Orion Energy Systems (OESX) 10-K 10 Jun 22 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2022	May 31, 2022	Sep. 30, 2021
Cover [Abstract]
Entity Registrant Name	Orion Energy Systems, Inc.
Entity Central Index Key	0001409375
Document Type	10-K
Document Period End Date	Mar. 31, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Public Float			$ 103,616,098
Entity Common Stock, Shares Outstanding		31,098,938
Entity File Number	001-33887
Entity Tax Identification Number	39-1847269
Entity Address, Address Line One	2210 Woodland Drive
Entity Address, City or Town	Manitowoc
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	54220
City Area Code	920
Local Phone Number	892-9340
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	WI
ICFR Auditor Attestation Flag	true
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common stock, no par value
Trading Symbol	OESX
Security Exchange Name	NASDAQ
Auditor Name	BDO USA, LLP
Auditor Location	Milwaukee, WI
Auditor Firm ID	243
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's Proxy Statement for the 2022 Annual Meeting of Shareholders to be held on August 4, 2022 are incorporated herein by reference in Part III of this Annual Report on Form 10-K.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Assets
Cash and cash equivalents	$ 14,466	$ 19,393
Accounts receivable, net	11,899	13,572
Revenue earned but not billed	2,421	2,930
Inventories, net	19,832	19,554
Prepaid expenses and other current assets	2,631	1,082
Total current assets	51,249	56,531
Property and equipment, net	11,466	11,369
Goodwill	350
Other intangible assets, net	2,404	1,952
Deferred tax assets	17,805	19,785
Other long-term assets	3,543	3,184
Total assets	86,817	92,821
Liabilities and Shareholders’ Equity
Accounts payable	9,855	17,045
Accrued expenses and other	8,427	13,226
Deferred revenue, current	76	87
Current maturities of long-term debt	16	14
Total current liabilities	18,374	30,372
Long-term debt, less current maturities	19	35
Deferred revenue, long-term	564	640
Other long-term liabilities	2,760	3,700
Total liabilities	21,717	34,747
Commitments and contingencies (Note 15)
Shareholders’ equity:
Preferred stock, $0.01 par value: Shares authorized: 30,000,000 shares at March 31, 2022 and 2021; no shares issued and outstanding at March 31, 2022 and 2021	0	0
Common stock, no par value: Shares authorized: 200,000,000 at March 31, 2022 and 2021; shares issued: 40,570,909 and 40,279,050 at March 31, 2022 and 2021; shares outstanding: 31,097,872 and 30,805,300 at March 31, 2022 and 2021	0	0
Additional paid-in capital	158,419	157,485
Treasury stock: 9,473,037 and 9,473,750 common shares at March 31, 2022 and 2021	(36,239)	(36,240)
Retained deficit	(57,080)	(63,171)
Total shareholders’ equity	65,100	58,074
Total liabilities and shareholders’ equity	$ 86,817	$ 92,821

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (USD per share)
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	40,570,909	40,279,050
Common stock, shares outstanding (in shares)	31,097,872	30,805,300
Treasury stock (in shares)	9,473,037	9,473,750

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Revenues	$ 124,383	$ 116,840	$ 150,841
Cost of revenue	90,471	86,716	113,718
Gross profit	33,912	30,124	37,123
Operating expenses:
General and administrative	11,680	11,262	11,184
Acquisition costs	512
Sales and marketing	11,628	10,341	11,113
Research and development	1,701	1,685	1,716
Total operating expenses	25,521	23,288	24,013
Income from operations	8,391	6,836	13,110
Other income (expense):
Other income	1	56	28
Interest expense	(80)	(127)	(279)
Amortization of debt issue costs	(62)	(157)	(243)
Loss on debt extinguishment		(90)
Interest income			5
Total other expense	(141)	(318)	(489)
Income before income tax	8,250	6,518	12,621
Income tax (benefit) expense	2,159	(19,616)	159
Net income	$ 6,091	$ 26,134	$ 12,462
Basic net income per share attributable to common shareholders	$ 0.20	$ 0.85	$ 0.41
Weighted-average common shares outstanding	31,018,356	30,634,553	30,104,552
Diluted net income per share	$ 0.19	$ 0.83	$ 0.40
Weighted-average common shares and share equivalents outstanding	31,294,573	31,303,727	30,964,777
Product revenue
Revenues	$ 91,889	$ 87,664	$ 113,352
Cost of revenue	65,249	63,233	83,588
Service revenue
Revenues	32,494	29,176	37,489
Cost of revenue	$ 25,222	$ 23,483	$ 30,130

STATEMENTS OF SHAREHOLDERS' EQU

STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock, Shares	Common Stock, Additional Paid-in Capital	Treasury Stock	Retained Earnings (Deficit)
Shareholders' equity, beginning of period at Mar. 31, 2019	$ 17,970		$ 155,828	$ (36,091)	$ (101,767)
Shareholders' equity, beginning of period (Shares) at Mar. 31, 2019		29,600,158
Exercise of stock options for cash	57		57
Exercise of stock options for cash (shares)		22,362
Shares issued under Employee Stock Purchase Plan	7			7
Shares issued under Employee Stock Purchase Plan (shares)		2,361
Stock-based compensation	618		618
Stock-based compensation (shares)		669,238
Employee tax withholdings on stock-based compensation	(79)			(79)
Employee tax withholdings on stock-based compensation (shares)		(28,122)
Net income	12,462				12,462
Shareholders' equity, end of period at Mar. 31, 2020	31,035		156,503	(36,163)	(89,305)
Shareholders' equity, at end of period (shares) at Mar. 31, 2020		30,265,997
Exercise of stock options for cash	229		229
Exercise of stock options for cash (shares)		99,000
Shares issued under Employee Stock Purchase Plan	$ 7			7
Shares issued under Employee Stock Purchase Plan (shares)	1,146	1,146
Stock-based compensation	$ 753		753
Stock-based compensation (shares)		450,481
Employee tax withholdings on stock-based compensation	(84)			(84)
Employee tax withholdings on stock-based compensation (shares)		(11,324)
Net income	26,134				26,134
Shareholders' equity, end of period at Mar. 31, 2021	58,074		157,485	(36,240)	(63,171)
Shareholders' equity, at end of period (shares) at Mar. 31, 2021		30,805,300
Exercise of stock options for cash	121		121
Exercise of stock options for cash (shares)		31,845
Shares issued under Employee Stock Purchase Plan	$ 6			6
Shares issued under Employee Stock Purchase Plan (shares)	1,617	1,617
Stock-based compensation	$ 813		813
Stock-based compensation (shares)		260,014
Employee tax withholdings on stock-based compensation	(5)			(5)
Employee tax withholdings on stock-based compensation (shares)		(904)
Net income	6,091				6,091
Shareholders' equity, end of period at Mar. 31, 2022	$ 65,100		$ 158,419	$ (36,239)	$ (57,080)
Shareholders' equity, at end of period (shares) at Mar. 31, 2022		31,097,872

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net income	$ 6,091	$ 26,134	$ 12,462
Adjustments to reconcile net income to net cash (used in)
Depreciation	1,327	1,190	1,203
Amortization of intangible assets	227	290	359
Stock-based compensation	813	753	618
Amortization of debt issue costs	62	157	243
Loss on debt extinguishment		90
Deferred income tax benefit	1,980	(19,860)	75
(Gain) loss on sale of property and equipment	(77)	1	10
Provision for inventory reserves	623	275	205
Provision for bad debts	10
Other	26	106	57
Changes in operating assets and liabilities:
Accounts receivable	4,407	(2,384)	3,616
Revenue earned but not billed	851	(2,370)	3,186
Inventories	(420)	(5,322)	(1,319)
Prepaid expenses and other assets	(888)	(396)	66
Accounts payable	(8,125)	(2,637)	(79)
Accrued expenses and other liabilities	(6,933)	5,797	(192)
Deferred revenue, current and long-term	(87)	(95)	(92)
Net cash (used in) provided by operating activities	(113)	1,729	20,343
Investing activities
Cash paid for acquisition	(4,012)
Cash paid for investment	(500)
Purchase of property and equipment	(518)	(902)	(814)
Additions to patents and licenses	(10)	(51)	(131)
Proceeds from sales of property, plant and equipment	122	7	9
Net cash used in investing activities	(4,918)	(946)	(936)
Financing activities
Payment of long-term debt	(14)	(35)	(92)
Proceeds from revolving credit facility		8,000	74,100
Payment of revolving credit facility		(18,013)	(73,289)
Payments to settle employee tax withholdings on stock-based compensation	(5)	(84)	(76)
Debt issue costs	(4)	(245)	(91)
Net proceeds from employee equity exercises	127	236	63
Net cash provided by (used in) financing activities	104	(10,141)	615
Net (decrease) increase in cash and cash equivalents	(4,927)	(9,358)	20,022
Cash and cash equivalents at beginning of period	19,393	28,751	8,729
Cash and cash equivalents at end of period	14,466	19,393	28,751
Supplemental cash flow information:
Cash paid for interest	(68)	(118)	(254)
Cash paid for income taxes	$ (203)	(175)	(28)
Supplemental disclosure of non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities		$ 355	$ 2,757

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1 — DESCRIPTION OF BUSINESS Orion includes Orion Energy Systems, Inc., a Wisconsin corporation, and all consolidated subsidiaries. Orion provides state-of-the-art light emitting diode lighting systems, wireless Internet of Things enabled control solutions, project engineering, energy project management design and maintenance services to commercial and industrial businesses, and federal and local governments, predominantly in North America. Orion’s corporate offices and leased primary manufacturing operations are located in Manitowoc, Wisconsin. Orion also leases office space in Jacksonville, Florida and Pewaukee, Wisconsin.

IMPACT OF COVID-19

IMPACT OF COVID-19	12 Months Ended
	Mar. 31, 2022
Extraordinary And Unusual Items [Abstract]
IMPACT OF COVID-19	NOTE 2 — IMPACT OF COVID-19 The COVID-19 pandemic has disrupted business, trade, commerce, financial and credit markets, in the U.S. and globally. Orion’s business was adversely impacted by measures taken by customers, suppliers, government entities and others to control the spread of the virus beginning in March 2020, the last few weeks of Orion’s 2020 fiscal year, and continuing most significantly into the second quarter of fiscal 2021. During the third quarter of fiscal 2021, Orion experienced a rebound in business as project installations resumed for its largest customer. However, potential future risks remain due to the COVID-19 pandemic. It is not possible to predict the overall impact the COVID-19 pandemic will have on Orion’s business, liquidity, capital resources or financial results, although the economic and regulatory impacts of COVID-19 significantly reduced Orion’s revenue and profitability in the first half of fiscal 2021. If the COVID-19 pandemic becomes more pronounced in Orion’s markets or experiences a resurgence in markets recovering from the spread of COVID-19, Orion’s results of operation would likely be materially adversely affected.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Orion Energy Systems, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during that reporting period. Areas that require the use of significant management estimates include revenue recognition, inventory obsolescence, allowance for doubtful accounts, accruals for warranty and loss contingencies, income taxes, impairment analyses, and certain equity transactions. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents Orion considers all highly liquid, short-term investments with original maturities of three months or less to be cash equivalents. Fair Value of Financial Instruments Orion’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other, revolving credit facility and long-term debt. The carrying amounts of Orion’s financial instruments approximate their respective fair values due to the relatively short-term nature of these instruments, or in the case of long-term debt and revolving credit facility, because of the interest rates currently available to Orion for similar obligations. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on the following three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. Level 3 — Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management's best estimate of what market participants would use in valuing the asset or liability at the measurement date. Allowance for Doubtful Accounts Orion performs ongoing evaluations of its customers and continuously monitors collections and payments. Orion estimates an allowance for doubtful accounts based upon the aging of the underlying receivables, historical experience with write-offs and specific customer collection issues that have been identified. See Note 5 – Accounts Receivable for further discussion of the allowance for doubtful accounts. Incentive Plan Orion’s compensation committee approved an Executive Annual Cash Incentive Program. Based upon the results for the fiscal years ended March 31, 2022, 2021, and 2020, Orion accrued approximately $0.1 million, $0.7 million, and $0.8 million expense related to this plan, respectively. Revenue Recognition Orion generates revenues primarily by selling commercial lighting fixtures and components, installing these fixtures in its customer’s facilities, and providing maintenance services including repairs and replacements for the lighting and related electrical components deployed in its customer’s facilities. Orion recognizes revenue in accordance with the guidance in “Revenue from Contracts with Customers” (Topic 606) (“ASC 606”) when control of the goods or services being provided (which Orion refers to as a performance obligation) is transferred to a customer at an amount that reflects the consideration that management expects to receive in exchange for those goods or services. Prices are generally fixed at the time of order confirmation, either for the contact as a whole or for the hourly rates that will be charged for the type of maintenance services delivered. The amount of expected consideration includes estimated deductions and early payment discounts calculated based on historical experience, customer rebates based on agreed upon terms applied to actual and projected sales levels over the rebate period, and any amounts paid to customers in conjunction with fulfilling a performance obligation. If there are multiple performance obligations in a single contract, the contract’s total transaction price is allocated to each individual performance obligation based on their relative standalone selling price. A performance obligation’s standalone selling price is the price at which Orion would sell such promised good or service separately to a customer. Orion uses an observable price to determine the stand-alone selling price for separate performance obligations or an expected cost-plus margin approach when one is not available. The expected cost-plus margin approach is used to determine the estimated stand-alone selling price for the installation performance obligation and is based on average historical installation margin. Revenue derived from customer contracts which include only performance obligation(s) for the sale of Orion manufactured or sourced lighting fixtures and components is classified as Product revenue in the Consolidated Statements of Operations. The revenue for these transactions is recorded at the point in time when management believes that the customer obtains control of the products, generally either upon shipment or upon delivery to the customer’s facility. This point in time is determined separately for each contract and requires judgment by management of the contract terms and the specific facts and circumstances concerning the transaction . Revenue from a customer contract which includes both the sale of Orion manufactured or sourced fixtures and the installation of such fixtures (which Orion refers to as a turnkey project) is allocated between each lighting fixture and the installation performance obligation based on relative standalone selling prices. Revenue from turnkey projects that is allocated to the sale of the lighting fixtures is recorded at the point in time when management believes the customer obtains control of the product(s) and is reflected in Product revenue. This point in time is determined separately for each customer contract based upon the terms of the contract and the nature and extent of Orion’s control of the light fixtures during the installation. Product revenue associated with turnkey projects can be recorded (a) upon shipment or delivery, (b) subsequent to shipment or delivery and upon customer payments for the light fixtures, (c) when an individual light fixture is installed and working correctly, or (d) when the customer acknowledges that the entire installation project is substantially complete. Determining the point in time when a customer obtains control of the lighting fixtures in a turnkey project can be a complex judgment and is applied separately for each individual light fixture included in a contract. In making this judgment, management considers the timing of various factors, including, but not limited to, those detailed below: • when there is a legal transfer of ownership; • when the customer obtains physical possession of the products; • when the customer starts to receive the benefit of the products; • the amount and duration of physical control that Orion maintains on the products after they are shipped to, and received at, the customer’s facility; • whether Orion is required to maintain insurance on the lighting fixtures when they are in transit and after they are delivered to the customer’s facility; • when each light fixture is physically installed and working correctly; • when the customer formally accepts the product; and • when Orion receives payment from the customer for the light fixtures. Revenue from turnkey projects that is allocated to the single installation performance obligation is reflected in Service revenue. Service revenue is recorded over-time as Orion fulfills its obligation to install the light fixtures. Orion measures its performance toward fulfilling its performance obligations for installations using an output method that calculates the number of light fixtures removed and installed as of the measurement date in comparison to the total number of light fixtures to be removed and installed under the contract. Revenue from a customer contract that includes maintenance services and delivery of lighting fixtures and / or related components that were not manufactured or sourced by Orion classified as Services revenue in the Consolidated Statement of Operations. The revenue for the actual labor service is recorded as the time the service is provided based on the hours incurred multiplied by the agreed upon contractual rate. The revenue for fixtures or other tangible components is recorded at the completion of the project as this is when management believes the customer has obtained control of these components. Orion offers a financing program, called an Orion Throughput Agreement, or OTA, for a customer’s lease of Orion’s energy management systems. The OTA is structured as a sales-type lease and upon successful installation of the system and customer acknowledgment that the system is operating as specified, revenue is recognized at Orion’s net investment in the lease, which typically is the net present value of the future cash flows. Orion also records revenue in conjunction with several limited power purchase agreements (“PPAs”) still outstanding. Those PPAs are supply-side agreements for the generation of electricity. Orion’s last PPA expires in 2031. Revenue associated with the sale of energy generated by the solar facilities under these PPAs is within the scope of ASC 606. Revenues are recognized over-time and are equal to the amount billed to the customer, which is calculated by applying the fixed rate designated in the PPAs to the variable amount of electricity generated each month. This approach is in accordance with the “right to invoice” practical expedient provided for in ASC 606. Orion also recognizes revenue upon the sale to third parties of tax credits received from operating the solar facilities and from amortizing a grant received from the federal government during the period starting when the power generating facilities were constructed until the expiration of the PPAs; these revenues are not derived from contracts with customers and therefore not under the scope of ASC 606. See Note 11 – Accrued Expenses and Other for a discussion of Orion’s accounting for the warranty it provides to customers for its products and services. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis. Shipping and Handling Costs Orion records costs incurred in connection with shipping and handling of products as cost of product revenue. Amounts billed to customers in connection with these costs are included in product revenue. Research and Development Orion expenses research and development costs as incurred. Amounts are included in the Statement of Operations on the line item Research and development. Income Taxes Orion recognizes deferred tax assets and liabilities for the future tax consequences of temporary differences between financial reporting and income tax basis of assets and liabilities, measured using the enacted tax rates and laws expected to be in effect when the temporary differences reverse. Deferred income taxes also arise from the future tax benefits of operating loss and tax credit carryforwards. A valuation allowance is established when management determines that it is more likely than not that all or a portion of a deferred tax asset will not be realized. For the fiscal year ended March 31, 2022, Orion decreased its valuation allowance by $30 thousand due to the decrease in its deferred tax balance. ASC 740, Income Taxes Stock Based Compensation Orion’s share-based payments to employees are measured at fair value and are recognized against earnings, on a straight-line basis over the requisite service period. Orion accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period. As more fully described in Note 17 – Stock Options and Restricted Shares, Orion currently awards non-vested restricted stock (and in some cases, in conjunction with associated cash award accounted for as a liability) to employees, executive officers and directors. Orion has not paid dividends in the past and does not plan to pay any dividends in the foreseeable future. Concentration of Credit Risk and Other Risks and Uncertainties Orion’s cash is primarily deposited with one financial institution. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. Orion has not experienced any losses in such accounts and believes that it is not exposed to any significant financial institution viability risk on these balances. Orion purchases components necessary for its lighting products, including ballasts, lamps and LED components, from multiple suppliers. For fiscal 2022 and 2021, no supplier accounted for more than 10% of total cost of revenue. For fiscal 2020, one supplier accounted for 11.8% of total cost of revenue. In fiscal 2022, one customer accounted for 49.1% of revenue. In fiscal 2021, one customer accounted for 56.0% of total revenue. In fiscal 2020, one customer accounted for 74.1% of total revenue. As of March 31, 2022, two customers accounted for 11.8% and 10.4% of accounts receivable. As of March 31, 2021, three customers accounted for 33.9%, 16.4% and 10.1% of accounts receivable, respectively. Recent Accounting Pronouncements Issued: Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to assess impairment of its financial instruments based on its estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. The provisions of ASU 2016-13 and the related amendments are effective for Orion for fiscal years (and interim reporting periods within those years) beginning after December 15, 2022. Entities are required to apply these changes through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Orion is currently evaluating the impact of adoption of this standard on its consolidated statements of operations, cash flows, and the related footnote disclosures.

