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Side-by-side financial comparison of ORION ENERGY SYSTEMS, INC. (OESX) and SmartRent, Inc. (SMRT). Click either name above to swap in a different company.
SmartRent, Inc. is the larger business by last-quarter revenue ($36.5M vs $21.1M, roughly 1.7× ORION ENERGY SYSTEMS, INC.). ORION ENERGY SYSTEMS, INC. runs the higher net margin — 0.8% vs -8.9%, a 9.7% gap on every dollar of revenue. On growth, ORION ENERGY SYSTEMS, INC. posted the faster year-over-year revenue change (7.7% vs 3.1%). SmartRent, Inc. produced more free cash flow last quarter ($7.7M vs $-1.1M). Over the past eight quarters, ORION ENERGY SYSTEMS, INC.'s revenue compounded faster (-10.6% CAGR vs -15.0%).
Orion Energy Systems, Inc. is an American LED lighting and intelligent controls enterprise, founded in Plymouth, Wisconsin, and headquartered in Manitowoc, Wisconsin
Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. Budget is a subsidiary of the Avis Budget Group, with its operations headquartered in Parsippany, New Jersey.
OESX vs SMRT — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.1M | $36.5M |
| Net Profit | $160.0K | $-3.2M |
| Gross Margin | 30.9% | 38.6% |
| Operating Margin | 1.8% | -10.9% |
| Net Margin | 0.8% | -8.9% |
| Revenue YoY | 7.7% | 3.1% |
| Net Profit YoY | 110.6% | 71.6% |
| EPS (diluted) | $0.04 | $-0.02 |
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 | $21.1M | $36.5M | ||
| Q3 25 | $19.9M | $36.2M | ||
| Q2 25 | $19.6M | $38.3M | ||
| Q1 25 | $20.9M | $41.3M | ||
| Q4 24 | $19.6M | $35.4M | ||
| Q3 24 | $19.4M | $40.5M | ||
| Q2 24 | $19.9M | $48.5M | ||
| Q1 24 | $26.4M | $50.5M |
| Q4 25 | $160.0K | $-3.2M | ||
| Q3 25 | $-581.0K | $-6.3M | ||
| Q2 25 | $-1.2M | $-10.9M | ||
| Q1 25 | $-2.9M | $-40.2M | ||
| Q4 24 | $-1.5M | $-11.4M | ||
| Q3 24 | $-3.6M | $-9.9M | ||
| Q2 24 | $-3.8M | $-4.6M | ||
| Q1 24 | $1.6M | $-7.7M |
| Q4 25 | 30.9% | 38.6% | ||
| Q3 25 | 31.0% | 26.4% | ||
| Q2 25 | 30.1% | 33.1% | ||
| Q1 25 | 27.4% | 32.8% | ||
| Q4 24 | 29.4% | 28.7% | ||
| Q3 24 | 23.1% | 33.2% | ||
| Q2 24 | 21.6% | 35.7% | ||
| Q1 24 | 25.8% | 38.5% |
| Q4 25 | 1.8% | -10.9% | ||
| Q3 25 | -1.2% | -19.4% | ||
| Q2 25 | -5.2% | -30.5% | ||
| Q1 25 | -12.7% | -99.9% | ||
| Q4 24 | -6.4% | -36.6% | ||
| Q3 24 | -16.9% | -29.0% | ||
| Q2 24 | -17.2% | -14.3% | ||
| Q1 24 | 6.8% | -20.1% |
| Q4 25 | 0.8% | -8.9% | ||
| Q3 25 | -2.9% | -17.3% | ||
| Q2 25 | -6.4% | -28.3% | ||
| Q1 25 | -13.9% | -97.2% | ||
| Q4 24 | -7.7% | -32.3% | ||
| Q3 24 | -18.7% | -24.5% | ||
| Q2 24 | -18.9% | -9.5% | ||
| Q1 24 | 6.1% | -15.2% |
| Q4 25 | $0.04 | $-0.02 | ||
| Q3 25 | $-0.17 | $-0.03 | ||
| Q2 25 | $-0.04 | $-0.06 | ||
| Q1 25 | $1.32 | $-0.21 | ||
| Q4 24 | $-0.46 | $-0.06 | ||
| Q3 24 | $-1.10 | $-0.05 | ||
| Q2 24 | $-0.12 | $-0.02 | ||
| Q1 24 | $0.06 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.7M | $104.5M |
| Total DebtLower is stronger | $9.8M | — |
| Stockholders' EquityBook value | $11.8M | $232.1M |
