Energy Focus, Inc. Reports Second Quarter 2022 Financial Results
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems and ultraviolet-c light disinfection (“UVCD”) products for the commercial, military maritime and consumer markets, today announced financial results for its second quarter ended June 30, 2022. Second Quarter 2022 Financial Highlights: Net sales of $1.5 million, decreased 28.6% compared to the second quarter of 2021, reflecting a $0.5 million, or 49.3% decrease in military sales, as well as a decrease of $0.1 million, or 9.6% in commercial sales, year-over-year. As compared to the first quarter of 2022, net sales decreased by 28.2%, primarily reflecting a $0.4 million decrease in military sales and a $0.2 million decrease in commercial sales. Gross profit margin of 7.4% was down from 18.9% in the second quarter of 2021, and up from negative gross profit margin of (1.3)% in the first quarter of 2022. The year-over-year decrease was driven by lower sales and less favorable product mix. Sequentially, despite lower sales and negative impacts from the mix of products sold, the increase in gross profit margin primarily relates to a favorable change in inventory reserves offset slightly by the unfavorable impact of a scrap write-off. Loss from operations of $2.2 million was flat as compared to the second quarter of 2021. Loss from operations improved 7.7% as compared to a loss from operations of $2.7 million in the first quarter of 2022. Net loss of $2.5 million, or $(0.35) per basic and diluted share of common stock, compared to a net loss of $2.5 million, or $(0.59) per basic and diluted share of common stock, in the second quarter of 2021. Sequentially, the net loss decreased by $0.3 million compared to net loss of $2.8 million, or $(0.44) per basic and diluted share of common stock, in the first quarter of 2022. Cash of $0.9 million, included in total availability (as defined under “Non-GAAP Measures” below) of $2.5 million, each as of June 30, 2022, as compared to cash of $2.7 million and total availability of $1.1 million as of December 31, 2021. An April 2022 unsecured bridge financing generated $1.8 million in net liquidity after discounts and transaction expenses, and a June 2022 private placement for the sale of common stock and warrants resulted in net proceeds of $3.2 million. Stephen Socolof, Chairman and Interim Chief Executive Officer, commented, “Despite the second quarter results, we believe our progress on cost reduction initiatives, reinvestment in our military sales channel, and building commercial sales pipeline will position us for revenue and margin improvements in the second half of 2022. We expect our cost savings initiatives will begin to contribute to the bottom line in the third quarter, while our enhanced ‘white light’ offerings and our refreshed RedCap® solution are expected in the last half of this year. Customer project timing and supply chain constraints impacted timing of certain second quarter orders, leading us into the third quarter with a healthy backlog of near-term orders. Our patented EnFocus™ powerline control system products are seeing larger order volumes, and we are optimistic they will become a more meaningful contributor in the second half of the year.” Mr. Socolof added, “We continue to focus on value-engineering and supply chain management initiatives we expect will reduce our cost of goods and make us more competitive, and have taken another hard look at other cost-cutting initiatives. Our SG&A expenses declined year-over-year, and sequentially when compared to the prior quarter, demonstrating our commitment to expense management. While reduced sales in the second quarter resulted in continued cash burn, we anticipate the cost reduction efforts combined with sales initiatives will result in a reduction in our cash burn in the second half of the year as sales improve and cost management impacts have full-period impacts.” Second Quarter 2022 Financial Results: Net sales were $1.5 million for the second quarter of 2022, compared to $2.1 million in the second quarter of 2021, a decrease of $0.6 million, or 28.6%. Net sales from commercial products were approximately $1.0 million, or 65.9% of total net sales, for the second quarter of 2022, as compared to $1.1 million, or 52.0% of total net sales, in the second quarter of 2021, reflecting (i) volatility of sales to large institutional customers; (ii) fluctuations in the timing and pace of commercial projects; and (iii) lingering macroeconomic supply chain impacts as a result of the COVID-19 pandemic. Net sales from military maritime products were approximately $0.5 million, or 34.1% of total net sales, for the second quarter of 2022, compared to $1.0 million, or 48.0% of total net sales, in the second quarter of 2021, primarily due to delayed timing of orders and project funding and reduced military maritime market pipeline development over the past year. Sequentially, net sales were down 28.2% compared to $2.1 million in the first quarter of 2022, reflecting primarily a decrease in military maritime orders. Gross profit was $0.1 million, or 7.4% of net sales, for the second quarter of 2022. This compares with gross profit of $0.4 million, or 18.9% of net sales, in the second quarter of 2021. The year-over-year decrease in gross profit was driven by (i) lower sales volume, an unfavorable impact of $0.2 million, or 16% of net sales; and (ii) an unfavorable product mix impact of approximately $0.3 million, or 20% of net sales. These decreases were offset by a favorable net impact of $0.2 million, or 11% of net sales, from our inventory reduction project, with the change in inventory reserves offset by the inventory scrap write-off. Gross profit for the second quarter of 2022 also included unfavorable freight-in variances of $0.1 million, or 7% of net sales. Sequentially, gross profit of $0.1 million for the second quarter of 2022 compares with negative gross profit of $(26.0) thousand, or (1.3)% of net sales, in the first quarter of 2022. Despite lower sales volumes (an unfavorable impact of approximately $0.1 million, or 10% of net sales), and an unfavorable product mix impact of approximately $0.1 million, or 5% of net sales, the increase quarter-over-quarter primarily relates to the favorable net impact of approximately $0.3 million, or 21% of net sales, related to the inventory reduction project, with the change in inventory reserves offset by the inventory scrap write-off. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was (5.1)% for the second quarter of 2022, compared to 17.6% in the second quarter of 2021, primarily driven by lower sales in the second quarter of 2022 in combination with a negative product mix impact during the second quarter of 2022 as compared to the second quarter of 2021. Sequentially, this compares to adjusted gross margin of 5.0% in the first quarter of 2021. The decrease from the first quarter of 2022 was primarily driven by lower sales in the second quarter of 2022 as well as lower variable margins during the second quarter of 2022. Operating loss was $2.2 million for the second quarter of 2022, flat as compared to an operating loss of $2.2 million in the second quarter of 2021. Sequentially, this improved compared to an operating loss of $2.7 million in the first quarter of 2022. Net loss was $2.5 million, or $(0.35) per basic and diluted share of common stock, for the second quarter of 2022, compared with a net loss of $2.5 million, or $(0.59) per basic and diluted share of common stock, in the second quarter of 2021. Sequentially, this compares with a net loss of $2.8 million, or $(0.44) per basic and diluted share of common stock, in the first quarter of 2022. Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $2.1 million for the second quarter of 2022, compared with a loss of $2.0 million in the second quarter of 2021 and a loss of $2.6 million in the first quarter of 2021. The larger adjusted EBITDA loss in the second quarter of 2022, as compared to the second quarter of 2021, was primarily due to the gross margin reductions from lower sales and less favorable product mix. Cash was $0.9 million as of June 30, 2022. This compares with cash of $2.7 million as of December 31, 2021. During the second quarter of 2022, the Company added to its liquidity position with $1.8 million in net proceeds in connection with the April 2022 bridge financing and $3.2 million in net proceeds in connection with the June 2022 private placement. As of June 30, 2022, the Company had total availability, as defined under “Non-GAAP Measures” below, of $2.5 million, which consisted of $0.9 million of cash and $1.6 million of additional borrowing availability under its credit facilities. This compares to total availability of $4.1 million as of June 30, 2021 and total availability of $1.1 million as of March 31, 2022. Our net inventory balance of $7.2 million as of June 30, 2022 decreased $0.7 million from our net inventory balance as of December 31, 2021. As part of our expense reduction initiative, we have decreased our warehouse space by approximately 40% beginning in the third quarter of 2022. As part of our expense reduction initiatives, we have significantly decreased our warehouse space beginning in the third quarter of 2022. In connection with the space reduction, in the second quarter of 2022, we began disposing of a substantial portion of our excess and obsolete commercial finished goods inventory that was more than 90% reserved. Additional inventory management efforts are expected to continue in the third quarter of 2022 in order to free up additional space in the warehouse. Earnings Conference Call: The Company will host a conference call and webcast today, August 11, 2022, at 11 a.m. ET to discuss the second quarter 2022 results, followed by a Q & A session. You can access the live conference call by dialing the following phone numbers: Toll free 1-877-451-6152 or International 1-201-389-0879 Conference ID# 13731731 The conference call will be simultaneously webcast. To listen to the webcast, log onto it at: https://viavid.webcasts.com/starthere.jsp?ei=1560780&tp_key=11d78b462d. The webcast will be available at this link through August 26, 2022. Financial information presented on the call, including this earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com. About Energy Focus Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com. Forward-Looking Statements: Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) instability in the U.S. and global economies and business interruptions experienced by us, our customers and our suppliers, particularly in light of supply chain issues, and related long-term impacts on travel, trade and business operations, as a result of the COVID-19 pandemic; (ii) the competitiveness and market acceptance of our LED lighting, control and UVCD technologies, services and products; (iii) our ability to compete effectively against companies with lower prices or cost structures, greater resources, or more rapid development capabilities, and new competitors in our target markets; (iv) our ability to extend our product portfolio into new end markets, including consumer products; (v) our ability to realize the expected novelty, effectiveness, affordability and availability of our UVCD products and their appeal compared to other competing products; (vi) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (vii) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we manage inventory and invest in growth opportunities; (viii) our ability to successfully scale our network of sales representatives, agents, distributors and other channel partners to compete with the sales reach of larger, established competitors; (ix) our ability to implement plans to increase sales and control expenses; (x) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (xi) our ability to add new customers to reduce customer concentration; (xii) our need for and ability to obtain additional financing in the near term, on acceptable terms or at all, to continue our operations; (xiii) our ability to refinance or extend maturing debt on acceptable terms or at all; (xiv) our ability to continue as a going concern for a reasonable period of time; (xv) our ability to attract and retain a new chief executive officer and a new chief financial officer; (xvi) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xvii) our reliance on a limited number of third-party suppliers and development partners, our ability to manage third-party product development and obtain critical components and finished products on acceptable terms and of acceptable quality despite ongoing global supply chain challenges, and the impact of our fluctuating demand on the stability of such suppliers; (xviii) our ability to timely, efficiently and cost-effectively transport products from our third-party suppliers by ocean marine and other logistics channels despite global supply chain and logistics disruptions; (xix) the impact of any type of legal inquiry, claim or dispute; (xx) the macro-economic conditions, including recessionary trends, in the United States and in other markets in which we operate or secure products, which could affect our ability to obtain raw materials, component parts, freight, energy, labor, and sourced finished goods in a timely and cost-effective manner; (xxi) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxii) business interruptions resulting from geopolitical actions such as war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics, or pandemics or other contagious outbreaks; (xxiii) our ability to respond to new lighting and air disinfection technologies and market trends; (xxiv) our ability to fulfill our warranty obligations with safe and reliable products; (xxv) any delays we may encounter in making new products available or fulfilling customer specifications; (xxvi) any flaws or defects in our products or in the manner in which they are used or installed; (xxvii) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims made by others; (xxviii) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxix) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxx) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxxi) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Condensed Consolidated Balance Sheets (in thousands) June 30, 2022 December 31, 2021 (Unaudited) ASSETS Current assets: Cash $ 938 $ 2,682 Trade accounts receivable, less allowances of $10 and $14, respectively 1,155 1,240 Inventories, net 7,168 7,866 Short-term deposits 501 712 Prepaid and other current assets 847 924 Total current assets 10,609 13,424 Property and equipment, net 585 675 Operating lease, right-of-use asset 1,316 292 Total assets $ 12,510 $ 14,391 LIABILITIES Current liabilities: Accounts payable $ 1,309 $ 2,235 Accrued liabilities 199 265 Accrued legal and professional fees 53 104 Accrued payroll and related benefits 486 718 Accrued sales commissions 55 57 Accrued warranty reserve 315 295 Deferred revenue — 268 Operating lease liabilities 180 325 Finance lease liabilities — 1 Streeterville - 2021 note, net of discount and loan origination fees 809 1,719 Streeterville - 2022 note, net of discount and loan origination fees 1,031 — Credit line borrowings, net of loan origination fees 1,981 2,169 Total current liabilities 6,418 8,156 Condensed Consolidated Balance Sheets (in thousands) June 30, 2022 December 31, 2021 (Unaudited) Operating lease liabilities, net of current portion 1,133 26 Streeterville note, net of current maturities 788 — Total liabilities 8,339 8,182 STOCKHOLDERS' EQUITY Preferred stock, par value $0.0001 per share: Authorized: 5,000,000 shares (3,300,000 shares designated as Series A Convertible Preferred Stock) at June 30, 2022 and December 31, 2021 Issued and outstanding: 876,447 at June 30, 2022 and December 31, 2021 — — Common stock, par value $0.0001 per share: Authorized: 50,000,000 shares at June 30, 2022 and December 31, 2021 Issued and outstanding: 7,811,460 at June 30, 2022 and 6,368,549 at December 31, 2021 1 — Additional paid-in capital 148,221 144,953 Accumulated other comprehensive loss (3 ) (3 ) Accumulated deficit (144,048 ) (138,741 ) Total stockholders' equity 4,171 6,209 Total liabilities and stockholders' equity $ 12,510 $ 14,391 Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three months ended Six months ended June 30, June 30, 2022 March 31, 2022 June 30, 2021 2022 2021 Net sales $ 1,480 $ 2,061 $ 2,074 $ 3,541 $ 4,711 Cost of sales 1,371 2,087 1,681 3,458 3,765 Gross profit (loss) 109 (26 ) 393 83 946 Operating expenses: Product development 353 503 370 856 1,023 Selling, general, and administrative 1,964 2,127 2,268 4,091 4,486 Restructuring recovery — — (3 ) — (22 ) Total operating expenses 2,317 2,630 2,635 4,947 5,487 Loss from operations (2,208 ) (2,656 ) (2,242 ) (4,864 ) (4,541 ) Other expenses (income): Interest expense 260 184 216 444 343 Gain on forgiveness of Paycheck Protection Program loan — — — — (801 ) Other income — (30 ) — (30 ) — Other expenses 18 11 15 29 32 Net loss $ (2,486 ) $ (2,821 ) $ (2,473 ) $ (5,307 ) $ (4,115 ) Net loss per common share attributable to common stockholders - basic: From operations $ (0.35 ) $ (0.44 ) $ (0.59 ) $ (0.78 ) $ (1.05 ) Weighted average shares of common stock outstanding: Basic and diluted 7,166 6,437 4,211 6,803 3,913 Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three months ended Six months ended June 30, June 30, 