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Side-by-side financial comparison of NextPlat Corp (NXPL) and ORION ENERGY SYSTEMS, INC. (OESX). Click either name above to swap in a different company.
ORION ENERGY SYSTEMS, INC. is the larger business by last-quarter revenue ($21.1M vs $12.8M, roughly 1.6× NextPlat Corp). ORION ENERGY SYSTEMS, INC. runs the higher net margin — 0.8% vs -40.2%, a 40.9% gap on every dollar of revenue. On growth, ORION ENERGY SYSTEMS, INC. posted the faster year-over-year revenue change (7.7% vs -21.1%). NextPlat Corp produced more free cash flow last quarter ($-339.0K vs $-1.1M). Over the past eight quarters, ORION ENERGY SYSTEMS, INC.'s revenue compounded faster (-10.6% CAGR vs -14.4%).
Orion Energy Systems, Inc. is an American LED lighting and intelligent controls enterprise, founded in Plymouth, Wisconsin, and headquartered in Manitowoc, Wisconsin
NXPL vs OESX — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $12.8M | $21.1M |
| Net Profit | $-5.1M | $160.0K |
| Gross Margin | 14.3% | 30.9% |
| Operating Margin | -28.9% | 1.8% |
| Net Margin | -40.2% | 0.8% |
| Revenue YoY | -21.1% | 7.7% |
| Net Profit YoY | -70.6% | 110.6% |
| EPS (diluted) | — | $0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $12.8M | $21.1M | ||
| Q3 25 | $13.8M | $19.9M | ||
| Q2 25 | $13.2M | $19.6M | ||
| Q1 25 | $14.5M | $20.9M | ||
| Q4 24 | $16.2M | $19.6M | ||
| Q3 24 | $15.4M | $19.4M | ||
| Q2 24 | $17.0M | $19.9M | ||
| Q1 24 | $17.5M | $26.4M |
| Q4 25 | $-5.1M | $160.0K | ||
| Q3 25 | $-2.2M | $-581.0K | ||
| Q2 25 | $-1.8M | $-1.2M | ||
| Q1 25 | $-1.3M | $-2.9M | ||
| Q4 24 | $-3.0M | $-1.5M | ||
| Q3 24 | $-4.2M | $-3.6M | ||
| Q2 24 | $-5.3M | $-3.8M | ||
| Q1 24 | $-1.5M | $1.6M |
| Q4 25 | 14.3% | 30.9% | ||
| Q3 25 | 19.9% | 31.0% | ||
| Q2 25 | 21.8% | 30.1% | ||
| Q1 25 | 23.8% | 27.4% | ||
| Q4 24 | 16.8% | 29.4% | ||
| Q3 24 | 23.2% | 23.1% | ||
| Q2 24 | 34.5% | 21.6% | ||
| Q1 24 | 27.8% | 25.8% |
| Q4 25 | -28.9% | 1.8% | ||
| Q3 25 | -14.5% | -1.2% | ||
| Q2 25 | -13.8% | -5.2% | ||
| Q1 25 | -10.2% | -12.7% | ||
| Q4 24 | -14.1% | -6.4% | ||
| Q3 24 | -52.1% | -16.9% | ||
| Q2 24 | -64.1% | -17.2% | ||
| Q1 24 | -10.5% | 6.8% |
| Q4 25 | -40.2% | 0.8% | ||
| Q3 25 | -15.9% | -2.9% | ||
| Q2 25 | -13.5% | -6.4% | ||
| Q1 25 | -9.2% | -13.9% | ||
| Q4 24 | -18.6% | -7.7% | ||
| Q3 24 | -27.4% | -18.7% | ||
| Q2 24 | -31.3% | -18.9% | ||
| Q1 24 | -8.5% | 6.1% |
| Q4 25 | — | $0.04 | ||
| Q3 25 | — | $-0.17 | ||
| Q2 25 | — | $-0.04 | ||
| Q1 25 | $-0.05 | $1.32 | ||
| Q4 24 | — | $-0.46 | ||
| Q3 24 | $-0.22 | $-1.10 | ||
| Q2 24 | — | $-0.12 | ||
| Q1 24 | $-0.08 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $13.7M | $4.7M |
| Total DebtLower is stronger | $1.3M | $9.8M |
| Stockholders' EquityBook value | $17.3M | $11.8M |
| Total Assets | $27.5M | $48.3M |
