| SEGMENT DATA |
NOTE 17 — SEGMENT DATA Orion evaluates and reports its business using three segments: Orion lighting segment, Orion maintenance segment and Orion electric vehicle charging segment. Orion configured its fiscal 2025 budget in order to compare actual performance to plan performance for these segments. 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. Reportable segments are components of an entity that have separate financial data that the CODM regularly reviews when allocating resources and assessing performance. Lighting Segment The lighting segment develops and sells lighting products and provides construction and engineering services for Orion's commercial lighting and energy management systems. The lighting segment provides engineering, design, lighting products and in many cases turnkey solutions for large national accounts, governments, municipalities, schools and other customers. The lighting segment sells mostly through direct sales, but it also sells lighting products though manufacturer representative agencies and to the wholesale contractor markets through energy service companies and contractors. Maintenance Segment The maintenance segment provides retailers, distributors and other businesses with maintenance, repair and replacement services for the lighting and related electrical components deployed in their facilities. 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 directly allocated to Orion’s segments and adjustments to reconcile to consolidated results.
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Year ended March 31, 2026 |
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(dollars in thousands) |
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|
|
|
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Lighting |
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Maintenance |
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EV |
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Corporate & Other |
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Total |
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Product revenue |
$ |
41,173 |
|
$ |
7,293 |
|
$ |
8,563 |
|
$ |
— |
|
$ |
57,029 |
|
Service revenue |
|
14,707 |
|
|
8,749 |
|
|
5,821 |
|
|
— |
|
|
29,277 |
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Total revenue |
|
55,880 |
|
|
16,042 |
|
|
14,384 |
|
|
— |
|
|
86,306 |
|
Cost of product revenue |
|
27,834 |
|
|
3,976 |
|
|
5,083 |
|
|
— |
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|
36,893 |
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Cost of service revenue |
|
9,568 |
|
|
7,871 |
|
|
3,881 |
|
|
— |
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|
21,320 |
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Total cost of revenue |
|
37,402 |
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|
11,847 |
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|
8,964 |
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|
— |
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|
58,213 |
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Gross profit |
|
18,478 |
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|
4,195 |
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|
5,420 |
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— |
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|
28,093 |
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Operating expenses: |
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General and administrative |
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7,669 |
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|
2,451 |
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|
4,946 |
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|
3,625 |
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|
18,691 |
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Sales and marketing |
|
8,175 |
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|
435 |
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|
1,037 |
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|
452 |
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|
10,099 |
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Research and development |
|
459 |
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|
143 |
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|
85 |
|
|
258 |
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|
945 |
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Total operating expenses |
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16,303 |
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|
3,029 |
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|
6,068 |
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|
4,335 |
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|
29,735 |
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Loss from operations |
|
2,175 |
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|
1,166 |
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(648 |
) |
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(4,335 |
) |
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(1,642 |
) |
Other income (expense): |
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Other income |
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|
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|
|
51 |
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Interest income |
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3 |
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Interest expense |
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(783 |
) |
Amortization of debt issue costs |
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|
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(170 |
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Loss on debt extinguishment |
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(562 |
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Total other expense |
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(1,461 |
) |
Loss before income tax |
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$ |
(3,103 |
) |
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Year ended March 31, 2025 |
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(dollars in thousands) |
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Lighting |
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Maintenance |
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EV |
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Corporate & Other |
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Total |
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Product revenue |
$ |
40,045 |
|
$ |
5,902 |
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$ |
8,421 |
|
$ |
— |
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$ |
54,368 |
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Service revenue |
|
7,659 |
|
|
9,288 |
|
|
8,405 |
|
|
— |
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|
25,352 |
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Total revenue |
|
47,704 |
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|
15,190 |
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|
16,826 |
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|
— |
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|
79,720 |
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Cost of product revenue |
|
28,664 |
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|
3,215 |
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|
5,440 |
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|
- |
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|
37,319 |
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Cost of service revenue |
|
6,332 |
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|
9,207 |
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|
6,626 |
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— |
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|
22,165 |
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Total cost of revenue |
|
34,996 |
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|
12,422 |
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|
12,066 |
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— |
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|
59,484 |
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Gross profit |
|
12,708 |
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|
2,768 |
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|
4,760 |
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— |
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|
20,236 |
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Operating expenses: |
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General and administrative |
|
6,083 |
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|
