Orion Energy (NASDAQ: OESX): Strong Q1 Performance; Buy Rating Maintained

Q1:27 HIGHLIGHTS

• Orion Energy Systems reported Q1 FY27 revenue of $25.7 million, up 32% from $19.6 million in Q1 FY26, with LED lighting up 37% to $17.7 million, EV charging up 48% to $4.0 million, and maintenance roughly flat at $4.1 million.

• Gross margin expanded 450 basis points to 34.6%, including approximately 130 basis points of net tariff benefit; excluding that item, underlying margin of 33.3% still represents a structural step up from 30.1% a year ago.

• Growth was almost entirely service-led, with service revenue nearly doubling to $11.5 million (45% of total, from 31%) against just 5% growth in product revenue, a mix shift that drove the quarter but constrains margin ahead.

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