Orion Energy Systems will retrofit LED lighting for a North American distributor across 400 locations, valued at $12-$18M.
Quiver AI Summary
Orion Energy Systems, Inc. has been awarded a contract to deliver lighting retrofit solutions for a North American Building Products distributor with over 400 locations, starting in the third quarter of fiscal year 2025 and projected to span several years. The company estimates the contract's total value between $12 million and $18 million, with approximately $1 million expected in fiscal year 2025. The project involves comprehensive site visits, audits, and the manufacturing and installation of LED lighting systems tailored to each location's needs, aiming to significantly reduce energy consumption and carbon emissions while improving safety and lighting quality. CEO Michael Jenkins emphasized the company's successful track record with large accounts and the ease of their turnkey installation approach.
Potential Positives
- Orion Energy Systems has secured a significant project to provide lighting retrofit solutions for a major North American Building Products distributor, indicating strong market demand for their energy-efficient products.
- The total project opportunity is valued between $12 million to $18 million, with approximately $1 million expected in FY25, showcasing potential revenue growth.
- This award reinforces Orion's reputation for successfully managing large national accounts through comprehensive turnkey solutions, enhancing their market positioning.
- The lighting upgrade program aims to significantly reduce the customer's energy usage and carbon footprint, aligning with sustainability trends and increasing attractiveness to environmentally-conscious clients.
Potential Negatives
- The press release emphasizes the company's reliance on forward-looking statements, which may undermine investor confidence, especially if actual results do not meet the anticipated outcomes.
- While the project presents a sizable opportunity, the expected revenue of $1M for FY25 may be viewed as modest compared to the total potential of $12 - $18M, raising questions about the company's short-term growth trajectory.
- The announcement does not provide details on previous project successes or customer satisfaction, which could lead to skepticism about the company's capabilities and the effectiveness of their solutions.
FAQ
What is the recent project announced by Orion Energy Systems?
Orion Energy Systems will provide lighting retrofit solutions for a North American Building Products distributor across over 400 locations.
When will the Orion project commence?
The lighting retrofit project is set to begin in Orion's Q3 FY25 and is expected to last for several years.
What is the estimated value of the Orion project?
Orion values the total project opportunity between $12 million and $18 million, with approximately $1 million anticipated for FY25.
How will the lighting upgrades benefit customers?
The upgrades will significantly reduce energy usage and carbon footprint while improving safety and lighting quality across locations.
What types of lighting solutions will Orion provide?
Orion will supply a combination of LED high bays, strip fixtures, office troffers, and exterior fixtures tailored to each location's needs.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OESX Insider Trading Activity
$OESX insiders have traded $OESX stock on the open market 4 times in the past 6 months. Of those trades, 4 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $OESX stock by insiders over the last 6 months:
- ANTHONY L. OTTEN has traded it 2 times. They made 2 purchases, buying 10,000 shares and 0 sales.
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- HEATHER L WISHART-SMITH purchased 9,025 shares.
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Full Release
MANITOWOC, Wis., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) ( Orion Lighting ), a provider of energy-efficient LED lighting, electric vehicle (EV) charging stations, and maintenance service solutions, announced today it has been selected to provide lighting retrofit solutions for a North American Building Products distributor covering over 400 locations. The project will commence in Orion’s Q3 FY25 and is anticipated to continue for several years. Orion values the total opportunity as $12 - $18M with about $1M anticipated for FY25.
The project encompasses site visits, lighting audits, fixture manufacturing, project management, and the installation and commissioning of industry-leading LED lighting systems across the customer’s national store footprint. Orion will provide a combination of LED high bays, strip fixtures, office troffers, and some exterior wall pack and area fixtures based on each location’s specific needs.
The lighting upgrade program is designed to substantially reduce the customer’s annual energy usage and carbon footprint from lighting, while also enhancing the lighting environment and safety of each location for the benefit of employees, customers and vendors.
“We are very pleased to build on our track record of helping large national accounts through turnkey LED lighting retrofit projects by winning this significant award from a new customer,” stated Michael Jenkins, Orion CEO. “We believe our ability to provide customers with state-of-the-art LED lighting products coupled with our turnkey installation capabilities continue to help simplify the execution of these large projects while providing the best possible outcomes in light levels, energy savings and carbon reductions for our clients.”
About Orion Energy Systems
Orion provides energy efficiency and clean tech solutions, including LED lighting and controls, electrical vehicle (EV) charging solutions, and maintenance services. Orion specializes in turnkey design-through-installation solutions for large national customers, with a commitment to helping customers achieve their business and environmental goals with healthy, safe, and sustainable solutions that reduce their carbon footprint and enhance business performance.
Orion is committed to operating responsibly throughout all areas of our organization. Learn more about our sustainability goals and progress here , or visit our website at www.orionlighting.com .
Safe Harbor Statement
Certain matters discussed in this press release, are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or words of similar import. Similarly, statements that describe our future plans, objectives or goals, including business relationships with government customers, are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected including, but not limited to, the risks described in our filings with the Securities and Exchange Commission.
Shareholders, potential investors and other readers are urged to consider risks and uncertainties carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at
http://www.sec.gov
or at
http://investor.oriones.com/
in the Investor Relations section of our Website. Except as required by applicable law, we assume no obligation to update any forward-looking statements publicly or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
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