Orion Energy Systems, Inc., a provider of enterprise-grade LED lighting and energy project solutions, today provided an update on order activity which is currently trending ahead of the Company’s 10% revenue growth goal for the fiscal 2019 year ending March 31, 2019. In total, Orion has secured over $11 million in recent orders and letters of intent from major national accounts.
As anticipated, business from major automotive manufacturers continues to show strength, with over $8 million in orders and letters of intent for turnkey LED lighting retrofit projects having been secured over the last several weeks. These projects are currently slated to be completed and booked as revenue principally in the third and fourth quarters of fiscal 2019. Automotive industry business is currently running modestly ahead of full year revenue expectations of $14M in fiscal 2019.
Additionally, Orion recently secured contracts and letters of intent for approximately $3 million in turnkey LED lighting retrofit projects for over 35 U.S. government facilities.
Orion’s industry-leading ISON™ High Bay LED fixtures continue to be an important contributor to the Company’s national account sales activity, along with the Company’s LDR® LED retrofit lighting systems designed for fast, efficient replacement of standard-sized, in-ceiling “troffer” fixtures.
Mike Altschaefl, Orion’s CEO, commented, “The pace of Orion’s order bookings has accelerated in recent weeks and we are now running well ahead of last year. Based on this activity, we are increasingly comfortable that we will achieve and possibly exceed our full year 10% revenue growth goal – with much of our improvement weighted toward the second half of the year. We are seeing particularly strong traction from national accounts, where we typically find the greatest engagement in Orion’s value proposition, which is focused on quality, service, and energy and cost savings.
“We are also seeing continued improvement in our agent driven sales activity as well as bookings through Energy Service Companies (ESCOs) and resellers.”