REVENUE

REVENUE	12 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
REVENUE	NOTE 4 — REVENUE Revenue Recognition See Note 3 – Summary of Significant Accounting Policies for a discussion of Orion’s accounting policies related to revenue recognition. Contract Fulfillment Costs Costs associated with product sales are accumulated in inventory as the fixtures are manufactured and are transferred to Cost of product revenue at the time revenue is recorded. See Note 6 – Inventories. Costs associated with installation sales are expensed as incurred. Disaggregation of Revenue Orion’s Product revenue includes revenue from contracts with customers accounted for under the scope of ASC 606 and revenue which is accounted for under other guidance. For fiscal year 2022, Product revenue included $1.2 million derived from sales-type leases for light fixtures, $0.2 million derived from the sale of tax credits generated from Orion’s legacy operation for distributing solar energy, and $0.1 million derived from the of federal grants in 2010 and 2011 as reimbursement for a portion of the costs to construct the legacy solar facilities which are not under the scope of ASC 606. All remaining Product revenue, and all Service revenue, are derived from contracts with customers as defined in ASC 606. The primary end-users of Orion’s lighting products and services are (a) the federal government, and (b) commercial or industrial companies. The federal government obtains Orion products and services primarily through turnkey project sales that Orion makes to a select group of contractors who focus on the federal government. Revenues associated with government end-users are primarily included in the Orion Engineered Systems Division segment. Commercial or industrial end-users obtain Orion products and services through turnkey project sales or by purchasing products either direct from Orion or through distributors or energy service companies ("ESCOs"). Revenues associated with commercial and industrial end-users are included within each of Orion’s segments, dependent on the sales channel. See Footnote 18 - Segment Data, for additional discussion concerning Orion’s reportable segments. The following table provides detail of Orion’s total revenues for the year ended March 31, 2022 (dollars in thousands): Year Ended March 31, 2022 Year Ended March 31, 2021 Year Ended March 31, 2020 Product Services Total Product Services Total Product Services Total Revenue from contracts with customers: Lighting revenues, by end user Federal government $ 920 $ 1,370 $ 2,290 $ 696 $ 965 $ 1,661 $ 922 $ 379 $ 1,301 Commercial and industrial 89,480 31,124 120,604 83,963 28,211 112,174 110,742 37,110 147,852 Total lighting 90,400 32,494 122,894 84,659 29,176 113,835 111,664 37,489 149,153 Solar energy related revenues 42 — 42 57 — 57 56 — 56 Total revenues from contracts with customers 90,442 32,494 122,936 84,716 29,176 113,892 111,720 37,489 149,209 Revenue accounted for under other guidance 1,447 — 1,447 2,948 — 2,948 1,632 — 1,632 Total revenue $ 91,889 $ 32,494 $ 124,383 $ 87,664 $ 29,176 $ 116,840 $ 113,352 $ 37,489 $ 150,841 Cash Flow Considerations Customer payments for material only orders are due shortly after shipment. Turnkey projects and repair services provided to commercial or industrial companies typically span between one week to three months. Customer payment requirements for these projects vary by contract. Some contracts provide for customer payments for products and services as they are delivered, other contracts specify that the customer will pay for the project in its entirety upon completion of the installation. Turnkey projects where the end-user is the federal government typically span a three to six-month period. The contracts for these sales often provide for monthly progress payments equal to ninety percent (90%) of the value provided by Orion during the month. Orion provides long-term financing to one customer who frequently engages Orion in large turnkey projects that span between three and nine months. The customer executes an agreement providing for monthly payments of the contract price, plus interest, over a five-year period. The total transaction price in these contracts is allocated between product and services in the same manner as all other turnkey projects. The portion of the transaction associated with the installation is accounted for consistently with all other installation related performance obligations. The portion of the transaction associated with the sale of the multiple individual light fixtures is accounted for as sales-type leases in accordance with the guidance for leases. Revenues associated with the sales-type leases are included in Product revenue and recorded for each fixture separately based on the customer’s monthly acknowledgment that specified fixtures have been installed and are operating as specified. The payments associated with these transactions that are due during the twelve months subsequent to March 31, 2022 are included in Accounts receivable, net in Orion’s Consolidated Balance Sheets. The remaining amounts due that are associated with these transactions are included in Long-term accounts receivable in Orion’s Consolidated Balance Sheets. As of March 31, 2022 , there were no such transactions included in Long-term accounts receivable. The customer’s monthly payment obligation commences after completion of the turnkey project. Orion generally sells the receivable from the customer to an independent financial institution either during, or shortly after completion of, the installation period. Upon execution of the receivables purchase / sales agreement, all amounts due from the customer are included in Revenues earned but not billed on Orion’s Consolidated Balance Sheets until cash is received from the financial institution. The financial institution releases funds to Orion based on the customer’s monthly acknowledgment of the progress Orion has achieved in fulfilling its installation obligation. Orion provides the progress certifications to the financial institution one month in arrears. The total amount received from the sales of these receivables during the twelve months ended March 31, 2022, 2021, and 2020 was $2.8 million, $5.1 million, and $4.4 million, respectively. Orion’s losses on these sales aggregated to $13 thousand, $0.1 million, and $0.1 million for the twelve months ended March 31, 2022, 2021, and 2020, respectively, and are included in Interest expense in the Consolidated Statements of Operations. Practical Expedients and Exemptions Orion expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within Sales and marketing expense. There are no other capitalizable costs associated with obtaining contracts with customers. Orion’s performance obligations related to lighting fixtures typically do not exceed nine months in duration. As a result, Orion has elected the practical expedient that provides an exemption to the disclosure requirements regarding information about value assigned to remaining performance obligations on contracts that have original expected durations of one year or less. Orion also elected the practical expedient that permits companies to not disclose quantitative information about the future revenue when revenue is recognized as invoices are issued to customers for services performed. Other than the turnkey projects which result in sales-type leases discussed above, Orion generally receives full payment for satisfied performance obligations in less than one year. Accordingly, Orion does not adjust revenues for the impact of any potential significant financing component as permitted by the practical expedients provided in ASC 606. Contract Balances A receivable is recognized when Orion has an enforceable right to payment in accordance with contract terms and an invoice has been issued to the customer. Payment terms on invoiced amounts are typically 30 days from the invoice date. Revenue earned but not billed represents revenue that has been recognized in advance of billing the customer, which is a common practice in Orion contracts for turnkey installations and repairs / replacement services. Once Orion has an unconditional right to consideration under these contracts, Orion typically bills the customer accordingly and reclassifies the amount to Accounts receivable, net. Revenue earned but not billed as of March 31, 2022 and March 31, 2021 includes $0.5 million and $0.6 million, respectively, which was not derived from contracts with customers and therefore not classified as a contract asset as defined by the new standards. Deferred revenue, current as of March 31, 2022, includes no contract liabilities which represent consideration received from customers prior to the point that Orion has fulfilled the promises included in a performance obligation and recorded revenue. Deferred revenue, long-term consists of the unamortized portion of the funds received from the federal government in 2010 and 2011 as reimbursement for the costs to build the two facilities related to the PPAs. As the transaction is not considered a contract with a customer, this value is not a contract liability as defined by the new standards. The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of March 31, 2022, and March 31, 2021 (dollars in thousands): March 31, 2022 March 31, 2021 Accounts receivable, net $ 11,899 $ 13,572 Contract assets $ 1,966 $ 2,367 Contract liabilities $ — $ 11

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
ACCOUNTS RECEIVABLE	NOTE 5 — ACCOUNTS RECEIVABLE Orion’s accounts receivable are due from companies in the commercial, governmental, industrial and agricultural industries, as well as wholesalers. Credit is extended based on an evaluation of a customer’s financial condition. Generally, collateral is not required for end users; however, the payment of certain trade accounts receivable from wholesalers is secured by irrevocable standby letters of credit and/or guarantees. Accounts receivable are generally due within 30-60 days. Accounts receivable are stated at the amount Orion expects to collect from outstanding balances. Orion provides for probable uncollectible amounts through a charge to earnings and a credit to an allowance for doubtful accounts based on its assessment of the current status of individual accounts. Balances that are still outstanding after Orion has used reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to accounts receivable. Orion's accounts receivable and allowance for doubtful accounts balances were as follows (dollars in thousands): 2022 2021 Accounts receivable, gross $ 11,907 $ 13,583 Allowance for doubtful accounts (8 ) (11 ) Accounts receivable, net $ 11,899 $ 13,572

INVENTORIES

INVENTORIES	12 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
INVENTORIES	NOTE 6 — INVENTORIES Inventories consist of raw materials and components, such as drivers, metal sheet and coil stock and molded parts; work in process inventories, such as frames and reflectors; and finished goods, including completed fixtures and systems, and accessories. All inventories are stated at the lower of cost or net realizable value with cost determined using the first-in, first-out (FIFO) method. Orion reduces the carrying value of its inventories for differences between the cost and estimated net realizable value, taking into consideration usage in the preceding 9 to 12 months, expected demand, and other information indicating obsolescence. Orion records, as a charge to cost of product revenue, the amount required to reduce the carrying value of inventory to net realizable value. As of March 31, 2022 and 2021, Orion's inventory balances were as follows (dollars in thousands): Cost Excess and Obsolescence Reserve Net As of March 31, 2022 Raw materials and components $ 10,781 $ (1,140 ) $ 9,641 Work in process 1,529 (267 ) 1,262 Finished goods 9,593 (664 ) 8,929 Total $ 21,903 $ (2,071 ) $ 19,832 As of March 31, 2021 Raw materials and components $ 12,410 $ (967 ) $ 11,443 Work in process 758 (356 ) 402 Finished goods 8,295 (586 ) 7,709 Total $ 21,463 $ (1,909 ) $ 19,554 Costs associated with the procurement and warehousing of inventories, such as inbound freight charges and purchasing and receiving costs, are also included in cost of product revenue.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Mar. 31, 2022
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 7 — PREPAID EXPENSES AND OTHER CURRENT ASSETS As of March 31, 2022, and March 31, 2021, prepaid expenses and other current assets include the following (dollars in thousands): March 31, 2022 March 31, 2021 Payroll tax credit $ 1,587 $ — Other prepaid expenses 1,044 1,082 Total $ 2,631 $ 1,082 During the three months ended September 30, 2021, Orion recorded a $1.6 million current asset for the anticipated employee retention payroll tax credit (“payroll tax credit”), as expanded and extended by the American Rescue Plan Act of 2021. The credit was recorded as an offset to payroll expense, in accordance with IAS 20, in the following income statement categories: $0.7 million in cost of product revenue, $0.1 million in cost of service revenue, $0.3 million in general and administrative, $0.4 million in sales and marketing, and $0.1 million in research and development expenses. The timing of the refundable portion of the payroll tax credit is subject to Internal Revenue Service processing times.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 8 — PROPERTY AND EQUIPMENT Property and equipment are stated at cost. Expenditures for additions and improvements are capitalized, while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed as incurred. Properties and equipment sold, or otherwise disposed of, are removed from the property and equipment accounts, with gains or losses on disposal credited or charged to income from operations. Orion periodically reviews the carrying values of property and equipment for impairment in accordance with ASC 360, Property, Plant and Equipment, if events or changes in circumstances indicate that the assets may be impaired. The estimated future undiscounted cash flows expected to result from the use of the assets and their eventual disposition are compared to the assets' carrying amount to determine if a write down to market value is required. Property and equipment were comprised of the following (dollars in thousands): March 31, 2022 March 31, 2021 Land and land improvements $ 433 $ 433 Buildings and building improvements 9,491 9,477 Furniture, fixtures and office equipment 7,650 7,372 Leasehold improvements 490 340 Equipment leased to customers 4,997 4,997 Plant equipment 11,130 12,451 Vehicles 796 — Construction in progress 3 135 34,990 35,205 Less: accumulated depreciation and amortization (23,524 ) (23,836 ) Net property and equipment $ 11,466 $ 11,369 Depreciation is recognized over the estimated useful lives of the respective assets, using the straight-line method. Orion recorded depreciation expense of $1.3 million, $1.2 million and $1.2 million for the years ended March 31, 2022, 2021 and 2020, respectively. Depreciable lives by asset category are as follows: Land improvements 10-15 years Buildings and building improvements 10-39 years Furniture, fixtures and office equipment 2-10 years Leasehold improvements Shorter of asset life or life of lease Equipment leased to customers under Power Purchase Agreements 20 years Plant equipment 3-10 years Vehicles 5-7 years No interest was capitalized for construction in progress during fiscal 2022 or fiscal 2021.