2022 March 31, 2022 June 30, 2021 2022 2021 Cash flows from operating activities: Net loss (2,486 ) $ (2,821 ) $ (2,473 ) $ (5,307 ) $ (4,115 ) Adjustments to reconcile net loss to net cash used in operating activities: Other income — (30 ) — (30 ) — Gain on forgiveness of Paycheck Protection Program loan — — — — (801 ) Depreciation 43 44 53 87 100 Stock-based compensation 54 44 208 98 348 Provision for doubtful accounts receivable 5 (9 ) 2 (4 ) 8 Provision for slow-moving and obsolete inventories (185 ) 129 (28 ) (56 ) 61 Provision for warranties 51 (30 ) — 21 12 Amortization of loan discounts and origination fees 91 69 59 160 97 Changes in operating assets and liabilities (sources / (uses) of cash): Accounts receivable 184 (83 ) 358 101 890 Inventories 384 370 (586 ) 754 (2,549 ) Short-term deposits 47 12 137 59 149 Prepaid and other assets 96 20 (32 ) 116 (28 ) Accounts payable (777 ) 61 (869 ) (716 ) 82 Accrued and other liabilities (149 ) (211 ) (149 ) (360 ) (358 ) Deferred revenue — (268 ) (2 ) (268 ) (1 ) Total adjustments (156 ) 118 (849 ) (38 ) (1,990 ) Net cash used in operating activities (2,642 ) (2,703 ) (3,322 ) (5,345 ) (6,105 ) Cash flows from investing activities: Acquisitions of property and equipment (2 ) (35 ) (102 ) (37 ) (211 ) Net cash used in investing activities (2 ) (35 ) (102 ) (37 ) (211 ) Condensed Consolidated Statements of Cash Flows - continued (in thousands) (unaudited) Three months ended Six months ended June 30, June 30, 2022 March 31, 2022 June 30, 2021 2022 2021 Cash flows from financing activities (sources / (uses) of cash): Proceeds from the issuance of common stock and warrants 3,500 — 5,000 3,500 5,000 Proceeds from the exercise of warrants — — — — 527 Offering costs paid on the issuance of common stock and warrants (334 ) — (469 ) (334 ) (469 ) Principal payments under finance lease obligations — (1 ) (1 ) (1 ) (2 ) Proceeds from exercise of stock options and employee stock purchase plan purchases 5 — 59 5 59 Common stock withheld in lieu of income tax withholding on vesting of restricted stock units — — — — (2 ) Proceeds from the 2021 Streeterville note — — 1,515 — 1,515 Payments on the 2021 Streeterville note (410 ) (615 ) — (1,025 ) — Proceeds from the 2022 Streeterville note 2,000 — — 2,000 — Deferred financing costs paid (234 ) — (30 ) (234 ) (30 ) Net (payments) proceeds from the credit line borrowings - Credit Facilities (1,170 ) 897 (1,871 ) (273 ) (791 ) Net cash provided by financing activities 3,357 281 4,203 3,638 5,807 Net increase (decrease) in cash and restricted cash 713 (2,457 ) 779 (1,744 ) (509 ) Cash and restricted cash, beginning of period 225 2,682 890 2,682 2,178 Cash and restricted cash, end of period $ 938 $ 225 $ 1,669 $ 938 $ 1,669 Classification of cash and restricted cash: Cash $ 938 $ 225 $ 1,327 $ 938 $ 1,327 Restricted cash held in other assets — — 342 — 342 Cash and restricted cash $ 938 $ 225 $ 1,669 $ 938 $ 1,669 Sales by Product (in thousands) (unaudited) Three months ended Six months ended June 30, June 30, 2022 March 31, 2022 June 30, 2021 2022 2021 Net sales: Commercial $ 975 $ 1,134 $ 1,078 $ 2,109 $ 1,991 Military maritime products 505 927 996 1,432 2,720 Total net sales $ 1,480 $ 2,061 $ 2,074 $ 3,541 $ 4,711 Non-GAAP Measures In addition to the results in this release that are presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), we provide certain non-GAAP measures, which present operating results on an adjusted basis. These non-GAAP measures are supplemental measures of performance that are not required by or presented in accordance with U.S. GAAP and, include: total availability, which we define as our ability on the period end date to access additional cash if necessary under our short-term credit facilities, plus the amount of cash on hand on that same date; adjusted EBITDA, which we define as net income (loss) before giving effect to restructuring expenses, financing charges, income taxes, non-cash depreciation, stock non-cash compensation, accrued incentive compensation, non-routine charges to other income or expense, and change in fair value of warrant liability; and adjusted gross margins, which we define as our gross profit margins during the period without the impact from excess and obsolete, in-transit and net realizable value inventory reserve movements that do not reflect current period inventory decisions. We believe that our use of these non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on U.S. GAAP results and relative to other companies within the industry by isolating the effects of items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies, and to assess liquidity, cash flow performance of the operations, and the product margins of our business relative to our U.S. GAAP results and relative to other companies in the industry by isolating the effects of certain items that do not have a current period impact. However, our presentation of these non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. Further, there are limitations on the use of these non-GAAP measures to compare our results to other companies within the industry because they are not necessarily standardized or comparable to similarly titled measures used by other companies. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance. Total availability, adjusted EBITDA and adjusted gross margins do not represent cash generated from operating activities in accordance with U.S. GAAP, are not necessarily indicative of cash available to fund cash needs and are not intended to and should not be considered as alternatives to cash flow, net income and gross profit margins, respectively, computed in accordance with U.S. GAAP as measures of liquidity or operating performance. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are provided below for total availability, adjusted EBITDA and adjusted gross margins, respectively. As of (in thousands) June 30, 2022 March 31, 2022 June 30, 2021 Total borrowing capacity under credit facilities $ 3,568 $ 4,026 $ 4,490 Less: Credit line borrowings, gross(1) (2,015 ) (3,175 ) (1,698 ) Excess availability under credit facilities(2) 1,553 851 2,792 Cash 938 225 1,327 Total availability(3) $ 2,491 $ 1,076 $ 4,119 (1)Forms 10-Q Balance Sheets reflect the Line of credit net of debt financing costs of $23, $66 and $169, respectively. (2)Excess availability under credit facilities - represents difference between maximum borrowing capacity of credit facilities and actual borrowings (3)Total availability - represents Company’s ‘access’ to cash if needed at point in time Three months ended Six months ended June 30, (in thousands) June 30, 2022 March 31, 2022 June 30, 2021 2022 2021 Net loss $ (2,486 ) $ (2,821 ) $ (2,473 ) $ (5,307 ) $ (4,115 ) Restructuring expense (recovery) — — (3 ) — (22 ) Net loss, excluding restructuring (2,486 ) (2,821 ) (2,476 ) (5,307 ) (4,137 ) Interest 260 184 216 444 343 Gain on forgiveness of Paycheck Protection Program loan — — — — (801 ) Other income — (30 ) — (30 ) — Depreciation 43 44 53 87 100 Stock-based compensation 54 44 208 98 348 Other incentive compensation 33 (5 ) 12 28 130 Adjusted EBITDA $ (2,096 ) $ (2,584 ) $ (1,987 ) $ (4,680 ) $ (4,017 ) Three Months Ended (in thousands) June 30, 2022 March 31, 2022 June 30, 2021 ($) (%) ($) (%) ($) (%) Net sales $ 1,480 $ 2,061 $ 2,074 Actual gross profit $ 109 7.4 % $ (26 ) (1.3 )% $ 393 18.9 % E&O, in-transit and net realizable value inventory reserve changes, net of scrap write-off for inventory reduction (185 ) (12.5 )% 129 6.3 % (28 ) (1.4 )% Adjusted gross profit $ (76 ) (5.1 )% $ 103 5.0 % $ 365 17.6 %
- 08/11/2022
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Energy Focus to Report Second Quarter 2022 Earnings Results on August 11, 2022
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and control systems and ultraviolet-c light disinfection (“UVCD”) products for the commercial, military maritime and consumer markets, will announce its financial results for its second quarter and six months ended June 30, 2022, prior to the market open on August 11th. Energy Focus will hold a conference call that day at 11:00 a.m. ET to discuss the results. You can access the liv
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Energy Focus, Inc. (EFOI) CEO Stephen Socolof on Q1 2022 Results - Earnings Call Transcript
- Energy Focus, Inc. (NASDAQ:EFOI ) Q1 2022 Earnings Conference Call May 12, 2022 11:00 AM ET Company Participants Brett Maas - Hayden IR Stephen Socolof - Chairman & Interim Chief Executive Officer Tod Nestor - Chief Operating Officer & Chief Financial Officer Conference Call Participants Amit Dayal - H.C. Wainright Operator Greetings, and welcome to the Energy Focus First Quarter 2022 Earnings Conference Call.
