358	$ 12,909
Allowance for credit losses	(109)	(64)
Accounts receivable, net	$ 13,249	$ 12,845	$ 14,022

ACCOUNTS RECEIVABLE

9 Months Ended

Dec. 31, 2025

Receivables [Abstract]

ACCOUNTS RECEIVABLE

NOTE 4 — ACCOUNTS RECEIVABLE

As of December 31, 2025 and March 31, 2025, Orion's accounts receivable and allowance for credit losses balances were as follows (dollars in thousands):


	December 31, 2025			March 31, 2025
Accounts receivable, gross	$	13,358		$	12,909
Allowance for credit losses		(109	)		(64	)
Accounts receivable, net	$	13,249		$	12,845

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


	For the Three Months Ended December 31,						For the Nine Months Ended December 31,
	2025			2024			2025			2024
Beginning of period	$	(94	)	$	(66	)	$	(64	)	$	(72	)
Credit loss expense		(15	)		(75	)		(45	)		(130	)
Write-off		—			11			—			72
End of period	$	(109	)	$	(130	)	$	(109	)	$	(130	)

DESCRIPTION OF BUSINESS

9 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS

NOTE 1 — DESCRIPTION OF BUSINESS

Orion includes Orion Energy Systems, Inc., a Wisconsin corporation, and all consolidated subsidiaries. Orion provides light emitting diode lighting systems, wireless Internet of Things enabled control solutions, project engineering, energy project management design, maintenance services and turnkey electric vehicle charging station installation services to commercial and industrial businesses, and federal and local governments, predominantly in North America.

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

RESTRUCTURING EXPENSE - Restructuring Expense by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	$ 20	$ 0	$ 734
Maintenance
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	20	0	719
Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	$ 0	$ 0	$ 15

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- 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

INCOME TAXES

9 Months Ended

Dec. 31, 2025

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 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 December 31, 2025 and 2024, Orion recorded income tax expense of $18 thousand and $1 thousand, respectively. For the nine months ended December 31, 2025 and 2024, Orion recorded income tax expense of $41 thousand and $44 thousand, respectively.

As of December 31, 2025 and March 31, 2025, 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.

Uncertain Tax Positions

As of December 31, 2025, Orion’s balance of gross unrecognized tax benefits was approximately $0.3 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 Condensed Consolidated Balance Sheets 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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+ Details

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

Dec. 31, 2025

Mar. 31, 2025

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Accounts receivable, net

$ 13,249

$ 12,845

$ 14,022

Revenue earned but not billed

3,611

^[1]

2,908

^[1]

4,539

Deferred revenue

^[2]

$ 114

$ 367

$ 124

[1]	Within the revenue earned but not billed line on the Condensed Consolidated Balance Sheets, $0.0 million and $0.7 million was accounted for as a sales type lease under ASC 842 for December 31, 2025 and March 31, 2025, respectively, and therefore not considered a "contract asset", which is an asset defined by ASC 606.
[2]	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 power purchase agreements. As the transaction is not considered a contract with a customer, this value is not a contract liability as defined by ASC 606.

ACCOUNTS RECEIVABLE - Summary of Orion' s allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Beginning of period	$ (94)	$ (66)	$ (64)	$ (72)
Credit loss expense	(15)	(75)	(45)	(130)
Write-off	0	11	0	72
End of period	$ (109)	$ (130)	$ (109)	$ (130)

SEGMENT DATA (Additional Information) (Details)	9 Months Ended
SEGMENT DATA (Additional Information) (Details)	Dec. 31, 2025 Segments
Segment Reporting [Abstract]
Number Of reportable segments	3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 160	$ (581)	$ (1,244)	$ (1,508)	$ (3,625)	$ (3,758)	$ (1,665)	$ (8,890)

- 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)

9 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

As of December 31, 2025 and March 31, 2025, Orion's inventory balances, net of excess and obsolete reserves of $2.1 million and $1.8 million, respectively, were as follows (dollars in thousands):


	Inventories
As of December 31, 2025
Raw materials and components	$	3,276
Work in process		121
Finished goods		6,469
Total	$	9,866

As of March 31, 2025
Raw materials and components	$	4,691
Work in process		286
Finished goods		6,415
Total	$	11,392

