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Orion Energy Systems cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$3.4M in Q2 FY27 · −$4.2M over twelve months

Operating cash flow−$3.4M
Capital spending−$44K
Free cash flow−$3.4M
Cash conversion cycle46 days

Analysis

In Q2 FY27, Orion Energy Systems generated −$3.4M of operating cash flow and spent $44K on capital projects, leaving free cash flow of −$3.4M. That is $5.0M less than in Q2 FY26 ($1.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$4.4M; the largest uses were net borrowing (+) / repaid (−) ($5.7M), operating cash flow ($4.4M), other investing ($1K); besides operations, cash came from other financing ($8.5M), capital spending ($177K); the cash balance fell by $1.4M.

Operating cash flow was −$3.4M against net income of −$810K. The largest differences: payables −$5.3M, contract assets +$1.7M, receivables −$625K.

Its cash conversion cycle was 46 days (receivables 62 + inventory 60 − payables 77).

Free cash flow

Orion Energy Systems: free cash flow by quarterOrion Energy Systems: free cash flow by quarter$3.7MQ3 FY25−$750KQ4 FY25−$570KQ1 FY26$1.6MQ2 FY26−$645KQ3 FY26−$1.5MQ4 FY26$1.3MQ1 FY27−$3.4MQ2 FY27
Operating cash flow less capital spending.
Orion Energy Systems: operating cash flow against capital spendingOrion Energy Systems: operating cash flow against capital spendingOperating cash flowCapital spending$3.8M$19KQ3 FY25−$699K$51KQ4 FY25−$515K$55KQ1 FY26$1.8M$255KQ2 FY26−$897K−$252KQ3 FY26−$1.5M$25KQ4 FY26$1.4M$6KQ1 FY27−$3.4M$44KQ2 FY27
Latest (Q2 FY27): Operating cash flow −$3.4M, Capital spending $44K.

Capital allocation, year by year

Orion Energy Systems: where the cash came from (up) and went (down), by fiscal yearOrion Energy Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY22: Operating cash flow −$113KFY22: Asset sales $122KFY22: Capital spending −$518KFY22: Acquisitions −$4.0M$122KFY22FY23: Operating cash flow −$2.3MFY23: Net borrowing $10.0MFY23: Shares issued $800KFY23: Capital spending −$586KFY23: Acquisitions −$5.6M$10.8MFY23FY24: Operating cash flow −$10.1MFY24: Asset sales $106KFY24: Capital spending −$837K$106KFY24FY25: Operating cash flow $599KFY25: Net borrowing $25KFY25: Asset sales $233KFY25: Capital spending −$99K$857KFY25FY26: Operating cash flow −$1.1MFY26: Net borrowing −$8.2MFY26: Shares issued $1.0MFY26: Capital spending −$83K$1.0MFY26
Over these 5 years operating cash flow totalled −$13.0M; the largest uses were operating cash flow ($13.6M) and acquisitions ($9.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.7M
Debt$8.5M
Net debt$4.8M
Due within a year$353K
Cash runway11 months

Orion Energy Systems is burning cash: its operations consume cash, a free cash flow of −$4.2M a year at the current rate against $3.7M of cash and investments: a runway of about 11 months; $353K of debt also comes due within a year, which would need refinancing or new money before any new financing.

Orion Energy Systems: debt maturities by year (FY25)Orion Energy Systems: debt maturities by year (FY25)$353KYear 1$353KYear 2$9.6MYear 3
Principal due in each year as disclosed in the annual report, against $3.7M of cash and investments now.

Where the cash came from and went

Orion Energy Systems: sources (+) and uses (−) of cash, Q2 FY27Orion Energy Systems: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow−$3.4MOther financing$2.0MCash drawn (+) / kept (−)$1.4MCapital spending−$44K
Orion Energy Systems: sources (+) and uses (−) of cash, TTM to Q2 FY27Orion Energy Systems: sources (+) and uses (−) of cash, TTM to Q2 FY27Other financing$8.5MNet borrowing (+) / repaid (−)−$5.7MOperating cash flow−$4.4MCash drawn (+) / kept (−)$1.4MCapital spending$177KOther investing−$1K

From profit to cash

Orion Energy Systems: net income to operating cash flow, Q2 FY27Orion Energy Systems: net income to operating cash flow, Q2 FY27Net income−$810KDepreciation & amortization$214KStock-based pay$446KOther non-cash−$79KReceivables−$625KInventory$357KPayables−$5.3MAccrued liabilities$301KDeferred revenue$171KContract assets$1.7MPrepaid and other assets$34KOperating cash flow−$3.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2762607746
Q1 FY2754568426
Q4 FY2652568325
Q3 FY2654648929
Q2 FY2658698740
Q1 FY2661728647
Q4 FY2554747949
Q3 FY2556959358

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27−$3.4M−$44K—$1.4M−$3.4M
Q1 FY27$1.4M−$6K$42K−$1.9M$1.3M
Q4 FY26−$1.5M−$25K—$1.5M−$1.5M
Q3 FY26−$897K$252K—$434K−$645K
Q2 FY26$1.8M−$255K−$750K−$1.6M$1.6M
Q1 FY26−$515K−$55K−$1.8M$2.4M−$570K
Q4 FY25−$699K−$51K−$1.0M$1.5M−$750K
Q3 FY25$3.8M−$19K−$1.5M−$2.1M$3.7M

Orion Energy Systems: income statement and cash flow

Orion Energy Systems, Q2 FY27: revenue $21.7M (+9% year over year), operating margin -3.4%. The chart follows the revenue to costs, profit and cash.

Orion Energy Systems: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.