- 05/12/2022
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Energy Focus, Inc. Reports First Quarter 2022 Financial Results
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems and ultraviolet-c light disinfection (“UVCD”) products for the commercial, military maritime and consumer markets, today announced financial results for its first quarter ended March 31, 2022. First Quarter 2022 Financial Highlights: Net sales of $2.1 million, decreased 21.8% compared to the first quarter of 2021, reflecting a $0.8 million, or 46.2% decrease in military sales, offset slightly by a $0.2 million, or 24.2% increase in commercial sales, year-over-year. As compared to the fourth quarter of 2021, net sales decreased by 14.3%, primarily reflecting a $0.3 million decrease in military sales. Sequentially, commercial sales were flat. Negative gross profit margin of (1.3)% down from gross profit margin of 21.0% in the first quarter of 2021, and 7.9% in the fourth quarter of 2021, primarily due to lower sales providing less leverage of fixed costs, and lower variable margins, mainly attributable to increased inbound freight costs and inventory management. Loss from operations of $2.7 million, compared to a loss from operations of $2.3 million in the first quarter of 2021 and to a loss from operations of $2.4 million in the fourth quarter of 2021. Net loss of $2.8 million, or $(0.44) per basic and diluted share of common stock, compared to a net loss of $1.6 million, or $(0.45) per basic and diluted share of common stock, in the first quarter of 2021. Sequentially, the net loss increased by $0.2 million compared to net loss of $2.6 million, or $(0.50) per basic and diluted share of common stock in the fourth quarter of 2021. Cash of $0.2 million, included in total availability (as defined under “Non-GAAP Measures” below) of $1.1 million, each as of March 31, 2022, as compared to cash of $2.7 million and total availability of $4.4 million as of December 31, 2021. On April 21, 2022, an unsecured bridge financing generated $1.8 million in net liquidity after discounts and transaction expenses. Stephen Socolof, Chairman and Interim Chief Executive Officer, commented, “Despite the first quarter results, we believe our progress in the first quarter of our value-added new products combined with our focus on value-engineering and supply chain management initiatives will position us for revenue and margin improvements in the second half of 2022. Our enhanced ‘white light’ offerings, including our refreshed RedCap® solution, are moving toward launch. We expect contribution from these solutions beginning in the second half of the year. In addition, our patented EnFocus™ powerline control system products are expected to begin contributing to our revenue in the second quarter and become a more meaningful contributor in the second half of the year.” Mr. Socolof added, “The value-engineering and supply chain management initiatives are expected to reduce our cost of goods and make us more competitive, and we are instituting new freight shipping techniques with the goal of cutting freight costs in half over the next few months. We recently signed a new lease, significantly reducing our primary square footage and annual rent costs by approximately $415,000 to $425,000 beginning in July. Our SG&A expenses declined year-over-year, and remained relatively flat sequentially when compared to the fourth quarter, demonstrating our rigor in expense management. We anticipate a reduction in our cash burn in the second quarter as sales improve, with more meaningful decreases in the second half of the year.” First Quarter 2022 Financial Results: Net sales were $2.1 million for the first quarter of 2022, compared to $2.6 million in the first quarter of 2021, a decrease of $576.0 thousand, or 21.8%. Net sales from commercial products were approximately $1.1 million, or 55.0% of total net sales, for the first quarter of 2022, as compared to $0.9 million, or 34.6% of total net sales, in the first quarter of 2021, reflecting the volatility of sales to large institutional customers. Net sales from military maritime products were approximately $0.9 million, or 45.0% of total net sales, for the first quarter of 2022, compared to $1.7 million, or 65.4% of total net sales, in the first quarter of 2021, primarily due to delayed timing of orders and project funding. Sequentially, net sales were down 14.3% compared to $2.4 million in the fourth quarter of 2021, reflecting primarily a decrease in military maritime orders. Negative gross profit margin was $(26.0) thousand, or (1.3)% of net sales, for the first quarter of 2022. This compares with gross profit of $0.6 million, or 21.0% of net sales, in the first quarter of 2021. Sequentially, this compares with gross profit of $0.2 million, or 7.9% of net sales, in the fourth quarter of 2021. The year-over-year decrease in gross margin rate was driven by lower sales dollars resulting in less leverage of our fixed cost portion of cost of goods sold, in combination with a negative product mix impact due to product substitution and lower mix of military sales. The decrease in gross margin consists of a variable component of approximately $0.5 million, or 15.4% decrease to gross margin rate period over period, as well as a slightly negative fixed cost component of negligible dollar impact or a 6.8% decrease in margin rate period over period. Gross margin for the first quarter of 2022 included unfavorable freight-in variances of $0.2 million, or 7.8% of net sales, unfavorable inventory reserves of $0.1 million, or 6.2% of net sales, and unfavorable price and usage variances for material and labor of $0.1 million, or 4.5% of net sales. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 5.0% for the first quarter of 2022, compared to 24.3% in the first quarter of 2021, primarily driven by low sales in the first quarter of 2022 resulting in less leverage of our fixed cost portion of cost of goods sold, in combination with a negative product mix impact during the first quarter of 2022 as compared to the first quarter of 2021. Sequentially, this compares to adjusted gross margin of 14.7% in the fourth quarter of 2021. The decrease from the fourth quarter of 2021 was primarily driven by lower sales in the first quarter of 2022 as well as lower variable margins during the first quarter of 2022. Operating loss was $2.7 million for the first quarter of 2022, compared to an operating loss of $2.3 million in the first quarter of 2021. Sequentially, this compares to an operating loss of $2.4 million in the fourth quarter of 2021. Net loss was $2.8 million, or $(0.44) per basic and diluted share of common stock, for the first quarter of 2022, compared with a net loss of $1.6 million, or $(0.45) per basic and diluted share of common stock, in the first quarter of 2021. Sequentially, this compares with a net loss of $2.6 million, or $(0.50) per basic and diluted share of common stock, in the fourth quarter of 2021. Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $2.6 million for the first quarter of 2022, compared with a loss of $2.0 million in the first quarter of 2021 and a loss of $2.2 million in the fourth quarter of 2021. The increased adjusted EBITDA loss in the first quarter of 2022, as compared to the first quarter of 2021, was primarily due to the gross margin reductions from lower sales. Cash was $0.2 million as of March 31, 2022. This compares with cash of $2.7 million as of December 31, 2021. As noted above, the Company added an additional $1.8 million of net liquidity in April 2022 in connection with a new unsecured bridge financing. As of March 31, 2022, the Company had total availability, as defined under “Non-GAAP Measures” below, of $1.1 million, which consisted of $0.2 million of cash and $0.9 million of additional borrowing availability under its credit facilities. This compares to total availability of $1.2 million as of March 31, 2021 and total availability of $4.4 million as of December 31, 2021. Our net inventory balance of $7.4 million as of March 31, 2022, decreased $0.5 million from our net inventory balance as of December 31, 2021. This decrease primarily relates to the timing of sales and inventory receipts during the first quarter of 2022. Earnings Conference Call: The Company will host a conference call and webcast today, May 12, 2022, at 11 a.m. ET to discuss the first quarter 2022 results, followed by a Q & A session. You can access the live conference call by dialing the following phone numbers: Toll free 1-877-451-6152 or International 1-201-389-0879 Conference ID# 13729243 The conference call will be simultaneously webcast. To listen to the webcast, log onto it at: https://services.choruscall.com/mediaframe/webcast.html?webcastid=Sps65iJv. The webcast will be available at this link through May 27, 2022. Financial information presented on the call, including this earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com. About Energy Focus Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com. Forward-Looking Statements: Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) instability in the U.S. and global economies and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) the competitiveness and market acceptance of our LED