Orion Energy Systems Inc. 2026年季度报告

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an "emerginggrowth company". See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 PART I FINANCIAL INFORMATION ITEM 1.Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of December 31, 2025 and March 31, 2025Condensed Consolidated Statements of Operations for the Three and Nine Months Ended December 31, 2025 and December 31, 2024 4Condensed Consolidated Statements of Shareholders’ Equity for the Three and Nine Months Ended December31, 2025 and December 31, 20245 ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. On August 22, 2025, Orion enacted a 1-for-10 reverse stock split on all common stock. All current and prior periods have beenadjusted to accurately show the amount of shares post-split. ORION ENERGY SYSTEMS, INC. AND SUBSIDIARIESUNAUDITED NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 — DESCRIPTION OF BUSINESS Orion includes Orion Energy Systems, Inc., a Wisconsin corporation, and all consolidated subsidiaries. Orion provides lightemitting diode lighting systems, wireless Internet of Things enabled control solutions, project engineering, energy project Orion’s corporate offices and leased primary manufacturing operations are located in Manitowoc, Wisconsin. Orion alsoleases office space in Jacksonville, Florida and Lawrence, Massachusetts. NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Orion Energy Systems, Inc. and its wholly-owned subsidiaries.All intercompany transactions and balances have been eliminated in consolidation. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Orion have been prepared in accordance withaccounting principles generally accepted in the United States (GAAP) for interim financial information and with the rules andregulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and The Condensed Consolidated Balance Sheet as of March 31, 2025 has been derived from the audited consolidated financialstatements at that date but does not include all of the information required by GAAP for complete financial statements. The accompanying unaudited Condensed Consolidated Financial Statements should be read in conjunction with the auditedconsolidated financial statements and footnotes thereto included in Orion’s Annual Report on Form 10-K for the fiscal year ended On August 22, 2025, Orion enacted a 1-for-10 reverse stock split in order to remain compliant with the Minimum Bid PriceRule as defined below. The par value was not adjusted for the reverse stock split. All share and per share data have been adjusted Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of thefinancial statements and reported amounts of revenues and expenses during that reporting period. Areas that require the use of Concentration of Credit Risk and Other Risks and Uncertainties Orion's cash is primarily deposited with one financial institution. At times, deposits in this institution exceeds the amount ofinsurance provided on such deposits. Orion has not experienced any losses in such accounts and believes that it is not exposed to Orion purchases components necessary for its lighting products, including lamps and LED components, from multiplesuppliers. For the three and nine months ended December 31, 2025 and 2024, no suppliers accounted for more than 10% of total For the three months ended December 31, 2025, two customers accounted for 30.7% and 14.1% of total revenue, respectively.For the nine months ended December 31, 2025, two customers accounted for 31.7% and 10.5% of total revenue, respectively. Forthe three months ended December 31, 2024, two customers accounted for 26.7% and 10.4% of total revenue, respectively. For the As of December 31, 2025, two customers accounted for 17.3% and 15.3% of accounts receivable, respectively. As of March31, 2025, one customer accounted for 13.0% of accounts receivable. Compliance with the Continued Listing Standards of the Nasdaq Capital Market (“NASDAQ”) As previously disclosed, on September 20, 2024, Orion received written notice from the Listing Qualifications Department(the “Staff”) of NASDAQ notifying Orion that it was not in c