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Despite a 23.3% revenue increase in 2025Q4, the company continues to struggle with operating leverage, evidenced by a -3.0% operating margin.
Orion Energy Systems, Inc. (OESX) annual income statement — 22-year revenue, gross profit & net income history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 |
|---|
| Sales/Revenue | 92.47M | 86.31M | 79.72M | 90.58M | 77.38M | 124.38M | 116.84M | 150.84M | 65.75M | 60.3M | 70.21M | 70.21M | 67.64M | 72.21M | 88.62M | 86.09M | 100.56M | 89.7M | 65.42M | 72.63M | 80.69M | 48.18M | 33.28M |
| Revenue Growth % | 16.48% | 8.26% | -11.99% | 17.06% | -37.79% | 6.46% | -22.54% | 129.4% | 9.04% | -14.12% | 3.8% | 3.8% | -6.32% | -18.52% | 2.95% | -14.4% | 12.1% | 37.13% | -9.93% | -9.98% | 67.46% | 44.78% | - |
| Cost of Goods Sold | 61.37M | 58.21M | 59.48M | 69.67M | 59.87M | 90.47M | 86.72M | 113.72M | 51.2M | 45.63M | 52.87M | 52.87M | 51.65M | 73.35M | 65.64M | 59.36M | 70.52M | 60.93M | 43.89M | 49.04M | 52.46M | 32.49M | 22.52M |
| COGS % of Revenue | - | 67.45% | 74.62% | 76.91% | 77.37% | 72.74% | 74.22% | 75.39% | 77.87% | 75.67% | 75.31% | 75.31% | 76.35% | 101.57% | 74.07% | 68.95% | 70.13% | 67.92% | 67.1% | 67.51% | 65.02% | 67.42% | 67.68% |
| Gross Profit | 31.1M | 28.09M | 20.24M | 20.91M | 17.51M | 33.91M | 30.12M | 37.12M | 14.55M | 14.67M | 17.34M | 17.34M | 16M | -1.14M | 22.98M | 26.73M | 30.04M | 28.78M | 21.52M | 23.6M | 28.23M | 15.7M | 10.76M |
| Gross Margin % | 33.63% | 32.55% | 25.38% | 23.09% | 22.63% | 27.26% | 25.78% | 24.61% | 22.13% | 24.33% | 24.69% | 24.69% | 23.65% | -1.57% | 25.93% | 31.05% | 29.87% | 32.08% | 32.9% | 32.49% | 34.98% | 32.58% | 32.32% |
| Gross Profit Growth % | - | 38.83% | -3.23% | 19.42% | -48.36% | 12.57% | -18.85% | 155.11% | -0.82% | -15.37% | 8.37% | 8.37% | 1507.04% | -104.95% | -14.03% | -11.01% | 4.38% | 33.7% | -8.79% | -16.39% | 79.82% | 45.93% | - |
| Operating Expenses | 29.62M | 29.73M | 30.83M | 31.73M | 33.5M | 25.52M | 23.29M | 24.01M | 20.71M | 26.94M | 29.61M | 29.61M | 29.62M | 30.75M | 30.5M | 33.33M | 29.52M | 27.5M | 27.32M | 23.65M | 20.86M | 13.7M | 12.04M |
| OpEx % of Revenue | - | 34.45% | 38.68% | 35.03% | 43.29% | 20.52% | 19.93% | 15.92% | 31.49% | 44.68% | 42.18% | 42.18% | 43.79% | 42.59% | 34.42% | 38.72% | 29.35% | 30.66% | 41.77% | 32.57% | 25.86% | 28.43% | 36.17% |
| Selling, General & Admin | 28.62M | 28.79M | 29.6M | 29.73M | 30.88M | 23.31M | 21.6M | 22.3M | 19.34M | 25.04M | 27.61M | 27.61M | 27.96M | 28.2M | 28.48M | 31.07M | 27M | 25.17M | 25.43M | 21.71M | 19.03M | 12.62M | 10.87M |
| SG&A % of Revenue | - | 33.36% | 37.13% | 32.82% | 39.9% | 18.74% | 18.49% | 14.78% | 29.41% | 41.52% | 39.32% | 39.32% | 41.33% | 39.05% | 32.13% | 36.1% | 26.85% | 28.06% | 38.88% | 29.89% | 23.59% | 26.19% | 32.65% |
| Research & Development | 1M | 945K | 1.23M | 1.5M | 1.85M | 1.7M | 1.69M | 1.72M | 1.37M | 1.91M | 2M | 2M | 1.67M | 2.55M | 2.03M | 2.26M | 2.52M | 2.33M | 1.89M | 1.94M | 1.83M | 1.08M | 1.17M |