LEASES

LEASES	12 Months Ended
	Mar. 31, 2022
Leases [Abstract]
LEASES	NOTE 9 — LEASES From time to time, Orion leases assets from third parties. Orion also leases certain assets to third parties. Effective April 1, 2019, leases are accounted for, and reported upon, following the requirements of ASC 842, Leases. Whether it is the lessee or the lessor, Orion’s determination of whether a contract includes a lease, and assessing how the lease should be accounted for, is a matter of judgment based on whether the risks and rewards, as well as substantive control of the assets specified in the contract, have been transferred from the lessor to the lessee. The judgement considers matters such as whether the assets are transferred from the lessor to the lessee at the end of the contract, the term of the agreement in relation to the asset’s remaining economic useful life, and whether the assets are of such a specialized nature that the lessor will not have an alternative use for such assets at the termination of the agreement. Other matters requiring judgement are the lease term when the agreement includes renewal or termination options and the interest rate used when initially determining the ROU asset and lease liability. ROU assets represent Orion’s right to use an underlying asset for the lease term and lease liabilities represent Orion’s obligation to make lease payments arising from the lease. Under ASC 842, both finance and operating lease ROU assets and lease liabilities for leases with initial terms in excess of 12 months are recognized at the commencement date based on the present value of lease payments over the lease term. When available, Orion uses the implicit interest rate in the lease when completing this calculation. However, as most of Orion’s operating lease agreements generating ROU assets do not provide the implicit rate, Orion’s incremental borrowing rate under its line of credit, adjusted for differences in duration and the relative collateral value in relation to the payment obligation, at the commencement of the lease is generally used in this calculation. The lease term includes options to extend or renew the agreement, or for early termination of the agreement, when it is reasonably certain that Orion will exercise such option. ROU assets are depreciated using the straight-line method over the lease term. Orion recognizes lease expense for leases with an initial term of 12 months or less, referred to as short term leases, on a straight-line basis over the lease term. One of Orion’s frequent customers purchases products and installation services under agreements that provide for monthly payments, at a fixed monthly amount, of the contract price, plus interest, typically over a five-year period. While Orion retains ownership of the light fixtures during the financing period, the transaction terms and the underlying economics associated with used lighting fixtures results in Orion essentially ceding ownership of the lighting fixtures to the customer after completion of the agreement. The portions of the transaction associated with the sale of the light fixtures is accounted for as a sales-type lease. The total transaction price in these contracts is allocated between the lease and non-lease components in the same manner as the total transaction price of other turnkey projects containing lighting fixtures and installation services. Orion leases portions of its corporate headquarters to third parties; all such agreements have been, and continue to be, classified as operating leases under the applicable authoritative accounting guidance. The assets being leased continue to be included in Property and equipment, net. Lease payments earned are recorded as a reduction in administrative expenses. Assets Orion Leases from Other Parties On January 31, 2020, Orion entered into the current lease for its approximately 266,000 square foot primary manufacturing and distribution facility in Manitowoc, WI. The lease has a 10-year term, with the option to terminate after six years. Orion is responsible for the costs of insurance and utilities for the facility. These costs are considered variable lease costs. The agreement is classified as an operating lease. The prior lease agreement for this facility provided the lessor the right to terminate the lease agreement at any time with 12 months’ notice to Orion. As a result, the agreement was previously classified as a short-term lease. In February 2014, Orion entered into a multi-year lease agreement for use of approximately 10,500 square feet of office space in a multi-use office building in Jacksonville, Florida. The lease has since been extended, most recently during the first quarter of fiscal 2021, and presently terminates on June 30, 2023. The agreement is classified as an operating lease. We also lease approximately 9,180 square feet of office space in Pewaukee, Wisconsin. The lease presently terminates in December, 2026 Orion has leased other assets from third parties, principally office and production equipment. The terms of our other leases vary from contract to contract and expire at various dates in the next five years. The weighted average discount rate for Orion’s lease obligations as of March 31, 2022 is 5.3%. The weighted average remaining lease term as of March 31, 2022 is 3.8 years. A summary of Orion’s assets leased from third parties follows (dollars in thousands): Balance sheet classification March 31, 2022 March 31, 2021 Assets Operating lease assets Other long-term assets $ 2,440 $ 2,585 Liabilities Current liabilities Operating lease liabilities Accrued expenses and other 768 647 Non-current liabilities Operating lease liabilities Other long-term liabilities 2,271 2,642 Total lease liabilities $ 3,039 $ 3,289 Orion had operating lease costs of $1.1 million for the year ended March 31, 2022. This includes short-term leases and variable lease costs, which are immaterial. The estimated maturity of lease liabilities for each of the next five years is shown below (dollars in thousands): Maturity of Lease Liabilities Operating Leases Fiscal 2023 $ 939 Fiscal 2024 838 Fiscal 2025 828 Fiscal 2026 722 Thereafter 71 Total lease payments $ 3,398 Less: Interest (359 ) Present value of lease liabilities $ 3,039 Assets Orion Leases to Other Parties Orion provides long-term financing to one customer who frequently engages Orion in large turnkey projects that span between three and nine months. The customer executes an agreement providing for monthly payments, at a fixed monthly amount, of the contract price, plus interest, over typically a five-year period. The total transaction price in these contracts is allocated between product and services in the same manner as all other turnkey projects. The portion of the transaction associated with the installation is accounted for consistently with all other installation related performance obligations under ASC 606. While Orion retains ownership of the light fixtures during the financing period, the transaction terms and the underlying economics associated with used lighting fixtures results in Orion essentially ceding ownership of the lighting fixtures to the customer after completion of the agreement. Therefore, the portions of the transaction associated with the sale of the multiple individual light fixtures is accounted for as a sales-type lease under ASC 842. Revenues, and production and acquisition costs, associated with sales-type leases are included in Product revenue and Costs of product revenues in the Consolidated Statement of Operations. These amounts are recorded for each fixture separately based on the customer’s monthly acknowledgment that specified fixtures have been installed and are operating as specified. The execution of the acknowledgement is considered the commencement date as defined in ASC 842. The following chart shows the amount of revenue and cost of sales arising from sales-type leases during the year ended March 31, 2022, 2021 and 2020 (dollars in thousands): March 31, 2022 March 31, 2021 March 31, 2020 Product revenue $ 1,169 $ 2,758 $ 1,362 Cost of product revenue 1,073 2,512 1,208 The Consolidated Balance Sheet as of March 31, 2022 does not include a net investment in sales-type leases as all amounts due from the customer associated with lighting fixtures that were acknowledged to be installed and working correctly prior to period end were transferred to the financing institution prior to the respective balance sheet dates. Other Agreements where Orion is the Lessor Orion has leased unused portions of its corporate headquarters to third parties. The length and payment terms of the leases vary from contract to contract and, in some cases, include options for the tenants to extend the lease terms. Annual lease payments are recorded as a reduction in administrative operating expenses and were not material in the years ended March 31, 2022, 2021 and 2020. Orion accounts for these transactions as operating leases.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 10 — GOODWILL AND OTHER INTANGIBLE ASSETS Orion recorded goodwill of $0.4 million and intangibles of $0.7 million related to its purchase of Stay-Lite Lighting during fiscal 2022. The goodwill is assigned to the Orion Services Group reporting unit. See Note 20 – Acquisition for further discussion of the Stay-Lite Lighting acquisition. The costs of specifically identifiable intangible assets that do not have an indefinite life are amortized over their estimated useful lives. Goodwill and intangible assets with indefinite lives are not amortized. Amortizable intangible assets are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods: Patents 10-17 years Straight-line Licenses 7-13 years Straight-line Customer relationships 5-8 years Accelerated based upon the pattern of economic benefits consumed Developed technology 8 years Accelerated based upon the pattern of economic benefits consumed Tradename 5-10 years Straight-line Goodwill and intangible assets that have a definite life are evaluated for potential impairment whenever events or circumstances indicate that the carrying value may not be recoverable based primarily upon whether expected future undiscounted cash flows are sufficient to support the asset recovery. If the actual useful life of the asset is shorter than the estimated life, the asset may be deemed to be impaired and accordingly a write-down of the value of the asset determined by a discounted cash flow analysis or shorter amortization period may be required. Indefinite lived intangible assets are evaluated for impairment at least annually on the first day of Orion’s fiscal fourth quarter, or when indications of potential impairment exist. This annual impairment review may begin with a qualitative test to determine whether it is more likely than not that an indefinite lived intangible asset's carrying value is greater than its fair value. If the qualitative assessment reveals that asset impairment is more likely than not, a quantitative impairment test is performed comparing the fair value of the indefinite lived intangible asset to its carrying value. Alternatively, the qualitative test may be bypassed and the quantitative impairment test may be immediately performed. If the fair value of the indefinite lived intangible asset exceeds its carrying value, the indefinite lived intangible asset is not impaired and no further review is performed. If the carrying value of the indefinite lived intangible asset exceeds its fair value, an impairment loss would be recognized in an amount equal to such excess. Once an impairment loss is recognized, the adjusted carrying value becomes the new accounting basis of the indefinite lived intangible asset. Orion performed a qualitative assessment in conjunction with its annual impairment test of its indefinite lived intangible assets as of January 1, 20 2 2 . This qualitative assessment considered Orion’s operating results for the first nine months of fiscal 202 2 in comparison to prior years as well as its anticipated fourth quarter results and fiscal 202 3 plan. As a result of the conditions that existed as of the assessment date, an asset impairment was not deemed to be more likely than not and a quantitative analysis was not required. The components of, and changes in, the carrying amount of other intangible assets were as follows (dollars in thousands): March 31, 2022 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortized Intangible Assets Patents $ 2,652 $ (1,932 ) $ 720 $ 2,796 $ (1,875 ) $ 921 Licenses 58 (58 ) — 58 (58 ) — Trade name and trademarks 118 (6 ) 112 — — — Customer relationships 4,178 (3,618 ) 560 3,600 (3,591 ) 9 Developed technology 900 (900 ) — 900 (889 ) 11 Total Amortized Intangible Assets $ 7,906 $ (6,514 ) $ 1,392 $ 7,354 $ (6,413 ) $ 941 Indefinite-lived Intangible Assets Trade name and trademarks $ 1,012 $ — $ 1,012 $ 1,011 $ — $ 1,011 Total Indefinite-lived Intangible Assets $ 1,012 $ — $ 1,012 $ 1,011 $ — $ 1,011 Total Other Intangible Assets $ 8,918 $ (6,514 ) $ 2,404 $ 8,365 $ (6,413 ) $ 1,952 As of March 31, 2022, the weighted average useful life of definite life intangible assets was 8.0 years. The estimated amortization expense for each of the next five years is shown below (dollars in thousands): Fiscal 2023 $ 207 Fiscal 2024 203 Fiscal 2025 195 Fiscal 2026 184 Fiscal 2027 163 Thereafter 440 $ 1,392 Amortization expense is set forth in the following table (dollars in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Amortization included in cost of sales: Patents $ 183 $ 175 $ 171 Total $ 183 $ 175 $ 171 Amortization included in operating expenses: Customer relationships $ 27 $ 47 $ 86 Developed technology 11 68 102 Tradename 6 — — Total 44 115 188 Total amortization of intangible assets $ 227 $ 290 $ 359 Orion’s management periodically reviews the carrying value of patent applications and related costs. When a patent application is probable of being unsuccessful or a patent is no longer in use, Orion writes off the remaining carrying value as a charge to general and administrative expense within its Consolidated Statements of Operations. In fiscal years 2022, 2021, and 2020, write-offs were immaterial.

ACCRUED EXPENSES AND OTHER

ACCRUED EXPENSES AND OTHER	12 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
ACCRUED EXPENSES AND OTHER	NOTE 11 — ACCRUED EXPENSES AND OTHER As of March 31, 2022 and March 31, 2021, Accrued expenses and other included the following (dollars in thousands): March 31, 2022 March 31, 2021 Other accruals $ 2,221 $ 1,730 Accrued project costs 2,215 5,010 Compensation and benefits 1,668 2,851 Credits due to customers 1,209 1,009 Warranty 728 705 Sales tax 157 1,318 Sales returns reserve 123 106 Legal and professional fees 106 497 Total $ 8,427 $ 13,226 Orion generally offers a limited warranty of one to 10 years on its lighting products including the pass through of standard warranties offered by major original equipment component manufacturers. The manufacturers’ warranties cover lamps, ballasts, LED modules, LED chips, LED drivers, control devices, and other fixture related items, which are significant components in Orion's lighting products. Changes in Orion’s warranty accrual (both current and long-term) were as follows (dollars in thousands): March 31, 2022 2021 Beginning of year $ 1,009 $ 1,069 Accruals 434 644 Warranty claims (net of vendor reimbursements) (583 ) (704 ) Ending balance $ 860 $ 1,009

NET INCOME (LOSS) PER COMMON SH

NET INCOME (LOSS) PER COMMON SHARE	12 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER COMMON SHARE	NOTE 12 — NET INCOME (LOSS) PER COMMON SHARE Basic net income (loss) per common share is computed by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period and does not consider common stock equivalents. Diluted net income (loss) per common share reflects the dilution that would occur if stock options were exercised and restricted shares vested. In the computation of diluted net income (loss) per common share, Orion uses the treasury stock method for outstanding options and restricted shares. Net income (loss) per common share is calculated based upon the following shares: Fiscal Year Ended March 31, 2022 2021 2020 Numerator: Net income (dollars in thousands) $ 6,091 $ 26,134 $ 12,462 Denominator: Weighted-average common shares outstanding 31,018,356 30,634,553 30,104,552 Weighted-average effect of assumed conversion of stock options and restricted stock 276,217 669,174 860,225 Weighted-average common shares and share equivalents outstanding 31,294,573 31,303,727 30,964,777 Net income per common share: Basic $ 0.20 $ 0.85 $ 0.41 Diluted $ 0.19 $ 0.83 $ 0.40 The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net income (loss) per common share because their inclusion would have been anti-dilutive. The number of shares is as of the end of each period: March 31, 2022 2021 2020 Common stock options — — 164,072 Restricted shares 17,803 — — Total 17,803 — 164,072

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT	NOTE 13 — LONG-TERM DEBT Long-term debt as of March 31, 2022 and 2021 consisted of the following (dollars in thousands): March 31, 2022 2021 Revolving credit facility $ — $ — Equipment debt obligations 35 49 Total long-term debt 35 49 Less current maturities (16 ) (14 ) Long-term debt, less current maturities $ 19 $ 35 Revolving Credit Agreement On December 29, 2020, Orion entered into a new Loan and Security Agreement with Bank of America, N.A., as lender (the “Credit Agreement”). The Credit Agreement replaced Orion’s prior $20.15 million secured revolving credit and security agreement dated as of October 26, 2018, as amended, by and among Orion and Western Alliance Bank, National Association, as lender (the “Prior Credit Agreement”). The replacement of the Prior Credit Agreement with the Credit Agreement provides Orion with increased financing capacity and liquidity to fund its operations and implement its strategic plans. The Credit Agreement provides for a five-year The Credit Agreement is secured by a first lien security interest in substantially all of Orion’s assets. Borrowings under the Credit Agreement are permitted in the form of LIBOR or prime rate-based loans and generally bear interest at floating rates plus an applicable margin determined by reference to Orion’s availability under the Credit Agreement. Among other fees, Orion is required to pay an annual facility fee and a fee on the unused portion of the Credit Facility. The Credit Agreement includes a springing minimum fixed cost coverage ratio of 1.0 to 1.0 when excess availability under the Credit Facility falls below the greater of $3.0 million or 15% of the committed facility. Currently, the required springing minimum fixed cost coverage ratio is not required. The Credit Agreement also contains customary events of default and other covenants, including certain restrictions on Orion’s ability to incur additional indebtedness, consolidate or merge, enter into acquisitions, pay any dividend or distribution on Orion’s stock, redeem, retire or purchase shares of Orion’s stock, make investments or pledge or transfer assets. If an event of default under the Credit Agreement occurs and is continuing, then the lender may cease making advances under the Credit Agreement and declare any outstanding obligations under the Credit Agreement to be immediately due and payable. In addition, if Orion becomes the subject of voluntary or involuntary proceedings under any bankruptcy or similar law, then any outstanding obligations under the Credit Agreement will automatically become immediately due and payable. Orion did not incur any early termination fees in connection with the termination of the Prior Credit Agreement, but did recognize a loss on debt extinguishment of $0.1 million on the write-off of unamortized debt issue costs related to the Prior Credit Agreement. The Prior Credit Agreement was scheduled to mature on October 26, 2021. As of March 31, 2022, Orion is in compliance with all debt covenants. Equipment Debt Obligation In February 2019, Orion entered into additional debt agreements with a financing company in the principal amount of $44 thousand and $30 thousand fund certain equipment. The debts are secured by the related equipment. The debts bear interest at a rate of 6.43% and 8.77% respectively and both debts mature in January 2024. Aggregate Maturities As of March 31, 2022, aggregate maturities of long-term debt were as follows (dollars in thousands): Fiscal 2023 $ 16 Fiscal 2024 17 Fiscal 2025 2 $ 35

