Orion Energy Systems, Inc. (OESX) Cash Flow Statement
Where OESX’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- −$1.1M −280.1% vs FY2025
- Capital expenditures
- $86,000 0.1% of revenue
- Free cash flow
- −$1.2M −1.3% margin
- Returned to shareholders
- —
- Change in cash
- −$2.7M cash at year-end $3.3M
Cash from operations
−$1.1M
Capital expenditures
−$86,000
Net borrowing (repayment)
−$7.4M
Shares issued
+$6.4M
Other financing
−$577,000
Change in cash
−$2.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OESX operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
OESX cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.9MFY2017 | −$1.1MFY2026 | — | |
| Capital expenditures | $951,000FY2017 | $86,000FY2026 | −23.4%/yr | |
| Free cash flow | −$2.9MFY2017 | −$1.2MFY2026 | — | |
| Free cash flow margin | −4.1%FY2017 | −1.3%FY2026 | +2.7 pts | |
| Operating cash flow / net income | 1.63FY2020 | −0.02FY2022 | −1.65 | |
| Stock-based compensation | $1.6MFY2017 | $483,000FY2026 | −12.5%/yr | |
| Dividends paid | $0FY2017 | $2,000FY2023 | — | |
| Share buybacks (net) | $19,000FY2017 | $13,000FY2025 | −4.6%/yr | |
| Capex / revenue | 1.4%FY2017 | 0.1%FY2026 | −1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OESX cash flow by activity
OperatingInvestingFinancingChange in cash
OESX net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
OESX cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$3.2M | −$11.8M | −$11.7M | −$34.3M | $6.1M | $26.1M | $12.5M | −$6.7M | −$13.1M | −$12.3M |
| Depreciation & amortization | $1.8M | $2.6M | $2.5M | $2.0M | $1.6M | $1.5M | $1.6M | $1.8M | $2.0M | $2.3M |
| Stock-based compensation | $483,000 | $1.2M | $950,000 | $1.6M | $813,000 | $753,000 | $618,000 | $825,000 | $1.1M | $1.6M |
| Change in working capital | −$2.3M | $7.4M | −$3.3M | $9.6M | −$11.2M | −$7.4M | $5.2M | −$1.0M | $3.7M | $3.7M |
| Other non-cash items | $2.2M | $1.2M | $1.4M | $18.8M | $2.6M | −$19.2M | $515,000 | $12,000 | $1.9M | $2.8M |
| Cash from operating activities | −$1.1M | $599,000 | −$10.1M | −$2.3M | −$113,000 | $1.7M | $20.3M | −$5.1M | −$4.4M | −$1.9M |
| Investing activities | ||||||||||
| Capital expenditures | −$86,000 | −$105,000 | −$837,000 | −$595,000 | −$528,000 | −$953,000 | −$945,000 | −$449,000 | −$585,000 | −$951,000 |
| Investments (net) | — | $128,000 | −$731,000 | −$6.2M | −$500,000 | −$946,000 | −$936,000 | −$449,000 | −$585,000 | $1.6M |
| Acquisitions & other investing | $0 | $105,000 | $837,000 | $595,000 | −$3.9M | $953,000 | $945,000 | $449,000 | $585,000 | $951,000 |
| Cash from investing activities | −$86,000 | $128,000 | −$731,000 | −$6.2M | −$4.9M | −$946,000 | −$936,000 | −$449,000 | −$585,000 | $1.6M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | −$2,000 | −$122,000 | −$152,000 | −$13,000 | −$6,000 | $0 | $0 |
| Share repurchases & issuance (net) | — | −$13,000 | −$2,000 | −$2,000 | −$5,000 | −$84,000 | −$76,000 | −$10,000 | −$9,000 | −$19,000 |
| Net borrowing (repayment) | −$7.4M | $319,000 | −$15,000 | $10.0M | −$14,000 | −$10.3M | $720,000 | $4.8M | −$2.9M | $2.0M |
| Shares issued | $6.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$577,000 | −$216,000 | $3,000 | $45,000 | $245,000 | $353,000 | −$16,000 | $10,000 | $6,000 | $8,000 |
| Cash from financing activities | −$1.5M | $90,000 | −$14,000 | $10.0M | $104,000 | −$10.1M | $615,000 | $4.8M | −$2.9M | $2.0M |
| Summary | ||||||||||
| Net change in cash | −$2.7M | $817,000 | −$10.8M | $1.5M | −$4.9M | −$9.4M | $20.0M | −$695,000 | −$7.9M | $1.8M |
| Cash at end of period | $3.3M | $6.0M | $5.2M | $16.0M | $14.5M | $19.4M | $28.8M | $8.7M | $9.4M | $17.3M |
| Free cash flow | −$1.2M | $494,000 | −$10.9M | −$2.9M | −$641,000 | $776,000 | $19.4M | −$5.5M | −$5.0M | −$2.9M |
| Free cash flow margin | −1.3% | 0.6% | −12.1% | −3.7% | −0.5% | 0.7% | 12.9% | −8.4% | −8.3% | −4.1% |
| Capex / revenue | 0.1% | 0.1% | 0.9% | 0.8% | 0.4% | 0.8% | 0.6% | 0.7% | 1.0% | 1.4% |