| R&D % of Revenue | - | 1.09% | 1.54% | 1.65% | 2.39% | 1.37% | 1.44% | 1.14% | 2.09% | 3.16% | 2.85% | 2.85% | 2.46% | 3.54% | 2.29% | 2.62% | 2.5% | 2.6% | 2.89% | 2.67% | 2.27% | 2.24% | 3.52% |
| Other Operating Expenses | 0 | 0 | 0 | 512K | 765K | 512K | 0 | 0 | 80K | 248K | 215K | 215K | 0 | 47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 1.48M | -1.64M | -10.6M | -10.82M | -15.98M | 8.39M | 6.84M | 13.11M | -6.16M | -12.98M | -12.53M | -12.53M | -19.92M | -31.94M | -8.34M | -6.6M | 522K | 1.27M | -5.8M | -56K | 7.36M | 2M | -1.28M |
| Operating Margin % | 1.6% | -1.9% | -13.29% | -11.95% | -20.66% | 6.75% | 5.85% | 8.69% | -9.36% | -21.53% | -17.84% | -17.84% | -29.45% | -44.23% | -9.41% | -7.67% | 0.52% | 1.42% | -8.86% | -0.08% | 9.12% | 4.14% | -3.85% |
| Operating Income Growth % | - | 84.5% | 2.11% | 32.29% | -290.5% | 22.75% | -47.86% | 312.93% | 52.57% | -3.62% | 37.12% | 37.12% | 37.62% | -282.79% | -26.33% | -1365.13% | -59.03% | 121.97% | -10255.36% | -100.76% | 268.6% | 255.89% | - |
| EBITDA | 3.02M | 142K | -8.18M | -8.33M | -13.96M | 9.95M | 8.32M | 14.67M | -4.37M | -10.97M | -10.2M | -10.2M | -15.64M | -27.62M | -3.81M | -2.03M | 4.76M | 5.46M | -2.73M | 1.78M | 8.77M | 3.06M | -340K |
| EBITDA Margin % | 3.26% | 0.16% | -10.26% | -9.2% | -18.04% | 8% | 7.12% | 9.73% | -6.65% | -18.19% | -14.52% | -14.52% | -23.13% | -38.25% | -4.29% | -2.35% | 4.73% | 6.09% | -4.17% | 2.46% | 10.87% | 6.35% | -1.02% |
| EBITDA Growth % | 151.31% | 101.74% | 1.75% | 40.35% | -240.4% | 19.59% | -43.32% | 435.44% | 60.13% | -7.6% | 34.83% | 34.83% | 43.37% | -625.97% | -87.72% | -142.6% | -12.94% | 300.4% | -252.77% | -79.65% | 186.63% | 1000% | - |
| D&A (Non-Cash Add-back) | 1.53M | 1.78M | 2.41M | 2.5M | 2.02M | 1.55M | 1.48M | 1.56M | 1.78M | 2.01M | 2.33M | 2.33M | 4.28M | 4.31M | 4.54M | 4.58M | 4.24M | 4.19M | 3.07M | 1.84M | 1.41M | 1.06M | 941K |
| EBIT | 895K | -2.32M | -10.73M | -10.88M | -16.02M | 8.33M | 6.64M | 12.9M | -6.17M | -12.72M | -12.39M | -12.39M | -19.79M | -31.64M | -7.78M | -5.76M | 1.4M | -495K | -5.28M | 1.6M | 7.36M | 2M | -1.28M |
| Net Interest Income | -827K | -780K | -1.13M | -845K | -278K | -80K | -184K | -417K | -283K | -410K | -237K | -237K | -169K | -76K | 86K | 278K | 299K | 165K | 414K | 1.49M | 0 | 0 | 0 |
| Interest Income | 4K | 3K | 7K | 2K | 34K | 0 | 0 | 5K | 11K | 15K | 36K | 36K | 128K | 300K | 567K | 845K | 850K | 32K | 269K | 1.66M | 0 | 0 | 0 |
| Interest Expense | 831K | 783K | 1.13M | 847K | 312K | 80K | 184K | 422K | 294K | 425K | 273K | 273K | 297K | 376K | 481K | 567K | 551K | 406K | 260K | 167K | 201K | 843K | 1.05M |
| Other Income/Expense | -1.4M | -1.46M | -1.16M | -806K | -378K | -141K | -318K | -489K | -503K | -162K | -22K | -22K | -169K | -76K | 86K | 278K | 331K | -847K | 259K | 1.49M | -201K | -843K | -1.05M |
| Pretax Income | 82K | -3.1M | -11.76M | -11.63M | -16.36M | 8.25M | 6.52M | 12.62M | -6.66M | -13.14M | -12.55M | -12.55M | -20.09M | -32.01M | -8.26M | -6.33M | 853K | 900K | -5.54M | 1.44M | 7.16M | 1.15M | -2.33M |
