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Orion Secures $18-20M Commitment To Expand Turnkey LED Lighting Installation Project From A 'Major National Account'; Raises FY20 Revenue Goal To $150M-$155M

Orion Energy Systems, Inc. (NASDAQ:OESX) (Orion Lighting), announced today that it has received a commitment to further expand the retrofit of a major national account customer's lighting systems with Orion's

Benzinga · 01/29/2020 12:37

Orion Energy Systems, Inc. (NASDAQ:OESX) (Orion Lighting), announced today that it has received a commitment to further expand the retrofit of a major national account customer's lighting systems with Orion's state-of-the-art LED lighting and wireless Internet of Things (IoT) enabled control solutions at additional locations nationwide. Orion anticipates additional revenue of $18M - $20M under this next phase, which is dependent on the customer's issuance of purchase orders. Installations for this phase are slated for completion during Orion's fiscal 2020 fourth quarter ending March 31, 2020 and its fiscal 2021 first quarter ending June 30, 2020.

In light of this additional customer commitment, the Company’s year-to-date performance and its expectations for the balance of fiscal 2020, Orion is increasing its fiscal 2020 revenue goal to a range of $150M to $155M from a prior range of $135M to $145M.

This expanded phase builds on the contracts previously announced for this major national account. The project includes the installation of LED lighting fixtures along with state-of-the-art IoT control integration, to deliver enhanced functionality and data gathering capabilities designed to help facility managers enhance operating performance.

Orion's selection was again based on its proven ability to design, develop and install customized, highly energy-efficient, U.S.-manufactured LED lighting solutions on a turnkey basis. Contract services include initial energy audits, project engineering, custom fixture design, fixture manufacturing, IoT enabled control systems, IoT system commissioning and full project management through installation at customer locations nationwide.