U.S. company Orion Lighting posted its FY 2020 financial results ending March 31, 2020. The revenue of FY 2020 grew by 129%YoY to US$150.8 million comparing to US$65.8 million in FY 2019. The gross profit also reached US$37.1 million with an on-year growth of 155%.

Net income of the fiscal year came to US$12.5 million or US$0.40 per share. EBITDA came to US$14.7 million. Orion Lighting noted that the revenue increase was mainly driven by a large LED lighting and controls retrofit project of one national account.

The company said its business has been impacted by the actions taken by various government entities to control the spread of the COVID-19 pandemic beginning in March. But its US-based manufacturing operations were allowed to remain open. Nonetheless, Orion Lighting still experienced a curtailment of activity and delays of multiple other projects, which will affect the revenue in FY 2021 and FY 2022.

Mike Altschaefl, Orion’s CEO and Board Chair, indicated that the company continued to invest in product development and launched several new products. Due to COVID-19, Orion Lighting is relaunching its LED retrofit fixtures designed to combat bacteria, fungus, mold and mildew – used for high-traffic areas such as schools, healthcare, foodservice and fitness facilities, as well as in other high-risk public spaces. The fixtures combine Orion's Britex™ antimicrobial coating with violet white light in 400 to 430 nm wavelength. This solution adds a significant layer of additional protection for facility safety.

Meanwhile, it is also working with other partners to incorporate UV light into an air movement product that could also be incorporated into lighting and smart ceiling systems.

For the new fiscal year of 2021, Orion expects the first half results to be severely challenged by the ongoing impact of the COVID-19 pandemic and said it is still difficult to predict the scope and timing of near-term business activity. However, in the second half of our fiscal year, the company expects that customers would hopefully move gradually toward more normalized trends. As it has yet seen significant order cancellation, Orion Lighting is confidence for the second half of FY 2021.