| Total Assets | $48.3M | $320.9M |
| Debt / EquityLower = less leverage | 0.83× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.7M | $104.5M | ||
| Q3 25 | $5.2M | $100.0M | ||
| Q2 25 | $3.6M | $105.0M | ||
| Q1 25 | $6.0M | $125.6M | ||
| Q4 24 | $7.5M | $142.5M | ||
| Q3 24 | $5.4M | $163.4M | ||
| Q2 24 | $5.7M | $187.4M | ||
| Q1 24 | $5.2M | $204.7M |
| Q4 25 | $9.8M | — | ||
| Q3 25 | $9.9M | — | ||
| Q2 25 | $8.5M | — | ||
| Q1 25 | $10.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $12.5M | — | ||
| Q2 24 | $13.5M | — | ||
| Q1 24 | $10.0M | — |
| Q4 25 | $11.8M | $232.1M | ||
| Q3 25 | $11.4M | $234.4M | ||
| Q2 25 | $10.8M | $238.8M | ||
| Q1 25 | $11.9M | $250.7M | ||
| Q4 24 | $14.5M | $289.4M | ||
| Q3 24 | $15.8M | $305.1M | ||
| Q2 24 | $19.1M | $329.4M | ||
| Q1 24 | $22.5M | $333.1M |
| Q4 25 | $48.3M | $320.9M | ||
| Q3 25 | $47.9M | $335.8M | ||
| Q2 25 | $49.0M | $354.0M | ||
| Q1 25 | $52.5M | $366.1M | ||
| Q4 24 | $52.7M | $420.2M | ||
| Q3 24 | $56.3M | $448.6M | ||
| Q2 24 | $59.8M | $475.3M | ||
| Q1 24 | $63.2M | $485.5M |
| Q4 25 | 0.83× | — | ||
| Q3 25 | 0.87× | — | ||
| Q2 25 | 0.79× | — | ||
| Q1 25 | 0.87× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.79× | — | ||
| Q2 24 | 0.71× | — | ||
| Q1 24 | 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 | $-897.0K | $7.7M |
| Free Cash FlowOCF − Capex | $-1.1M | $7.7M |
| FCF MarginFCF / Revenue | -5.4% | 21.0% |
| Capex IntensityCapex / Revenue | 1.2% | 0.0% |
| Cash ConversionOCF / Net Profit | -5.61× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-905.0K | $-25.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-897.0K | $7.7M | ||
| Q3 25 | $1.8M | $-2.1M | ||
| Q2 25 | $-515.0K | $-14.9M | ||
| Q1 25 | $-699.0K | $-12.2M | ||
| Q4 24 | $3.8M | $-12.0M | ||
| Q3 24 | $498.0K | $-3.7M | ||
| Q2 24 | $-3.0M | $-13.9M | ||
| Q1 24 | $175.0K | $-3.3M |
| Q4 25 | $-1.1M | $7.7M | ||
| Q3 25 | $1.6M | $-2.2M | ||
| Q2 25 | $-570.0K | $-16.2M | ||
| Q1 25 | $-750.0K | $-14.3M | ||
| Q4 24 | $3.7M | $-13.3M | ||
| Q3 24 | $493.0K | $-3.9M | ||
| Q2 24 | $-3.0M | $-14.1M | ||
| Q1 24 | $144.0K | $-3.4M |
| Q4 25 | -5.4% | 21.0% | ||
| Q3 25 | 7.9% | -6.1% | ||
| Q2 25 | -2.9% | -42.3% | ||
| Q1 25 | -3.6% | -34.7% | ||
| Q4 24 | 19.1% | -37.5% | ||
| Q3 24 | 2.5% | -9.7% | ||
| Q2 24 | -15.0% | -29.1% | ||
| Q1 24 | 0.5% | -6.7% |
| Q4 25 | 1.2% | 0.0% | ||
| Q3 25 | 1.3% | 0.2% | ||
| Q2 25 | 0.3% | 3.3% | ||
| Q1 25 | 0.2% | 5.3% | ||
| Q4 24 | 0.1% | 3.5% | ||
| Q3 24 | 0.0% | 0.6% | ||
| Q2 24 | 0.1% | 0.5% | ||
| Q1 24 | 0.1% | 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
OESX
| Lighting Product And Installation | $11.9M | 56% |
| Electric Vehicle Charging Systems | $4.7M | 22% |
| Maintenance Services | $4.4M | 21% |
SMRT
| Hosted Services | $18.1M | 50% |
| Hardware Service | $12.5M | 34% |
| Smart Operations Solutions | $2.6M | 7% |
| Access Control | $2.0M | 5% |
| Other Smart Communities Solutions | $1.3M | 3% |
