RESTRUCTURING EXPENSE

9 Months Ended

Dec. 31, 2024

Disclosure Text Block [Abstract]

RESTRUCTURING EXPENSE

NOTE 18 — RESTRUCTURING EXPENSE

As part of Orion's restructuring effort, we entered into certain retention bonus agreements with certain key employees. The remainder of those retention bonuses were paid in Q3 and are not anticipated to recur. In addition, an inventory write-off was recognized in the first quarter of fiscal 2025 for inventory related to a customer Orion no longer does business with due to the restructuring, along with a lease breakage fee that occurred in the second quarter of fiscal 2025 due to the closing of the Pewaukee

office. Orion's restructuring expense for the three and nine months ended December 31, 2024 and 2023 is reflected within its consolidated statement of operations as follows (dollars in thousands):

	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2024		2023		2024		2023
Cost of product revenue	$	—	$	—	$	197	$	—
Cost of service revenue		—		—		149		—
General and administrative		20		—		388		—
Total Restructuring	$	20	$	—	$	734	$	—

Total restructuring expense by segment was recorded as follows (dollars in thousands):

	For the Three Months Ended December 31,				For the Nine Months Ended December 31,
	2024		2023		2024		2023
Segments:
Maintenance		20		—		719		—
Corporate and Other		—		—		15		—
Total Restructuring	$	20	$	—	$	734	$	—

In the fourth quarter of fiscal 2025, Orion approved a cost reduction plan as part of its restructuring effort of approximately $1.5 million in annualized savings through targeted staffing reductions.