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Orion's EV-Charging Revenue Fell 41% in Q2; Its First-Half Decline Was About 9%

Orion Energy Systems grew overall sales 9%, but charging accounted for a much smaller share of revenue. A comparison across two fiscal quarters puts the sharper one-quarter fall in context.

By At The Charger

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Orion Energy Systems reported a 41% year-over-year drop in EV-charging revenue for its fiscal second quarter, even as overall company revenue rose 9%. But combining the first two quarters of its fiscal year produces a less dramatic result: charging revenue was down about 9% over six months, based on At The Charger's calculation from the company's rounded financial tables.12

The difference matters when judging the performance of Orion's Voltrek-related charging business. A large installation project can shift revenue between reporting periods; one sharply lower quarter does not, by itself, establish an equally sharp decline in the number of charging stations being built or used.

Charging lost ground within a growing company

Orion's November 5, 2026 earnings announcement covers fiscal Q2 FY2027, ended September 30, 2026—not calendar-year 2027. The company reported $2.8 million of EV-charging solutions revenue, compared with $4.8 million in the equivalent quarter a year earlier. Its consolidated revenue climbed from $19.9 million to $21.7 million, driven in part by LED-lighting revenue rising from $10.7 million to $14.9 million.12

Orion-reported metric Q2 FY2027 Q2 FY2026
EV-charging revenue $2.8 million $4.8 million
Total company revenue $21.7 million $19.9 million
EV charging as share of total ~12.9% ~24.1%

The final row is calculated by dividing reported EV-charging revenue by consolidated revenue. Dollar figures were published rounded to one decimal place; the derived shares and approximately 11.2-percentage-point decrease are estimates, not company-reported segment margins.12

That makes the divergence especially visible: charging represented roughly one-eighth of reported quarterly company sales, versus nearly one-quarter in the year-earlier period. Those are revenue shares, not EV-charging profit margins, and do not indicate how many stalls were installed.12

Two quarters give a different comparison

Orion also reported $4.0 million of charging revenue in fiscal Q1 FY2027, versus $2.7 million in fiscal Q1 FY2026. Add each first quarter to its matching second quarter and the six-month totals are $6.8 million and $7.5 million, respectively—a $0.7 million, or approximately 9.3%, year-over-year decline.132

Comparable period FY2027 FY2026
Fiscal Q1 EV-charging revenue $4.0M $2.7M
Fiscal Q2 EV-charging revenue $2.8M $4.8M
First-half total, calculated $6.8M $7.5M

Calculated from Orion's rounded reported quarter values. Fiscal first halves cover April–September 2026 and April–September 2025, respectively.12

This does not mean charging sales are recovering or that the rest of FY2027 will resemble its first half. For longer context, Orion previously reported $14.4 million in charging revenue for all FY2026, down from $16.8 million in FY2025—a company-stated 15% annual decline.3

What the results do—and do not—say about EV charging

Orion attributed its weak second-quarter charging sales to the timing of larger projects amid what management described as uncertainty over the pace, scope and funding of U.S. charging work. That is the company's explanation; its revenue disclosure does not establish which individual projects were delayed or whether any were canceled.1

Orion also reiterated a $100 million–$102 million FY2027 revenue outlook for the company as a whole. That is not a forecast for EV charging specifically, and the target was not newly increased in the November 5 announcement.1

The supported finding is narrower—and more useful—than a claim that U.S. EV charging deployment has collapsed: one contractor's charging revenue fell steeply in a single quarter, became a smaller share of its expanding parent company, and declined much less when the same two fiscal quarters are compared together. Neither dollar measure directly tracks the number, availability or utilization of public chargers.

Sources

Footnotes

  1. Orion Reports 9% Revenue Increase in Second Quarter FY2027 — Orion Energy Systems, original issuer release distributed via GlobeNewswire, November 5, 2026 (07:00 ET); quarter ended September 30, 2026. https://www.globenewswire.com/news-release/2026/11/05/3396267/0/en/orion-reports-9-revenue-increase-in-second-quarter-fy2027-reiterates-revenue-expectation-of-100m-102m-for-full-fiscal-year.html Company-reported quarterly revenue, segment results, historical quarter comparators, management comments and corporate outlook. ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  2. Orion Reports Improvement in Gross Margin and Profitability in Q2 2026 — Orion Energy Systems, original November 5, 2025 release archived as a U.S. SEC exhibit. https://www.sec.gov/Archives/edgar/data/1409375/000119312525265689/oesx-ex99_1.htm Prior-year fiscal quarter and first-quarter charging/total revenue for matched comparisons. ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  3. Orion Reports FY 2026 Revenue of $86M and Adjusted EBITDA of $2.2M — Orion Energy Systems, June 4, 2026. https://orionenergysystems.gcs-web.com/news-releases/news-release-details/orion-reports-fy-2026-revenue-86m-and-adjusted-ebitda-22m-after Prior fiscal-year charging sales and historical quarterly data. ↩ ↩2