REVENUE

9 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

NOTE 3 — REVENUE

Orion generates revenue primarily by selling manufactured or sourced commercial lighting fixtures and components, sourced electric vehicle chargers and related products, installing these products in customer’s facilities, and providing maintenance services including repairs and replacements for the lighting and related electrical components. Orion recognizes revenue in accordance with the guidance in “Revenue from Contracts with Customers” (Topic 606) when control of the goods or services being provided (which we refer to as a performance obligation) is transferred to a customer at an amount that reflects the consideration Orion expects to receive in exchange for those goods or services.

During the third quarter of fiscal 2023, Orion acquired Voltrek LLC ("Voltrek"), which sells and installs sourced electric vehicle charging stations and related software subscriptions and renewals. The results of Voltrek are included in the Orion Electric Vehicle Charging segment ("EV") and complement Orion’s existing turnkey installation model.

The sale of charging stations and related software subscriptions and renewals is presented in Product revenue. Orion is the principal in the sales of charging stations as it has control of the physical products prior to transfer to the customer. Accordingly, revenue is recognized on a gross basis. For certain sales, primarily software subscriptions and renewals, Orion is the sales agent providing access to the content and recognize commission revenue net of amounts due to third parties who fulfill the performance obligation. For these sales, control passes at the point in time upon providing access of the content to the customer.

The sale of installation and services related to the EV charging business is presented in Service revenue. Revenue from the EV segment that includes both the sale of product and service is allocated between the product and service performance obligations based on relative standalone selling prices, and is recorded in Product revenue and Service revenue, respectively, in the Condensed Consolidated Statement of Operations.

Revenue from the lighting and maintenance offering that includes both the sale of Orion manufactured or sourced product and service is allocated between the product and service performance obligations based on relative standalone selling prices, and is recorded in Product revenue and Service revenue, respectively, in the Condensed Consolidated Statement of Operations.

The following tables provide detail of Orion’s total revenue for the three and nine months ended December 31, 2023 and December 31, 2022 (dollars in thousands):

	Three Months Ended December 31, 2023						Nine Months Ended December 31, 2023
	Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	13,773	$	4,745	$	18,518	$	37,486	$	7,190	$	44,676
Maintenance services		1,080		3,529		4,609		2,855		9,141		11,996
Electric vehicle charging		2,128		690		2,818		5,862		1,573		7,435
Solar energy related revenues		7		—		7		20		—		20
Total revenues from contracts with customers		16,988		8,964		25,952		46,223		17,904		64,127
Revenue accounted for under other guidance		19		—		19		43		—		43
Total revenue	$	17,007	$	8,964	$	25,971	$	46,266	$	17,904	$	64,170
	Three Months Ended December 31, 2022						Nine Months Ended December 31, 2022
	Product		Services		Total		Product		Services		Total
Revenue from contracts with customers:
Lighting product and installation	$	11,543	$	1,679	$	13,222	$	36,006	$	5,073	$	41,079
Maintenance services		772		2,534		3,306		2,516		8,290		10,806
Electric vehicle charging		2,154		676		2,830		2,154		676		2,830
Total revenues from contracts with customers		14,469		4,889		19,358		40,676		14,039		54,715
Revenue accounted for under other guidance		930		—		930		1,039		—		1,039
Total revenue	$	15,399	$	4,889	$	20,288	$	41,715	$	14,039	$	55,754

The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of December 31, 2023 and March 31, 2023 (dollars in thousands):

	December 31, 2023		March 31, 2023
Accounts receivable, net	$	15,714	$	13,728
Contract assets	$	1,692	$	1,320
Contract liabilities	$	82	$	480

There were no significant changes in the contract assets outside of standard reclassifications to accounts receivable, net upon billing. Deferred revenue, current as of December 31, 2023 and March 31, 2023, includes $0.1 million and $0.5 million, respectively, of contract liabilities which represent consideration received from a customer contract on which installation has not yet begun and Orion has not fulfilled the promises included. Of the $0.5 million outstanding as of March 31, 2023, $0.5 million has subsequently been recognized as revenue.