NET INCOME (LOSS PER) COMMON SHARE Summary of the Effect of Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net Income (Loss)	$ 160	$ (581)	$ (1,244)	$ (1,508)	$ (3,625)	$ (3,758)	$ (1,665)	$ (8,890)
Denominator:
Weighted-average common shares outstanding	3,540,765			3,292,332			3,457,481	3,278,711
Weighted-average common shares and common share equivalents outstanding	3,637,008			3,292,332			3,457,481	3,278,711
Net income (loss) per common share:
Basic	$ 0.05			$ (0.46)			$ (0.48)	$ (2.71)
Diluted	$ 0.04			$ (0.46)			$ (0.48)	$ (2.71)

- Definition

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

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+ Details

- 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

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+ Details

- Definition

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

+ References

+ Details

ACCRUED EXPENSES AND OTHER (Accrued Expenses and Other) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Other Liabilities Disclosure [Abstract]
Accrued acquisition earnout	$ 0	$ 3,263
Other accruals	2,454	2,180
Compensation and benefits	2,517	2,424
Credits due to customers	1,104	1,581
Accrued project costs	1,777	2,283
Warranty	388	449
Sales returns reserve	55	273
Sales tax	207	177
Legal and professional fees	215	98
Total	$ 8,717	$ 12,728

DEBT

9 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

DEBT

NOTE 12 — DEBT

Debt, including the revolving credit facility, consisted of the following (dollars in thousands):


	December 31, 2025			March 31, 2025
Revolving credit facility	$	5,750		$	7,000
Term loan		3,060			3,324
Subordinated debt, net		1,034			—
Total long-term debt		9,844			10,324
Less current maturities		(803	)		(353	)
Long-term debt, less current maturities	$	9,041		$	9,971

The carrying value of the Company's debt approximates fair value. The estimated fair value of the Company's debt is categorized within Level 2 of the fair value hierarchy because the valuation is based on observable market inputs.

Revolving Credit Facility

On December 29, 2020, Orion entered into a $25 million Loan and Security Agreement with Bank of America, N.A. (“Bank of America”), as lender (as amended, the “Credit Agreement”). The Credit Agreement provides for a $25.0 million revolving credit facility (the “Credit Facility”) that matures on June 30, 2027. Borrowings under the Credit Facility are subject to a borrowing base requirement based on eligible receivables, inventory and cash. As of December 31, 2025, the borrowing base of

the Credit Facility supported approximately $12.9 million of availability, with $7.1 million of remaining availability net of $5.8 million borrowed.

Borrowings under the Credit Agreement are permitted in the form of Secured Overnight Financing Rate (“SOFR”), or prime rate-based, loans and generally bear interest at floating rates plus an applicable margin determined by reference to Orion’s availability under the Credit Agreement. Among other fees, Orion is required to pay an annual facility fee and a fee on the unused portion of the Credit Facility.

The Credit Agreement includes a springing minimum fixed cost coverage ratio of 1.0 to 1.0 when excess availability under the Credit Facility falls below $4.0 million of the committed facility. Currently, the required springing minimum fixed cost coverage ratio is not required.

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

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

Effective April 22, 2024, Orion, with Bank of America 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 term loan facility to the Credit Agreement secured by Orion’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 Orion’s borrowing base calculation for the purpose of establishing Orion monthly borrowing availability under the Credit Agreement. Quarterly mortgage term loan installments of $88,125 are due on the first day of each fiscal quarter.

Effective October 30, 2024, Orion, with Bank of America as lender, executed Amendment No. 3 ("Amendment No. 3") to its Credit Agreement. The primary purpose of Amendment No. 3 was to extend the maturity date of the Credit Facility from December 29, 2025 to June 30, 2027.

As of December 31, 2025, Orion was in compliance with all debt covenants under the Credit Agreement.

