Orion Expects Fiscal 2024 Revenue Growth Of 16%-23% To A Range Of ~$90M-$95M Vs. $97.5M Est; Sees Q4 Revenue In The Range Of $26M-$31M Vs. $32.31M Est.

Author: Benzinga Newsdesk | February 07, 2024 08:50am

Business Outlook

• Orion expects FY 2024 revenue growth between 16% and 23% to a range of approximately $90M to $95M. This outlook implies Q4'24 revenue in the range of $26M to $31M compared to $21.6M in Q4'23.
• Growth over the balance of FY 2024 is primarily expected from large national LED lighting projects including the European retrofit project, an external lighting project for Orion's largest customer, and projects for a large warehouse/logistics sector customer. Additionally, Orion expects growth in EV charging solutions driven by its current project pipeline. Maintenance services are expected to decrease slightly over the balance of FY 2024, reflecting the likely impact of new pricing on certain legacy customer renewal discussions.
• On a preliminary basis, Orion is targeting growth in FY 2025 in the range of 10-15% on a consolidated basis (recognizing the completion of the large DOD project and top-line headwinds in the maintenance business) and will update its outlook when it reports full year results in early June.

Posted In: OESX