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14 — INCOME TAXES The total provision (benefit) for income taxes consists of the following for the fiscal years ended (dollars in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Current $ 179 $ 244 $ 84 Deferred 1,980 (19,860 ) 75 Total $ 2,159 $ (19,616 ) $ 159 2022 2021 2020 Federal, Current $ — $ — $ 17 Federal, Deferred 1,658 (16,217 ) $ 39 Total Federal 1,658 (16,217 ) 56 State, Current 179 244 67 State, Deferred 322 (3,643 ) 36 Total State 501 (3,399 ) 103 Total $ 2,159 $ (19,616 ) $ 159 A reconciliation of the statutory federal income tax rate and effective income tax rate is as follows: Fiscal Year Ended March 31, 2022 2021 2020 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State taxes, net 5.2 % 5.3 % 4.9 % Change in valuation reserve (0.4 )% (321.4 )% (25.0 )% Permanent items (1.9 )% (3.4 )% (1.0 )% Change in tax contingency reserve 0.1 % (0.5 )% 0.2 % Equity compensation cancellations 0.1 % 0.6 % 0.2 % State return to provision 2.3 % (1.7 )% 1.2 % Other, net (0.2 )% (0.9 )% (0.2 )% Effective income tax rate 26.2 % (301.0 )% 1.3 % The net deferred tax assets reported in the accompanying consolidated financial statements include the following components (dollars in thousands): March 31, 2022 2021 Deferred tax assets: Inventory, accruals and reserves 809 860 Federal and state operating loss carry-forwards 16,485 18,313 Tax credit carry-forwards 1,847 1,916 Equity compensation 231 198 Deferred revenue 29 38 Lease liability 670 853 Other 247 406 Total deferred tax assets 20,318 22,584 Valuation allowance (1,249 ) (1,279 ) Deferred tax assets, net of valuation allowance 19,069 21,305 Deferred tax liabilities: Lease ROU asset (518 ) (670 ) Fixed assets (529 ) (626 ) Intangible assets (217 ) (224 ) Total deferred tax liabilities (1,264 ) (1,520 ) Total net deferred tax assets $ 17,805 $ 19,785 For fiscal year ended March 31, 2022, Orion’s deferred tax assets were primarily the result of U.S. NOL and tax credit carryforwards. Orion recorded a valuation allowance of $1.2 million and $1.3 million against its net deferred tax asset balance as of March 31, 2022 and March 31, 2021, respectively, due to the uncertainty of its realization value in the future. For the year ended March 31, 2022, Orion recorded no material change in the valuation allowance on the basis of management’s continued reassessment of the amount of its deferred tax assets that are more likely than not to be realized. For the year ended March 31, 2021, Orion recorded a net valuation allowance release of $20.9 million on the basis of management’s reassessment of the amount of its deferred tax assets that are more likely than not to be realized. As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. Orion considers future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for the valuation allowance. As of March 31, 2021, in part because Orion achieved its second full year of pretax income and three years of cumulative pretax income in the U.S. federal tax jurisdiction, management determined there was sufficient positive evidence to conclude that it is more likely than not that deferred taxes assets of $20.9 are realizable. It therefore reduced the valuation allowance accordingly. As of March 31, 2022, Orion has federal NOL carryforwards of approximately $61.8 million, state NOL carryforwards of approximately $56.7 million, and foreign NOL carryforwards of approximately $0.8 million. Orion also had federal tax credit carryforwards of approximately $1.3 million and state tax credits of $0.7 million. All of Orion's tax credit carryforwards and $111.0 million of its NOL carryforwards will begin to expire in varying amounts between 2023 and 2033. The remaining $8.3 million of its federal and state NOL carryforwards are not subject to time restrictions but may only be used to offset 80% of adjusted taxable income. Orion believes it is more likely than not that the benefit from its state credit carryforwards, foreign NOL carryforwards, a portion of its federal credit carryforwards, and certain state loss carryforwards will not be realized. In recognition of this risk, Orion has provided a valuation allowance of $1.2 million on the deferred tax assets related to these carryforwards. Generally, a change of more than 50% in the ownership of Orion's stock, by value, over a three-year period constitutes an ownership change for federal income tax purposes as defined under Section 382 of the Internal Revenue Code. As a result, Orion's ability to use its net operating loss carryforwards, attributable to the period prior to such ownership change, to offset taxable income can be subject to limitations in a particular year, which could potentially result in increased future tax liability for Orion. There was no limitation of NOL carryforwards that occurred for fiscal 2022, fiscal 2021, or fiscal 2020. Orion records its tax provision based on the respective tax rules and regulations for the jurisdictions in which it operates. Where Orion believes that a tax position is supportable for income tax purposes, the item is included in their income tax returns. Where treatment of a position is uncertain, a liability is recorded based upon the expected most likely outcome taking into consideration the technical merits of the position based on specific tax regulations and facts of each matter. These liabilities may be affected by changing interpretations of laws, rulings by tax authorities, or the expiration of the statute of limitations. Orion files income tax returns in the United States federal jurisdiction and in several state jurisdictions. The Company's federal tax returns for tax years beginning April 1, 2018 or later are open. For states in which Orion files state income tax returns, the statute of limitations is generally open for tax years beginning April 1, 2018 or later. State income tax returns are generally subject to examination for a period of 3 to 5 years after filing of the respective return. The state effect of any federal changes remains subject to examination by various states for a period of up to two years after formal notification to the states. Orion currently has no state income tax return positions in the process of examination, administrative appeals or litigation. Uncertain tax positions As of March 31, 2022, the balance of gross unrecognized tax benefits was approximately $0.2 million, all of which would affect Orion’s effective tax rate if recognized. Orion has classified the amounts recorded for uncertain tax benefits in the balance sheet as other liabilities (non-current) to the extent that payment is not anticipated within one year. Orion recognizes penalties and interest related to uncertain tax liabilities in income tax expense. Penalties and interest are included in the unrecognized tax benefits. Accrued interest and penalties for such unrecognized tax benefits as of March 31, 2022 and 2021 were $0.1 million. Orion had the following unrecognized tax benefit activity (dollars in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Unrecognized tax benefits as of beginning of fiscal year $ 285 $ 259 $ 130 Additions based on tax positions related to the current period positions 39 123 23 Additions/(reductions) for tax positions of prior years (109 ) (97 ) 106 Unrecognized tax benefits as of end of fiscal year $ 215 $ 285 $ 259

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 15 — COMMITMENTS AND CONTINGENCIES Purchase Commitments Orion enters into non-cancellable purchase commitments for certain inventory items in order to secure better pricing and ensure materials on hand. As of March 31, 2022, Orion had entered into $7.8 million of purchase commitments related primarily to inventory purchases. Retirement Savings Plan Orion sponsors a tax deferred retirement savings plan that permits eligible employees to contribute varying percentages of their compensation up to the limit allowed by the Internal Revenue Service. This plan also provides for discretionary contributions by Orion. In fiscal 2022, Orion made matching contributions of $0.1 million. In both fiscal 2021 and 2020, Orion made matching contributions of approximately $0.1 million. Litigation Orion is subject to various claims and legal proceedings arising in the ordinary course of business. As of the date of this report, Orion does not believe that the final resolution of any of such claims or legal proceedings would have a material adverse effect on its future results of operations. In addition to ordinary-course litigation, Orion was or is a party to the proceedings described below. State Tax Assessment During fiscal year 2018, Orion was notified of a pending sales and use tax audit by the Wisconsin Department of Revenue for the period covering April 1, 2013 through March 31, 2017. Although the final resolution of the Company’s sales and use tax audit is uncertain, based on current information, in the opinion of the Company’s management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated balance sheet, statements of operations, or liquidity.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Mar. 31, 2022
Stockholders Equity Note [Abstract]
SHAREHOLDERS' EQUITY	NOTE 16 — SHAREHOLDERS’ EQUITY Share Repurchase Program and Treasury Stock In 2011 and 2012, Orion’s Board approved several share repurchase programs authorizing Orion to repurchase in aggregate up to a maximum of $7.5 million of Orion's outstanding common stock. As of March 31, 2022, Orion had repurchased 3,022,349 shares of common stock at a cost of $6.8 million under these programs. Orion did not repurchase any shares in fiscal 2022, fiscal 2021 or fiscal 2020 and currently does not intend to repurchase any additional common stock under this program in the near-term. Shareholder Rights Plan On January 3, 2019, Orion entered into Amendment No. 1 to the Rights Agreement, which amended the Rights Agreement dated as of January 7, 2009 and extended its terms by three years to January 7, 2022 In December 2021, Orion’s Board of Directors announced that it had decided to allow the Rights Agreement to terminate and expire by its terms on January 7, 2022. Employee Stock Purchase Plan In August 2010, Orion’s Board of Directors approved a non-compensatory employee stock purchase plan, or ESPP. The ESPP authorizes 2,500,000 shares to be issued from treasury or authorized shares to satisfy employee share purchases under the ESPP. All full-time employees of Orion are eligible to be granted a non-transferable purchase right each calendar quarter to purchase directly from Orion up to $20,000 of Orion’s common stock at a purchase price equal to 100% of the closing sale price of Orion’s common stock on The NASDAQ Capital Market on the last trading day of each quarter. Orion had the following shares issued from treasury during fiscal 2022 and fiscal 2021: As of March 31, 2022 Shares Issued Under ESPP Plan Closing Market Price Quarter Ended March 31, 2022 439 $ 2.80 Quarter Ended December 31, 2021 355 3.62 Quarter Ended September 30, 2021 327 3.89 Quarter Ended June 30, 2021 496 5.73 Total 1,617 $ 2.80 - 5.73 As of March 31, 2021 Shares Issued Under ESPP Plan Closing Market Price Quarter Ended March 31, 2021 359 $ 6.90 Quarter Ended December 31, 2020 178 $ 9.87 Quarter Ended September 30, 2020 151 $ 7.57 Quarter Ended June 30, 2020 458 $ 3.46 Total 1,146 $ 3.46 - 9.87 Sale of shares In March 2020, Orion filed a universal shelf registration statement with the Securities and Exchange Commission. Under the shelf registration statement, Orion currently has the flexibility to publicly offer and sell from time to time up to $100.0 million of debt and/or equity securities. The filing of the shelf registration statement may help facilitate Orion’s ability to raise public equity or debt capital to expand existing businesses, fund potential acquisitions, invest in other growth opportunities, repay existing debt, or for other general corporate purposes. In March 2021, Orion entered into an At Market Issuance Sales Agreement to undertake an “at the market” (ATM) public equity capital raising program pursuant to which Orion may offer and sell shares of common stock, having an aggregate offering price of up to $50 million from time to time through or to the Agent, acting as sales agent or principal. No share sales have been effected pursuant to the ATM program through March 31, 2022.

STOCK OPTIONS AND RESTRICTED SH

STOCK OPTIONS AND RESTRICTED SHARES	12 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
STOCK OPTIONS AND RESTRICTED SHARES	NOTE 17 — STOCK OPTIONS AND RESTRICTED SHARES At Orion’s 2019 annual meeting of shareholders held on August 7, 2019, Orion’s shareholders approved the Orion Energy Systems, Inc. 2016 Omnibus Incentive Plan, as amended and restated (the “Amended 2016 Plan”). Approval of the Amended 2016 Plan increased the number of shares of Orion’s common stock available for issuance under the Amended 2016 Plan from 1,750,000 shares to 3,500,000 shares (an increase of 1,750,000 shares); added a minimum vesting period for all awards granted under the Amended 2016 Plan (with limited exceptions); and added a specific prohibition on the payment of dividends and dividend equivalents on unvested awards. As of March 31, 2022, the number of shares available for grant under the Amended 2016 Plan was 1,387,612. The Amended 2016 Plan authorizes grants of equity-based and incentive cash awards to eligible participants designated by the Plan's administrator. Awards under the Amended 2016 Plan may consist of stock options, stock appreciation rights, performance shares, performance units, common stock, restricted stock, restricted stock units, incentive awards or dividend equivalent units. Prior to the 2016 Omnibus Incentive Plan, the Company maintained its 2004 Stock and Incentive Awards Plan, as amended, which authorized the grant of cash and equity awards to employees (the “2004 Plan”). No new awards are being granted under the 2004 Plan; however, all awards granted under the 2004 Plan that are outstanding will continue to be governed by the 2004 Plan. Forfeited awards originally issued under the 2004 Plan are canceled and are not available for subsequent issuance under the 2004 Plan or under the Amended 2016 Plan. Certain non-employee directors have elected to receive stock awards in lieu of cash compensation pursuant to elections made under Orion’s non-employee director compensation program. The Amended 2016 Plan and the 2004 Plan also permit accelerated vesting in the event of certain changes of control of Orion as well as under other special circumstances. Orion historically granted stock options and restricted stock under the 2004 Plan. Orion has not issued stock options since fiscal 2014 and instead has issued restricted stock. Orion accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period. The following amounts of stock-based compensation expense for restricted shares and options were recorded (dollars in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Cost of product revenue $ 5 $ 4 $ 3 Cost of service revenue — — (1 ) General and administrative 793 716 576 Sales and marketing 12 29 38 Research and development 3 4 2 $ 813 $ 753 $ 618 The following table summarizes information with respect to outstanding stock options: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2019 467,836 $ 3.14 Granted — $ — Exercised (22,362 ) $ 2.51 Forfeited (49,174 ) $ 4.63 Outstanding at March 31, 2020 396,300 $ 2.80 Granted — $ — Exercised (99,000 ) $ 2.34 Forfeited (100,982 ) $ 3.39 Outstanding at March 31, 2021 196,318 $ 2.74 Granted — $ — Exercised (31,845 ) $ 3.79 Forfeited (22,045 ) $ 4.19 Outstanding at March 31, 2022 142,428 $ 2.28 Exercisable at March 31, 2022 142,428 The following table summarizes the range of exercise prices on outstanding stock options at March 31, 2022: March 31, 2022 Outstanding and Vested Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $2.00 - 2.03 57,292 0.21 $ 2.03 $2.41 - 2.75 85,136 1.02 2.45 142,428 0.62 $ 2.28 The following table summarizes information with respect to restricted shares activity: Fiscal Year Ended March 31, 2022 2021 2020 Balance at March 31, 2021 469,639 772,720 1,312,593 Shares issued 240,833 287,998 279,468 Shares vested (260,014 ) (450,481 ) (669,238 ) Shares forfeited — (140,598 ) (150,103 ) Shares outstanding at March 31, 2022 450,458 469,639 772,720 Per share price on grant date $3.62 - 5.98 $3.92 - 10.01 $2.69 - 3.03 During fiscal 2022, Orion recognized $0.8 million of stock-based compensation expense related to restricted shares. As of March 31, 2022, the weighted average grant-date fair value of restricted shares granted was $5.55. Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2022 is expected to be recognized as follows (dollars in thousands): Fiscal 2023 $ 799 Fiscal 2024 532 Fiscal 2025 126 Fiscal 2026 4 Thereafter 3 Total $ 1,464 Remaining weighted average expected term 3.0 years

SEGMENT DATA

SEGMENT DATA	12 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
SEGMENT DATA	NOTE 18 — SEGMENT DATA Orion has the following business segments: Orion Services Group Division (“OSG”), Orion Distribution Services Division (“ODS”), and Orion U.S. Markets Division (“USM”). The accounting policies are the same for each business segment as they are on a consolidated basis. Orion Services Group Division The OSG segment (a) develops and sells lighting products and provides construction and engineering services for Orion's commercial lighting and energy management systems and (b) provides retailers, distributors and other businesses with maintenance, repair and replacement services for the lighting and related electrical components deployed in their facilities. OSG provides engineering, design, lighting products and in many cases turnkey solutions for large national accounts, governments, municipalities, schools and other customers. Orion Distribution Services Division The ODS segment sells lighting products through manufacturer representative agencies and a network of North American broadline electrical distributors and contractors. Orion U.S. Markets Division The USM segment sells commercial lighting systems and energy management systems to the wholesale contractor markets. USM customers include ESCOs and contractors. Corporate and Other Corporate and Other is comprised of operating expenses not directly allocated to Orion’s segments and adjustments to reconcile to consolidated results (dollars in thousands). Revenues Operating Income (Loss) For the year ended March 31, For the year ended March 31, (dollars in thousands) 2022 2021 2020 2022 2021 2020 Segments: Services Group $ 82,568 $ 84,243 $ 122,744 $ 6,462 $ 7,472 $ 16,164 Distribution Services 22,209 21,122 15,087 3,114 2,430 (852 ) U.S. Markets 19,606 11,475 13,010 3,963 1,683 2,447 Corporate and Other — — — (5,148 ) (4,749 ) (4,649 ) $ 124,383 $ 116,840 $ 150,841 $ 8,391 $ 6,836 $ 13,110 Depreciation and Amortization For the year ended March 31, Capital Expenditures For the year ended March 31, 2022 2021 2020 2022 2021 2020 Segments: Services Group $ 997 $ 913 $ 1,013 $ 224 $ 516 $ 302 Distribution Services 205 231 187 63 158 81 U.S. Markets 185 128 126 58 107 78 Corporate and Other 229 208 236 153 121 353 $ 1,616 $ 1,480 $ 1,562 $ 498 $ 902 $ 814 Total Assets March 31, 2022 March 31, 2021 Segments: Services Group $ 26,642 $ 29,856 Distribution Services 6,723 6,530 U.S. Markets 8,017 6,057 Corporate and Other 45,435 50,378 $ 86,817 $ 92,821 Orion’s revenue outside the United States is insignificant and Orion has no long-lived assets outside the United States. Fiscal 2022 Operating Income above includes a payroll tax credit, in accordance with IAS 20.

