I'd like to introduce Per Brodin, Chief Financial Officer of Orion Energy Systems. Good morning and welcome.
Thank you, Dina, and thank you all for joining us here in person and live streaming. For those of you that are live streaming and have the presentation, I think I'll be going through this pretty sensibly, so you'll be able to keep track of where we are. Just a reminder of our safe harbor and a quick word about our organizational mission. We help our customers achieve their sustainability, energy savings, and carbon footprint reduction goals through innovative technology and exceptional service. Just Orion at a glance, we essentially have three segments that we operate in: lighting, which is LED lighting systems; commercial and industrial EV charging systems; and lighting and electrical maintenance. Some thoughts about why this might be an attractive investment opportunity: our recent share price has been bouncing in the $9- $10 range with a market cap then of $32 million- $34 million.
Our trailing 12-month sales are $79 million, and our price-to-sales ratio is 0.34, which if you look at the comps, you would think that there's a lot of opportunity for that to increase. We have a diversified revenue stream in all three of our segments. In some aspects, particularly in our maintenance segment, we have recurring revenues. The rest of our revenues tend to be more project-based. Late last fiscal year, we took out about $6.5 million of cost from the business to bring down our break-even point to approximately $80 million, which optimized the cost structure, what we believe gives us incredible opportunity for leverage as we move forward and grow. We have a long-term customer base. You'll see some of our customers, a lot of blue-chip industrials that come back to us year after year for business, and we have a very nimble operation.
We're able to customize things for our customers depending on what they need from a lighting situation as well as installation on EVs. I mentioned our three business segments. On the lighting side, that's our heritage. The company was founded in 1996. We've completed over 25,000 projects. We have multiple paths to market, so that does not include, say, just product sales. The three paths to market that we have in lighting are through the distribution channel, through the ESCO channel, as well as direct to our large industrial customers. Those customers we tend to do turnkey projects for, and we're working directly with them. We also have deep control opportunities, options for our customers, which help with the ROI on these projects.
An example of the most simple controls would be on/off, dim, but they go to as complex as being able to track traffic within, say, a retail big box. You can see, do a heat map on where the traffic is, or we've had industrial companies use that to track traffic within the plant with their forklifts so that they can optimize flow within the plant. On the maintenance and technical services side, the maintenance is both on a proactive and reactive basis, meaning on the proactive side, we have a schedule. Our clients will tell us they want us to go to each store. It's typically heavily retail-oriented. Each store, one, two, three, four times a year. We'll work out the schedule for that, and as we find issues on that proactive maintenance, we will address those issues.
If there's a significant issue that occurs that needs to be addressed right away, we also respond on a reactive basis instantly so that they're not suffering with outages at a store and not having an optimal situation there. You may have seen it or not, we did announce that our largest customer overall and in the maintenance world just renewed our three-year contract. Effective April 1st, that contract will be extended another three years. We're very excited to be partnering with that customer for another three years. On the EV side, it's somewhat similar. We have a somewhat similar approach to lighting. Our heritage, again, is on the turnkey side, working directly with the customer, designing the installation, helping the customer pick the product, procuring the product, managing the installation and construction, and then providing the ultimate commissioning of that project.
This is a picture of our plant in Manitowoc. We have a very nimble production facility, very flexible. One of our heritage of Orion in the lighting space is that our products are some of the most efficient in the field in terms of lumens per watt. We play at the higher end of LED lighting, and those are the products that are made in Manitowoc, Wisconsin. We also introduced a sourced product a couple of years ago that isn't quite as efficient but is more cost-competitive. Let's call it in the middle tier, and that has had very good uptake for us over the past couple of years and continues to grow. Because we are a U.S.-based manufacturer, we are BAA compliant and BABA compliant.
Our products can be, they cost a little more to be compliant because the componentry needs to be of a certain percent in the U.S., but we have that capability, and that is certainly an advantage to us from a competitive standpoint. You'll see it later. We have a blue-chip customer base that I referred to, and some of that is not necessarily recurring business. It's repeat business that some of them come to us year after year for different parts of their industrial footprint because it's so large throughout the United States. In Manitowoc, our manufacturing capabilities are a proprietary approach. We maintain significant componentry for the product that we manufacture in Manitowoc, which means we can be very responsive to customer needs with unrivaled lead times if they're buying the U.S. product.
