$OESXJun 4, 2026, 11:00 AMAI processed
Orion (OESX) FY'26 revenue $86.3M, adjusted EBITDA $2.2M; reiterates FY'27 $95–97M revenue and positive EBITDA
AI Summary
Orion reported FY'26 revenue of $86.3M (up 8% YoY) and achieved $2.2M of adjusted EBITDA after Q4 revenue growth to $25.7M and six straight quarters of positive adjusted EBITDA, driven by stronger LED project activity and margin expansion. The company reiterated FY'27 guidance of $95M–$97M in revenue with positive adjusted EBITDA, backed by a $30M backlog (up $13M YoY) and continued improvement in gross margins.
Positives
- FY'26 revenue $86.3M (+8% YoY) and Q4'26 revenue $25.7M (+23% YoY)
- FY'26 adjusted EBITDA $2.2M vs. $(2.9M) in FY'25 and sixth consecutive quarter of positive adjusted EBITDA
- Reiterated FY'27 guidance of $95M–$97M revenue with positive adjusted EBITDA and starting backlog of $30M (+$13M YoY)
Negatives
- GAAP net loss remained $3.2M in FY'26 despite improvement versus prior year
- EV charging revenue declined (Q4 EV revenue $2.3M vs $5.8M prior-year quarter) and company cites uncertainty in near-term EV project timing/funding
- Cash balance was $3.3M at March 31, 2026 (though company reports total liquidity of $15.4M)