lighting, control and UVCD technologies, services and products; (iii) our ability to compete effectively against companies with lower prices or cost structures, greater resources, or more rapid development capabilities, and new competitors in our target markets; (iv) our ability to extend our product portfolio into new end markets, including consumer products; (v) our ability to realize the expected novelty, effectiveness, affordability and availability of our UVCD products and their appeal compared to other competing products; (vi) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (vii) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (viii) our ability to successfully scale our network of sales representatives, agents, distributors and other channel partners to compete with the sales reach of larger, established competitors; (ix) our ability to implement plans to increase sales and control expenses; (x) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (xi) our ability to add new customers to reduce customer concentration; (xii) our need for and ability to obtain additional financing in the near term, on acceptable terms or at all, to continue our operations; (xiii) our ability to refinance or extend maturing debt on acceptable terms or at all; (xiv) our ability to continue as a going concern for a reasonable period of time; (xv) our ability to attract and retain a new chief executive officer (“Chief Executive Officer”) and a new chief financial officer (“Chief Financial Officer”); (xvi) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xvii) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality despite ongoing global supply chain challenges, and the impact of our fluctuating demand on the stability of such suppliers; (xviii) our ability to timely, efficiently and cost-effectively transport products from our third-party suppliers by ocean marine and other logistics channels despite global supply chain and logistics disruptions; (xix) the impact of any type of legal inquiry, claim or dispute; (xx) the inflationary or deflationary general economic conditions in the United States and in other markets in which we operate or secure products, which could affect our ability to obtain raw materials, component parts, freight, energy, labor, and sourced finished goods in a timely and cost-effective manner; (xxi) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxii) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics, or pandemics or other contagious outbreaks; (xxiii) our ability to respond to new lighting and air disinfection technologies and market trends; (xxiv) our ability to fulfill our warranty obligations with safe and reliable products; (xxv) any delays we may encounter in making new products available or fulfilling customer specifications; (xxvi) any flaws or defects in our products or in the manner in which they are used or installed; (xxvii) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims made by others; (xxviii) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxix) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxx) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxxi) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Condensed Consolidated Balance Sheets (in thousands) March 31, 2022 December 31, 2021 (Unaudited) ASSETS Current assets: Cash $ 225 $ 2,682 Trade accounts receivable, less allowances of $5 and $14, respectively 1,330 1,240 Inventories, net 7,367 7,866 Short-term deposits 701 712 Prepaid and other current assets 909 924 Total current assets 10,532 13,424 Property and equipment, net 631 675 Operating lease, right-of-use asset 1,386 292 Total assets $ 12,549 $ 14,391 LIABILITIES Current liabilities: Accounts payable $ 2,230 $ 2,235 Accrued liabilities 317 265 Accrued legal and professional fees 69 104 Accrued payroll and related benefits 477 718 Accrued sales commissions 71 57 Accrued warranty reserve 265 295 Deferred revenue — 268 Operating lease liabilities 237 325 Finance lease liabilities — 1 Streeterville - 2021 note, net of discount and loan origination fees 1,161 1,719 Credit line borrowings, net of loan origination fees 3,109 2,169 Total current liabilities 7,936 8,156 Condensed Consolidated Balance Sheets (in thousands) March 31, 2022 December 31, 2021 (Unaudited) Operating lease liabilities, net of current portion 1,181 26 Total liabilities 9,117 8,182 STOCKHOLDERS' EQUITY Preferred stock, par value $0.0001 per share: Authorized: 5,000,000 shares (3,300,000 shares designated as Series A Convertible Preferred Stock) at March 31, 2022 and December 31, 2021 Issued and outstanding: 876,447 at March 31, 2022 and December 31, 2021 — — Common stock, par value $0.0001 per share: Authorized: 50,000,000 shares at March 31, 2022 and December 31, 2021 Issued and outstanding: 6,453,777 at March 31, 2022 and 6,368,549 at December 31, 2021 — — Additional paid-in capital 144,997 144,953 Accumulated other comprehensive loss (3 ) (3 ) Accumulated deficit (141,562 ) (138,741 ) Total stockholders' equity 3,432 6,209 Total liabilities and stockholders' equity $ 12,549 $ 14,391 Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) Three months ended March 31, 2022 December 31, 2021 March 31, 2021 Net sales $ 2,061 $ 2,405 $ 2,637 Cost of sales 2,087 2,216 2,084 Gross (loss) profit (26 ) 189 553 Operating expenses: Product development 503 464 653 Selling, general, and administrative 2,127 2,081 2,218 Restructuring recovery — — (19 ) Total operating expenses 2,630 2,545 2,852 Loss from operations (2,656 ) (2,356 ) (2,299 ) Other expenses (income): Interest expense 184 272 127 Gain on forgiveness of PPP loan — — (801 ) Other income (30 ) (14 ) — Other expenses 11 18 17 Loss before income taxes (2,821 ) (2,632 ) (1,642 ) Benefit from income taxes — (1 ) — Net loss $ (2,821 ) $ (2,631 ) $ (1,642 ) Net loss per common share attributable to common stockholders - basic: From operations $ (0.44 ) $ (0.50 ) $ (0.45 ) Weighted average shares of common stock outstanding: Basic and diluted 6,437 5,312 3,612 Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three months ended March 31, 2022 December 31, 2021 March 31, 2021 Cash flows from operating activities: Net loss $ (2,821 ) $ (2,631 ) $ (1,642 ) Adjustments to reconcile net loss to net cash used in operating activities: Other income (30 ) (14 ) — Gain on forgiveness of PPP loan — — (801 ) Depreciation 44 45 47 Stock-based compensation 44 42 140 Provision for doubtful accounts receivable (9 ) (4 ) 6 Provision for slow-moving and obsolete inventories 129 165 89 Provision for warranties (30 ) 55 12 Amortization of loan discounts and origination fees 69 72 38 Changes in operating assets and liabilities (sources / (uses) of cash): Accounts receivable (83 ) 393 532 Inventories 370 (276 ) (1,963 ) Short-term deposits 12 170 12 Prepaid and other assets 20 788 4 Accounts payable 61 (341 ) 951 Accrued and other liabilities (211 ) (75 ) (209 ) Deferred revenue (268 ) 266 1 Total adjustments 118 1,286 (1,141 ) Net cash used in operating activities (2,703 ) (1,345 ) (2,783 ) Cash flows from investing activities: Acquisitions of property and equipment (35 ) (132 ) (109 ) Net cash used in investing activities (35 ) (132 ) (109 ) Condensed Consolidated Statements of Cash Flows - continued (in thousands) (unaudited) Three months ended March 31, 2022 December 31, 2021 March 31, 2021 Cash flows from financing activities (sources / (uses) of cash): Proceeds from the issuance of common stock and warrants — 4,500 — Proceeds from the exercise of warrants — 274 527 Offering costs paid on the issuance of common stock and warrants — (499 ) — Principal payments under finance lease obligations (1 ) — (1 ) Proceeds from exercise of stock options and employee stock purchase plan purchases — 21 — Common stock withheld in lieu of income tax withholding on vesting of restricted stock units — — (2 ) Payments on the 2021 Streeterville note (615 ) — — Net proceeds (payments) from the credit line borrowings - Credit Facilities 897 (518 ) 1,080 Net cash provided by financing activities 281 3,778 1,604 Net (decrease) increase in cash and restricted cash (2,457 ) 2,301 (1,288 ) Cash and restricted cash, beginning of period 2,682 381 2,178 Cash and restricted cash, end of period $ 225 $ 2,682 $ 890 Classification of cash and restricted cash: Cash $ 225 $ 2,682 $ 548 Restricted cash held in other assets — — 342 Cash and restricted cash $ 225 $ 2,682 $ 890 Sales by Product (in thousands) (unaudited) Three months ended March 31, 2022 December 31, 2021 March 31, 2021 Net sales: Commercial $ 1,134 $ 1,169 $ 913 MMM products 927 1,236 1,724 Total net sales $ 2,061 $ 2,405 $ 2,637 Non-GAAP Measures In addition to the results in this release that are presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), we provide certain non-GAAP measures, which present operating results on an adjusted basis. These non-GAAP measures are supplemental measures of performance that are not required by or presented in accordance with U.S. GAAP and, include: total availability, which we define as our ability on the period end date to access additional cash if necessary under our short-term credit facilities, plus the amount of cash on hand on that same date; adjusted EBITDA, which we define as net income (loss) before giving effect to restructuring expenses, financing charges, income taxes, non-cash depreciation, stock non-cash compensation, accrued incentive compensation, non-routine charges to other income or expense, and change in fair value of warrant liability; and adjusted gross margins, which we define as our gross profit margins during the period without the impact from excess and obsolete, in-transit and net realizable value inventory reserve movements that do not reflect current period inventory decisions. We believe that our use of these non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on U.S. GAAP results and relative to other companies within the industry by isolating the effects of items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies, and to assess liquidity, cash flow performance of the operations, and the product margins of our business relative to our U.S. GAAP results and relative to other companies in the industry by isolating the effects of certain items that do not have a current period impact. However, our presentation of these non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. Further, there are limitations on the use of these non-GAAP measures to compare our results to other companies within the industry because they are not necessarily standardized or comparable to similarly titled measures used by other companies. