Orion Energy Systems, Inc., a U.S. provider of LED lighting and Energy project solutions, announced its financial results for the fourth quarter of fiscal 2019 and the year ending March 31.
Revenue for the fourth quarter of fiscal 2019 was $22.4 million, up 49% from the same period last year.
Operating profit was $4.4 million, up 36% from the same period last year.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were $49,000, compared with $6m a year earlier.
For fiscal year 2019, revenue was $65.8 million, up 9% from the same period last year.
Operating profit was $14.6 million (100 million yuan), down 1% from the same period last year.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were $3.5m, compared with $9.6m in the same period last year.
Orion CEO and chairman of the board Mike Altschaefl said, "Orion's operations improved in the fourth quarter and throughout fy2019 as we continued our efforts to build an energy services company (ESCO) and agent-driven distribution channel while achieving the operating cost reductions implemented in fy2018."
In the future, the company will focus on four major strategic initiatives to achieve revenue growth.
1. Focus on marketing Orion turnkey LED transformation project;
Ii. Support ESCO and agent-driven distribution and sales channels;
Continuous product innovation;
4. Use Orion's intelligent lighting system to support Internet of things applications.