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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nForm 10-K\n\n \n\n \n\n☒\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended March 31, 2026\n\nor\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission File Number: 001-33887\n\n \n\nOrion Energy Systems, Inc.\n\n(Exact name of Registrant as specified in its charter)\n\n \n\n \n\nWisconsin\n\n \n\n39-1847269\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n \n\n(I.R.S. Employer\n\nIdentification No.)\n\n2210 Woodland Drive, Manitowoc, WI\n\n \n\n54220\n\n \n\n \n\n \n\n(Address of principal executive offices)\n\n \n\n(Zip Code)\n\n \n\n(920) 892-9340\n\n(Registrant’s telephone number, including area code)\n\nSecurities registered pursuant to Section 12(b) of the act:\n\n \n\nTitle of Each Class\n\n \n\nTrading Symbol (s)\n\n \n\nName of Each Exchange on Which Registered\n\nCommon stock, no par value\n\n \n\nOESX\n\n \n\nThe Nasdaq Stock Market LLC\n\n(NASDAQ Capital Market)\n\n \n\nSecurities registered pursuant to Section 12(g) of the act:\n\nNone\n\n \n\nIndicate by check mark if the Registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\nIndicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒\n\nIndicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an \"emerging growth company\". See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act:\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\n \n\nSmaller reporting company\n\n☒\n\n \n\n \n\n \n\nEmerging growth company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☐ No ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nThe aggregate market value of shares of the Registrant’s common stock held by non-affiliates as of September 30, 2025, the last business day of the Registrant’s most recently completed second fiscal quarter, was $29,734,234.\n\nAs of May 29, 2026, there were 4,056,528 shares of the Registrant’s common stock outstanding.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the Registrant's Proxy Statement for the 2026 Annual Meeting of Shareholders to be held on August 6, 2026 are incorporated herein by reference in Part III of this Annual Report on Form 10-K.\n\n \n\n \n\nORION ENERGY SYSTEMS, INC.\n\nANNUAL REPORT ON FORM 10-K\n\nFOR THE YEAR ENDED MARCH 31, 2026\n\nTable of Contents\n\n \n\n \n\nPage\n\nPART I\n\n[Item 1 Business](#item_1_business)\n\n6\n\n[Item 1A Risk Factors](#item_1a_risk_factors)\n\n12\n\n[Item 1B Unresolved Staff Comments](#item_1b_unresolved_staff_comments)\n\n25\n\n[Item 1C Cybersecurity](#item_1c_cybersecurity)\n\n25\n\n[Item 2 Properties](#item_2_properties)\n\n25\n\n[Item 3 Legal Proceedings](#item_3_legal_proceedings)\n\n25\n\n[Item 4 Mine Safety Disclosures](#item_4_mine_safety_disclosures)\n\n25\n\nPART II\n\n[Item 5 Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](#item_5_market_for_registrants_common_equ)\n\n26\n\n[Item 6 [Reserved]](#item_6_reserved)\n\n27\n\n[Item 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_7_managements_discussion_analysis_f)\n\n28\n\n[Item 7A Quantitative and Qualitative Disclosures About Market Risk](#item_7a_quantitative_qualitative_disclos)\n\n41\n\n[Item 8 Financial Statements and Supplementary Data](#item_8_financial_statements_supplementar)\n\n42\n\n[Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#item_9_changes_in_disagreements_with_acc)\n\n78\n\n[Item 9A Controls and Procedures](#item_9a_controls_procedures)\n\n78\n\n[Item 9B Other Information](#item_9b_or_information)\n\n79\n\n[Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#item_9c_disclosure_regarding_foreign)\n\n79\n\nPART III\n\n[Item 10 Directors, Executive Officers and Corporate Governance](#item_10_directors_executive_ficers_corpo)\n\n80\n\n[Item 11 Executive Compensation](#item_11_executive_compensation)\n\n80\n\n[Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](#item_12_security_ownership_certain_benef)\n\n80\n\n[Item 13 Certain Relationships and Related Transactions, and Director Independence](#item_13_certain_relationships_related_tr)\n\n80\n\n[Item 14 Principal Accountant Fees and Services](#item_14_principal_accountant_fees_servic)\n\n80\n\nPART IV\n\n[Item 15 Exhibits and Financial Statement Schedules](#item_15_exhibits_financial_statement_sch)\n\n81\n\n[Item 16 Form 10-K Summary](#item_16_form_10k_summary)\n\n84\n\n[Signatures](#signatures)\n\n85\n\n \n\n \n\n \n\n \n\nFORWARD-LOOKING STATEMENTS\n\nThis Annual Report on Form 10-K includes forward-looking statements that are based on Orion Energy Systems, Inc.'s (\"Orion\", \"we\", \"us\", \"our\" and similar references) beliefs and assumptions and on information currently available to us. When used in this Form 10-K, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions identify forward-looking statements. Although we believe that our plans, intentions, and expectations reflected