| Pretax Margin % | 0.09% | -3.6% | -14.75% | -12.84% | -21.15% | 6.63% | 5.58% | 8.37% | -10.13% | -21.8% | -17.87% | -17.87% | -29.7% | -44.33% | -9.32% | -7.35% | 0.85% | 1% | -8.47% | 1.98% | 8.87% | 2.4% | -6.99% |
| Income Tax | 42K | 60K | 42K | 41K | 17.98M | 2.16M | -19.62M | 159K | 14K | -15K | -261K | -261K | 36K | 49K | -2.06M | 4.07M | 370K | -298K | -1.35M | 927K | 2.75M | 225K | -762K |
| Effective Tax Rate % | 51.22% | -1.93% | -0.36% | -0.35% | -109.87% | 26.17% | -300.95% | 1.26% | -0.21% | 0.11% | 2.08% | 2.08% | -0.18% | -0.15% | 24.92% | -64.39% | 43.38% | -33.11% | 24.37% | 64.46% | 38.41% | 19.5% | 32.75% |
| Net Income | 40K | -3.16M | -11.8M | -11.67M | -34.34M | 6.09M | 26.13M | 12.46M | -6.67M | -13.13M | -12.29M | -12.29M | -20.13M | -32.06M | -6.2M | -10.4M | 483K | 1.2M | -4.19M | 511K | 4.41M | 929K | -1.56M |
| Net Margin % | 0.04% | -3.66% | -14.8% | -12.88% | -44.38% | 4.9% | 22.37% | 8.26% | -10.15% | -21.77% | -17.5% | -17.5% | -29.75% | -44.4% | -6.99% | -12.08% | 0.48% | 1.34% | -6.4% | 0.7% | 5.47% | 1.93% | -4.7% |
| Net Income Growth % | 100.43% | 73.2% | -1.11% | 66.01% | -663.8% | -76.69% | 109.71% | 286.72% | 49.16% | -6.84% | 38.95% | 38.95% | 37.22% | -417.2% | 40.39% | -2253% | -59.68% | 128.59% | -919.96% | -88.41% | 374.7% | 159.36% | - |
| Net Income (Continuing) | 40K | -3.16M | -11.8M | -11.67M | -34.34M | 6.09M | 26.13M | 12.46M | -6.67M | -13.13M | -12.29M | -12.29M | -20.13M | -32.06M | -6.2M | -10.4M | 483K | 341K | -4.19M | 511K | 4.41M | 929K | -1.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.01 | -0.89 | -3.60 | -3.60 | -10.80 | 1.90 | 8.35 | 4.00 | -2.30 | -4.60 | -4.40 | -4.40 | -7.30 | -14.30 | -3.00 | -5.00 | 0.20 | 0.50 | -1.90 | 0.20 | 1.90 | 0.50 | -1.80 |
| EPS Growth % | 98.36% | 75.28% | 0% | 66.67% | -668.42% | -77.25% | 108.75% | 273.91% | 50% | -4.55% | 39.73% | 39.73% | 48.95% | -376.67% | 40% | -2600% | -60% | 126.32% | -1050% | -89.47% | 280% | 127.78% | - |
| EPS (Basic) | - | -0.89 | -3.60 | -3.60 | -10.80 | 1.96 | 8.50 | 4.10 | -2.30 | -4.60 | -4.40 | -4.40 | -7.30 | -14.30 | -3.00 | -5.00 | 0.20 | 0.50 | -1.90 | 0.20 | 2.20 | 0.50 | -1.80 |
| Diluted Shares Outstanding | 4.16M | 3.56M | 3.28M | 3.25M | 3.17M | 3.13M | 3.13M | 3.1M | 2.94M | 2.88M | 2.82M | 2.82M | 2.76M | 2.24M | 2.1M | 2.1M | 2.34M | 2.32M | 2.18M | 2.74M | 2.35M | 1.64M | 852.4K |
| Basic Shares Outstanding | 4.06M | 3.56M | 3.28M | 3.25M | 3.17M | 3.1M | 3.06M | 3.01M | 2.9M | 2.85M | 2.79M | 2.79M | 2.76M | 2.24M | 2.07M | 2.08M | 2.3M | 2.27M | 2.18M | 2.54M | 1.55M | 908.05K | 852.4K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 242.95% | - | - |
Quick answers to the most common questions about buying OESX stock.
For fiscal year 2026, Orion Energy Systems, Inc. (OESX) reported total revenue of $86.3M. This represents a 159.3% increase compared to $33.3M in 2005.
Orion Energy Systems, Inc. (OESX) reported a net loss of $3.2M for the fiscal year ending 2026.
