| 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. The Company'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.
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For the Three Months Ended June 30, 2025 |
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|
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|
|
|
|
|
|
(dollars in thousands) |
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|
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|
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|
|
|
|
|
|
Lighting |
|
Maintenance |
|
EV |
|
Corporate & Other |
|
Total |
|
Product revenue |
$ |
10,435 |
|
$ |
1,501 |
|
$ |
1,576 |
|
$ |
— |
|
$ |
13,512 |
|
Service revenue |
|
2,447 |
|
|
2,496 |
|
|
1,120 |
|
|
— |
|
|
6,063 |
|
Total revenue |
|
12,882 |
|
|
3,997 |
|
|
2,696 |
|
|
— |
|
|
19,575 |
|
Cost of sales - product |
|
7,123 |
|
|
833 |
|
|
866 |
|
|
— |
|
|
8,822 |
|
Cost of sales - service |
|
1,716 |
|
|
2,218 |
|
|
918 |
|
|
— |
|
|
4,852 |
|
Total cost of sales |
|
8,839 |
|
|
3,051 |
|
|
1,784 |
|
|
— |
|
|
13,674 |
|
Gross profit |
|
4,043 |
|
|
946 |
|
|
912 |
|
|
— |
|
|
5,901 |
|
Operating expenses: |
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General and administrative |
|
1,799 |
|
|
675 |
|
|
918 |
|
|
898 |
|
|
4,290 |
|
Sales and marketing |
|
1,908 |
|
|
108 |
|
|
297 |
|
|
103 |
|
|
2,416 |
|
Research and development |
|
101 |
|
|
34 |
|
|
19 |
|
|
54 |
|
|
208 |
|
Total operating expenses |
|
3,808 |
|
|
817 |
|
|
1,234 |
|
|
1,055 |
|
|
6,914 |
|
Operating income (loss) |
|
235 |
|
|
129 |
|
|
(322 |
) |
|
(1,055 |
) |
|
(1,013 |
) |
Other income (expense): |
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|
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Other income |
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|
|
|
|
|
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|
|
2 |
|
Interest expense |
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|
|
|
|
|
|
|
|
(169 |
) |
Amortization of debt issuance cost |
|
|
|
|
|
|
|
|
|
(51 |
) |
Other income (expense) |
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|
|
|
|
|
|
|
|
(218 |
) |
Loss before tax |
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|
|
|
|
|
|
|
$ |
(1,231 |
) |
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For the Three Months Ended June 30, 2024 |
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(dollars in thousands) |
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|
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|
Lighting |
|
Maintenance |
|
EV |
|
Corporate & Other |
|
Total |
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Product revenue |
$ |
10,077 |
|
$ |
1,001 |
|
$ |
1,689 |
|
$ |
— |
|
$ |
12,767 |
|
Service revenue |
|
2,674 |
|
|
2,323 |
|
|
2,142 |
|
|
— |
|
|
7,139 |
|
Total revenue |
|
12,751 |
|
|
3,324 |
|
|
3,831 |
|
|
— |
|
|
19,906 |
|
Cost of sales - product |
|
7,154 |
|
|
454 |
|
|
933 |
|
|
— |
|
|
8,541 |
|
Cost of sales - service |
|
2,706 |
|
|
2,743 |
|
|
1,617 |
|
|
— |
|
|
7,066 |
|
Total cost of sales |
|
9,860 |
|
|
3,197 |
|
|
2,550 |
|
|
— |
|
|
15,607 |
|
Gross profit |
|
2,891 |
|
|
127 |
|
|
1,281 |
|
|
— |
|
|
4,299 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
1,673 |
|
|
899 |
|
|
1,139 |
|
|
819 |
|
|
4,530 |
|
Sales and marketing |
|
2,276 |
|
|
166 |
|
|
356 |
|
|
139 |
|
|
2,937 |
|
Research and development |
|
146 |
|
|
37 |
|
|
18 |
|
|
63 |
|
|
264 |
|
Total operating expenses |
|
4,095 |
|
|
1,102 |
|
|
1,513 |
|
|
1,021 |
|
|
7,731 |
|
Operating loss |
|
(1,204 |
) |
|
(975 |
) |
|
(232 |
) |
|
(1,021 |
) |
|
(3,432 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
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Other income |
|
|
|
|
|
|
|
|
|
15 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
(262 |
) |
Amortization of debt issuance cost |
|
|
|
|
|
|
|
|
|
(58 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
|
(305 |
) |
Loss before tax |
|
|
|
|
|
|
|
|
$ |
(3,737 |
) |
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Depreciation and Amortization |
Capital Expenditures |
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|
|
For The Three Months Ended June 30, |
For The Three Months Ended June 30, |
|
(dollars in thousands) |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Segments: |
|
|
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|
|
|
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|
|
|
|
Lighting Segment |
|
$ |
168 |
|
|
$ |
171 |
|
|
$ |
51 |
|
|
$ |
26 |
|
Maintenance Segment |
|
|
48 |
|
|
|
104 |
|
|
|
4 |
|
|
|
(3 |
) |
EV Segment |
|
|
249 |
|
|
|
250 |
|
|
|
- |
|
|
|
1 |
|
Corporate and Other |
|
|
70 |
|
|
|
129 |
|
|
|
- |
|
|
|
- |
|
|
|
$ |
535 |
|
|
$ |
654 |
|
|
$ |
55 |
|
|
$ |
24 |
|
|
|
|
|
|
|
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|
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Total Assets |
|
(dollars in thousands) |
|
June 30, 2025 |
|
|
March 31, 2025 |
|
Segments: |
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|
|
|
|
|
Lighting Segment |
|
$ |
21,714 |
|
|
$ |
20,646 |
|
Maintenance Segment |
|
|
4,627 |
|
|
|
4,384 |
|
EV Segment |
|
|
8,326 |
|
|
|
11,963 |
|
Corporate and Other |
|
|
14,350 |
|
|
|
15,470 |
|
|
|
$ |
49,017 |
|
|
$ |
52,463 |
|
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