Orion Energy Systems

OESX · NASDAQ

$21.49−$1.31 (−5.75%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $22.80

OESX analyst rating

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The case for and against

Updated Feb 9, 2026

Bull case

Orion Energy Systems Inc. has demonstrated an improvement in gross margins, which increased to 27.5% in the fourth quarter of fiscal year 2025, up from 25.8% in the same quarter of the previous year, indicating effective management of pricing and cost strategies. The company anticipates further growth in gross margins, projecting an increase to over 30% by fiscal year 2027, reflecting optimism in its operational efficiencies. Additionally, Orion is expecting an annual revenue of $84.0 million for the current year, marking a year-over-year growth of approximately 5%, suggesting a stable demand for its products and services within the commercial and industrial sectors.

Bear case

Orion Energy Systems Inc. reported F4Q25 revenues of $20.9 million, reflecting a significant 21.0% year-over-year decline, which was below expectations of $21.3 million. The revenue shortfall was attributed to a $1.9 million decrease from a large European project, highlighting challenges in revenue stability. Additionally, the company recorded a net loss of $2.9 million or $0.09 per share, contrasting sharply with a positive net income of $1.6 million or $0.05 per share in the same quarter of the previous year.

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