RESTRUCTURING EXPENSE

RESTRUCTURING EXPENSE	12 Months Ended
	Mar. 31, 2022
Restructuring And Related Activities [Abstract]
RESTRUCTURING EXPENSE	NOTE 19 — RESTRUCTURING EXPENSE During the fourth quarter of fiscal 2020, as part of Orion’s response to the impacts of the COVID-19 pandemic, Orion entered into separation agreements with multiple employees, and recognized $0.4 million of expense. Orion’s restructuring expense for the 12 months ended March 31, 2022, 2021 and 2020 is reflected within its consolidated statements of operations as follows (dollars in thousands): Year Ended March 31, Year Ended March 31, Year Ended March 31, 2022 2021 2020 Cost of product revenue $ — $ — $ 82 Cost of product service — — 74 General and administrative — — 28 Sales and marketing — — 207 Total $ — $ — $ 391 Total restructuring expense by segment was recorded as follows (dollars in thousands): Year Ended March 31, Year Ended March 31, Year Ended March 31, 2022 2021 2020 Orion Services Group $ — $ — $ 139 Orion Distribution Systems — — 142 Corporate and Other — — 110 Total $ — $ — $ 391

ACQUISITION

ACQUISITION	12 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
ACQUISITION	NOTE 20 — ACQUISITION Effective on January 1, 2022, Orion acquired all of the issued and outstanding capital stock of Stay-Lite Lighting, Inc. (“Stay-Lite Lighting”), a nationwide lighting and electrical maintenance service provider, for $4.3 million (the “Stay-Lite Acquisition”). Stay-Lite Lighting will operate as Stay-Lite Lighting, an Orion Energy Systems business. The acquisition accelerates the growth of Orion's maintenance services offerings through its Orion Services Group, which provides lighting and electrical services to customers. Orion has accounted for this transaction as a business combination. Orion has preliminarily allocated the purchase price of approximately $ 4.3 million, which includes an estimate of the earn-out liability of $ million and a receivable of $ 0.1 million for the working capital adjustment received subsequent to year-end , to the assets acquired and liabilities assumed at estimated fair values, and the excess of the purchase price over the aggregate fair values is recorded as goodwill. Orion could pay up to $ 0.7 million in earnout related purchase price, which is based on the gross profit of the legacy business over the next two calendar years. Orion is in the process of finalizing third party valuations of property and equipment and intangible assets . The preliminary allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed as of January 1, 2022, is as follows (dollars in thousands): Cash $ 95 Accounts receivable 2,690 Revenue earned but not billed 342 Inventory 504 Prepaid expenses and other current assets 41 Property and equipment 958 Goodwill 350 Other intangible assets 696 Other long-term assets 537 Accounts payable (965 ) Accrued expenses and other (550 ) Other long-term liabilities (412 ) Net purchase consideration 4,286 Goodwill recorded from the acquisition of Stay-Lite Lighting is attributable to the expected synergies from the business combination. The goodwill resulting from the acquisition is deductible for tax purposes. The intangible assets include amounts recognized for the fair value of the trade name and customer relationships. The fair value of the intangible assets was determined based upon the income (discounted cash flow) approach. The following table presents the details of the intangible assets acquired at the date of acquisition (dollars in thousands): Estimated Fair Value Estimated Useful Life (Years) Tradename $ 118 5 Customer relationships 578 8 Transaction costs related to the acquisition totaled $0.5 million in fiscal 2022 and are recorded in acquisition costs in the consolidated statements of operations. Stay-Lite Lighting’s post-acquisition results of operations for the period from January 1, 2022, through March 31, 2022, are included in the Orion’s Consolidated Statements of Operations. Since the acquisition date, net sales of Stay-Lite Lighting for the period were $2.7 million and operating income was $0.2 million. The operating results of Stay-Lite Lighting are included in the Orion Services Group segment. The unaudited pro forma revenue for the year ended March 31, 2022 and 2021, assuming the acquisition had occurred on April 1, 2020 was $131.3 million and $125.4 million respectively. The unaudited pro forma information was determined based on the historical results of Orion and unaudited financial results from Stay-Lite Lighting. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what would have occurred had the business combination been completed at the beginning of the period or the results that may occur in the future. Furthermore, the unaudited pro forma financial information does not reflect the impact of any synergies resulting from the acquisition of Stay-Lite Lighting.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 21 — SUBSEQUENT EVENTS Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Mar. 31, 2022
Quarterly Financial Data [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	NOTE 22 — QUARTERLY FINANCIAL DATA (UNAUDITED) Summary quarterly results for the years ended March 31, 2022 and March 31, 2021 are as follows: Three Months Ended Jun 30, 2021 Sep 30, 2021 Dec 31, 2021 March 31, 2022 Total (in thousands, except per share amounts) Total revenue $ 35,101 $ 36,510 $ 30,714 $ 22,058 $ 124,383 Gross profit $ 10,230 $ 10,788 $ 7,641 $ 5,253 $ 33,912 Net income (loss) $ 2,510 $ 3,659 $ 1,102 $ (1,180 ) $ 6,091 Basic net income (loss) per share $ 0.08 $ 0.12 $ 0.04 $ (0.04 ) $ 0.20 Shares used in basic per share calculation 30,860 31,031 31,085 31,097 31,018 Diluted net income (loss) per share $ 0.08 $ 0.12 $ 0.04 $ (0.04 ) $ 0.19 Shares used in diluted per share calculation 31,290 31,288 31,235 31,097 31,295 Three Months Ended Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Total (in thousands, except per share amounts) Total revenue $ 10,811 $ 26,281 $ 44,251 $ 35,497 $ 116,840 Gross profit $ 2,635 $ 7,263 $ 11,006 $ 9,220 $ 30,124 Net income (loss) (1) $ (2,219 ) $ 1,914 $ 4,315 $ 22,124 $ 26,134 Basic net income (loss) per share (1) $ (0.07 ) $ 0.06 $ 0.14 $ 0.72 $ 0.85 Shares used in basic per share calculation 30,352 30,669 30,736 30,782 30,635 Diluted net income (loss) per share (1) $ (0.07 ) $ 0.06 $ 0.14 $ 0.71 $ 0.83 Shares used in diluted per share calculation 30,352 31,170 31,320 31,295 31,304 (1) Includes $20.9 million of tax benefit related to the release of the valuation allowance on deferred tax assets during the three months ended March 31, 2021. The four quarters for net earnings per share may not add to the total year because of differences in the weighted average number of shares outstanding during the quarters and the year.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Orion Energy Systems, Inc. and its wholly-owned subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during that reporting period. Areas that require the use of significant management estimates include revenue recognition, inventory obsolescence, allowance for doubtful accounts, accruals for warranty and loss contingencies, income taxes, impairment analyses, and certain equity transactions. Accordingly, actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Orion considers all highly liquid, short-term investments with original maturities of three months or less to be cash equivalents.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Orion’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other, revolving credit facility and long-term debt. The carrying amounts of Orion’s financial instruments approximate their respective fair values due to the relatively short-term nature of these instruments, or in the case of long-term debt and revolving credit facility, because of the interest rates currently available to Orion for similar obligations. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on the following three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1 — Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly. Level 3 — Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management's best estimate of what market participants would use in valuing the asset or liability at the measurement date.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts Orion performs ongoing evaluations of its customers and continuously monitors collections and payments. Orion estimates an allowance for doubtful accounts based upon the aging of the underlying receivables, historical experience with write-offs and specific customer collection issues that have been identified. See Note 5 – Accounts Receivable for further discussion of the allowance for doubtful accounts.
Incentive Plan	Incentive Plan Orion’s compensation committee approved an Executive Annual Cash Incentive Program. Based upon the results for the fiscal years ended March 31, 2022, 2021, and 2020, Orion accrued approximately $0.1 million, $0.7 million, and $0.8 million expense related to this plan, respectively.
Revenue Recognition	Revenue Recognition Orion generates revenues primarily by selling commercial lighting fixtures and components, installing these fixtures in its customer’s facilities, and providing maintenance services including repairs and replacements for the lighting and related electrical components deployed in its customer’s facilities. Orion recognizes revenue in accordance with the guidance in “Revenue from Contracts with Customers” (Topic 606) (“ASC 606”) when control of the goods or services being provided (which Orion refers to as a performance obligation) is transferred to a customer at an amount that reflects the consideration that management expects to receive in exchange for those goods or services. Prices are generally fixed at the time of order confirmation, either for the contact as a whole or for the hourly rates that will be charged for the type of maintenance services delivered. The amount of expected consideration includes estimated deductions and early payment discounts calculated based on historical experience, customer rebates based on agreed upon terms applied to actual and projected sales levels over the rebate period, and any amounts paid to customers in conjunction with fulfilling a performance obligation. If there are multiple performance obligations in a single contract, the contract’s total transaction price is allocated to each individual performance obligation based on their relative standalone selling price. A performance obligation’s standalone selling price is the price at which Orion would sell such promised good or service separately to a customer. Orion uses an observable price to determine the stand-alone selling price for separate performance obligations or an expected cost-plus margin approach when one is not available. The expected cost-plus margin approach is used to determine the estimated stand-alone selling price for the installation performance obligation and is based on average historical installation margin. Revenue derived from customer contracts which include only performance obligation(s) for the sale of Orion manufactured or sourced lighting fixtures and components is classified as Product revenue in the Consolidated Statements of Operations. The revenue for these transactions is recorded at the point in time when management believes that the customer obtains control of the products, generally either upon shipment or upon delivery to the customer’s facility. This point in time is determined separately for each contract and requires judgment by management of the contract terms and the specific facts and circumstances concerning the transaction . Revenue from a customer contract which includes both the sale of Orion manufactured or sourced fixtures and the installation of such fixtures (which Orion refers to as a turnkey project) is allocated between each lighting fixture and the installation performance obligation based on relative standalone selling prices. Revenue from turnkey projects that is allocated to the sale of the lighting fixtures is recorded at the point in time when management believes the customer obtains control of the product(s) and is reflected in Product revenue. This point in time is determined separately for each customer contract based upon the terms of the contract and the nature and extent of Orion’s control of the light fixtures during the installation. Product revenue associated with turnkey projects can be recorded (a) upon shipment or delivery, (b) subsequent to shipment or delivery and upon customer payments for the light fixtures, (c) when an individual light fixture is installed and working correctly, or (d) when the customer acknowledges that the entire installation project is substantially complete. Determining the point in time when a customer obtains control of the lighting fixtures in a turnkey project can be a complex judgment and is applied separately for each individual light fixture included in a contract. In making this judgment, management considers the timing of various factors, including, but not limited to, those detailed below: • when there is a legal transfer of ownership; • when the customer obtains physical possession of the products; • when the customer starts to receive the benefit of the products; • the amount and duration of physical control that Orion maintains on the products after they are shipped to, and received at, the customer’s facility; • whether Orion is required to maintain insurance on the lighting fixtures when they are in transit and after they are delivered to the customer’s facility; • when each light fixture is physically installed and working correctly; • when the customer formally accepts the product; and • when Orion receives payment from the customer for the light fixtures. Revenue from turnkey projects that is allocated to the single installation performance obligation is reflected in Service revenue. Service revenue is recorded over-time as Orion fulfills its obligation to install the light fixtures. Orion measures its performance toward fulfilling its performance obligations for installations using an output method that calculates the number of light fixtures removed and installed as of the measurement date in comparison to the total number of light fixtures to be removed and installed under the contract. Revenue from a customer contract that includes maintenance services and delivery of lighting fixtures and / or related components that were not manufactured or sourced by Orion classified as Services revenue in the Consolidated Statement of Operations. The revenue for the actual labor service is recorded as the time the service is provided based on the hours incurred multiplied by the agreed upon contractual rate. The revenue for fixtures or other tangible components is recorded at the completion of the project as this is when management believes the customer has obtained control of these components. Orion offers a financing program, called an Orion Throughput Agreement, or OTA, for a customer’s lease of Orion’s energy management systems. The OTA is structured as a sales-type lease and upon successful installation of the system and customer acknowledgment that the system is operating as specified, revenue is recognized at Orion’s net investment in the lease, which typically is the net present value of the future cash flows. Orion also records revenue in conjunction with several limited power purchase agreements (“PPAs”) still outstanding. Those PPAs are supply-side agreements for the generation of electricity. Orion’s last PPA expires in 2031. Revenue associated with the sale of energy generated by the solar facilities under these PPAs is within the scope of ASC 606. Revenues are recognized over-time and are equal to the amount billed to the customer, which is calculated by applying the fixed rate designated in the PPAs to the variable amount of electricity generated each month. This approach is in accordance with the “right to invoice” practical expedient provided for in ASC 606. Orion also recognizes revenue upon the sale to third parties of tax credits received from operating the solar facilities and from amortizing a grant received from the federal government during the period starting when the power generating facilities were constructed until the expiration of the PPAs; these revenues are not derived from contracts with customers and therefore not under the scope of ASC 606. See Note 11 – Accrued Expenses and Other for a discussion of Orion’s accounting for the warranty it provides to customers for its products and services. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenues) basis.
Shipping And Handling Costs	Shipping and Handling Costs Orion records costs incurred in connection with shipping and handling of products as cost of product revenue. Amounts billed to customers in connection with these costs are included in product revenue.
Research and Development	Research and Development Orion expenses research and development costs as incurred. Amounts are included in the Statement of Operations on the line item Research and development.
Income Taxes	Income Taxes Orion recognizes deferred tax assets and liabilities for the future tax consequences of temporary differences between financial reporting and income tax basis of assets and liabilities, measured using the enacted tax rates and laws expected to be in effect when the temporary differences reverse. Deferred income taxes also arise from the future tax benefits of operating loss and tax credit carryforwards. A valuation allowance is established when management determines that it is more likely than not that all or a portion of a deferred tax asset will not be realized. For the fiscal year ended March 31, 2022, Orion decreased its valuation allowance by $30 thousand due to the decrease in its deferred tax balance. ASC 740, Income Taxes
Stock Based Compensation	Stock Based Compensation Orion’s share-based payments to employees are measured at fair value and are recognized against earnings, on a straight-line basis over the requisite service period. Orion accounts for stock-based compensation in accordance with ASC 718, Compensation - Stock Compensation. Under the fair value recognition provisions of ASC 718, stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense ratably over the requisite service period. As more fully described in Note 17 – Stock Options and Restricted Shares, Orion currently awards non-vested restricted stock (and in some cases, in conjunction with associated cash award accounted for as a liability) to employees, executive officers and directors. Orion has not paid dividends in the past and does not plan to pay any dividends in the foreseeable future.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Orion’s cash is primarily deposited with one financial institution. At times, deposits in these institutions exceed the amount of insurance provided on such deposits. Orion has not experienced any losses in such accounts and believes that it is not exposed to any significant financial institution viability risk on these balances. Orion purchases components necessary for its lighting products, including ballasts, lamps and LED components, from multiple suppliers. For fiscal 2022 and 2021, no supplier accounted for more than 10% of total cost of revenue. For fiscal 2020, one supplier accounted for 11.8% of total cost of revenue. In fiscal 2022, one customer accounted for 49.1% of revenue. In fiscal 2021, one customer accounted for 56.0% of total revenue. In fiscal 2020, one customer accounted for 74.1% of total revenue. As of March 31, 2022, two customers accounted for 11.8% and 10.4% of accounts receivable. As of March 31, 2021, three customers accounted for 33.9%, 16.4% and 10.1% of accounts receivable, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Issued: Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires an entity to assess impairment of its financial instruments based on its estimate of expected credit losses. Since the issuance of ASU 2016-13, the FASB released several amendments to improve and clarify the implementation guidance. The provisions of ASU 2016-13 and the related amendments are effective for Orion for fiscal years (and interim reporting periods within those years) beginning after December 15, 2022. Entities are required to apply these changes through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Orion is currently evaluating the impact of adoption of this standard on its consolidated statements of operations, cash flows, and the related footnote disclosures.

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	The following table provides detail of Orion’s total revenues for the year ended March 31, 2022 (dollars in thousands): Year Ended March 31, 2022 Year Ended March 31, 2021 Year Ended March 31, 2020 Product Services Total Product Services Total Product Services Total Revenue from contracts with customers: Lighting revenues, by end user Federal government $ 920 $ 1,370 $ 2,290 $ 696 $ 965 $ 1,661 $ 922 $ 379 $ 1,301 Commercial and industrial 89,480 31,124 120,604 83,963 28,211 112,174 110,742 37,110 147,852 Total lighting 90,400 32,494 122,894 84,659 29,176 113,835 111,664 37,489 149,153 Solar energy related revenues 42 — 42 57 — 57 56 — 56 Total revenues from contracts with customers 90,442 32,494 122,936 84,716 29,176 113,892 111,720 37,489 149,209 Revenue accounted for under other guidance 1,447 — 1,447 2,948 — 2,948 1,632 — 1,632 Total revenue $ 91,889 $ 32,494 $ 124,383 $ 87,664 $ 29,176 $ 116,840 $ 113,352 $ 37,489 $ 150,841
Summary of Contract Assets and Liabilities	The following chart shows the balance of Orion’s receivables arising from contracts with customers, contract assets and contract liabilities as of March 31, 2022, and March 31, 2021 (dollars in thousands): March 31, 2022 March 31, 2021 Accounts receivable, net $ 11,899 $ 13,572 Contract assets $ 1,966 $ 2,367 Contract liabilities $ — $ 11

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Accounts Receivable and Allowance for Doubtful Accounts Balances	Orion's accounts receivable and allowance for doubtful accounts balances were as follows (dollars in thousands): 2022 2021 Accounts receivable, gross $ 11,907 $ 13,583 Allowance for doubtful accounts (8 ) (11 ) Accounts receivable, net $ 11,899 $ 13,572

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	As of March 31, 2022 and 2021, Orion's inventory balances were as follows (dollars in thousands): Cost Excess and Obsolescence Reserve Net As of March 31, 2022 Raw materials and components $ 10,781 $ (1,140 ) $ 9,641 Work in process 1,529 (267 ) 1,262 Finished goods 9,593 (664 ) 8,929 Total $ 21,903 $ (2,071 ) $ 19,832 As of March 31, 2021 Raw materials and components $ 12,410 $ (967 ) $ 11,443 Work in process 758 (356 ) 402 Finished goods 8,295 (586 ) 7,709 Total $ 21,463 $ (1,909 ) $ 19,554

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2022
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Summary of Prepaid Expenses and Other Current Assets	As of March 31, 2022, and March 31, 2021, prepaid expenses and other current assets include the following (dollars in thousands): March 31, 2022 March 31, 2021 Payroll tax credit $ 1,587 $ — Other prepaid expenses 1,044 1,082 Total $ 2,631 $ 1,082

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Property and Equipment	Property and equipment were comprised of the following (dollars in thousands): March 31, 2022 March 31, 2021 Land and land improvements $ 433 $ 433 Buildings and building improvements 9,491 9,477 Furniture, fixtures and office equipment 7,650 7,372 Leasehold improvements 490 340 Equipment leased to customers 4,997 4,997 Plant equipment 11,130 12,451 Vehicles 796 — Construction in progress 3 135 34,990 35,205 Less: accumulated depreciation and amortization (23,524 ) (23,836 ) Net property and equipment $ 11,466 $ 11,369 Depreciable lives by asset category are as follows: Land improvements 10-15 years Buildings and building improvements 10-39 years Furniture, fixtures and office equipment 2-10 years Leasehold improvements Shorter of asset life or life of lease Equipment leased to customers under Power Purchase Agreements 20 years Plant equipment 3-10 years Vehicles 5-7 years

