REVENUE (Tables)

12 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

The following table provides detail of Orion’s total revenues for the year ended March 31, 2026, 2025, and 2024 (dollars in thousands):


	Year Ended March 31, 2026						Year Ended March 31, 2025						Year Ended March 31, 2024
	Product		Services		Total		Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	38,995	$	14,707	$	53,702	$	39,247	$	7,659	$	46,906	$	50,229	$	10,783	$	61,012
Maintenance services		7,293		8,749		16,042		5,902		9,288		15,190		4,687		12,460		17,147
Electric vehicle charging		8,563		5,821		14,384		8,421		8,405		16,826		8,301		4,031		12,332
Solar energy-related revenues		1,353		—		1,353		17		—		17		28		—		28
Total revenues from contracts with customers		56,204		29,277		85,481		53,587		25,352		78,939		63,245		27,274		90,519
Revenue accounted for under other guidance (1)		825		—		825		781		—		781		62		—		62
Total revenue	$	57,029	$	29,277	$	86,306	$	54,368	$	25,352	$	79,720	$	63,307	$	27,274	$	90,581

(1) Revenue accounted for under other guidance is recognized as Product revenue in the consolidated statements of operations and includes $0.4 million, $0.7 million and $0 million derived from sales-type leases for light fixtures for the fiscal years ended March 31, 2026, 2025, and 2024, respectively; $0 million, $0 million, and $0.1 million derived from the sale of tax credits generated from Orion’s legacy operation for distributing solar energy for the fiscal years ended March 31, 2026, 2025, and 2024, respectively; and $0.4 million, $0, and $0 derived from the amortization of federal grants received in 2010 and 2011 as reimbursement for a portion of the costs to construct the legacy solar facilities for the fiscal years ended March 31, 2026, 2025, and 2024, respectively.

Summary of Contract Assets and Liabilities

The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of March 31, 2026, and March 31, 2025 (dollars in thousands):


	March 31, 2026		March 31, 2025		March 31, 2024
Accounts receivable, net	$	16,340	$	12,845	$	14,022
Revenue earned but not billed (1)	$	6,409	$	2,908	$	4,539
Deferred revenue (2)(3)	$	107	$	367	$	124

(1) Within the revenue earned but not billed line on the consolidated balance sheet, $0 million in fiscal 2026 and $0.4 million in fiscal 2025 is accounted for as a sales type lease under ASC 842, Leases, and therefore has been excluded from this table since it is not considered a "contract asset", which is an asset defined by ASC 606.

(2) Fiscal 2025 and 2024 included 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 PPAs. As the transaction is not considered a contract with a customer, this value is not a contract liability as defined by ASC 606.

(3) Fiscal 2026, 2025, and 2024 include revenue related to a patented technology related settlement. As the transaction is not considered a contract with a customer, this value is not a contract liability as defined by ASC 606.

ORION ENERGY SYSTEMS, INC. 10-K