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LEASES | 9 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
LEASES | NOTE 8 — LEASES From time to time, Orion leases assets from third parties. Orion also leases certain assets to third parties. Under ASC 842, both finance and operating lease Right-Of-Use ("ROU") assets and lease liabilities for leases with initial terms in excess of 12 months are recognized at the commencement date based on the present value of lease payments over the lease term. Orion recognizes lease expense for leases with an initial term of 12 months or less, referred to as short term leases, on a straight-line basis over the lease term. A summary of Orion’s assets leased from third parties follows (dollars in thousands):
|  | Balance sheet classification |  | December 31, 2025 |  |  | March 31, 2025 |
Assets |  |  |  |  |  |  |  |
Operating lease assets |  | Other long-term assets |  | $ | 2,878 |  |  | $ | 3,456 |
Liabilities |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued expenses and other |  | $ | 762 |  |  | $ | 794 |
Non-current liabilities |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other long-term liabilities |  |  | 2,274 |  |  |  | 2,829 |
Total lease liabilities |  |  |  | $ | 3,036 |  |  | $ | 3,623 |
Orion had operating lease costs of $0.3 million and $0.9 million for the three and nine months ended December 31, 2025, respectively. Orion had operating lease costs of $0.3 million and $0.9 million fo r the three and nine months ended December 31, 2024, respectively. The estimated maturity of lease liabilities for each of the remaining years is shown below (dollars in thousands):
Maturity of Lease Liabilities |  | Operating Leases |
Fiscal 2026 (period remaining) |  | $ | 258 |
Fiscal 2027 |  |  | 886 |
Fiscal 2028 |  |  | 803 |
Fiscal 2029 |  |  | 828 |
Fiscal 2030 |  |  | 707 |
Total lease payments |  | $ | 3,482 |
Less: Interest |  |  | (446 | )
Present value of lease liabilities |  | $ | 3,036 |
Assets Orion Leases to Other Parties Orion provides long-term financing to one customer who engages Orion in large turnkey projects that span between three and nine months. The customer executes an agreement providing for monthly payments, at a fixed monthly amount, of the contract price, plus interest, over typically a five-year period. The total transaction price in these contracts is allocated between product and services in the same manner as all other turnkey projects. The portion of the transaction associated with the installation is accounted for consistently with all other installation related performance obligations under ASC 606. While Orion retains ownership of the light fixtures during the financing period, the transaction terms and the underlying economics associated with used lighting fixtures results in Orion essentially ceding ownership of the lighting fixtures to the customer after completion of the agreement. Therefore, the portions of the transaction associated with the sale of the multiple individual light fixtures is accounted for as a sales-type lease under ASC 842. Revenues, and production and acquisition costs, associated with sales-type leases are included in Product revenue and Cost of product revenue in the Condensed Consolidated Statements of Operations. These amounts are recorded for each fixture separately based on the customer’s monthly acknowledgment that specified fixtures have been installed and are operating as specified. The execution of the acknowledgment is considered the commencement date as defined in ASC 842. The following chart shows the amount of revenue and cost of sales arising from sales-type leases during the quarter ended December 31, 2025 and 2024 (dollars in thousands):
|  | Three Months Ended December 31, |  |  | Nine Months Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Product revenue |  | $ | 182 |  |  | $ | 147 |  |  | $ | 393 |  |  | $ | 356 |
Cost of product revenue |  | $ | 167 |  |  | $ | 123 |  |  | $ | 316 |  |  | $ | 319 |

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