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance. Total availability, adjusted EBITDA and adjusted gross margins do not represent cash generated from operating activities in accordance with U.S. GAAP, are not necessarily indicative of cash available to fund cash needs and are not intended to and should not be considered as alternatives to cash flow, net income and gross profit margins, respectively, computed in accordance with U.S. GAAP as measures of liquidity or operating performance. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are provided below for total availability, adjusted EBITDA and adjusted gross margins, respectively. As of (in thousands) March 31, 2022 December 31, 2021 March 31, 2021 Total borrowing capacity under credit facilities $ 4,026 $ 4,042 $ 4,250 Less: Credit line borrowings, gross(1) (3,175 ) (2,279 ) (3,561 ) Excess availability under credit facilities(2) 851 1,763 689 Cash 225 2,682 548 Total availability(3) $ 1,076 $ 4,445 $ 1,237 (1)Forms 10-Q and 10-K Balance Sheets reflect the Line of credit net of debt financing costs of $66, $109 and $123, respectively. (2)Excess availability under credit facilities - represents difference between maximum borrowing capacity of credit facilities and actual borrowings (3)Total availability - represents Company’s ‘access’ to cash if needed at point in time Three months ended (in thousands) March 31, 2022 December 31, 2021 March 31, 2021 Net loss $ (2,821 ) $ (2,631 ) $ (1,642 ) Restructuring expense (recovery) — — (19 ) Net loss, excluding restructuring (2,821 ) (2,631 ) (1,661 ) Interest 184 272 127 Gain on forgiveness of PPP loan — — (801 ) Other income (30 ) (14 ) — Income tax benefit — (1 ) — Depreciation 44 45 47 Stock-based compensation 44 42 140 Other incentive compensation (5 ) 68 118 Adjusted EBITDA $ (2,584 ) $ (2,219 ) $ (2,030 ) Three Months Ended (in thousands) March 31, 2022 December 31, 2021 March 31, 2021 ($) (%) ($) (%) ($) (%) Net sales $ 2,061 $ 2,405 $ 2,637 Reported gross profit (26 ) (1.3 )% 189 7.9 % 553 21.0 % E&O, in-transit and net realizable value inventory reserve changes 129 6.3 % 165 6.9 % 89 3.4 % Adjusted gross margin $ 103 5.0 % $ 354 14.7 % $ 642 24.3 %
- 05/12/2022
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Energy Focus, Inc. (EFOI) CEO James Tu on Q4 2021 Results - Earnings Call Transcript
- Energy Focus, Inc. (EFOI) CEO James Tu on Q4 2021 Results - Earnings Call Transcript
- 03/17/2022
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Energy Focus Stock Slips Post Q4 Results, Revenue Down 36%
- Energy Focus Inc (NASDAQ: EFOI) reported a fourth-quarter net sales decline of 35.8% year-over-year to $2.41 million. The gross margin for the quarter fell to 7.9% from 38.3% in 4Q20.
- 03/17/2022
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Energy Focus, Inc. Reports Fourth Quarter and Fiscal Year 2021 Financial Results
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems and ultraviolet-c light disinfection (“UVCD”) products for the commercial, military maritime and consumer markets, today announced financial results for its fourth quarter and fiscal year ended December 31, 2021. Full-Year 2021 and Subsequent Business Highlights Net sales of $9.9 million, down 41.4% from 2020, reflecting continued fluctuations in timing of military orders and government funding availability, ongoing COVID-19 related business challenges for its customers, and supply chain and logistics delays. Gross profit margin of 17.2%, down from 30.8% in 2020, primarily due to lower sales and the overhang of fixed costs against lower sales volume. Loss from operations of $8.7 million, compared to a loss from operations in 2020 of $4.1 million. Net loss of $7.9 million, or ($1.73) per basic and diluted share of common stock, compared to a net loss of $6.0 million, or ($1.83) per basic and diluted share of common stock, in 2020. Cash of $2.7 million as of December 31, 2021, included in total availability (as defined under “Non-GAAP Measures” below) of $4.4 million, as compared to cash of $1.8 million and total availability of $3.5 million as of December 31, 2020. Net proceeds of approximately $4.0 million from December 2021 private placement of common stock and warrants to certain institutional investors. nUVo™ Traveler production units shipping as of the end of the fourth quarter of 2021; nUVo™ Tower began shipping in January 2022. Appointed the Lead Independent Director, an experienced venture capitalist, as Interim CEO while search is underway. Added seasoned lighting and consumer product executives to Board of Directors. “Over the past year, amidst significant upheaval to our primary commercial and military customers and markets and our efforts to bring safely enclosed, high-dose UVCD products to market, we have built an organization ready to execute,” commented Stephen Socolof, Interim CEO and Lead Independent Director. “Our focus for 2022 is on that execution, both in our traditional markets, centered around our innovative and differentiated EnFocus™ powerline and control platform, our Redcap® emergency battery backup tubular LEDs, our ruggedized LED solutions for military and maritime applications, and our new UVCD solutions designed to destroy over 99.9 percent of various airborne pathogens, including coronavirus, influenza and mold. Importantly, we are increasing our initiatives on our core markets, light commercial and particularly military applications, where Energy Focus has a very recognized brand and built competitive advantages centered around differentiated technology and intellectual property. Our focus is to re-engage these markets to drive improved results, complemented by the contribution from our UVCD products that could broaden our market reach and scalability.” On January 11, 2022, the Board of Directors of Energy Focus, Inc. (the “Company”) appointed Mr. Socolof, the Company’s Lead Independent Director, to serve as Interim Chief Executive Officer, replacing James Tu, the former Chief Executive Officer. Mr. Socolof has served as a member of the Board of Directors since May 2019, and as the Company’s Lead Independent Director since September 2019. He has been Managing Partner of Tech Council Ventures, an early-stage venture capital firm, since 2018 and remains a Managing Partner of New Venture Partners, a venture capital firm that he co-founded in 2001. On February 11, 2022, the Company entered into a Separation and Release Agreement with Mr. Tu and he resigned from the Board of Directors. The Board of Directors has begun a search for a permanent Chief Executive Officer. In addition, on February 24, 2022, the Company announced that its Board of Directors had appointed Jeffery R. Parker and Brian J. Lagarto as independent directors of the Company. Mr. Parker, 58, has spent nearly 30 years managing companies in the display, LED, medical and lighting markets. He has a proven track record of driving growth and market leadership in the lighting industry by bringing innovative products to market, and since 2019, has served as the Chief Executive Officer of Luminii, LLC, a manufacturer of architectural LED lighting systems. Mr. Lagarto, 56, retired in 2021 from SharkNinja Operating LLC, a leading global producer of small household appliances under the Shark and Ninja brands. At SharkNinja, Mr. Lagarto served primarily as Executive Vice President, Chief Financial Officer from 2009 to 2017, as well as Chief Operating Officer from 2017 to 2018, with responsibility for global finance and operations. From 2019 until his retirement, he served as Chief People & Strategy Officer, with responsibility for corporate strategy, organizational design, talent and culture. “As we move forward, we continue to focus on improving our gross and operating margins through innovation, as well as value add and value engineering work at the cost of goods sold level, and management rigor at the sales and operating levels,” continued