3,075 |
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|
5,423 |
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|
3,427 |
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|
18,008 |
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Sales and marketing |
|
8,800 |
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|
685 |
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|
1,578 |
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|
532 |
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|
11,595 |
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Research and development |
|
588 |
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|
196 |
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|
115 |
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|
330 |
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|
1,229 |
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Total operating expenses |
|
15,471 |
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|
3,956 |
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|
7,116 |
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|
4,289 |
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|
30,832 |
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Loss from operations |
|
(2,763 |
) |
|
(1,188 |
) |
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(2,356 |
) |
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(4,289 |
) |
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(10,596 |
) |
Other income (expense): |
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Other income |
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|
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|
|
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|
62 |
|
Interest income |
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|
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|
7 |
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Interest expense |
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(1,026 |
) |
Amortization of debt issuance cost |
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(206 |
) |
Total other expense |
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(1,163 |
) |
Loss before income tax |
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$ |
(11,759 |
) |
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Year ended March 31, 2024 |
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(dollars in thousands) |
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Lighting |
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Maintenance |
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EV |
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Corporate & Other |
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Total |
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Product revenue |
$ |
50,319 |
|
$ |
4,687 |
|
$ |
8,301 |
|
$ |
— |
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$ |
63,307 |
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Service revenue |
|
10,783 |
|
|
12,460 |
|
|
4,031 |
|
|
— |
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|
27,274 |
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Total revenue |
|
61,102 |
|
|
17,147 |
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|
12,332 |
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|
— |
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|
90,581 |
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Cost of product revenue |
|
36,490 |
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|
2,339 |
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|
5,637 |
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— |
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|
44,466 |
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Cost of service revenue |
|
7,800 |
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|
14,060 |
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|
3,344 |
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— |
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|
25,204 |
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Total cost of sales |
|
44,290 |
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|
16,399 |
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|
8,981 |
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|
— |
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|
69,670 |
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Gross profit |
|
16,812 |
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|
748 |
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|
3,351 |
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— |
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|
20,911 |
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Operating expenses: |
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|
|
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|
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General and administrative |
|
6,516 |
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|
4,517 |
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|
3,649 |
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|
2,058 |
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|
16,740 |
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Impairment of intangibles |
|
— |
|
|
456 |
|
|
— |
|
|
— |
|
|
456 |
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Sales and marketing |
|
10,813 |
|
|
928 |
|
|
1,146 |
|
|
101 |
|
|
12,988 |
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Research and development |
|
809 |
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|
359 |
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|
102 |
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|
225 |
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|
1,495 |
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Acquisition-related costs |
|
21 |
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|
11 |
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|
17 |
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|
7 |
|
|
56 |
|
Total operating expenses |
|
18,159 |
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|
6,271 |
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|
4,914 |
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|
2,391 |
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|
31,735 |
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Loss from operations |
|
(1,347 |
) |
|
(5,523 |
) |
|
(1,563 |
) |
|
(2,391 |
) |
|
(10,824 |
) |
Other income (expense): |
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|
|
|
|
|
|
|
|
|
Other income |
|
|
|
|
|
|
|
|
|
39 |
|
Interest income |
|
|
|
|
|
|
|
|
|
2 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
(752 |
) |
Amortization of debt issuance cost |
|
|
|
|
|
|
|
|
|
(95 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
|
(806 |
) |
Loss before income tax |
|
|
|
|
|
|
|
|
$ |
(11,630 |
) |
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Depreciation and Amortization |
|
|
Capital Expenditures |
|
|
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For the year ended March 31, |
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|
For the year ended March 31, |
|
(dollars in thousands) |
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
2026 |
|
|
2025 |
|
|
2024 |
|
Segments: |
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Lighting Segment |
|
$ |
597 |
|
|
$ |
868 |
|
|
$ |
747 |
|
|
$ |
7 |
|
|
$ |
26 |
|
|
$ |
92 |
|
Maintenance Segment |
|
|
167 |
|
|
|
386 |
|
|
|
453 |
|
|
|
1 |
|
|
|
2 |
|
|
|
535 |
|
EV Segment |
|
|
775 |
|
|
|
1,083 |
|
|
|
979 |
|
|
|
- |
|
|
|
2 |
|
|
|
56 |
|
Corporate and Other |
|
|
245 |
|
|
|
281 |
|
|
|
411 |
|
|
|
75 |
|
|
|
69 |
|
|
|
154 |
|
|
|
$ |
1,784 |
|
|
$ |
2,618 |
|
|
$ |
2,590 |
|
|
$ |
83 |
|
|
$ |
99 |
|
|
$ |
837 |
|
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|
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Total Assets |
|
(dollars in thousands) |
|
March 31, 2026 |
|
|
March 31, 2025 |
|
Segments: |
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|
Lighting Segment |
|
$ |
26,185 |
|
|
$ |
20,646 |
|
Maintenance Segment |
|
|
3,697 |
|
|
|
4,384 |
|
EV Segment |
|
|
7,505 |
|
|
|
11,963 |
|
Corporate and Other |
|
|
14,218 |
|
|
|
15,470 |
|
|
|
$ |
51,605 |
|
|
$ |
52,463 |
|
Orion’s lighting segment revenue outside the United States was $1.5 million, $1.8 million and $6.4 million for the fiscal years ended March 31, 2026, 2025 and 2024, respectively. All other revenues are generated from the United States. Orion attributes revenues from external customers to individual countries based on the geographic location in which the work is performed. Orion has no long-lived assets outside the United States.
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