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of Assets Leased from Third Parties	A summary of Orion’s assets leased from third parties follows (dollars in thousands): Balance sheet classification March 31, 2022 March 31, 2021 Assets Operating lease assets Other long-term assets $ 2,440 $ 2,585 Liabilities Current liabilities Operating lease liabilities Accrued expenses and other 768 647 Non-current liabilities Operating lease liabilities Other long-term liabilities 2,271 2,642 Total lease liabilities $ 3,039 $ 3,289
Summary of Estimated Maturity of Lease Liabilities	The estimated maturity of lease liabilities for each of the next five years is shown below (dollars in thousands): Maturity of Lease Liabilities Operating Leases Fiscal 2023 $ 939 Fiscal 2024 838 Fiscal 2025 828 Fiscal 2026 722 Thereafter 71 Total lease payments $ 3,398 Less: Interest (359 ) Present value of lease liabilities $ 3,039
Schedule of Revenue and Cost of Sales Arising from Sales-Type Leases	The following chart shows the amount of revenue and cost of sales arising from sales-type leases during the year ended March 31, 2022, 2021 and 2020 (dollars in thousands): March 31, 2022 March 31, 2021 March 31, 2020 Product revenue $ 1,169 $ 2,758 $ 1,362 Cost of product revenue 1,073 2,512 1,208

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Amortizable Intangible Assets	Amortizable intangible assets are amortized over their estimated economic useful life to reflect the pattern of economic benefits consumed based upon the following lives and methods: Patents 10-17 years Straight-line Licenses 7-13 years Straight-line Customer relationships 5-8 years Accelerated based upon the pattern of economic benefits consumed Developed technology 8 years Accelerated based upon the pattern of economic benefits consumed Tradename 5-10 years Straight-line
Summary of Components and Changes in Other Intangible Assets	The components of, and changes in, the carrying amount of other intangible assets were as follows (dollars in thousands): March 31, 2022 March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Amortized Intangible Assets Patents $ 2,652 $ (1,932 ) $ 720 $ 2,796 $ (1,875 ) $ 921 Licenses 58 (58 ) — 58 (58 ) — Trade name and trademarks 118 (6 ) 112 — — — Customer relationships 4,178 (3,618 ) 560 3,600 (3,591 ) 9 Developed technology 900 (900 ) — 900 (889 ) 11 Total Amortized Intangible Assets $ 7,906 $ (6,514 ) $ 1,392 $ 7,354 $ (6,413 ) $ 941 Indefinite-lived Intangible Assets Trade name and trademarks $ 1,012 $ — $ 1,012 $ 1,011 $ — $ 1,011 Total Indefinite-lived Intangible Assets $ 1,012 $ — $ 1,012 $ 1,011 $ — $ 1,011 Total Other Intangible Assets $ 8,918 $ (6,514 ) $ 2,404 $ 8,365 $ (6,413 ) $ 1,952
Summary of Estimated Amortization Expense	The estimated amortization expense for each of the next five years is shown below (dollars in thousands): Fiscal 2023 $ 207 Fiscal 2024 203 Fiscal 2025 195 Fiscal 2026 184 Fiscal 2027 163 Thereafter 440 $ 1,392 Amortization expense is set forth in the following table (dollars in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Amortization included in cost of sales: Patents $ 183 $ 175 $ 171 Total $ 183 $ 175 $ 171 Amortization included in operating expenses: Customer relationships $ 27 $ 47 $ 86 Developed technology 11 68 102 Tradename 6 — — Total 44 115 188 Total amortization of intangible assets $ 227 $ 290 $ 359

ACCRUED EXPENSES AND OTHER (Tab

ACCRUED EXPENSES AND OTHER (Tables)	12 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Accrued Expenses and Other	As of March 31, 2022 and March 31, 2021, Accrued expenses and other included the following (dollars in thousands): March 31, 2022 March 31, 2021 Other accruals $ 2,221 $ 1,730 Accrued project costs 2,215 5,010 Compensation and benefits 1,668 2,851 Credits due to customers 1,209 1,009 Warranty 728 705 Sales tax 157 1,318 Sales returns reserve 123 106 Legal and professional fees 106 497 Total $ 8,427 $ 13,226
Changes in Warranty Accrual	Changes in Orion’s warranty accrual (both current and long-term) were as follows (dollars in thousands): March 31, 2022 2021 Beginning of year $ 1,009 $ 1,069 Accruals 434 644 Warranty claims (net of vendor reimbursements) (583 ) (704 ) Ending balance $ 860 $ 1,009

NET INCOME (LOSS) PER COMMON _2

NET INCOME (LOSS) PER COMMON SHARE (Tables)	12 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Summary of the Effect of Net Income (Loss) Per Common Share	Net income (loss) per common share is calculated based upon the following shares: Fiscal Year Ended March 31, 2022 2021 2020 Numerator: Net income (dollars in thousands) $ 6,091 $ 26,134 $ 12,462 Denominator: Weighted-average common shares outstanding 31,018,356 30,634,553 30,104,552 Weighted-average effect of assumed conversion of stock options and restricted stock 276,217 669,174 860,225 Weighted-average common shares and share equivalents outstanding 31,294,573 31,303,727 30,964,777 Net income per common share: Basic $ 0.20 $ 0.85 $ 0.41 Diluted $ 0.19 $ 0.83 $ 0.40
Number of Potentially Dilutive Securities Excluded from the Calculation of Diluted Net Income (Loss) per Common Share	The following table indicates the number of potentially dilutive securities excluded from the calculation of Diluted net income (loss) per common share because their inclusion would have been anti-dilutive. The number of shares is as of the end of each period: March 31, 2022 2021 2020 Common stock options — — 164,072 Restricted shares 17,803 — — Total 17,803 — 164,072

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt as of March 31, 2022 and 2021 consisted of the following (dollars in thousands): March 31, 2022 2021 Revolving credit facility $ — $ — Equipment debt obligations 35 49 Total long-term debt 35 49 Less current maturities (16 ) (14 ) Long-term debt, less current maturities $ 19 $ 35
Schedule of Maturities of Long-Term Debt	Aggregate Maturities As of March 31, 2022, aggregate maturities of long-term debt were as follows (dollars in thousands): Fiscal 2023 $ 16 Fiscal 2024 17 Fiscal 2025 2 $ 35

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The total provision (benefit) for income taxes consists of the following for the fiscal years ended (dollars in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Current $ 179 $ 244 $ 84 Deferred 1,980 (19,860 ) 75 Total $ 2,159 $ (19,616 ) $ 159 2022 2021 2020 Federal, Current $ — $ — $ 17 Federal, Deferred 1,658 (16,217 ) $ 39 Total Federal 1,658 (16,217 ) 56 State, Current 179 244 67 State, Deferred 322 (3,643 ) 36 Total State 501 (3,399 ) 103 Total $ 2,159 $ (19,616 ) $ 159
Reconciliation of the Statutory Federal Income Tax Rate and the Effective Income Tax Rate	A reconciliation of the statutory federal income tax rate and effective income tax rate is as follows: Fiscal Year Ended March 31, 2022 2021 2020 Statutory federal tax rate 21.0 % 21.0 % 21.0 % State taxes, net 5.2 % 5.3 % 4.9 % Change in valuation reserve (0.4 )% (321.4 )% (25.0 )% Permanent items (1.9 )% (3.4 )% (1.0 )% Change in tax contingency reserve 0.1 % (0.5 )% 0.2 % Equity compensation cancellations 0.1 % 0.6 % 0.2 % State return to provision 2.3 % (1.7 )% 1.2 % Other, net (0.2 )% (0.9 )% (0.2 )% Effective income tax rate 26.2 % (301.0 )% 1.3 %
Schedule of Deferred Tax Assets	The net deferred tax assets reported in the accompanying consolidated financial statements include the following components (dollars in thousands): March 31, 2022 2021 Deferred tax assets: Inventory, accruals and reserves 809 860 Federal and state operating loss carry-forwards 16,485 18,313 Tax credit carry-forwards 1,847 1,916 Equity compensation 231 198 Deferred revenue 29 38 Lease liability 670 853 Other 247 406 Total deferred tax assets 20,318 22,584 Valuation allowance (1,249 ) (1,279 ) Deferred tax assets, net of valuation allowance 19,069 21,305 Deferred tax liabilities: Lease ROU asset (518 ) (670 ) Fixed assets (529 ) (626 ) Intangible assets (217 ) (224 ) Total deferred tax liabilities (1,264 ) (1,520 ) Total net deferred tax assets $ 17,805 $ 19,785
Unrecognized Tax Benefit Activity	Orion had the following unrecognized tax benefit activity (dollars in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Unrecognized tax benefits as of beginning of fiscal year $ 285 $ 259 $ 130 Additions based on tax positions related to the current period positions 39 123 23 Additions/(reductions) for tax positions of prior years (109 ) (97 ) 106 Unrecognized tax benefits as of end of fiscal year $ 215 $ 285 $ 259

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Mar. 31, 2022
Stockholders Equity Note [Abstract]
Shares Issued from Treasury	Orion had the following shares issued from treasury during fiscal 2022 and fiscal 2021: As of March 31, 2022 Shares Issued Under ESPP Plan Closing Market Price Quarter Ended March 31, 2022 439 $ 2.80 Quarter Ended December 31, 2021 355 3.62 Quarter Ended September 30, 2021 327 3.89 Quarter Ended June 30, 2021 496 5.73 Total 1,617 $ 2.80 - 5.73 As of March 31, 2021 Shares Issued Under ESPP Plan Closing Market Price Quarter Ended March 31, 2021 359 $ 6.90 Quarter Ended December 31, 2020 178 $ 9.87 Quarter Ended September 30, 2020 151 $ 7.57 Quarter Ended June 30, 2020 458 $ 3.46 Total 1,146 $ 3.46 - 9.87

STOCK OPTIONS AND RESTRICTED _2

STOCK OPTIONS AND RESTRICTED SHARES (Tables)	12 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	The following amounts of stock-based compensation expense for restricted shares and options were recorded (dollars in thousands): Fiscal Year Ended March 31, 2022 2021 2020 Cost of product revenue $ 5 $ 4 $ 3 Cost of service revenue — — (1 ) General and administrative 793 716 576 Sales and marketing 12 29 38 Research and development 3 4 2 $ 813 $ 753 $ 618
Summary of Outstanding Stock Options	The following table summarizes information with respect to outstanding stock options: Number of Shares Weighted Average Exercise Price Outstanding at March 31, 2019 467,836 $ 3.14 Granted — $ — Exercised (22,362 ) $ 2.51 Forfeited (49,174 ) $ 4.63 Outstanding at March 31, 2020 396,300 $ 2.80 Granted — $ — Exercised (99,000 ) $ 2.34 Forfeited (100,982 ) $ 3.39 Outstanding at March 31, 2021 196,318 $ 2.74 Granted — $ — Exercised (31,845 ) $ 3.79 Forfeited (22,045 ) $ 4.19 Outstanding at March 31, 2022 142,428 $ 2.28 Exercisable at March 31, 2022 142,428
Schedule of Range of Exercise Prices	The following table summarizes the range of exercise prices on outstanding stock options at March 31, 2022: March 31, 2022 Outstanding and Vested Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price $2.00 - 2.03 57,292 0.21 $ 2.03 $2.41 - 2.75 85,136 1.02 2.45 142,428 0.62 $ 2.28
Summary of Restricted Shares	The following table summarizes information with respect to restricted shares activity: Fiscal Year Ended March 31, 2022 2021 2020 Balance at March 31, 2021 469,639 772,720 1,312,593 Shares issued 240,833 287,998 279,468 Shares vested (260,014 ) (450,481 ) (669,238 ) Shares forfeited — (140,598 ) (150,103 ) Shares outstanding at March 31, 2022 450,458 469,639 772,720 Per share price on grant date $3.62 - 5.98 $3.92 - 10.01 $2.69 - 3.03
Schedule of Unrecognized Compensation Cost Related to Non-vested Awards	Unrecognized compensation cost related to non-vested common stock-based compensation as of March 31, 2022 is expected to be recognized as follows (dollars in thousands): Fiscal 2023 $ 799 Fiscal 2024 532 Fiscal 2025 126 Fiscal 2026 4 Thereafter 3 Total $ 1,464 Remaining weighted average expected term 3.0 years

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	12 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Information	Corporate and Other is comprised of operating expenses not directly allocated to Orion’s segments and adjustments to reconcile to consolidated results (dollars in thousands). Revenues Operating Income (Loss) For the year ended March 31, For the year ended March 31, (dollars in thousands) 2022 2021 2020 2022 2021 2020 Segments: Services Group $ 82,568 $ 84,243 $ 122,744 $ 6,462 $ 7,472 $ 16,164 Distribution Services 22,209 21,122 15,087 3,114 2,430 (852 ) U.S. Markets 19,606 11,475 13,010 3,963 1,683 2,447 Corporate and Other — — — (5,148 ) (4,749 ) (4,649 ) $ 124,383 $ 116,840 $ 150,841 $ 8,391 $ 6,836 $ 13,110 Depreciation and Amortization For the year ended March 31, Capital Expenditures For the year ended March 31, 2022 2021 2020 2022 2021 2020 Segments: Services Group $ 997 $ 913 $ 1,013 $ 224 $ 516 $ 302 Distribution Services 205 231 187 63 158 81 U.S. Markets 185 128 126 58 107 78 Corporate and Other 229 208 236 153 121 353 $ 1,616 $ 1,480 $ 1,562 $ 498 $ 902 $ 814 Total Assets March 31, 2022 March 31, 2021 Segments: Services Group $ 26,642 $ 29,856 Distribution Services 6,723 6,530 U.S. Markets 8,017 6,057 Corporate and Other 45,435 50,378 $ 86,817 $ 92,821

RESTRUCTURING EXPENSE (Tables)

RESTRUCTURING EXPENSE (Tables)	12 Months Ended
	Mar. 31, 2022
Restructuring And Related Activities [Abstract]
Restructuring Costs	Orion’s restructuring expense for the 12 months ended March 31, 2022, 2021 and 2020 is reflected within its consolidated statements of operations as follows (dollars in thousands): Year Ended March 31, Year Ended March 31, Year Ended March 31, 2022 2021 2020 Cost of product revenue $ — $ — $ 82 Cost of product service — — 74 General and administrative — — 28 Sales and marketing — — 207 Total $ — $ — $ 391 Total restructuring expense by segment was recorded as follows (dollars in thousands): Year Ended March 31, Year Ended March 31, Year Ended March 31, 2022 2021 2020 Orion Services Group $ — $ — $ 139 Orion Distribution Systems — — 142 Corporate and Other — — 110 Total $ — $ — $ 391

ACQUISITION (Tables)

ACQUISITION (Tables)	12 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Schedule of Preliminary Allocation of Purchase Consideration to Fair Value of Assets Acquired and Liabilities Assumed	The preliminary allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed as of January 1, 2022, is as follows (dollars in thousands): Cash $ 95 Accounts receivable 2,690 Revenue earned but not billed 342 Inventory 504 Prepaid expenses and other current assets 41 Property and equipment 958 Goodwill 350 Other intangible assets 696 Other long-term assets 537 Accounts payable (965 ) Accrued expenses and other (550 ) Other long-term liabilities (412 ) Net purchase consideration 4,286
Schedule of Intangible Assets Acquired at Date of Acquisition	The following table presents the details of the intangible assets acquired at the date of acquisition (dollars in thousands): Estimated Fair Value Estimated Useful Life (Years) Tradename $ 118 5 Customer relationships 578 8

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Mar. 31, 2022
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information	Summary quarterly results for the years ended March 31, 2022 and March 31, 2021 are as follows: Three Months Ended Jun 30, 2021 Sep 30, 2021 Dec 31, 2021 March 31, 2022 Total (in thousands, except per share amounts) Total revenue $ 35,101 $ 36,510 $ 30,714 $ 22,058 $ 124,383 Gross profit $ 10,230 $ 10,788 $ 7,641 $ 5,253 $ 33,912 Net income (loss) $ 2,510 $ 3,659 $ 1,102 $ (1,180 ) $ 6,091 Basic net income (loss) per share $ 0.08 $ 0.12 $ 0.04 $ (0.04 ) $ 0.20 Shares used in basic per share calculation 30,860 31,031 31,085 31,097 31,018 Diluted net income (loss) per share $ 0.08 $ 0.12 $ 0.04 $ (0.04 ) $ 0.19 Shares used in diluted per share calculation 31,290 31,288 31,235 31,097 31,295 Three Months Ended Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Total (in thousands, except per share amounts) Total revenue $ 10,811 $ 26,281 $ 44,251 $ 35,497 $ 116,840 Gross profit $ 2,635 $ 7,263 $ 11,006 $ 9,220 $ 30,124 Net income (loss) (1) $ (2,219 ) $ 1,914 $ 4,315 $ 22,124 $ 26,134 Basic net income (loss) per share (1) $ (0.07 ) $ 0.06 $ 0.14 $ 0.72 $ 0.85 Shares used in basic per share calculation 30,352 30,669 30,736 30,782 30,635 Diluted net income (loss) per share (1) $ (0.07 ) $ 0.06 $ 0.14 $ 0.71 $ 0.83 Shares used in diluted per share calculation 30,352 31,170 31,320 31,295 31,304 (1) Includes $20.9 million of tax benefit related to the release of the valuation allowance on deferred tax assets during the three months ended March 31, 2021.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022USD ($)Customerfinancial_instituionSupplier	Mar. 31, 2021USD ($)CustomerSupplier	Mar. 31, 2020USD ($)SupplierCustomer
Concentration of Credit Risk and Other Risks and Uncertainties
Deferred tax balance valuation allowance | $	$ 30
Number of financial institutions | financial_instituion	1
Number of supplier more than ten percent of cost of revenue | Supplier	0	0	1
Number of customer more than ten percent of revenue | Customer	1	1	1
Cost of revenue | Supplier Concentration Risk | Minimum
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	10.00%	10.00%	11.80%
Revenue | Customer Concentration Risk | Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	49.10%	56.00%	74.10%
Accounts Receivable | Credit Concentration Risk
Concentration of Credit Risk and Other Risks and Uncertainties
Number of customer more than ten percent of accounts receivable | Customer	2	3
Accounts Receivable | Credit Concentration Risk | Customer One
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	11.80%	33.90%
Accounts Receivable | Credit Concentration Risk | Customer Two
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage	10.40%	16.40%
Accounts Receivable | Credit Concentration Risk | Customers Three
Concentration of Credit Risk and Other Risks and Uncertainties
Concentration risk, percentage		10.10%
Deferred Bonus
Concentration of Credit Risk and Other Risks and Uncertainties
Discretionary bonus payments, accrued expenses | $	$ 100	$ 700	$ 800