Subordinated Debt

The below table outlines the total subordinated debt, net of the costs incurred to issue the debt (dollars in thousands):


	December 31, 2025			March 31, 2025
Subordinated debt	$	1,388		$	—
Issuance costs		(354	)		—
Subordinated debt, net	$	1,034		$	—

Effective on June 23, 2025, Orion entered into the Term Sheet with Final Frontier, LLC (“Final Frontier”) and its owner Kathleen Connors, the prior owner of Voltrek, with respect to Orion’s remaining earnout obligations owed to Final Frontier pursuant to Orion's October 5, 2022 Voltrek Acquisition. Pursuant to the Term Sheet, on August 1, 2025, Orion paid Final

Frontier $500,000, and on September 2, 2025 Orion paid an additional $375,000, in full and final payment of its fiscal 2024 Voltrek Acquisition earnout obligations. Additionally, pursuant to the Term Sheet, on July 16, 2025, Orion issued $1.0 million in common stock of Orion, constituting 164,908 shares, to Kathleen Connors in partial payment of Orion’s fiscal 2025 and aggregate fiscal 2023 through fiscal 2025 Voltrek Acquisition earnout obligations. Orion agreed with Final Frontier to pay the remainder of the finally determined remaining amount of Orion’s fiscal 2025 Voltrek Acquisition earnout obligations (the “Remaining Earnout Amount”) pursuant to the Subordinated Loan Agreement. In addition, Orion and Final Frontier agreed to submit the final determination of its Remaining Earnout Amount to binding arbitration.

Pursuant to the Term Sheet, on September 30, 2025, Orion, as borrower, the Company Subsidiaries and Voltrek, as guarantors, and Final Frontier, as lender, entered into the Subordinated Loan Agreement, pursuant to which Final Frontier agreed to defer payment of the Remaining Earnout Amount by Orion pursuant to the terms of the Subordinated Loan Agreement. Orion’s obligation to pay the Remaining Earnout Amount is further evidenced by the Senior Subordinated Note. Orion agreed to pay monthly principal payments to Final Frontier on the Senior Subordinated Note of $25,000 beginning on January 15, 2026, which will increase to $50,000 on July 15, 2026 through the maturity date of July 15, 2027. Orion also agreed to pay interest monthly to Final Frontier at the annual rate of 7% beginning on July 15, 2025, subject to adjustment following the final determination in binding arbitration of the Remaining Earnout Amount, as set forth in more detail in the Subordinated Loan Agreement. Orion has the right to pay up to 20% of the remaining principal on the Senior Subordinated Note on the maturity date in shares of its common stock.

On September 30, 2025, in order to secure Orion’s obligations to Final Frontier under the Subordinated Loan Agreement and Senior Subordinated Note, Orion, the Company Subsidiaries and Final Frontier entered into a security agreement (the “Security Agreement”), pursuant to which Orion and each Company Subsidiary granted Final Frontier a security interest in, and lien upon, substantially all of Orion’s and each Company Subsidiary’s assets, which security interest and lien are subordinated pursuant to the Subordination Agreement (as defined below) to the first priority security interest and lien of Bank of America.

Additionally, on September 30, 2025, Orion, the Company Subsidiaries, Final Frontier and Bank of America, entered into a subordination and intercreditor agreement (the “Subordination Agreement”), pursuant to which Orion and the Company Subsidiaries’ obligations under the Subordinated Loan Agreement and Senior Subordinated Note and liens granted under the Security Agreement are subordinated to Orion’s senior credit facilities with Bank of America, as set forth in more detail in the Subordination Agreement.

In connection with Orion’s entry into the Subordinated Loan Agreement, Senior Subordinated Note, Security Agreement and Subordination Agreement, on September 30, 2025, Orion, the Company Subsidiaries and Bank of America entered into an Amendment No. 4 to its Credit Agreement (“Amendment No. 4”), pursuant to which Bank of America consented to the subordinated liens granted by Orion and the Company Subsidiaries in favor of Final Frontier and consented to the Remaining Earnout Amount evidenced by the Subordinated Loan Agreement, subject to: (a) a maximum amount of up $3.0 million following the final determination in binding arbitration of the Remaining Earnout Amount or (b) such higher amount as consented to in writing by Bank of America promptly following its receipt of notice of the binding arbitration decision. In addition, Amendment No. 4 permits Orion to make the cash interest and principal payments to Final Frontier as set forth in the Subordinated Loan Agreement, subject to the terms set forth in Amendment No. 4 and the Subordination Agreement.

Voltrek Earnout

The initial purchase price in the Voltrek Acquisition consisted of $5.0 million cash and $1.0 million of Orion's common stock. Orion also paid $3.0 million in initial earnout payments based on Voltrek's financial performance in fiscal 2023. Orion may owe additional material earnout payments based on Voltrek's financial performance in fiscal 2025.

