Such reclassifications have no impact on previously reported net income or shareholders’ equity.</span></div><div style="padding-left:22.5pt;text-align:justify"><span><br/></span></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:’Times New Roman’,sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Segment Reporting</span></div><div style="padding-left:22.5pt"><span><br/></span></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:’Times New Roman’,sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company reports operating segments in accordance with FASB ASC Topic 280. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the CODM in deciding how to allocate resources and assess performance. FASB ASC Topic 280 requires that a public enterprise report a measure of segment profit or loss, certain specific revenue and expense items, segment assets, information about the way that the operating segments were determined and other items.</span></div><div style="padding-left:22.5pt;text-align:justify"><span><br/></span></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:’Times New Roman’,sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has one reportable segment: the consumer finance segment.

Risk Factors Forward-Looking Statements This annual report contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s beliefs and assumptions, as well as information currently available to management. Statements other than those of historical fact, including, but not limited to those identified by the use of words such as “anticipate,” “estimate,” “intend,” “plan,” “expect,” "project," “believe,” “may,” “will,” “should,” “would,” “could,” "continue," "forecast," "probable," and any variations of the foregoing and similar expressions, are forward-looking statements.

Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in interest income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $5.5 million and $5.0 million as of March 31, 2025 and 2024, respectively.</span></div><div style="padding-left:22.5pt;text-align:justify"><span><br/></span></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:’Times New Roman’,sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company recognizes interest and fee income using the interest method.

Risk Factors Forward-Looking Statements This annual report contains various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s beliefs and assumptions, as well as information currently available to management. Statements other than those of historical fact, including, but not limited to those identified by the use of words such as “anticipate,” “estimate,” “intend,” “plan,” “expect,” "project," “believe,” “may,” “will,” “should,” “would,” “could,” "continue," "forecast," "probable," and any variations of the foregoing and similar expressions, are forward-looking statements. Although we believe that the expectations reflected in any such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

Management’s Discussion and Analysis of Financial Condition and Results of Operations General The Company’s financial performance continues to be dependent in large part upon the growth in its outstanding loans receivable, the maintenance of loan quality and acceptable levels of operating expenses. Since March 31, 2021, gross loans receivable have increased at a 2.63% annual compounded rate from $1.10 billion to $1.23 billion at March 31, 2025. We believe we were able to improve our gross loans receivable growth rates through acquisitions, improved marketing processes, and analytics.

Management’s Discussion and Analysis of Financial Condition and Results of Operations General The Company’s financial performance continues to be dependent in large part upon the growth in its outstanding loans receivable, the maintenance of loan quality and acceptable levels of operating expenses. Since March 31, 2022, gross loans receivable have decreased at a 4.27% annual compounded rate from $1.52 billion to $1.28 billion at March 31, 2026. We believe we can continue to improve our gross loans receivable growth rates through acquisitions, improved marketing processes, and analytics.

2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity’s income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. The update will be effective for annual periods beginning after December 15, 2025. Orion is currently evaluating the impact that this guidance will have on the presentation of its consolidated financial statements and accompanying notes.</span></p></div> <p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;font-kerning:none;min-width:fit-content;">Principles of Consolidation</span></p><p style="text-indent:4.44%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The consolidated financial statements include the accounts of Orion Energy Systems, Inc. and its wholly-owned subsidiaries.

Risk Factors, we will be commencing implementation efforts of a new ERP system in fiscal 2027, with an expected go-live date at the beginning of the second quarter of fiscal 2027. The expected cost for the project is approximately $2.0 million.

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. When the expected cost-plus margin approach is used to determine the estimated stand-alone selling price it is based on average historical margins for that performance obligation in contracts with similar customers.</span></p><p style="text-indent:4.44%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">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.

Risk Factors, we will be commencing implementation efforts of a new ERP system in fiscal 2027, with an expected go-live date at the beginning of the second quarter of fiscal 2027. The expected cost for the project is approximately $2.0 million. Critical Accounting Estimates The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States.

MANAGEMENT’S DISCUSSION AND ANALYSIS O F FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our audited consolidated financial statements and related notes included in this Annual Report on Form 10-K for the fiscal year ended March 31, 2025. See also “Forward-Looking Statements” and Item 1A “Risk Factors”.

MANAGEMENT’S DISCUSSION AND ANALYSIS O F FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section of this Form 10-K generally discusses fiscal year 2026 and fiscal year 2025 items and year over year comparisons between fiscal year 2026 and fiscal year 2025. Overview We provide state-of-the-art light emitting diode (“LED”) lighting systems, wireless Internet of Things (“IoT”) enabled control solutions, project engineering, energy project management design and maintenance services and electric vehicle (“EV”) charging infrastructure solutions.

