Orion Energy Systems, Inc. (OESX) stock prices were down by a marginal 0.52% as of the market closing on June 24th, 2021, bringing the price per share down to USD$5.74. Subsequent pre-market fluctuations have seen the stock climb by 0.17%, bringing it up to USD$5.75.
Quarterly Revenue Reports
Revenues for the fourth quarter of the fiscal year 2021 were reported at USD$35.5 million, up 37% from the USD$25.9 million reported in the prior year quarter. This difference is largely attributable to strong national retrofit activity as the vicegrip of the pandemic loosened relatively over the course of the fiscal year. The 2021 quarter was also bolstered by several sizeable national retrofit projects, some of which were for a specialty retailer, as well as a significant national retail customer.
Yearly Revenue Reports
Revenue for the full fiscal year 2021 came in at USD$116.8, down from USD$150.8 million in the prior fiscal year. This difference is primarily driven by stoppages arising from the onset of the global coronavirus pandemic, as well as projects being delayed earlier in the fiscal year.
Operating Expenses
The last quarter of fiscal 2021 reported operating expenses in the amount of 18.8% of sales, down from the 23.7% reported in the fourth quarter of fiscal 2020. This difference is largely the result of fixed cost absorption from higher business volume in the 2021 quarter. Operating expenses for the full fiscal year 2021 were USD$23.3 million, marginally down from the USD$24 million reported for fiscal 2020. Despite this, operating expenses as a percentage of sales improved year-over-year from 19.9% to 15.9%, reflecting the difference in business volume.
Cash from Operating Activities
USD$7.4 million were generated in cash from operating activities over the course of the last quarter of fiscal 2021. This is a significant improvement on the USD$6.1 million reported in the year-ago quarter. The difference is primarily driven by higher net income and favorable working capital changes. The full fiscal year 2021 saw the company generate USD$1.7 million in cash from operating activities, down from the USD$20.3 million reported for the fiscal year 2020. This massive difference is explained by a lower net income as well as the effects of working capital investments.
Future Outlook for OESX
Armed with the strength of its most recent financial reports marking the end of fiscal 2021, the company is poised to capitalize on the opportunities afforded to it. OESX is keen to continue its trajectory of success well into the upcoming fiscal year. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.
