ORION ENERGY SYSTEMS, INC.
For the period ended Mar 31, 2026. Filed Jun 4, 2026.
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FY2026 · Filed Jun 4, 2026
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
| Fiscal Year Ended March 31, | |||
|---|---|---|---|
| (in thousands) | 2026 | 2025 | 2024 |
| Operating activities | |||
| Net loss | $(3,163) | $(11,801) | $(11,671) |
| Adjustments to reconcile net loss to net cash (used in) provided by | |||
| operating activities: | |||
| Depreciation and amortization | 1,784 | 2,619 | 2,590 |
| Stock-based compensation | 483 | 1,157 | 950 |
| Loss on debt extinguishment | 562 | — | — |
| Deferred taxes and impairment of property and equipment | 5 | 27 | 64 |
| Loss on asset disposals | 1,118 | 91 | 84 |
| Provision for inventory reserves | 461 | 552 | 562 |
| Provision for credit losses | 12 | 378 | 170 |
| Other | (6) | 197 | 468 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (3,507) | 800 | (464) |
| Revenue earned but not billed | (3,059) | 1,189 | (3,219) |
| Inventories | 627 | 6,106 | (603) |
| Prepaid expenses and other assets | 802 | 2,324 | (1,384) |
| Accounts payable | 2,179 | (5,078) | 4,990 |
| Accrued expenses and other liabilities | 1,296 | 1,883 | (2,334) |
| Deferred revenue, current and long-term | (673) | 155 | (295) |
| Net cash provided by (used in) operating activities | (1,079) | 599 | (10,092) |
| Investing activities | |||
| Purchase of property and equipment | (83) | (99) | (837) |
| Additions to patents and licenses | (3) | (6) | — |
| Proceeds from sales of property and equipment | — | 233 | 106 |
| Net cash provided by (used in) investing activities | (86) | 128 | (731) |
| Financing activities | |||
| Payment of long-term debt | (3,403) | (206) | (15) |
| Proceeds from revolving credit facility | 4,250 | 500 | — |
| Payment of revolving credit facility | (8,250) | (3,500) | — |
| Proceeds from long-term debt | — | 3,525 | — |
| Unamortized debt issuance cost write-off | (180) | — | — |
| Issuance of treasury stock | 300 | — | — |
| Proceeds from public stock offering, net of issuance costs | 6,138 | — | — |
| Payments to settle employee tax withholdings on stock-based compensation | (11) | — | (2) |
| Debt issue costs | (383) | (216) | — |
| Proceeds from employee equity exercises | (3) | (13) | 3 |
| Net cash provided by (used in) financing activities | (1,542) | 90 | (14) |
| Net increase (decrease) in cash and cash equivalents | (2,707) | 817 | (10,837) |
| Cash and cash equivalents at beginning of period | 5,972 | 5,155 | 15,992 |
| Cash and cash equivalents at end of period | $3,265 | $5,972 | $5,155 |
| Supplemental cash flow information: | |||
| Cash paid for interest | $(758) | $(962) | $(691) |
| Cash paid for income taxes | $(36) | $(26) | $(59) |
| 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 to Final Frontier, LLC as partial payment of earnout obligation | $1,000 | $— | $— |
| Issuance of subordinated debt for earnout obligation | $3,051 | $— | $— |
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