Some of the information contained in this discussion and analysis or set forth elsewhere in this annual report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. See “Cautionary Note Regarding Forward-Looking Statements . ” This discussion should be read in conjunction with our audited consolidated financial statements and the notes thereto included elsewhere in this report. Business Overview We operate primarily in the United States residential real estate market.

Some of the information contained in this discussion and analysis or set forth elsewhere in this annual report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. See “Cautionary Note Regarding Forward-Looking Statements and Industry Data . ” This discussion should be read in conjunction with our audited consolidated financial statements and the notes thereto included elsewhere in this report. The discussion in this section has been impacted by the restatement described in the Explanatory Note at the beginning of this Comprehensive Form 10-K and in Note 2 and Note 3 of the consolidated financial statements of this Comprehensive Form 10-K.

Some of the information contained in this discussion and analysis or set forth elsewhere in this annual report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. See “Cautionary Note Regarding Forward-Looking Statements . ” This discussion should be read in conjunction with our audited consolidated financial statements and the notes thereto included elsewhere in this report. Business Overview We operate primarily in the United States residential real estate market.

See “Cautionary Note Regarding Forward-Looking Statements and Industry Data . ” This discussion should be read in conjunction with our audited consolidated financial statements and the notes thereto included elsewhere in this report. The discussion in this section has been impacted by the restatement described in the Explanatory Note at the beginning of this Comprehensive Form 10-K and in Note 2 and Note 3 of the consolidated financial statements of this Comprehensive Form 10-K. Certain of the financial and other information provided in this Management’s Discussion and Analysis of our Financial Condition and Results of Operations has been updated to reflect the restatement adjustments.

Our real estate brokerage business operates primarily under the trade name La Rosa Realty. We have 26 La Rosa Realty corporate real estate brokerage offices and branches located in Florida, California, Texas, Georgia, North Carolina and Puerto Rico. The Company also has 6 La Rosa Realty franchised real estate brokerage offices and branches and 3 affiliated real estate brokerage offices, that pay us fees in 7 states in the United States and Puerto Rico.

Our real estate brokerage business operates primarily under the trade name La Rosa Realty. We have 23 La Rosa Realty corporate real estate brokerage offices and branches located in Florida, California, Texas, Georgia, and Puerto Rico. The Company also has 5 La Rosa Realty franchised real estate brokerage offices and branches and 3 affiliated real estate brokerage offices, that pay us fees in 7 states in the United States and Puerto Rico.

Risk Factors</a></span><span style="color:#000000;font-family:’Times New Roman’,sans-serif;font-size:10pt;font-weight:400;line-height:120%">," which should be read in conjunction with the foregoing information.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:’Times New Roman’,sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our processes for assessing, identifying, and managing material risks from cybersecurity are included in our Enterprise Risk Management ("ERM") program. Oversight of the Company’s ERM program resides with the Audit Committee and our Board of Directors.

Risk Factors</a></span><span style="color:#000000;font-family:’Times New Roman’,serif;font-size:10pt;font-weight:400;line-height:120%">," which should be read in conjunction with the foregoing information.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:’Times New Roman’,serif;font-size:10pt;font-weight:400;line-height:120%">Our processes for assessing, identifying, and managing material risks from cybersecurity are included in our Enterprise Risk Management ("ERM") program. Oversight of the Company’s ERM program resides with the Audit Committee and our Board of Directors.

The Audit Committee regularly reviews the results from the Company’s ERM program with management. The Board of Directors receives updates from the EVP – Global Business &amp; Information Services regarding cybersecurity framework developments and information that may impact the Company’s cybersecurity posture.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:’Times New Roman’,sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our processes for assessing, identifying, and managing material risks from cybersecurity are included in our Enterprise Risk Management ("ERM") program. Oversight of the Company’s ERM program resides with the Audit Committee and our Board of Directors.

The Audit Committee regularly reviews the results from the Company’s ERM program with management. The Board of Directors receives updates from the EVP – Global Business &amp; Information Services regarding cybersecurity framework developments and information that may impact the Company’s cybersecurity posture.</span></div> <div style="text-align:justify"><span style="color:#000000;font-family:’Times New Roman’,serif;font-size:10pt;font-weight:400;line-height:120%">Our processes for assessing, identifying, and managing material risks from cybersecurity are included in our Enterprise Risk Management ("ERM") program. Oversight of the Company’s ERM program resides with the Audit Committee and our Board of Directors.

Business Company Overview This Annual Report on Form 10-K (this "Annual Report") is filed by Pyxus International, Inc. (the "Company," "Pyxus," "we," or "us"). Pyxus is a global agricultural company with businesses having more than 150 years of experience delivering value-added products and services to customers.

Business Company Overview This Annual Report on Form 10-K (this "Annual Report") is filed by Pyxus International, Inc. (the "Company," "Pyxus," "we," "us," or "our"). Pyxus is a global agricultural company with businesses having more than 150 years of experience delivering value-added products and services to customers.