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Energy Focus vs Orion Energy Systems: revenue, profit, margins and growth compared

Energy Focus brought in $3.6M of revenue in fiscal 2025, Orion Energy Systems $86.3M in fiscal 2026. Revenue changed by -26.7% at Energy Focus and +8.3% at Orion Energy Systems on the year before, so Orion Energy Systems grew faster. Energy Focus kept -28.8% of its revenue as net profit, Orion Energy Systems -3.7%. Free cash flow was -$1.5M at Energy Focus and -$1.2M at Orion Energy Systems.

Side by side, latest fiscal year

EFOIOESX
Fiscal year endedFY2025 (December 31, 2025)FY2026 (March 31, 2026)
Revenue$3.6M$86.3M
Revenue growth-26.7%+8.3%
Net income-$1M-$3.2M
Net margin-28.8%-3.7%
Free cash flow-$1.5M-$1.2M
Free cash flow margin-41.0%-1.3%
Earnings per share (diluted)-$0.18-$0.89
Cash$1.1M$3.3M
Debtn/a$6M
Price to earningsn/an/a
Market value$17.3M$125.1M
Dividend yieldn/an/a
Rank by revenue in sector#913 of 955 · Consumer discretionary#725 of 955 · Consumer discretionary

Over the years

Revenue
EFOI FY2018: $18.1MEFOI FY2019: $12.7MEFOI FY2020: $16.8MEFOI FY2021: $9.9MEFOI FY2022: $6MEFOI FY2023: $5.7MEFOI FY2024: $4.9MEFOI FY2025: $3.6MOESX FY2019: $65.8MOESX FY2020: $150.8MOESX FY2021: $116.8MOESX FY2022: $124.4MOESX FY2023: $77.4MOESX FY2024: $90.6MOESX FY2025: $79.7MOESX FY2026: $86.3MFY18FY19FY20FY21FY22FY23FY24FY25FY26
EFOI $3.6MOESX $86.3M
Net income
EFOI FY2018: -$9.1MEFOI FY2019: -$7.4MEFOI FY2020: -$6MEFOI FY2021: -$7.9MEFOI FY2022: -$10.3MEFOI FY2023: -$4.3MEFOI FY2024: -$1.6MEFOI FY2025: -$1MOESX FY2019: -$6.7MOESX FY2020: $12.5MOESX FY2021: $26.1MOESX FY2022: $6.1MOESX FY2023: -$34.3MOESX FY2024: -$11.7MOESX FY2025: -$11.8MOESX FY2026: -$3.2MFY18FY19FY20FY21FY22FY23FY24FY25FY26
EFOI -$1MOESX -$3.2M
Net margin
EFOI FY2018: -50.3%EFOI FY2019: -58.0%EFOI FY2020: -35.5%EFOI FY2021: -79.9%EFOI FY2022: -172.2%EFOI FY2023: -75.1%EFOI FY2024: -32.6%EFOI FY2025: -28.8%OESX FY2019: -10.1%OESX FY2020: 8.3%OESX FY2021: 22.4%OESX FY2022: 4.9%OESX FY2023: -44.4%OESX FY2024: -12.9%OESX FY2025: -14.8%OESX FY2026: -3.7%FY18FY19FY20FY21FY22FY23FY24FY25FY26
EFOI -28.8%OESX -3.7%
Revenue growth
EFOI FY2019: -29.8%EFOI FY2020: +32.5%EFOI FY2021: -41.4%EFOI FY2022: -39.5%EFOI FY2023: -4.2%EFOI FY2024: -15.0%EFOI FY2025: -26.7%OESX FY2020: +129.4%OESX FY2021: -22.5%OESX FY2022: +6.5%OESX FY2023: -37.8%OESX FY2024: +17.1%OESX FY2025: -12.0%OESX FY2026: +8.3%FY19FY20FY21FY22FY23FY24FY25FY26
EFOI -26.7%OESX +8.3%
Free cash flow
EFOI FY2018: -$6.9MEFOI FY2019: -$6.8MEFOI FY2020: -$2.7MEFOI FY2021: -$10.2MEFOI FY2022: -$6.8MEFOI FY2023: -$2.5MEFOI FY2024: -$1.3MEFOI FY2025: -$1.5MOESX FY2019: -$5.4MOESX FY2020: $19.5MOESX FY2021: $827KOESX FY2022: -$631KOESX FY2023: -$2.9MOESX FY2024: -$10.9MOESX FY2025: $500KOESX FY2026: -$1.2MFY18FY19FY20FY21FY22FY23FY24FY25FY26
EFOI -$1.5MOESX -$1.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Energy Focus and Orion Energy Systems

Which is bigger by revenue, Energy Focus or Orion Energy Systems?

Orion Energy Systems is bigger by revenue: $86.3M in fiscal 2026, against $3.6M for Energy Focus in fiscal 2025.

Which keeps more of its revenue as profit, Energy Focus or Orion Energy Systems?

Energy Focus had a net margin of -28.8% in fiscal 2025; Orion Energy Systems had -3.7% in fiscal 2026.

Which grew revenue faster, Energy Focus or Orion Energy Systems?

In their latest fiscal years revenue changed by -26.7% at Energy Focus and +8.3% at Orion Energy Systems.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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