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Orion Energy Systems (OESX) earnings and revenue breakdown
Latest: Q2 FY27 · 10-Q filed Nov 5, 2026 · Orion Energy Systems (OESX) Q2 FY27 earnings results →
Q2 FY27 Revenue up 9% year over year to $21.7M · 4¢ of every $1 of revenue lost · operating margin -3.4%
Orion Energy Systems made $21.7M in Q2 FY27 (+9% Y/Y): Product $13.4M, Service $8.3M. Operating margin -3.4%, net loss $810K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $21.7M in Q2 FY27, up 9% year over year and down 16% from the previous quarter. Product was the largest line at 62% of revenue. Service added $1.2M year over year (up 17%), 66% of the total change.
Gross margin was 28.7%, down 2.3 points from Q2 FY26. Operating costs exceeded revenue by $734K, an operating margin of -3.4%. Operating expenses grew 8% against revenue growth of 9%. The fastest-growing cost line was Sales & marketing (+16%). The quarter ended with a net loss of $810K, after a profit of $2.0M the previous quarter.
Operating cash flow was −$3.4M. Non-cash charges added back $214K of depreciation and amortization and $446K of share-based compensation. Working capital and other items used $3.2M. Capital expenditures of $44K exceeded it, leaving free cash flow of −$3.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 10-Q | Nov 5, 2026 | $21.7M | +9% | -3.4% | −$810K | −$3.4M |
| Q1 FY27 | 10-Q | Aug 5, 2026 | $25.7M | +32% | 8.2% | $2.0M | $1.4M |
| Q4 FY26 | 10-K | Jun 4, 2026 | $25.7M | +23% | -3.0% | −$1.5M | −$1.5M |
| Q3 FY26 | 10-Q | Feb 5, 2026 | $21.1M | +8% | 1.8% | $160K | −$897K |
| Q2 FY26 | 10-Q | Nov 5, 2025 | $19.9M | +3% | -1.2% | −$581K | $1.8M |
| Q1 FY26 | 10-Q | Aug 6, 2025 | $19.6M | -2% | -5.2% | −$1.2M | −$515K |
| Q4 FY25 | 10-K | Jun 26, 2025 | $20.9M | -21% | -12.7% | −$2.9M | −$699K |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Orion Energy Systems
As used herein, unless otherwise expressly stated or the context otherwise requires, all references to “Orion,” “we,” “us,” “our,” “Company” and similar references are to Orion Energy Systems, Inc. and its consolidated subsidiaries. We provide state-of-the-art light emitting diode (“LED”) lighting systems, wireless Internet of Things (“IoT”) enabled control solutions, commercial and industrial electric vehicle charging infrastructure solutions and lighting and electrical maintenance services. We help our customers achieve their sustainability, energy savings and carbon footprint reduction goals through innovative technology and exceptional service. We sell our products and services into many vertical markets within the broader commercial and industrial market segment.
In its own words, from its 10-K, filed Jun 4, 2026.
Orion Energy Systems against its Electric Lighting & Wiring Equipment peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +10%. Operating margin: -3.4% against the peers' median -3.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| OESX Orion Energy Systems | Q2 FY27 | $21.7M | +9% | -3.4% |
| AYI Acuity | Q4 FY26 | $1.2B | +3% | 18.2% |
| LYTS LSI Industries | Q1 FY27 | $226M | +44% | 6.3% |
| SKYX Skyx Platforms | Q2 2026 | $25.3M | +10% | -28.0% |
| EFOI Energy Focus | Q2 2026 | $3.7M | +228% | -23.2% |
Source: Orion Energy Systems 10-Q on SEC EDGAR · CIK 1409375 · Electric Lighting & Wiring Equipment
Guidance and outlook
13F: who owns OESX and who is buying
More on OESX
History
Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results