Orion Energy Systems Registers 38% Revenue Decline In Q4 - Orion Energy Sys (NASDAQ:OESX)

Orion Energy Systems, Inc. OESX reported a fourth-quarter revenue decline of 37.8% year-over-year to $22.1 million, missing the consensus of $26.31 million.
The gross margin declined 220 bps to 23.8%. EPS declined to $(0.04) from $0.71 in 4Q21.
Total operating expenses remained nearly flat at $6.6 million in the quarter.
Orion generated a negative adjusted EBITDA of $(0.4) million in the quarter, compared to an adjusted EBITDA of $3.1 million a year ago.
Net cash used in operating activities for FY22 was $(0.113) million, compared to cash generated of $1.73 million in FY21.
Orion ended the fiscal with more than $35 million of liquidity, including $14.5 million of cash and equivalents and $21 million available on the credit facility.
Outlook: Orion said it envisions a realistic path to meet or exceed FY22 revenue performance in FY23.
Mike Altschaefl, Orion's CEO and Board Chair, said, "While customer delays on several major LED lighting projects continue to challenge nearer-term revenue visibility, we believe Orion is well positioned with a strong customer base, expanding distribution channels and a growing array of products and services to support our long-term growth objectives."
Price Action: OESX shares are trading lower by 0.87% at $2.29 on the last check Tuesday.