| Operating cash flow / net income | — | — | — | — | −0.02 | 0.07 | 1.63 | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.0M | −$1.5M | $160,000 | −$581,000 | −$1.2M | −$2.9M | −$1.5M | −$3.6M | −$3.8M | $1.6M | −$2.3M | −$4.4M |
| Depreciation & amortization | $233,000 | $458,000 | $332,000 | $510,000 | $484,000 | $700,000 | $537,000 | $580,000 | $596,000 | $615,000 | $633,000 | $635,000 |
| Stock-based compensation | $159,000 | $163,000 | −$3,000 | $157,000 | $166,000 | $335,000 | $180,000 | $348,000 | $294,000 | $269,000 | $267,000 | $226,000 |
| Change in working capital | −$1.0M | −$2.2M | −$1.6M | $1.5M | −$7,000 | $349,000 | $4.5M | $3.0M | −$415,000 | −$3.1M | $2.3M | −$623,000 |
| Other non-cash items | $32,000 | $1.6M | $222,000 | $230,000 | $86,000 | $829,000 | $90,000 | $212,000 | $321,000 | $789,000 | $88,000 | $162,000 |
| Cash from operating activities | $1.4M | −$1.5M | −$897,000 | $1.8M | −$515,000 | −$699,000 | $3.8M | $498,000 | −$3.0M | $175,000 | $1.0M | −$4.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$6,000 | −$25,000 | −$252,000 | −$257,000 | −$55,000 | −$51,000 | −$21,000 | −$10,000 | −$24,000 | −$31,000 | −$121,000 | −$239,000 |
| Investments (net) | — | — | — | −$257,000 | −$55,000 | −$6,000 | −$21,000 | $179,000 | −$24,000 | $19,000 | −$103,000 | −$234,000 |
| Acquisitions & other investing | $0 | $0 | $503,000 | $257,000 | $55,000 | $51,000 | $21,000 | $10,000 | $24,000 | $31,000 | $121,000 | $239,000 |
| Cash from investing activities | −$6,000 | −$25,000 | $251,000 | −$257,000 | −$55,000 | −$6,000 | −$21,000 | $179,000 | −$24,000 | $19,000 | −$103,000 | −$234,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | −$13,000 | — | — | — | −$2,000 | — | — |
| Net borrowing (repayment) | $554,000 | −$5.9M | −$88,000 | $412,000 | −$1.8M | −$590,000 | −$1.6M | −$1.0M | — | — | — | — |
| Shares issued | $0 | $6.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$194,000 | $300,000 | −$383,000 | $0 | −$217,000 | $0 | $0 | $3.5M | −$4,000 | −$3,000 | −$2,000 |
| Cash from financing activities | $554,000 | $55,000 | $212,000 | $29,000 | −$1.8M | −$820,000 | −$1.6M | −$1.0M | $3.5M | −$6,000 | −$3,000 | −$2,000 |
| Summary | ||||||||||||
| Net change in cash | $1.9M | −$1.5M | −$434,000 | $1.6M | −$2.4M | −$1.5M | $2.1M | −$323,000 | $537,000 | $188,000 | $942,000 | −$4.2M |
| Cash at end of period | $5.2M | $3.3M | $4.7M | $5.2M | $3.6M | $6.0M | $7.5M | $5.4M | $5.7M | $5.2M | $5.0M | $4.0M |
| Free cash flow | $1.3M | −$1.5M | −$646,000 | $1.6M | −$570,000 | −$750,000 | $3.7M | $488,000 | −$3.0M | $206,000 | $927,000 | −$4.2M |
| Free cash flow margin | 5.2% | −5.9% | −3.1% | 7.9% | −2.9% | −3.6% | 19.1% | 2.5% | −15.0% | 0.8% | 3.6% | −20.5% |
| Capex / revenue | 0.0% | 0.1% | 1.2% | 1.3% | 0.3% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.5% | 1.2% |
| Operating cash flow / net income | 0.69 | — | −5.61 | — | — | — | — | — | — | 0.11 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
OESX cash generation
In fiscal 2026 (ended March 31, 2026), Orion Energy Systems generated -$1.1 million of cash from operations (down 280.1%) and spent $0.1 million on capital expenditures, leaving free cash flow of -$1.2 million, −1.3% of revenue. Cash and equivalents fell by $2.7 million over the year.
Related: OESX income statement, OESX balance sheet. See the OESX stock overview for the latest quote and news.
OESX cash flow FAQ
What is Orion Energy Systems's free cash flow?
Orion Energy Systems's free cash flow was -$1.2 million in fiscal 2026: -$1.1 million of operating cash flow minus $0.1 million of capital expenditures It was $0.5 million a year earlier..
How much cash does Orion Energy Systems generate from operations?
Orion Energy Systems generated -$1.1 million of cash from operating activities in fiscal 2026.
How much does Orion Energy Systems spend on capital expenditures?
Orion Energy Systems spent $0.1 million on capital expenditures in fiscal 2026, 0.1% of revenue, compared with $0.1 million the year before.