The final Voltrek Acquisition Remaining Earnout Amount determined to be owed by us could be in excess of our current accrued liability for such Remaining Earnout Amount and could materially adversely affect our future liquidity.

GOODWILL AND OTHER INTANGIBLE ASSETS, (Summary of Estimated Amortization Expense) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Finite-Lived Intangible Assets, Estimated Amortization Expense
Fiscal 2026 (period remaining)	$ 120
Fiscal 2027	476
Fiscal 2028	440
Fiscal 2029	404
Fiscal 2030	219
Thereafter	121
Total	$ 1,780	$ 2,389

STOCK OPTIONS AND RESTRICTED SHARES (Tables)

9 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of stock-based Compensation

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


	For the Three Months Ended December 31,					For the Nine Months Ended December 31,
	2025			2024		2025		2024
Cost of product revenue	$	(4	)	$	1	$	—	$	5
General and administrative		(14	)		175		282		793
Sales and marketing		14			2		35		17
Research and development		1			2		3		7
Total	$	(3	)	$	180	$	320	$	822

Summary of performance-vesting restricted stock and time vesting-restricted stock

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, 2025		133,159		$	13.00		152,994		$	14.30
Shares issued		48,000		$	5.93		—		$	—
Shares vested		(67,559	)	$	14.81		—		$	—
Shares forfeited		(11,787	)	$	10.19		(72,833	)	$	14.37
Shares outstanding at December 31, 2025		101,813		$	8.80		80,161		$	12.80

Summary of Stock Options Activity

The following table summarized information with respect to performance-based option and time-based option activity:


	Time-Based Options				Performance-Based Options
	Options		Weighted Average Exercise Price		Options		Weighted Average Exercise Price
Balance at March 31, 2025		—	$	—		—	$	—
Options granted		26,555	$	6.21		50,000	$	6.00
Options outstanding at December 31, 2025		26,555	$	6.21		50,000	$	6.00

NET INCOME (LOSS PER) COMMON SHARE (Potentially Dilutive Securities Excluded From the Calculation of Diluted Net Income Per Common Share) (Details) - shares	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Number of potentially dilutive securities
Potentially dilutive securities outstanding	258,529	285,949	258,529	285,949
Time-Based Restricted shares
Number of potentially dilutive securities
Potentially dilutive securities outstanding	101,813	132,956	101,813	132,956
Performance-Based Restricted shares
Number of potentially dilutive securities
Potentially dilutive securities outstanding	80,161	152,994	80,161	152,994
Time-Based Non-Qualified Stock Option
Number of potentially dilutive securities
Potentially dilutive securities outstanding	26,555	0	26,555	0
Performance-Based Non-Qualified Stock Option
Number of potentially dilutive securities
Potentially dilutive securities outstanding	50,000	0	50,000	0

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	9 Months Ended
	Aug. 22, 2025	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024
Equity Class Of Treasury Stock [Line Items]
Reverse stock split	1-for-10
Proceeds from sale of common stock			$ 1,000	$ 0
Remaining outstanding earn-out amount			20.00%
Employee Stock Purchase Plan
Equity Class Of Treasury Stock [Line Items]
Shares issued, price per share				$ 8
Maximum
Equity Class Of Treasury Stock [Line Items]
Proceeds from issuance of debt or sale of equity securities		$ 100,000

NET INCOME (LOSS PER) COMMON SHARE (Tables)

9 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Summary of the Effect of Net Loss Per Common Share

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


	For the Three Months Ended December 31,					For the Nine Months Ended December 31,
	2025		2024			2025			2024
Numerator:
Net income (loss) (in thousands)	$	160	$	(1,508	)	$	(1,665	)	$	(8,890	)
Denominator:
Weighted-average common shares outstanding		3,540,765		3,292,332			3,457,481			3,278,711
Weighted-average common shares and common share equivalents outstanding		3,637,008		3,292,332			3,457,481			3,278,711
Net income (loss) per common share:
Basic	$	0.05	$	(0.46	)	$	(0.48	)	$	(2.71	)
Diluted	$	0.04	$	(0.46	)	$	(0.48	)	$	(2.71	)