The source product is not quite as good, but we still maintain stocks in what we think are the movers so that we can respond to our customers' needs as appropriate. From the maintenance and managed services standpoint, as I mentioned, that is a recurring maintenance revenue. These products are typically three years in length, and as I mentioned, the latest one we just renewed with our largest customer is a three-year in duration. We're excited to have them with us. The other nice thing about the maintenance business is it adds to the stickiness of our relationship with the customer so that beyond the maintenance, we have people in their stores on a regular basis.
There are times when other projects will come up that they ask us whether or not we have the capability to do, and it simply adds to the diversity of the projects that we can do for them. On the EV charging basis standpoint, we acquired a company two years ago known as Voltrek, and they've grown from $7.5 million to $12.5 million to $17 million last year. They've been in business for 17 years, so a longstanding company in the EV space, which is not necessarily all that common. We were excited about how that acquisition is working out. We're in the midst of starting to do some additional integration with them into our project management services so that we can use that integration to further scale the operation there. I talked a little bit about turnkey capabilities, and that's a real competitive advantage for us.
I'll just walk through a little bit about what that means. For a project, we'll get an opportunity. We'll go out with our audit staff and audit the facility to see exactly what they have and then what they have said they would like to do. We design the system to replace what they have currently. We either manufacture or source the product and manage the installation, manage any rebates that they might be due, warranty, and ultimately, if they ask for it, we're happy to provide the maintenance services as well. It's a kind of an A to Z services in the turnkey side, which we think sets us apart from a lot of our competitors. Here's an example of some of our customers, and as you see, I think you'll recognize most of those. Here's a case study of a project we did for Clarios.
This was about a $400,000 project, which resulted in $54,000 of savings per year for that. Another example is a big DC fast charger project that we did at Haverhill High School for their EV transit vans. The level three is the fast charging. We did six ChargePoint fast charger systems, and again, it was about a $400,000 project. In summary, how we achieve our mission, we are a one-source solution for both LED and EV charging projects. Our lighting projects usually result in about a 50% reduction in energy consumption, average payback of one to four years depending on usage and cost of the energy. We have advanced design, very efficient products, flexible manufacturing and supply chain, and multiple go-to-market models, which I think gives us a lot of flexibility. Start senior management, Sally Washlow, newly appointed as CEO in April.
I've been with the company five years, and Scott Green, our Chief Operating Officer, has been with the company since we acquired his company in 2013. A very deep lighting experience there. That's my prepared remarks. Are there questions?
What's sort of the industry and the LED penetration on the commercial and industrial side? Are we still reaching high penetration or low?
In terms of the market, that's available market?
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Right now, the estimates for industrial and commercial are that it's probably at about 40%. That's, I'll say, on a conversion from fluorescent to LED. We're getting to a point where it's been long enough for early adopters of LED that they're starting to come to us and say, "I'd like to swap out my Gen 1 LEDs for current." They're still seeing a 30%- 40% reduction LED to LED.
Can you give us a little more insight on ChargePoint and potential growth opportunities there?
They've been a longstanding partner of ours, very supportive. I think one of the anecdotes I can think of in meeting with them is, you know, because we're a value-added reseller, we can help their customers design the program that they would like to install because that is just not something they do. That's, again, the advantage of having turnkey project management capabilities. It gives us the opportunity to help the customer define their needs as well as then, you know, because of that, win the job.
Those three segments you have, is there a particular growth that you're comfortable with, or you want to have another tie-in with your adjacent lighting markets or anything like that?
We think each of those three segments can grow. The maintenance might be a little slower growth than the other two. In the current year, we're being conservative on the EV side just because there was a lot of noise as we came into the year about sustainability and those types of things. Our first quarter was a little slower, but we still expect, I'll say, to hit our guidance in that area. We think that because of the infrastructure need that exists and people are still buying EV cars, even though they might not be buying them at the rate that's unpredicted, there's still a huge infrastructure need, and that's where we play.
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On the M&A side, you know, we're going to always have our eyes open, and I'd say that the most likely thing that we talk about is if there's something adjacent in lighting or if there's something in EV that makes sense. There are also plenty of or a number of things that we can do organically, we think, to grow. That's we're pursuing those as well, and those have a much less significant investment. Anything else? All right. Thank you for your interest in Orion . It's been a pleasure talking to you, and if you have any follow-up questions, we are always happy to talk at any time. Thank you.