Orion to install EV chargers at Massachusetts service plazas

MANITOWOC, Wis. - Orion Energy Systems, Inc. (NASDAQ:OESX), a $22 million market cap energy solutions provider currently trading near its 52-week low of $0.55, announced Tuesday it has secured a $2 million contract to install four High Power DC electric vehicle chargers at Massachusetts Department of Transportation service plazas.

The company’s Voltrek division will install the chargers at the Barnstable and Plymouth service plazas as part of MassDOT’s five-year plan to deploy EV charging infrastructure throughout Massachusetts, with emphasis on travel plazas along the Massachusetts Turnpike.

This contract follows Orion’s August 5 announcement of a $6.5 million project to install 90 EV charging stations for Boston Public Schools, supporting the district’s initiative to electrify its entire 750-bus fleet.

"It is gratifying to have such a pivotal role in MassDOT’s extensive roll-out of EV Infrastructure," said Orion Chief Executive Officer Sally Washlow in the press release.

The company stated it has announced contracts with five major enterprise customers totaling $15.5 million in revenue over the past three weeks. Orion reaffirmed its fiscal year 2026 outlook to approach or achieve positive adjusted EBITDA on revenue of approximately $84 million.

Orion Energy Systems provides energy efficiency solutions including LED lighting, EV charging stations, and maintenance services, specializing in turnkey design-through-installation solutions for large national customers. While currently showing negative EBITDA of -$5.22 million, InvestingPro’s Fair Value analysis suggests the stock may be undervalued at current levels.

In other recent news, Orion Energy Systems reported its first-quarter fiscal year 2026 earnings, highlighting an earnings per share (EPS) of -$0.04. This result exceeded the forecasted EPS of -$0.06, providing a positive surprise of 33.33%. Despite the earnings beat, the company experienced a revenue shortfall. Additionally, Orion Energy Systems announced a 1-for-10 reverse stock split, effective August 22, 2025. This move aims to increase the bid price of the company’s common stock to meet Nasdaq’s minimum bid price requirement of $1.00 per share. The reverse split was approved by the Board of Directors and shareholders. These developments are part of the company’s recent strategic efforts to stabilize its market position.

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