Q3 results affected but overall still going strong
In February 2022, Orion reported its Q3 financial results for FY 2022 (Year-End March). The company generated $30.7 million in revenue, down from $44.3 million in the prior year. This was a result of a reduction in projects and customer delays, which stemmed from supply chain disruptions and COVID-19 (coronavirus) related impacts. However, over the first nine months, company revenue reached $102.3 million, up from $81.3 million in the prior year. Furthermore, revenue from customers (excluding its largest customer) grew 57.5%, while its Energy Service Company (ESCO) and Distribution segments grew 91.5% and 13.7%, respectively.
Balance SheetIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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