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EXHIBIT 99.1 orion Rebound in LED Lighting Retrofit Activity Leads Orion's Q3 Revenue Rise to $ 44.3M and Net Income Increase to $ 4.3M , or $ 0.14 per share ; Investor Call Today at 10am ET Manitowoc , WI - February 11 , 2020 - Orion Energy Systems , Inc. ( NASDAQ : OESX ) ( Orion Lighting ) , a provider of energy - efficient LED lighting , controls and IoT systems , including turnkey project implementation , as well as ongoing system maintenance and program management , today reported results for its FY 2021 third quarter ended December 31 , 2020 ( Q3'21 ) . Orion will hold an investor call today at 10:00 a.m. ET details below . Q3 Financial Highlights Prior Three Quarters $ in millions except Q3'21 Q3'20 Change Q2'21 Q1'21 Q4'20 per share figures Revenue $ 44.3 $ 34.2 + $ 10.0 $ 26.3 $ 10.8 $ 25.9 Gross Profit $ 11.0 $ 8.3 + $ 2.7 $ 7.3 $ 2.6 $ 5.8 Gross Profit % 24.9 % 24.2 % +70 bps 27.6 % 24.4 % 22.3 % Net Income ( Loss ) $ 4.3 $ 2.3 + $ 2.0 $ 1.9 ( $ 2.2 ) ( $ 0.5 ) EPS $ 0.14 $ 0.07 + $ 0.07 $ 0.06 ( $ 0.07 ) ( $ 0.02 ) EBITDA * Cash & Equivalents $ 4.9 $ 12.3 $ 2.8 + $ 2.0 $ 2.3 $ 13.8 - $ 1.5 $ 12.1 ( $ 1.7 ) $ 10.8 $ 0.0 $ 28.8 * EBITDA reconciliation table below . Highlights • . . Q3'21 revenue grew to $ 44.3M from $ 34.2M in Q3'20 , demonstrating a rapid rebound in major account activity , and also exceeded Q2'21 revenue of $ 26.3M . The Q3'21 performance improvement reflects a full quarter of business activity following COVID - 19 - related disruptions that commenced in March 2020 and continued primarily through August 2020 . Q3'21 revenue included previously delayed turnkey LED lighting retrofit activity for a major national account project that resumed in early August , in addition to significant contribution from a national retrofit project for a specialty retail customer . Q3'21 gross profit percentage increased to 24.9 % from 24.2 % in Q3'20 , primarily because of improvement in product margin partially offset by increased service revenues which have lower margins , but declined sequentially from 27.6 % in Q2'21primarily because of a change in customer mix and start - up costs related to the national specialty retail customer project . Q3'21 operating expenses increased to $ 6.5M versus $ 5.8M in Q3'20 and $ 5.4M in Q2'21 , principally reflecting higher sales commissions on increased revenue , incremental costs required to support higher revenues , as well as start - up costs associated with the Company's new maintenance services business . Orion's EBITDA improved to $ 4.9M in Q3'21 , compared to $ 2.8M in Q3'20 and $ 2.3M in Q2'21 . Orion ended the quarter with $ 23.3M in working capital , including $ 12.3M of cash and had no amounts drawn on its credit facility . In December , Orion secured a new five - year $ 25.0 million revolving credit facility with Bank of America . The facility provides a 25 % increase in financing capacity and liquidity to support the execution of the Company's strategic growth plans . 1