| Debt / EquityLower = less leverage | 0.07× | 0.83× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.7M | $4.7M | ||
| Q3 25 | $13.9M | $5.2M | ||
| Q2 25 | $16.6M | $3.6M | ||
| Q1 25 | $17.7M | $6.0M | ||
| Q4 24 | $20.0M | $7.5M | ||
| Q3 24 | $20.4M | $5.4M | ||
| Q2 24 | $24.9M | $5.7M | ||
| Q1 24 | $23.5M | $5.2M |
| Q4 25 | $1.3M | $9.8M | ||
| Q3 25 | $1.2M | $9.9M | ||
| Q2 25 | $1.2M | $8.5M | ||
| Q1 25 | $1.3M | $10.3M | ||
| Q4 24 | $1.4M | — | ||
| Q3 24 | $1.5M | $12.5M | ||
| Q2 24 | $1.3M | $13.5M | ||
| Q1 24 | $1.4M | $10.0M |
| Q4 25 | $17.3M | $11.8M | ||
| Q3 25 | $21.4M | $11.4M | ||
| Q2 25 | $23.5M | $10.8M | ||
| Q1 25 | $25.3M | $11.9M | ||
| Q4 24 | $27.3M | $14.5M | ||
| Q3 24 | $22.5M | $15.8M | ||
| Q2 24 | $26.5M | $19.1M | ||
| Q1 24 | $31.2M | $22.5M |
| Q4 25 | $27.5M | $48.3M | ||
| Q3 25 | $30.0M | $47.9M | ||
| Q2 25 | $31.0M | $49.0M | ||
| Q1 25 | $35.2M | $52.5M | ||
| Q4 24 | $37.1M | $52.7M | ||
| Q3 24 | $41.1M | $56.3M | ||
| Q2 24 | $51.5M | $59.8M | ||
| Q1 24 | $65.1M | $63.2M |
| Q4 25 | 0.07× | 0.83× | ||
| Q3 25 | 0.05× | 0.87× | ||
| Q2 25 | 0.05× | 0.79× | ||
| Q1 25 | 0.05× | 0.87× | ||
| Q4 24 | 0.05× | — | ||
| Q3 24 | 0.07× | 0.79× | ||
| Q2 24 | 0.05× | 0.71× | ||
| Q1 24 | 0.04× | 0.44× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-302.0K | $-897.0K |
| Free Cash FlowOCF − Capex | $-339.0K | $-1.1M |
| FCF MarginFCF / Revenue | -2.6% | -5.4% |
| Capex IntensityCapex / Revenue | 0.3% | 1.2% |
| Cash ConversionOCF / Net Profit | — | -5.61× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-905.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-302.0K | $-897.0K | ||
| Q3 25 | $-2.7M | $1.8M | ||
| Q2 25 | $-1.0M | $-515.0K | ||
| Q1 25 | $-2.1M | $-699.0K | ||
| Q4 24 | $-476.0K | $3.8M | ||
| Q3 24 | $-4.6M | $498.0K | ||
| Q2 24 | $2.3M | $-3.0M | ||
| Q1 24 | $-2.7M | $175.0K |
| Q4 25 | $-339.0K | $-1.1M | ||
| Q3 25 | — | $1.6M | ||
| Q2 25 | $-1.1M | $-570.0K | ||
| Q1 25 | $-2.1M | $-750.0K | ||
| Q4 24 | $-508.0K | $3.7M | ||
| Q3 24 | $-4.7M | $493.0K | ||
| Q2 24 | $2.2M | $-3.0M | ||
| Q1 24 | $-2.7M | $144.0K |
| Q4 25 | -2.6% | -5.4% | ||
| Q3 25 | — | 7.9% | ||
| Q2 25 | -8.0% | -2.9% | ||
| Q1 25 | -14.3% | -3.6% | ||
| Q4 24 | -3.1% | 19.1% | ||
| Q3 24 | -30.6% | 2.5% | ||
| Q2 24 | 13.2% | -15.0% | ||
| Q1 24 | -15.7% | 0.5% |
| Q4 25 | 0.3% | 1.2% | ||
| Q3 25 | 0.0% | 1.3% | ||
| Q2 25 | 0.1% | 0.3% | ||
| Q1 25 | 0.2% | 0.2% | ||
| Q4 24 | 0.2% | 0.1% | ||
| Q3 24 | 0.6% | 0.0% | ||
| Q2 24 | 0.4% | 0.1% | ||
| Q1 24 | 0.4% | 0.1% |
| Q4 25 | — | -5.61× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NXPL
| Healthcare Operations | $9.0M | 70% |
| Ecommerce Revenue | $3.8M | 30% |
OESX
| Lighting Product And Installation | $11.9M | 56% |
| Electric Vehicle Charging Systems | $4.7M | 22% |
| Maintenance Services | $4.4M | 21% |