Orion Energy Systems, Inc. (OESX) reported an operating income of $-1.6M, resulting in an operating profit margin of -1.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Orion Energy Systems, Inc. (OESX) generated $28.1M in gross profit for the year, representing a gross profit margin of 32.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Operational Scale and Profitability
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Structural Challenges
According to recent financial filings, OESX reported a 23.3% revenue increase in 2025Q4, yet this follows a period of inconsistent performance where growth fluctuated significantly, suggesting that the company's project-based revenue model remains highly sensitive to the timing of large-scale commercial retrofit contract completions.
The erratic nature of top-line growth appears to reflect the lumpy, non-recurring nature of large-account lighting installations. Investors should monitor whether the recent uptick represents a sustainable recovery in commercial CAPEX or merely the timing of specific project milestones that may not repeat in subsequent quarters.
Gross Margin Expansion Faces Headwinds
As reported in financial statements, OESX achieved a 37.0% gross margin in 2025Q4, representing a notable improvement from the 21.6% trough seen in 2024Q1, though this recovery remains fragile given the company's reliance on variable-cost labor and fluctuating raw material prices for its hardware.
While the recent margin expansion suggests better pricing power or improved project mix, the company's inability to maintain consistent profitability at the operating level implies that these gains are insufficient to cover fixed overhead. The competitive nature of the LED market suggests that sustaining these margins will require a successful shift toward higher-value service offerings.
Earnings Distorted by Extraordinary Items
Based on OESX's reported figures, the income statement exhibits extreme volatility in net income and EPS, heavily influenced by massive, non-recurring stock-based compensation charges and erratic R&D spending that obscure the underlying operational performance and make normalized earnings assessment difficult for institutional investors.
The massive fluctuations in reported expenses, particularly the anomalous R&D and SG&A figures in recent quarters, suggest that GAAP net income is currently a poor proxy for operational health. Analysts should focus on cash-based metrics and core operating margins to strip away the noise created by these accounting adjustments.
Operating Leverage Remains Elusive
As indicated by the provided data, OESX continues to struggle with operating leverage, as evidenced by the -3.0% operating margin in 2025Q4, which suggests that the company has yet to achieve the necessary revenue scale to effectively absorb its fixed Manitowoc-based overhead and administrative costs.
The persistent inability to generate positive operating income despite revenue growth indicates a structural mismatch between the company's cost base and its current project throughput. Without a significant increase in recurring service revenue, the company may remain trapped in a cycle of thin margins and high sensitivity to operational disruptions.