Revenue during the quarter dropped 17.69 percent to $15.29 million from $18.58 million in the previous year period. Gross margin for the quarter contracted 1890 basis points over the previous year period to 5.96 percent. Operating margin for the quarter stood at negative 47.43 percent as compared to a negative 58.19 percent for the previous year period.

Operating loss for the quarter was $7.25 million, compared with an operating loss of $10.81 million in the previous year period.

Mike Altschaefl, Orion's Board Chair and newly appointed chief executive officer, commented, "I am excited and proud to assume the executive leadership of Orion at a very exciting time in our industry. We are very confident in our refocused plan to build upon our strong platform of customers, products, personnel, technology and our growing base of agent and distribution relationships at the core of Orion’s growth opportunities. Our sales and product growth strategies are not changing. We are renewing our focus on execution, including a reduction in our cost structure that will accelerate Orion's path to profitability."

Orion Energy Systems, Inc. forecasts revenue to grow in the range of 10 percent to 15 percent for the fiscal year 2018.

Cash flow from investing activities was $1.65 million from investing activities during the year as against cash outgo of $0.37 million in the last year.

Cash flow from financing activities was $2.02 million for the year as against cash outgo of $0.62 million in the last year period.

Cash and cash equivalents stood at $17.31 million as on Mar. 31, 2017, up 11.36 percent or $1.76 million from $15.54 million on Mar. 31, 2016.

Debt increases substantially
Orion Energy Systems, Inc. has witnessed an increase in total debt over the last one year. It stood at $6.97 million as on Mar. 31, 2017, up 46.23 percent or $2.20 million from $4.77 million on Mar. 31, 2016.