in any forward-looking statements are reasonable, these plans, intentions or expectations are based on assumptions, are subject to risks and uncertainties, and may not be achieved. These statements are based on assumptions made by us based on our experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the current circumstances. Such statements are subject to a number of risks and uncertainties, many of which are beyond our control. Our actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this Form 10-K. Important factors could cause actual results to differ materially from our forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our beliefs and assumptions only as of the date of this Form 10-K, including particularly the Risk Factors described under Part I. Item 1A. of this Form 10-K. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth in this Form 10-K. Actual events, results and outcomes may differ materially from our expectations due to a variety of factors. Although it is not possible to identify all of these factors, they include, among others, the following:\n\n•\nOur ability to achieve our budgeted fiscal 2027 revenue expectations, and related public fiscal 2027 revenue guidance, will have a significant impact on our cash flow and stock price and ability to fund our operations and satisfy our debt obligations;\n\n•\nWe are currently implementing a new ERP system, which will involve substantial cost and potential disruption to our normal operations. Our inability to successfully manage the implementation of our new ERP system could adversely affect our ability to operate our business and otherwise negatively affect our financial reporting and the effectiveness of our internal control over financial reporting;\n\n•\nGovernment tariffs and other actions have adversely affected, and may continue to adversely affect, our business, resulting in increased costs and reduced gross margins;\n\n•\nThe reduction or elimination of incentives from the United States government for investments in electric vehicle (\"EV\") charging infrastructure may reduce demand for public EV charging products, in addition to reducing overall demand for EVs;\n\n•\nWe do not have major sources of recurring revenue, a substantial portion of our revenues are derived from major project-based retrofit work that is awarded through a competitive bid process and we depend upon a limited number of customers in any given period to generate a substantial portion of our revenue. The reduction of revenue from our most significant customer over the past several fiscal years has had, and the potential future loss of other significant customers or a major customer would likely have, a materially adverse effect on our results of operations, financial condition and cash flows, and it is generally difficult to predict the timing of projects that will be awarded, which can impact our ability to achieve our expected financial results;\n\n•\nThe reduction or elimination of investments in, or incentives to adopt, LED lighting or the elimination of, or changes in, policies, incentives or rebates in certain states or countries that encourage the use of LEDs over some traditional lighting technologies, including due to federal funding restrictions in the United States, could cause the demand for our lighting products to slow;\n\n•\nWe are experiencing ongoing increasing pressures to reduce the average selling price of our products and related negative impact on our gross margins driven largely by the ongoing increase in competition from foreign competitors;\n\n•\nOur products use components and raw materials that may be subject to price fluctuations, shortages or interruptions of supply, particularly resulting from tariffs and other trade restrictions;\n\n•\nWe increasingly rely on third-party manufacturers for the manufacture and development of our products and product components;\n\n•\nWe are subject to the risk of a cybersecurity breach;\n\n•\nMacroeconomic pressures in the markets in which we operate may adversely affect our financial results;\n\n•\nAdverse conditions in the global economy, including due to changes in diplomatic and trade relationships, have negatively impacted, and could in the future negatively impact, our customers, suppliers and business; and\n\n4\n\n \n\n•\nThe success of our LED lighting retrofit solutions depends, in part, on our ability to claim market share away from our competitors.\n\nYou are urged to carefully consider these factors and the other factors described under Part I. Item 1A. “Risk Factors” when evaluating any forward-looking statements, and you should not place undue reliance on these forward-looking statements.\n\n \n\nExcept as required by applicable law, we assume no obligation to update any forward-looking statements publicly or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.\n\n \n\n5"}