ORION ENERGY SYSTEMS INC
For the period ended Mar 31, 2025. Filed Jun 26, 2025.
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FY2025 · Filed Jun 26, 2025
OESX$12.11-8.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(in thousands)
| Fiscal Year Ended March 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net loss | $(11,801) | $(11,671) | $(34,341) |
| Adjustments to reconcile net loss to net cash used in | |||
| operating activities: | |||
| Depreciation | 1,344 | 1,410 | 1,369 |
| Amortization of intangible assets | 1,069 | 1,085 | 653 |
| Stock-based compensation | 1,157 | 950 | 1,612 |
| Impairment on intangibles | — | 456 | — |
| Amortization of debt issue costs | 206 | 95 | 73 |
| Deferred income tax benefit | 7 | (5) | 17,881 |
| Impairment of property and equipment | 20 | 69 | — |
| Loss on sale of property and equipment | 91 | 84 | 27 |
| Provision for inventory reserves | 552 | 562 | 628 |
| Provision for credit losses/bad debts | 378 | 170 | 65 |
| Other | 197 | 12 | 96 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | 800 | (464) | (586) |
| Revenue earned but not billed | 1,189 | (3,219) | 1,426 |
| Inventories | 6,106 | (603) | 1,879 |
| Prepaid expenses and other assets | 2,324 | (1,384) | 2,017 |
| Accounts payable | (5,078) | 4,990 | 2,372 |
| Accrued expenses and other liabilities | 1,883 | (2,334) | 2,209 |
| Deferred revenue, current and long-term | 155 | (295) | 329 |
| Net cash provided by (used in) operating activities | 599 | (10,092) | (2,291) |
| Investing activities | |||
| Cash to fund acquisitions, net of cash received | — | — | (5,600) |
| Purchase of property and equipment | (99) | (837) | (586) |
| Additions to patents and licenses | (6) | — | (9) |
| Proceeds from sales of property, plant and equipment | 233 | 106 | — |
| Net cash provided by (used in) investing activities | 128 | (731) | (6,195) |
| Financing activities | |||
| Payment of long-term debt | (206) | (15) | (15) |
| Proceeds from revolving credit facility | 500 | — | 10,000 |
| Payment of revolving credit facility | (3,500) | — | — |
| Proceeds from long-term debt | 3,525 | — | — |
| Payments to settle employee tax withholdings on stock-based compensation | — | (2) | (2) |
| Debt issue costs | (216) | — | (29) |
| Proceeds from employee equity exercises | (13) | 3 | 58 |
| Net cash provided by (used in) financing activities | 90 | (14) | 10,012 |
| Net increase (decrease) in cash and cash equivalents | 817 | (10,837) | 1,526 |
| Cash and cash equivalents at beginning of period | 5,155 | 15,992 | 14,466 |
| Cash and cash equivalents at end of period | $5,972 | $5,155 | $15,992 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $(962) | $(691) | $(346) |
| Cash paid for income taxes | $(26) | $(59) | $(87) |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Operating lease assets obtained in exchange for new operating lease liabilities | $2,661 | $— | $— |
| Issuance of common stock in connection with acquisition | $— | $— | $800 |
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