Orion Energy touches 3-year low after Q1 revenue halves

Orion Energy Systems

03/08/2022 18:01

** Shares of lighting systems maker Orion Energy Systems Inc
 OESX.O  plummet ~18% to $1.90
    ** Stock touches lowest since March 2019
    ** Co says revenue in Q1 nearly halved to $17.9 mln, as
tough economic environment forced OESX customers to delay
approval of lighting projects  urn:newsml:reuters.com:*:nGNX9sQkk5
    ** "Fiscal year 2023 is starting more slowly than expected,"
co says
    ** Operating expenses also jumped over 5% in the quarter,
leading to a loss in Q1 compared to a profit a year earlier
    ** Separately, OESX announced COO Mike Jenkins would be the
next CEO, replacing Mike Altschaefl who will retire in November
 urn:newsml:reuters.com:*:nGNX9JmPzl
    * YTD, co has lost nearly half of its market capitalization

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))