what does it mean when the apple watch shows an orange circle with an exclamation mark inside it.

Hi

Try force restarting your watch: press and hold both the side button and Digital Crown for around 10 seconds, until you see the Apple logo.

If the issue persists, contact Apple Support (mail-in service may be available) or make a Genius Bar reservation with a view to having your watch serviced under warranty:

https://www.apple.com/support/watch/contact/

More information:

"If you see .. a red exclamation mark during startup, and your Apple Watch appears to restart or never fully starts up, contact Apple Support"

If your Apple Watch doesn't respond or won't turn on - Apple Support