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REVENUE
 9 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE

NOTE 3 — REVENUE

Orion generates revenue primarily by selling commercial lighting fixtures and components, installing these fixtures in its customer's facilities, and providing maintenance services including repairs and replacements for the lighting and related electrical components deployed in its customer's facilities. Orion recognizes revenue in accordance with the guidance in "Revenue from Contracts with Customers" (Topic 606) ASC 606 when control of the goods or services being provided (which Orion refers to as a performance obligation) is transferred to a customer at an amount that reflects the consideration management expects to receive in exchange for those goods or services. Prices are generally fixed at the time of order confirmation, either for the contract as a whole or for the hourly rates that will be charged for the type of maintenance services delivered. The amount of expected consideration includes estimated deductions and early payment discounts calculated based on historical experience, customer rebates based on agreed upon terms applied to actual and projected sales levels over the rebate period, and any amounts paid to customers in conjunction with fulfilling a performance obligation.

The sale of charging stations and related software subscriptions, renewals and extended warranty is presented in Product revenue. Orion is the principal in the sales of charging stations as it has control of the physical products prior to transfer to the customer. Accordingly, revenue is recognized on a gross basis. For certain sales, primarily software subscriptions, renewals, and extended warranty, Orion is the sales agent providing access to the content and recognize commission revenue net of amounts due to third parties who fulfill the performance obligation. For these sales, control passes at the point in time upon providing access of the content to the customer.

The sale of installation and services related to the EV charging business is presented in Service revenue. Revenue from the EV segment that includes both the sale of product and service is allocated between the product and service performance obligations based on relative standalone selling prices, and is recorded in Product revenue and Service revenue, respectively, in the Condensed Consolidated Statements of Operations.

Revenue from the lighting maintenance offering that includes both the sale of Orion manufactured or sourced product and service is allocated between the product and service performance obligations based on relative standalone selling prices, and is recorded in Product revenue and Service revenue, respectively, in the Condensed Consolidated Statements of Operations.

The following tables provide detail of Orion’s total revenue for the three and nine months ended December 31, 2025 and December 31, 2024 (dollars in thousands):

 

 

 

Three Months Ended December 31, 2025

 

 

Nine Months Ended December 31, 2025

 

 

 

Product

 

 

Services

 

 

Total

 

 

Product

 

 

Services

 

 

Total

 

Revenue from contracts with customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lighting product and installation

 

$

8,930

 

 

$

2,936

 

 

$

11,866

 

 

$

27,401

 

 

$

7,740

 

 

$

35,141

 

Maintenance services

 

 

2,165

 

 

 

2,191

 

 

 

4,356

 

 

 

5,711

 

 

 

7,133

 

 

 

12,844

 

Electric vehicle charging

 

 

3,336

 

 

 

1,323

 

 

 

4,659

 

 

 

7,373

 

 

 

4,746

 

 

 

12,119

 

Solar energy related revenues

 

 

7

 

 

 

—

 

 

 

7

 

 

 

11

 

 

 

—

 

 

 

11

 

Total revenues from contracts with customers

 

 

14,438

 

 

 

6,450

 

 

 

20,888

 

 

 

40,496

 

 

 

19,619

 

 

 

60,115

 

Revenue accounted for under other guidance

 

 

201

 

 

 

—

 

 

 

201

 

 

 

468

 

 

 

—

 

 

 

468

 

Total revenue

 

$

14,639

 

 

$

6,450

 

 

$

21,089

 

 

$

40,964

 

 

$

19,619

 

 

$

60,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2024

 

 

Nine Months Ended December 31, 2024

 

 

 

Product

 

 

Services

 

 

Total

 

 

Product

 

 

Services

 

 

Total

 

Revenue from contracts with customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lighting product and installation

 

$

11,291

 

 

$

1,754

 

 

$

13,045

 

 

$

30,636

 

 

$

5,725

 

 

$

36,361

 

Maintenance services

 

 

1,672

 

 

 

2,253

 

 

 

3,925

 

 

 

3,795

 

 

 

7,250

 

 

 

11,045

 

Electric vehicle charging

 

 

1,176

 

 

 

1,269

 

 

 

2,445

 

 

 

4,567

 

 

 

6,434

 

 

 

11,001

 

Solar energy related revenues

 

 

—

 

 

 

—

 

 

 

—

 

 

 

17

 

 

 

—

 

 

 

17

 

Total revenues from contracts with customers

 

 

14,139

 

 

 

5,276

 

 

 

19,415

 

 

 

39,015

 

 

 

19,409

 

 

 

58,424

 

Revenue accounted for under other guidance

 

 

169

 

 

 

—

 

 

 

169

 

 

 

427

 

 

 

—

 

 

 

427

 

Total revenue

 

$

14,308

 

 

$

5,276

 

 

$

19,584

 

 

$

39,442

 

 

$

19,409

 

 

$

58,851

 

From time to time, Orion sells the receivables from one customer to a financing institution. The total amount received from the advances of these receivables was $0.9 million and $1.5 million for the three and nine months ended December 31, 2025, respectively. Orion's gains on these sales were $45 thousand and $43 thousand for the three and nine months ended December 31, 2025, respectively, and are included in Interest expense in the Condensed Consolidated Statements of Operations. The total amount received from the advances of these receivables was $0.7 million and $1.3 million for the three and nine months ended December 31, 2024. Orion's losses on these sales were $12 thousand and $30 thousand for the three and nine months ended December 31, 2024.

The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of December 31, 2025 and March 31, 2025 (dollars in thousands):

 

 

 

December 31,
2025

 

 

March 31,
2025

 

 

March 31,
2024

 

Accounts receivable, net

 

$

13,249

 

 

$

12,845

 

 

$

14,022

 

Revenue earned but not billed (1)

 

$

3,611

 

 

$

2,908

 

 

$

4,539

 

Deferred revenue (2)

 

$

114

 

 

$

367

 

 

$

124

 

 

(1) Within the revenue earned but not billed line on the Condensed Consolidated Balance Sheets, $0.0 million and $0.7 million was accounted for as a sales type lease under ASC 842 for December 31, 2025 and March 31, 2025, respectively, and therefore not considered a "contract asset", which is an asset defined by ASC 606.

(2) Includes the unamortized portion of the funds received from the federal government in 2010 and 2011 as reimbursement for the costs to build the two facilities related to the power purchase agreements. As the transaction is not considered a contract with a customer, this value is not a contract liability as defined by ASC 606.

 

There were no significant changes in the contract assets outside of standard increases due to timing of contract completion, offset by the reclassifications to accounts receivable, net upon billing. Deferred revenue, current as of December 31, 2025, and March 31, 2025, includes $0.1 million and $0.4 million, respectively, of contract liabilities which represent consideration received from a new customer contract on which installation has not yet begun and Orion has not fulfilled the promises included. Of the $0.4 million outstanding as of March 31, 2025, $0.3 million has been recognized as revenue for the nine months ended December 31, 2025.

Orion's performance obligations related to lighting fixtures and EV charging stations typically do not exceed nine months in duration. As a result, Orion has elected the practical expedient that provides an exemption to the disclosure requirements regarding information about value assigned to remaining performance obligations on contracts that have original expected durations of one year or less.