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


	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2025		2024		2025		2024
Time-Based Restricted shares		101,813		132,956		101,813		132,956
Performance-Based Restricted shares		80,161		152,994		80,161		152,994
Time-Based Non-Qualified Stock Option		26,555		—		26,555		—
Performance-Based Non-Qualified Stock Option		50,000		—		50,000		—
Total		258,529		285,949		258,529		285,949

STOCK OPTIONS AND RESTRICTED SHARES - Schedule of Performance-Vesting Restricted Stock and Time Vesting-Restricted Stock (Details)	9 Months Ended
	Dec. 31, 2025 $ / shares shares
Time-Based Restricted Shares
Restricted Shares
Beginning balance (shares) \| shares	133,159
Shares issued \| shares	48,000
Shares vested \| shares	(67,559)
Shares forfeited (shares) \| shares	(11,787)
Ending balance (shares) \| shares	101,813
Balance at March 31, 2025 \| $ / shares	$ 13
Weighted Average Fair Value Price Shares issued \| $ / shares	5.93
Weighted Average Fair Value Price Shares vested \| $ / shares	14.81
Weighted Average Fair Value Price Shares forfeited \| $ / shares	10.19
Share Outstanding at December 31, 2025 \| $ / shares	$ 8.8
Performance-Based Restricted Shares
Restricted Shares
Beginning balance (shares) \| shares	152,994
Shares issued \| shares	0
Shares vested \| shares	0
Shares forfeited (shares) \| shares	(72,833)
Ending balance (shares) \| shares	80,161
Balance at March 31, 2025 \| $ / shares	$ 14.3
Weighted Average Fair Value Price Shares issued \| $ / shares	0
Weighted Average Fair Value Price Shares vested \| $ / shares	0
Weighted Average Fair Value Price Shares forfeited \| $ / shares	14.37
Share Outstanding at December 31, 2025 \| $ / shares	$ 12.8

RESTRUCTURING EXPENSE - Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	$ 20	$ 0	$ 734
Cost of product revenue
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	0	0	197
Cost of Service Revenue
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0	0	0	149
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0	$ 20	$ 0	$ 388

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- 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

LEASES (Summary of Estimated Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Mar. 31, 2025
Leases [Abstract]
Fiscal 2026 (period remaining)	$ 258
Fiscal 2027	886
Fiscal 2028	803
Fiscal 2029	828
Fiscal 2030	707
Total lease payments	3,482
Less: Interest	(446)
Present value of lease liabilities	$ 3,036	$ 3,623

GOODWILL AND OTHER INTANGIBLE ASSETS, (Tables)

9 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Components and Changes in Other Intangible Assets

As of December 31, 2025, and March 31, 2025, the components of, and changes in, the carrying amount of other intangible assets, net, were as follows (dollars in thousands):


	December 31, 2025									March 31, 2025
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life		Gross Carrying Amount		Accumulated Amortization			Net
Amortized Intangible Assets
Patents	$	1,877	$	(1,598	)	$	279		8.5	$	1,895	$	(1,568	)	$	327
Licenses		58		(58	)		—		—		58		(58	)		—
Trade name and trademarks		300		(195	)		105		1.8		300		(150	)		150
Customer relationships		5,000		(5,000	)		—		—		5,000		(4,763	)		237
Vendor relationships		2,600		(1,204	)		1,396		3.8		2,600		(925	)		1,675
Developed technology		900		(900	)		—		—		900		(900	)		—
Total Amortized Intangible Assets	$	10,735	$	(8,955	)	$	1,780		3.5	$	10,753	$	(8,364	)	$	2,389

Indefinite-lived Intangible Assets
Trade name and trademarks	$	990	$	—		$	990			$	990	$	—		$	990
Total Non-Amortized Intangible Assets	$	990	$	—		$	990			$	990	$	—		$	990

Summary of Estimated Amortization Expense

The estimated amortization expense for the remainder of fiscal 2026, the next five fiscal years and beyond is shown below (dollars in thousands):


Fiscal 2026 (period remaining)	$	120
Fiscal 2027		476
Fiscal 2028		440
Fiscal 2029		404
Fiscal 2030		219
Thereafter		121
Total	$	1,780

REVENUE - Summary of Contract Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Dec. 31, 2025	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Sales type lease	$ 0.7	$ 0.0