Orion Energy Systems Posts FY 2026 Revenue Growth, Reiterates FY 2027 Outlook
Event summary
- Orion Energy Systems reported FY 2026 revenue of $86.3M, up 8% from FY 2025, with adjusted EBITDA turning positive at $2.2M.
- Q4 2026 revenue grew 23% year-over-year to $25.7M, with gross margin expanding by 950 basis points to 37%.
- The company entered FY 2027 with a $30M backlog, up $13M year-over-year, and expects revenue of $95M-$97M.
- LED lighting revenue surged 86% in Q4 2026, while EV charging revenue declined 61% due to project timing variability.
- Orion completed a $6.4M public offering to bolster its balance sheet.
The big picture
Orion's turnaround to profitable growth reflects broader industry trends toward energy efficiency and EV infrastructure. The company's ability to sustain margin expansion and manage project timing variability will be critical as it scales. With a strengthened balance sheet and a growing backlog, Orion aims to emerge as a robust player in the clean tech solutions market.
What we're watching
- Revenue Diversification
- How Orion will balance growth in LED lighting against the volatility in EV charging revenue.
- Margin Sustainability
- Whether the company can maintain gross margins above 30% amid competitive pressures.
- Execution Risk
- The pace at which Orion can convert its $30M backlog into revenue in FY 2027.