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenue	$ 22,058,000	$ 30,714,000	$ 36,510,000	$ 35,101,000	$ 35,497,000	$ 44,251,000	$ 26,281,000	$ 10,811,000	$ 124,383,000	$ 116,840,000	$ 150,841,000
Percentage of contract for sale equal monthly progress payments									90.00%
Long-term accounts receivable	0								$ 0
Proceeds from sale of revenue earned but not billed									2,800,000	5,100,000	4,400,000
Gain (loss) on sale of revenue earned but not billed									$ (13,000)	(100,000)	$ (100,000)
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false]									true
Revenue, Practical Expedient, Financing Component [true false]									true
Unbilled accounts receivable	$ 500,000				$ 600,000				$ 500,000	$ 600,000
Contract liabilities									0
Light fixture sales-type lease
Disaggregation Of Revenue [Line Items]
Total revenue									1,200,000
Sale of tax credits
Disaggregation Of Revenue [Line Items]
Total revenue									200,000
Legacy solar facilities
Disaggregation Of Revenue [Line Items]
Total revenue									$ 100,000

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									$ 122,936	$ 113,892	$ 149,209
Revenue accounted for under other guidance									1,447	2,948	1,632
Total revenue	$ 22,058	$ 30,714	$ 36,510	$ 35,101	$ 35,497	$ 44,251	$ 26,281	$ 10,811	124,383	116,840	150,841
Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									90,442	84,716	111,720
Revenue accounted for under other guidance									1,447	2,948	1,632
Total revenue									91,889	87,664	113,352
Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									32,494	29,176	37,489
Revenue accounted for under other guidance									0	0	0
Total revenue									32,494	29,176	37,489
Federal government
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									2,290	1,661	1,301
Federal government | Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									920	696	922
Federal government | Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									1,370	965	379
Commercial and industrial
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									120,604	112,174	147,852
Commercial and industrial | Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									89,480	83,963	110,742
Commercial and industrial | Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									31,124	28,211	37,110
Total lighting
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									122,894	113,835	149,153
Total lighting | Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									90,400	84,659	111,664
Total lighting | Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									32,494	29,176	37,489
Solar energy related revenues
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									42	57	56
Solar energy related revenues | Product revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									42	57	56
Solar energy related revenues | Service revenue
Disaggregation Of Revenue [Line Items]
Total revenues from contracts with customers									$ 0	$ 0	$ 0

REVENUE - Summary of Contract A

REVENUE - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Revenue From Contract With Customer [Abstract]
Accounts receivable, net	$ 11,899	$ 13,572
Contract assets	$ 1,966	2,367
Contract liabilities		$ 11

ACCOUNTS RECEIVABLE (Narrative)

ACCOUNTS RECEIVABLE (Narrative) (Details)	12 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Accounts receivable, minimum period due	30 days
Accounts receivable, maximum period due	60 days

ACCOUNTS RECEIVABLE (Accounts R

ACCOUNTS RECEIVABLE (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Accounts receivable, gross	$ 11,907	$ 13,583
Allowance for doubtful accounts	(8)	(11)
Accounts receivable, net	$ 11,899	$ 13,572

INVENTORIES (Narrative) (Detail

INVENTORIES (Narrative) (Details)	12 Months Ended
	Mar. 31, 2022
Minimum
Inventory [Line Items]
Inventory consideration usage	9 months
Maximum
Inventory [Line Items]
Inventory consideration usage	12 months

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Cost
Raw materials and components	$ 10,781	$ 12,410
Work in process	1,529	758
Finished goods	9,593	8,295
Total	21,903	21,463
Reserve
Raw materials and components	(1,140)	(967)
Work in process	(267)	(356)
Finished goods	(664)	(586)
Total	(2,071)	(1,909)
Net
Raw materials and components	9,641	11,443
Work in process	1,262	402
Finished goods	8,929	7,709
Total	$ 19,832	$ 19,554

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Summary of Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Payroll tax credit	$ 1,587
Other prepaid expenses	1,044	$ 1,082
Total	$ 2,631	$ 1,082

PREPAID EXPENSES AND OTHER CU_4

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Prepaid Expenses And Other Current Assets [Line Items]
Payroll tax credit		$ 1,587
Cost of revenue		90,471	$ 86,716	$ 113,718
General and administrative		11,680	11,262	11,184
Sales and marketing		11,628	10,341	11,113
Research and development		1,701	1,685	1,716
American Rescue Plan Act of 2021
Prepaid Expenses And Other Current Assets [Line Items]
Payroll tax credit	$ 1,600
General and administrative	300
Sales and marketing	400
Research and development	100
Product revenue
Prepaid Expenses And Other Current Assets [Line Items]
Cost of revenue		65,249	63,233	83,588
Product revenue | American Rescue Plan Act of 2021
Prepaid Expenses And Other Current Assets [Line Items]
Cost of revenue	700
Service revenue
Prepaid Expenses And Other Current Assets [Line Items]
Cost of revenue		$ 25,222	$ 23,483	$ 30,130
Service revenue | American Rescue Plan Act of 2021
Prepaid Expenses And Other Current Assets [Line Items]
Cost of revenue	$ 100

PROPERTY AND EQUIPMENT (Summary

PROPERTY AND EQUIPMENT (Summary of Property and Equipment) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Property and equipment
Gross property and equipment	$ 34,990	$ 35,205
Less: accumulated depreciation and amortization	(23,524)	(23,836)
Net property and equipment	11,466	11,369
Land and land improvements
Property and equipment
Gross property and equipment	433	433
Buildings and building improvements
Property and equipment
Gross property and equipment	9,491	9,477
Furniture, fixtures and office equipment
Property and equipment
Gross property and equipment	7,650	7,372
Leasehold Improvements
Property and equipment
Gross property and equipment	490	340
Equipment leased to customers
Property and equipment
Gross property and equipment	4,997	4,997
Plant equipment
Property and equipment
Gross property and equipment	11,130	12,451
Vehicles
Property and equipment
Gross property and equipment	796
Construction in progress
Property and equipment
Gross property and equipment	$ 3	$ 135

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Depreciation	$ 1,327	$ 1,190	$ 1,203
Interest capitalized for construction in progress	$ 0	$ 0

PROPERTY AND EQUIPMENT (Useful

PROPERTY AND EQUIPMENT (Useful Lives) (Details)	12 Months Ended
	Mar. 31, 2022
Land improvements | Minimum
Property and equipment
Property, plant and equipment, useful life	10 years
Land improvements | Maximum
Property and equipment
Property, plant and equipment, useful life	15 years
Buildings and building improvements | Minimum
Property and equipment
Property, plant and equipment, useful life	10 years
Buildings and building improvements | Maximum
Property and equipment
Property, plant and equipment, useful life	39 years
Furniture, fixtures and office equipment | Minimum
Property and equipment
Property, plant and equipment, useful life	2 years
Furniture, fixtures and office equipment | Maximum
Property and equipment
Property, plant and equipment, useful life	10 years
Leasehold Improvements
Property and equipment
Property, plant and equipment, useful life	Shorter of asset life or life of lease
Equipment leased to customers under Power Purchase Agreements
Property and equipment
Property, plant and equipment, useful life	20 years
Plant equipment | Minimum
Property and equipment
Property, plant and equipment, useful life	3 years
Plant equipment | Maximum
Property and equipment
Property, plant and equipment, useful life	10 years
Vehicles | Minimum
Property and equipment
Property, plant and equipment, useful life	5 years
Vehicles | Maximum
Property and equipment
Property, plant and equipment, useful life	7 years

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) $ in Millions	Jan. 31, 2020ft²	Feb. 28, 2014ft²	Mar. 31, 2022USD ($)ft²	Mar. 31, 2021
Lessee Lease Description [Line Items]
Lessee, operating lease, option to terminate			The prior lease agreement for this facility provided the lessor the right to terminate the lease agreement at any time with 12 months’ notice to Orion. As a result, the agreement was previously classified as a short-term lease.
Lessee, operating lease, existence of option to terminate			true
Term of other leases				5 years
Operating lease, weighted average discount rate			5.30%
Operating lease, weighted average remaining lease term			3 years 9 months 18 days
Operating lease costs | $			$ 1.1
Lessor, Operating Lease, Existence of Option to Extend [true false]			true	true
Manitowoc, WI
Lessee Lease Description [Line Items]
Area of leased property	266,000
Lease term of agreement	10 years
Lessee, sale leaseback, option to terminate, minimum period	6 years
Jacksonville Florida
Lessee Lease Description [Line Items]
Area of operating leased property		10,500
Termination of lease		Jun. 30, 2023
Pewaukee Wisconsin
Lessee Lease Description [Line Items]
Area of operating leased property			9,180
Termination of lease			Dec. 31, 2026

LEASES (Summary of Assets Lease

LEASES (Summary of Assets Leased from Third Parties) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease assets	$ 2,440	$ 2,585
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other long-term assets	Other long-term assets
Operating lease liabilities current	$ 768	$ 647
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other	Accrued expenses and other
Operating lease liabilities non-current	$ 2,271	$ 2,642
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Total lease liabilities	$ 3,039	$ 3,289

LEASES (Summary of Estimated Ma

LEASES (Summary of Estimated Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Fiscal 2023	$ 939
Fiscal 2024	838
Fiscal 2025	828
Fiscal 2026	722
Thereafter	71
Total lease payments	3,398
Less: Interest	(359)
Present value of lease liabilities	$ 3,039	$ 3,289

LEASES (Schedule of Revenue and

LEASES (Schedule of Revenue and Cost of Sales Arising from Sales-Type Leases) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Product revenue	$ 1,169	$ 2,758	$ 1,362
Cost of product revenue	$ 1,073	$ 2,512	$ 1,208

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Narrative) (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022USD ($)
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 350
Weighted average
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	8 years
Stay Lite Lighting Acquisition
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 700
Goodwill	$ 400

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Useful Lives) (Details)	12 Months Ended
	Mar. 31, 2022
Patents
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life description	Straight-line
Patents | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	10 years
Patents | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	17 years
Licenses
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life description	Straight-line
Licenses | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	7 years
Licenses | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	13 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life description	Accelerated based upon the pattern of economic benefits consumed
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	5 years
Customer relationships | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	8 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	8 years
Intangible assets, useful life description	Accelerated based upon the pattern of economic benefits consumed
Trade name
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life description	Straight-line
Trade name | Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	5 years
Trade name | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful life	10 years

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Components and Changes in Other Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	$ 7,906	$ 7,354
Accumulated Amortization	(6,514)	(6,413)
Amortized Intangible Assets, Net	1,392	941
Indefinite-lived Intangible Assets	1,012	1,011
Other Intangible Assets, Gross Carrying Amount	8,918	8,365
Other Intangible Assets, Net	2,404	1,952
Trade name and trademarks
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets	1,012	1,011
Patents
Finite-Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	2,652	2,796
Accumulated Amortization	(1,932)	(1,875)
Amortized Intangible Assets, Net	720	921
Licenses
Finite-Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	58	58
Accumulated Amortization	(58)	(58)
Amortized Intangible Assets, Net	0	0
Trade name and trademarks
Finite-Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	118	0
Accumulated Amortization	(6)	0
Amortized Intangible Assets, Net	112	0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	4,178	3,600
Accumulated Amortization	(3,618)	(3,591)
Amortized Intangible Assets, Net	560	9
Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortized Intangible Assets, Gross Carrying Amount	900	900
Accumulated Amortization	(900)	(889)
Amortized Intangible Assets, Net	$ 0	$ 11

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Estimated Amortization Expense) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets, Estimated Amortization Expense
Fiscal 2023	$ 207
Fiscal 2024	203
Fiscal 2025	195
Fiscal 2026	184
Fiscal 2027	163
Thereafter	440
Amortized Intangible Assets, Net	$ 1,392	$ 941

GOODWILL AND OTHER INTANGIBLE_7

GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Amortization Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 227	$ 290	$ 359
Cost of product revenue
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	183	175	171
Cost of product revenue | Patents
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	183	175	171
Operating Expenses
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	44	115	188
Operating Expenses | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	27	47	86
Operating Expenses | Developed technology
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	11	68	102
Operating Expenses | Tradename
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 6	$ 0	$ 0

ACCRUED EXPENSES AND OTHER (Acc

ACCRUED EXPENSES AND OTHER (Accrued Expenses and Other) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Other accruals	$ 2,221	$ 1,730
Accrued project costs	2,215	5,010
Compensation and benefits	1,668	2,851
Credits due to customers	1,209	1,009
Warranty	728	705
Sales tax	157	1,318
Sales returns reserve	123	106
Legal and professional fees	106	497
Total	$ 8,427	$ 13,226

ACCRUED EXPENSES AND OTHER (Nar

ACCRUED EXPENSES AND OTHER (Narrative) (Details)	12 Months Ended
	Mar. 31, 2021
Minimum
Product Warranty Liability [Line Items]
Limited warranty term	1 year
Maximum [Member]
Product Warranty Liability [Line Items]
Limited warranty term	10 years

ACCRUED EXPENSES AND OTHER (War

ACCRUED EXPENSES AND OTHER (Warranty Accrual) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Standard Product Warranty Accrual
Beginning of year	$ 1,009	$ 1,069
Accruals	434	644
Warranty claims (net of vendor reimbursements)	(583)	(704)
End of year	$ 860	$ 1,009

NET INCOME (LOSS) PER COMMON _3

NET INCOME (LOSS) PER COMMON SHARE (Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income (dollars in thousands)	$ (1,180)	$ 1,102	$ 3,659	$ 2,510	$ 22,124	$ 4,315	$ 1,914	$ (2,219)	$ 6,091	$ 26,134	$ 12,462
Denominator:
Weighted-average common shares outstanding	31,097,000	31,085,000	31,031,000	30,860,000	30,782,000	30,736,000	30,669,000	30,352,000	31,018,356	30,634,553	30,104,552
Weighted-average effect of assumed conversion of stock options and restricted stock									276,217	669,174	860,225
Weighted-average common shares and share equivalents outstanding	31,097,000	31,235,000	31,288,000	31,290,000	31,295,000	31,320,000	31,170,000	30,352,000	31,294,573	31,303,727	30,964,777
Net income per common share:
Basic	$ (0.04)	$ 0.04	$ 0.12	$ 0.08	$ 0.72	$ 0.14	$ 0.06	$ (0.07)	$ 0.20	$ 0.85	$ 0.41
Diluted	$ (0.04)	$ 0.04	$ 0.12	$ 0.08	$ 0.71	$ 0.14	$ 0.06	$ (0.07)	$ 0.19	$ 0.83	$ 0.40

NET INCOME (LOSS) PER COMMON _4

NET INCOME (LOSS) PER COMMON SHARE (Potentially Dilutive Securities Excluded From the Calculation of Diluted Net Income (Loss) Per Common Share ) (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2022
Number of potentially dilutive securities
Potentially dilutive securities outstanding (in shares)	164,072	17,803
Common stock options
Number of potentially dilutive securities
Potentially dilutive securities outstanding (in shares)	164,072
Restricted shares
Number of potentially dilutive securities
Potentially dilutive securities outstanding (in shares)		17,803

LONG-TERM DEBT (Summary of Long

LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Long-term debt
Total long-term debt	$ 35	$ 49
Less current maturities	(16)	(14)
Long-term debt, less current maturities	19	35
Equipment debt obligations
Long-term debt
Total long-term debt	$ 35	$ 49

LONG-TERM DEBT (Narrative) (Det

LONG-TERM DEBT (Narrative) (Details)	Dec. 29, 2020USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Feb. 28, 2019USD ($)	Oct. 26, 2018USD ($)
Line Of Credit Facility [Line Items]
Loss on debt extinguishment			$ 90,000
Prior Credit Agreement | Western Alliance Bank | Line of credit | Revolving credit facility
Line Of Credit Facility [Line Items]
Credit facility, amount					$ 20,150,000
Credit agreement, maturity date		Oct. 26, 2021
Credit agreement, early termination fees	$ 0
Loss on debt extinguishment	100,000
Credit Agreement | Bank Of America N A | Line of credit | Revolving credit facility
Line Of Credit Facility [Line Items]
Credit facility, amount	$ 25,000,000
Credit agreement period	5 years
Credit agreement, maturity date		Dec. 29, 2025
Credit facility, available amount		$ 21,500,000
Credit agreement, amounts borrowed		$ 0
Credit agreement, springing minimum fixed cost coverage ratio	1
Credit agreement, springing minimum fixed cost coverage ratio covenant amount of excess availability under credit facility	$ 3,000,000
Credit agreement, springing minimum fixed cost coverage ratio covenant percentage of committed facility	15.00%
Debt Instrument 1 | Equipment debt obligations
Line Of Credit Facility [Line Items]
Principal amount of debt				$ 44,000
Stated interest rate, percentage				6.43%
Debt maturity month and year		2024-01
Debt Instrument 2 | Equipment debt obligations
Line Of Credit Facility [Line Items]
Principal amount of debt				$ 30,000
Stated interest rate, percentage				8.77%
Debt maturity month and year		2024-01

