Orion Energy Systems (OESX) reported results after the bell today that were mixed.  While they beat analyst estimates on the revenue side posting $18.8 million vs the estimate of $17.58 million, the EPS loss of .05 was greater than the estimate of a .04 loss.  Sequentially, revenues were about inline with what they posted last quarter, but the EPS loss was greater than the .01 EPS loss of last quarter.  Quarter over quarter, revenues jumped about 50% and the EPS loss narrowed from -.13.

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CEO Neal Verfuerth commented on the quarter: “We are pleased with the progress achieved during the first quarter of 2011. Through the collaborative efforts of Orion’s strong team, we have made tremendous strides in building and strengthening our organization. Orion is in an excellent position to drive future potential contracted revenues, or bookings, and revenue growth as we continue to build out our partner network, leverage our integrated lighting solution, capitalize on the significant opportunity for our outdoor lighting and photovoltaic solutions, and gain further momentum with our innovative OVPP and OTA financing solution.”

For OESX, like many other green stocks I cover, it’s all about the future and the company is expecting to return to profitability next year and post record profits in 2012.  They are reaffirming 2011 guidance and see revenues in the range of $78 – $84 million with an EPS in the range of .02 – .10.  That compares with the analyst estimates of $84 million and .03/share respectively.

Technically, shares remain weak, but have been holding in around the $3 level.  A breakout above the current range above 3.45 may provide an entry point.