LONG-TERM DEBT (Aggregate Matur

LONG-TERM DEBT (Aggregate Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Fiscal 2023	$ 16
Fiscal 2024	17
Fiscal 2025	2
Total long-term debt	$ 35	$ 49

INCOME TAXES (Schedule of Compo

INCOME TAXES (Schedule of Components of Income Tax Expense or Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Current		$ 179	$ 244	$ 84
Deferred income tax benefit	$ (20,900)	1,980	(19,860)	75
Total provision (benefit) for income taxes		2,159	(19,616)	159
Federal, Current		0	0	17
Federal, Deferred		1,658	(16,217)	39
Total Federal		1,658	(16,217)	56
State, Current		179	244	67
State, Deferred		322	(3,643)	36
Total State		$ 501	$ (3,399)	$ 103

INCOME TAXES (Reconciliation of

INCOME TAXES (Reconciliation of Tax Rates) (Details)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21.00%	21.00%	21.00%
State taxes, net	5.20%	5.30%	4.90%
Change in valuation reserve	(0.40%)	(321.40%)	(25.00%)
Permanent items	(1.90%)	(3.40%)	(1.00%)
Change in tax contingency reserve	0.10%	(0.50%)	0.20%
Equity compensation cancellations	0.10%	0.60%	0.20%
State return to provision	2.30%	(1.70%)	1.20%
Other, net	(0.20%)	(0.90%)	(0.20%)
Effective income tax rate	26.20%	(301.00%)	1.30%

INCOME TAXES (Schedule of Defer

INCOME TAXES (Schedule of Deferred Tax Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Deferred tax assets:
Inventory, accruals and reserves	$ 809	$ 860
Federal and state operating loss carry-forwards	16,485	18,313
Tax credit carry-forwards	1,847	1,916
Equity compensation	231	198
Deferred revenue	29	38
Lease liability	670	853
Other	247	406
Total deferred tax assets	20,318	22,584
Valuation allowance	(1,249)	(1,279)
Deferred tax assets, net of valuation allowance	19,069	21,305
Deferred tax liabilities:
Lease ROU asset	(518)	(670)
Fixed assets	(529)	(626)
Intangible assets	(217)	(224)
Total deferred tax liabilities	(1,264)	(1,520)
Total net deferred tax assets	$ 17,805	$ 19,785

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 1,249	$ 1,279
Increase (decrease) in valuation allowance		$ (20,900)
Period of cumulative pretax income		3 years
Deferred tax assets		$ 20,900
Unrecognized tax benefits	215	285	$ 259	$ 130
Unrecognized tax benefits that would impact effective tax rate	200
Unrecognized tax benefits, accrued interest and penalties	$ 100	$ 100
Minimum
Operating Loss Carryforwards [Line Items]
Examination period for state income tax returns	3 years
Maximum
Operating Loss Carryforwards [Line Items]
Examination period for state income tax returns	5 years
Tax Year 2022 To 2040
Operating Loss Carryforwards [Line Items]
NOL Carryforwards			111,000
Tax Not Subject To Time Restriction
Operating Loss Carryforwards [Line Items]
NOL Carryforwards			$ 8,300
NOL carryforwards, percentage of adjusted taxable income to offset	80.00%
Domestic Country
Operating Loss Carryforwards [Line Items]
NOL Carryforwards	$ 61,800
Tax credit carryforwards	1,300
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
NOL Carryforwards	56,700
Tax credit carryforwards	700
Foreign Country
Operating Loss Carryforwards [Line Items]
NOL Carryforwards	$ 800

INCOME TAXES (Unrecognized Tax

INCOME TAXES (Unrecognized Tax Benefit Activity) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits as of beginning of fiscal year	$ 285	$ 259	$ 130
Additions based on tax positions related to the current period positions	39	123	23
(Reductions) for tax positions of prior years	(109)	(97)
Additions for tax positions of prior years			106
Unrecognized tax benefits as of end of fiscal year	$ 215	$ 285	$ 259

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Long-term Purchase Commitment [Line Items]
Discretionary company contributions to retirement savings plan	$ 0.1	$ 0.1	$ 0.1
Inventories
Long-term Purchase Commitment [Line Items]
Purchase commitments	$ 7.8

SHAREHOLDERS' EQUITY (Narrative

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($)	Jan. 03, 2019	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2022	Aug. 31, 2010
Equity Class Of Treasury Stock [Line Items]
Rights agreement extended term	3 years
Employee stock purchase plan, shares authorized									2,500,000
Maximum amount limit for ESPP per employee									$ 20,000
Purchase price to market price matching percentage									100.00%
At Market Issuance Sales Agreement
Equity Class Of Treasury Stock [Line Items]
Sale of share		0
Maximum [Member]
Equity Class Of Treasury Stock [Line Items]
Proceeds from issuance of debt or sale of equity securities				$ 100,000,000
Maximum [Member] | At Market Issuance Sales Agreement
Equity Class Of Treasury Stock [Line Items]
Proceeds from sale of common stock			$ 50,000,000
2011 & 2012
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount		$ 7,500,000			$ 7,500,000			$ 7,500,000
Treasury stock acquired								3,022,349
Repurchase of common stock into treasury								$ 6,800,000
Stock repurchased during period, shares					0	0	0

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule of ESPP Activity) (Details) - $ / shares	3 Months Ended								12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Shares issued from treasury
Shares Issued Under ESPP Plan	439	355	327	496	359	178	151	458	1,617	1,146
Closing Market Price	$ 2.80	$ 3.62	$ 3.89	$ 5.73	$ 6.90	$ 9.87	$ 7.57	$ 3.46
Minimum
Shares issued from treasury
Closing Market Price									$ 2.80	$ 3.46
Maximum [Member]
Shares issued from treasury
Closing Market Price									$ 5.73	$ 9.87

STOCK OPTIONS AND RESTRICTED _3

STOCK OPTIONS AND RESTRICTED SHARES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Aug. 07, 2019	Aug. 03, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 813	$ 753	$ 618
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 800
Weighted average grant-date fair value (usd per share)	$ 5.55
2016 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reserved shares for issuance to eligible participants (in shares)				3,500,000	1,750,000
Increase in number of common stock shares available for issuance				1,750,000
Number of shares available for grant	1,387,612

STOCK OPTIONS AND RESTRICTED _4

STOCK OPTIONS AND RESTRICTED SHARES (Stock-based Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation
Total	$ 813	$ 753	$ 618
Cost of product revenue
Stock-based compensation
Total	5	4	3
Cost of service revenue
Stock-based compensation
Total			(1)
General and administrative
Stock-based compensation
Total	793	716	576
Sales and marketing
Stock-based compensation
Total	12	29	38
Research and development
Stock-based compensation
Total	$ 3	$ 4	$ 2

STOCK OPTIONS AND RESTRICTED _5

STOCK OPTIONS AND RESTRICTED SHARES (Summary of Outstanding Stock Options) (Details) - $ / shares	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Number of Shares
Beginning Balance (shares)	196,318	396,300	467,836
Granted (shares)	0	0	0
Exercised (shares)	(31,845)	(99,000)	(22,362)
Forfeited (shares)	(22,045)	(100,982)	(49,174)
Ending Balance (shares)	142,428	196,318	396,300
Number of Shares, Exercisable (shares)	142,428
Weighted Average Exercise Price
Beginning Balance (in dollars per share)	$ 2.74	$ 2.80	$ 3.14
Granted Stock Options (in dollars per share)	0	0	0
Exercised (in dollars per share)	3.79	2.34	2.51
Forfeited (in dollars per share)	4.19	3.39	4.63
Ending Balance (in dollars per share)	$ 2.28	$ 2.74	$ 2.80

STOCK OPTIONS AND RESTRICTED _6

STOCK OPTIONS AND RESTRICTED SHARES (Summary of Exercise Price Range) (Details) - $ / shares	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding and Vested (shares)	142,428	196,318	396,300	467,836
Weighted Average Remaining Contractual Life (Years)	7 months 13 days
Weighted Average Exercise Price (usd per share)	$ 2.28	$ 2.74	$ 2.80	$ 3.14
$2.00 - 2.03
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit (usd per share)	2
Exercise Price Range, Upper Range Limit (usd per share)	$ 2.03
Outstanding and Vested (shares)	57,292
Weighted Average Remaining Contractual Life (Years)	2 months 15 days
Weighted Average Exercise Price (usd per share)	$ 2.03
$2.41 - 2.75
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Exercise Price Range, Lower Range Limit (usd per share)	2.41
Exercise Price Range, Upper Range Limit (usd per share)	$ 2.75
Outstanding and Vested (shares)	85,136
Weighted Average Remaining Contractual Life (Years)	1 year 7 days
Weighted Average Exercise Price (usd per share)	$ 2.45

STOCK OPTIONS AND RESTRICTED _7

STOCK OPTIONS AND RESTRICTED SHARES (Schedule of Restricted Shares) (Details) - Restricted shares - $ / shares	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares outstanding, beginning of the period (shares)	469,639	772,720	1,312,593
Shares issued (shares)	240,833	287,998	279,468
Shares vested (shares)	(260,014)	(450,481)	(669,238)
Shares forfeited (shares)		(140,598)	(150,103)
Shares outstanding, end of the period (shares)	450,458	469,639	772,720
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Per share price on grant date (usd per share)	$ 3.92	$ 2.69	$ 0.84
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Per share price on grant date (usd per share)	$ 10.01	$ 3.03	$ 1

STOCK OPTIONS AND RESTRICTED _8

STOCK OPTIONS AND RESTRICTED SHARES (Summary of Unrecognized Compensation Cost) (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Fiscal 2023	$ 799
Fiscal 2024	532
Fiscal 2025	126
Fiscal 2026	4
Thereafter	3
Total	$ 1,464
Remaining weighted average expected term	3 years

SEGMENT DATA (Reconciliation of

SEGMENT DATA (Reconciliation of Segment Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Corporate and Other
Revenues	$ 22,058	$ 30,714	$ 36,510	$ 35,101	$ 35,497	$ 44,251	$ 26,281	$ 10,811	$ 124,383	$ 116,840	$ 150,841
Operating Income (Loss)									8,391	6,836	13,110
Depreciation and Amortization									1,616	1,480	1,562
Capital Expenditures									498	902	814
Operating Segments | Distribution Services
Corporate and Other
Revenues									22,209	21,122	15,087
Operating Income (Loss)									3,114	2,430	(852)
Depreciation and Amortization									205	231	187
Capital Expenditures									63	158	81
Operating Segments | U.S. Markets
Corporate and Other
Revenues									19,606	11,475	13,010
Operating Income (Loss)									3,963	1,683	2,447
Depreciation and Amortization									185	128	126
Capital Expenditures									58	107	78
Operating Segments | Services Group
Corporate and Other
Revenues									82,568	84,243	122,744
Operating Income (Loss)									6,462	7,472	16,164
Depreciation and Amortization									997	913	1,013
Capital Expenditures									224	516	302
Corporate and Other
Corporate and Other
Operating Income (Loss)									(5,148)	(4,749)	(4,649)
Depreciation and Amortization									229	208	236
Capital Expenditures									$ 153	$ 121	$ 353

SEGMENT DATA (Reconciliation _2

SEGMENT DATA (Reconciliation of Segment Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Corporate and Other
Total Assets	$ 86,817	$ 92,821
Operating Segments | Services Group
Corporate and Other
Total Assets	26,642	29,856
Operating Segments | Distribution Services
Corporate and Other
Total Assets	6,723	6,530
Operating Segments | U.S. Markets
Corporate and Other
Total Assets	8,017	6,057
Corporate and Other
Corporate and Other
Total Assets	$ 45,435	$ 50,378

RESTRUCTURING EXPENSE (Narrativ

RESTRUCTURING EXPENSE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2020
Restructuring And Related Activities [Abstract]
Total restructuring charges	$ 400	$ 391

RESTRUCTURING EXPENSE (Restruct

RESTRUCTURING EXPENSE (Restructuring by Statement of Operations Location) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2020
Restructuring Cost And Reserve [Line Items]
Total restructuring charges	$ 400	$ 391
Cost of product revenue
Restructuring Cost And Reserve [Line Items]
Total restructuring charges		82
Cost of product service
Restructuring Cost And Reserve [Line Items]
Total restructuring charges		74
General and administrative
Restructuring Cost And Reserve [Line Items]
Total restructuring charges		28
Sales and marketing
Restructuring Cost And Reserve [Line Items]
Total restructuring charges		$ 207

RESTRUCTURING EXPENSE (Restru_2

RESTRUCTURING EXPENSE (Restructuring by Segment) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2020
Restructuring Cost And Reserve [Line Items]
Total restructuring charges	$ 400	$ 391
Operating Segments | Services Group
Restructuring Cost And Reserve [Line Items]
Total restructuring charges		139
Operating Segments | Orion Distribution Systems
Restructuring Cost And Reserve [Line Items]
Total restructuring charges		142
Corporate and Other
Restructuring Cost And Reserve [Line Items]
Total restructuring charges		$ 110

ACQUISITION (Narrative) (Detail

ACQUISITION (Narrative) (Details) - USD ($)	Jan. 01, 2022	Jun. 07, 2022	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Business combination, cash purchase price				$ 4,012,000
Stay-Lite Lighting, Inc.
Business Acquisition [Line Items]
Business combination, cash purchase price	$ 4,300,000
Purchase price	4,300,000
Business combination, estimate of earn-out liability	200,000
Transaction costs			$ 500,000	500,000
Net sales			2,700,000
operating income			$ 200,000
Pro forma revenue				$ 131,300,000	$ 125,400,000
Stay-Lite Lighting, Inc. | Maximum [Member]
Business Acquisition [Line Items]
Business combination, earnout related purchase price	$ 700,000
Stay-Lite Lighting, Inc. | Subsequent Event
Business Acquisition [Line Items]
Business combination, working capital adjustment received		$ 100,000

ACQUISITION - Schedule of Preli

ACQUISITION - Schedule of Preliminary Allocation of Purchase Consideration to Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022
Business Acquisition [Line Items]
Goodwill	$ 350
Stay-Lite Lighting, Inc.
Business Acquisition [Line Items]
Cash		$ 95
Accounts receivable		2,690
Revenue earned but not billed		342
Inventory		504
Prepaid expenses and other current assets		41
Property and equipment		958
Goodwill		350
Other intangible assets		696
Other long-term assets		537
Accounts payable		(965)
Accrued expenses and other		(550)
Other long-term liabilities		(412)
Net purchase consideration		$ 4,286

ACQUISITION - Schedule of Intan

ACQUISITION - Schedule of Intangible Assets Acquired at Date of Acquisition (Details) - Stay-Lite Lighting, Inc. $ in Thousands	Jan. 01, 2022USD ($)
Trade name
Business Acquisition [Line Items]
Estimated Fair Value	$ 118
Estimated Useful Life (Years)	5 years
Customer relationships
Business Acquisition [Line Items]
Estimated Fair Value	$ 578
Estimated Useful Life (Years)	8 years

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Selected Quarterly Financial Information [Abstract]
Total revenue	$ 22,058	$ 30,714	$ 36,510	$ 35,101	$ 35,497	$ 44,251	$ 26,281	$ 10,811	$ 124,383	$ 116,840	$ 150,841
Gross profit	5,253	7,641	10,788	10,230	9,220	11,006	7,263	2,635	33,912	30,124	37,123
Net income (loss)	$ (1,180)	$ 1,102	$ 3,659	$ 2,510	$ 22,124	$ 4,315	$ 1,914	$ (2,219)	$ 6,091	$ 26,134	$ 12,462
Basic net income (loss) per share	$ (0.04)	$ 0.04	$ 0.12	$ 0.08	$ 0.72	$ 0.14	$ 0.06	$ (0.07)	$ 0.20	$ 0.85	$ 0.41
Shares used in basic per share calculation	31,097,000	31,085,000	31,031,000	30,860,000	30,782,000	30,736,000	30,669,000	30,352,000	31,018,356	30,634,553	30,104,552
Diluted net income (loss) per share	$ (0.04)	$ 0.04	$ 0.12	$ 0.08	$ 0.71	$ 0.14	$ 0.06	$ (0.07)	$ 0.19	$ 0.83	$ 0.40
Shares used in diluted per share calculation	31,097,000	31,235,000	31,288,000	31,290,000	31,295,000	31,320,000	31,170,000	30,352,000	31,294,573	31,303,727	30,964,777

QUARTERLY FINANCIAL DATA (UNA_4

QUARTERLY FINANCIAL DATA (UNAUDITED) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Selected Quarterly Financial Information [Abstract]
Deferred income tax benefit	$ (20,900)	$ 1,980	$ (19,860)	$ 75