Mr. Socolof. “Our development work on the initial UVCD solutions is complete, and we have concentrated our near-term focus on applications with immediate potential, and on opportunities of which resources can be quickly adjusted based on market reaction. In addition, we have reorganized our operations to better focus on the two core areas of our business, LED lighting and control solutions and our new UVC disinfection solutions. In 2021, Greg Galluccio joined us as Senior Vice President of Product Management and Engineering. Greg has 35 years of diverse experience in the electrical and lighting industries at much larger organizations, such as Underwriters Laboratories (UL) and Leviton Manufacturing, and he is charged with refreshing and defining our technology roadmap and go-to-market strategy. I am also excited about the recent additions of Jeff Parker and Brian Lagarto to our board of directors. Jeff’s lighting industry expertise, and Brian’s extensive experience scaling up a worldwide consumer products brand, will be valuable resources for Energy Focus.” Full-Year 2021 Financial Results Net sales were $9.9 million for 2021, compared with $16.8 million for 2020. Net sales from commercial products were $4.7 million, or 47.5% of total net sales, for 2021, compared with $5.4 million, or 32.1% of total net sales, for 2020. The decrease in net sales of commercial products reflects continuing fluctuations in the timing, pace and size of commercial projects, including impacts of the COVID-19 pandemic. Net sales from military and maritime market (“MMM”) products were $5.2 million, or 52.5% of total net sales, for 2021, compared with $11.4 million, or 67.9% of total net sales, for 2020. The decrease in net MMM product sales in 2021, as compared to 2020 was mainly due to the reduced availability of government funding and the delayed timing of expected orders, as well as higher in-house sales and short-term contracts awarded and performed in 2020. Gross profit was $1.7 million, or 17.2% of net sales, for 2021, compared with gross profit of $5.2 million, or 30.8% of net sales, for 2020. The year-over-year decrease in gross margin was driven primarily by lower sales, resulting in an overhang in fixed costs against the lower sales volume of $1.0 million, or 10.1% of net sales, and unfavorable inventory and warranty reserve adjustments aggregating $0.3 million, or 2.9% of net sales. Gross margin for 2021 included favorable price and usage variances for material and labor of $0.8 million, or 8.3% of net sales. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 18.8% for full-year 2021, compared to 27.1% in the prior year, primarily driven by low sales in 2021. Operating loss was $8.7 million for 2021. This compares with an operating loss of $4.1 million for 2020. Net loss was $7.9 million, or ($1.73) per basic and diluted share of common stock, for 2021, inclusive of a non-cash, pre-tax gain of $0.8 million from the forgiveness of the Company’s Paycheck Protection Program loan, as well as other income recorded relating to the Employee Retention Tax Credit (“ERTC”) of $0.9 million ($431 thousand of which was received during the fourth quarter of 2021, with the remainder expected during 2022). This compares with a net loss of $6.0 million, or ($1.83) per basic and diluted share of common stock, for 2020, which included a non-cash, pre-tax loss of $1.1 million resulting from the revaluation of the warrant liability through December 2020, when the outstanding warrantholders agreed to modifications that qualified the warrants for equity accounting treatment. Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $7.9 million for 2021, compared with a loss of $3.5 million for 2020. The increased Adjusted EBITDA loss in 2021, as compared to 2020, was primarily due to lower sales and the overhang of fixed costs over the lower sales volume. Cash was $2.7 million as of December 31, 2021 as compared to $1.8 million as of December 31, 2020. As of December 31, 2021, the Company had total availability, as defined under “Non-GAAP Measures” below, of $4.4 million, which consisted of $2.7 million of cash and $1.7 million of additional borrowing availability under its credit facilities. This compares to total availability of $3.5 million as of December 31, 2020. Fourth Quarter 2021 Financial Results: Net sales were $2.4 million for the fourth quarter of 2021, down 35.8% compared with $3.7 million in the fourth quarter of 2020. Net sales from commercial products were $1.2 million, or 48.6% of total net sales, for the fourth quarter of 2021, flat as compared to the fourth quarter of 2020, reflecting the continuing impacts on our customers of the COVID-19 pandemic due to fluctuations in the timing, pace, and size of commercial projects. Net sales from MMM products were $1.2 million, or 51.4% of total net sales, for the fourth quarter of 2021, down from $2.6 million, or 69.2% of total net sales, in the fourth quarter of 2020. Sales were higher in the prior period due to a large order from a U.S. shipbuilder in 2020 that drove a significant part of the MMM business. Sequentially, net sales were down slightly as compared to $2.7 million in the third quarter of 2021, mainly due to a 23.2% decrease in commercial product sales from the third quarter of 2021. Gross profit was $0.2 million, or 7.9% of net sales, for the fourth quarter of 2021, compared with gross profit of $1.4 million, or 38.3% of net sales, in the fourth quarter of 2020. Sequentially, this compares with a gross profit of $0.6 million, or 20.5% of net sales, in the third quarter of 2021. The year-over-year decline in gross margin was primarily driven by lower MMM product sales, an overhang of fixed costs of $0.5 million, or 19.1% of net sales, against the lower sales volume, a negative margin impact from sales product mix of $0.2 million, or 8.7% of net sales, and unfavorable inventory reserve adjustments of $0.2 million, or 9.5% of net sales. These were offset slightly by favorable price and usage variances for material and labor of $0.2 million, or 7.4% of net sales, in the fourth quarter of 2021. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 14.7% for the fourth quarter of 2021, compared to 27.7% in the fourth quarter of 2020 and compared sequentially to 17.9% in the third quarter of 2021. The decrease in adjusted gross margin from the fourth quarter of 2020 is mainly due to lower MMM sales and negative margin impacts from increased fixed costs and product mix as discussed above. The decrease in adjusted gross margin from the third quarter of 2021 is primarily attributable to lower commercial product sales and an overhang of fixed costs of $0.2 million, or 9.9% of net sales, against the lower sales volume. Operating loss was $2.4 million for the fourth quarter of 2021, compared with an operating loss of $0.9 million in the fourth quarter of 2020. Sequentially, this compares to an operating loss of $1.8 million in the third quarter of 2021. The year-over-year increase in the operating loss was primarily attributable to lower net sales, an increase in the SG&A impact of increased headcount and salaries, and increased advertising and promotion costs. Net loss was $2.6 million in the fourth quarter of 2021, compared with net income of $0.1 million in the fourth quarter of 2020, which was inclusive of a $1.2 million non-cash, pre-tax gain resulting from the final revaluation of the warrant liability during the fourth quarter of 2020. Sequentially, this compares to a net loss of $1.1 million in the third quarter of 2021, which was inclusive of a $0.9 million non-cash, pre-tax gain resulting from other income recorded relating to the ERTC. Net loss per basic and diluted share of common stock was ($0.50) for the fourth quarter of 2021, compared with net income per basic and diluted share of common stock of $0.01 in the fourth quarter of 2020. Sequentially, this compares to a net loss per basic and diluted share of common stock of ($0.22) in the third quarter of 2021. Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $2.2 million for the fourth quarter of 2021, compared with a loss of $0.8 million in the fourth quarter of 2020 and a loss of $1.7 million in the third quarter of 2021. Conference Call: The Company will host a conference call and webcast today, March 17, 2022 at 11 a.m. ET to review the fourth quarter and full-year 2021 results, followed by a Q&A session. To participate in the call, please dial toll-free 1-877-451-6152 or international 1-201-389-0879, and reference conference ID 13726068. The conference call will be simultaneously webcast. To listen to the webcast, log on to it at: https://viavid.webcasts.com/starthere.jsp?ei=1522523&tp_key=55cae2bf30. The webcast will be available at this link through April 1, 2022. Financial information presented on the call, including the earnings press release, will be available on the investors section of Energy Focus’ website at investors.energyfocus.com. About Energy Focus Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com. Forward Looking Statements: Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) instability in the U.S. and global economies and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) the competitiveness and market acceptance of our LED lighting, control and UVCD technologies, services and products; (iii) our ability to compete effectively against companies with lower prices or cost structures, greater resources, or more rapid development capabilities, and new competitors in our target markets; (iv) our ability to extend our product portfolio into consumer products; (v) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their appeal compared to other products; (vi) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (vii) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (viii) our ability to successfully scale our network of sales representatives, agents, distributors and other channel partners to compete with the sales reach of larger, established competitors; (ix) our ability to implement plans to increase sales and control expenses; (x) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (xi) our ability to add new customers to reduce customer concentration; (xii) our need for additional financing in the near term to continue our operations; (xiii) our ability to refinance or extend maturing debt on acceptable terms or at all; (xiv) our ability to continue as a going concern for a reasonable period of time; (xv) our ability to attract and retain a new chief executive officer (“Chief Executive Officer”); (xvi) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xvii) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality despite ongoing global supply chain challenges, and the impact of our fluctuating demand on the stability of such suppliers; (xviii) our ability to timely, efficiently and cost-effectively transport products from our third-party suppliers to our facility by ocean marine and other logistics channels despite global supply chain and logistics disruptions; (xix) the impact of any type of legal inquiry, claim or dispute; (xx) the inflationary or deflationary general economic conditions in the United States and in other markets in which we operate or secure products, which could affect our ability to obtain raw materials, component parts, freight, energy, labor, and sourced finished goods in a timely and cost-effective manner; (xxi) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxii) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics, or pandemics or other contagious outbreaks; (xxiii) our ability to respond to new lighting and air disinfection technologies and market trends; (xxiv) our ability to fulfill our warranty obligations with safe and reliable products; (xxv) any delays we may encounter in making new products available or fulfilling customer specifications; (xxvi) any flaws or defects in our products or in the manner in which they are used or installed; (xxvii) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims made by others; (xxviii) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxix) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxx) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxxi) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Condensed Consolidated Balance Sheets (Audited) (in thousands) December 31, 2021 2020 ASSETS Current assets: Cash $ 2,682 $ 1,836 Trade accounts receivable, less allowances of $14 and $8, respectively 1,240 2,021 Inventories, net 7,866 5,641 Short-term deposits 712 796 Prepaid and other current assets 924 782 Total current assets 13,424 11,076 Property and equipment, net 675 420 Operating lease, right-of-use asset 292 794 Restructured lease, right-of-use asset — 107 Total assets $ 14,391 $ 12,397 LIABILITIES Current liabilities: Accounts payable $ 2,235 $ 2,477 Accrued liabilities 265 45 Accrued legal and professional fees 104 149 Accrued payroll and related benefits 718 885 Accrued sales commissions 57 95 Accrued restructuring — 11 Accrued warranty reserve 295 227 Deferred revenue 268 72 Operating lease liabilities 325 598 Restructured lease liabilities — 168 Finance lease liabilities 1 3 Streeterville note, net of discount and loan origination fees 1,719 — PPP loan — 529 Credit line borrowings, net of loan origination fees 2,169 2,298 Total current liabilities 8,156 7,557 Condensed Consolidated Balance Sheets (Audited) (in thousands) December 31, 2021 2020 Operating lease liabilities, net of current portion 26 318 Finance lease liabilities, net of current portion — 1 PPP loan, net of current maturities — 266 Total liabilities 8,182 8,142 STOCKHOLDERS' EQUITY Preferred stock, par value $0.0001 per share: Authorized: 5,000,000 shares (3,300,000 shares designated as Series A Convertible Preferred Stock) at December 31, 2021 and December 31, 2020) Issued and outstanding: 876,447 shares at December 31, 2021 and 2,597,470 shares at December 31, 2020 — — Common stock, par value $0.0001 per share: Authorized: 50,000,000 shares at December 31, 2021 and December 31, 2020 Issued and outstanding: 6,368,549 shares at December 31, 2021 and 3,525,374 shares at December 31, 2020 — — Additional paid-in capital 144,953 135,113 Accumulated other comprehensive loss (3 ) (3 ) Accumulated deficit (138,741 ) (130,855 ) Total stockholders' equity 6,209 4,255 Total liabilities and stockholders' equity $ 14,391 $ 12,397 Condensed Consolidated Statements of Operations (In thousands, except per share data) Three months ended Twelve months ended December 31, September 30, December 31, December 31, 2021 2021 2020 2021 2020 Net sales $ 2,405 $ 2,749 $ 3,746 $ 9,865 $ 16,828 Cost of sales 2,216 2,186 2,312 8,167 11,643 Gross profit 189 563 1,434 1,698 5,185 Operating expenses: Product development 464 404 419 1,891 1,415 Selling, general, and administrative 2,081 1,968 1,897 8,535 7,900 Restructuring (credits) expense — 1 (16 ) (21 ) (60 ) Total operating expenses 2,545 2,373 2,300 10,405 9,255 Loss from operations (2,356 ) (1,810 ) (866 ) (8,707 ) (4,070 ) Other expenses: Interest expense 272 177 137 792 481 Gain on forgiveness of PPP loan — — — (801 ) — Loss on extinguishment of debt — — 117 — 276 Other income - employee retention tax credit (14 ) (862 ) — (876 ) — (Gain) loss from change in fair value of warrants — — (1,188 ) — 1,086 Other expenses 18 15 6 65 73 (Loss) income from operations before income taxes (2,632 ) (1,140 ) 62 (7,887 ) (5,986 ) Benefit from income taxes (1 ) — (3 ) (1 ) (5 ) Net (loss) income $ (2,631 ) $ (1,140 ) $ 65 $ (7,886 ) $ (5,981 ) Net (loss) income per common share attributable to common stockholders - basic1: From operations $ (0.50 ) $ (0.22 ) $ 0.01 $ (1.73 ) $ (1.83 ) Net (loss) income per common share attributable to common stockholders - diluted1: From operations $ (0.50 ) $ (0.22 ) $ 0.01 $ (1.73 ) $ (1.83 ) Weighted average shares used in computing net (loss) income per common share: Basic 5,312 5,086 3,491 4,561 3,270 Diluted 5,312 5,086 4,307 4,561 3,270 1 In accordance with Topic 260 "Earnings Per Share", net income has been allocated to holders of common shares and participating securities including preferred shares and warrants, accordingly. Earnings per share disclosed above utilizes income attributable to common shareholders after this required allocation. The following table summarizes the computation of basic and diluted earnings per share: (In thousands, except per share data) Three months ended Twelve months ended December 31, September 30, December 31, December 31, 2021 2021 2020 2021 2020 Net (loss) income $ (2,631 ) $ (1,140 ) $ 65 $ (7,886 ) $ (5,981 ) Less: Undistributed earnings allocated to participating securities — — 18 — — Net (loss) income available to common stockholders $ (2,631 ) $ (1,140 ) $ 47 $ (7,886 ) $ (5,981 ) Weighted average shares used in computing net (loss) income per common share: Basic 5,312 5,086 3,491 4,561 3,270 Options — — 102 — — Warrants — — 194 — — Restricted stock units — — 1 — — Convertible preferred stock — — 519 — — Diluted 5,312 5,086 4,307 4,561 3,270 Net (loss) income per common share attributable to common stockholders - basic: From operations $ (0.50 ) $ (0.22 ) $ 0.01 $ (1.73 ) $ (1.83 ) Net (loss) income per common share attributable to common stockholders - diluted: From operations $ (0.50 ) $ (0.22 ) $ 0.01 $ (1.73 ) $ (1.83 ) Condensed Consolidated Statements of Cash Flows (In thousands) Three months ended Twelve months ended December 31, September 30, December 31, December 31, 2021 2021 2020 2021 2020 Cash flows from operating activities: Net (loss) income $ (2,631 ) $ (1,140 ) $ 65 $ (7,886 ) $ (5,981 ) Adjustments to reconcile net (loss) income to net cash used in operating activities: Other income - employee retention tax credit (14 ) (862 ) — (876 ) — Gain on forgiveness of PPP loan — — — (801 ) — Depreciation 45 43 44 188 184 Stock-based compensation 42 39 35 429 131 Change in fair value of warrants — — (1,188 ) — 1,086 Provision for doubtful accounts receivable (4 ) 2 1 6 (20 ) Provision for slow-moving and obsolete inventories and valuation reserves 165 (70 ) (381 ) 156 (610 ) Provision for warranties 55 1 (3 ) 68 31 Amortization of loan discounts and origination fees 72 61 174 230 395 Loss on dispositions of property and equipment — — 8 — 8 Changes in operating assets and liabilities: Accounts receivable 393 (500 ) 1,447 783 377 Inventories (276 ) 444 (1 ) (2,381 ) 1,137 Short-term deposits 170 (62 ) (258 ) 257 (670 ) Prepaid and other assets 788 (91 ) 41 669 (18 ) Accounts payable (341 ) (164 ) (715 ) (423 ) 1,096 Accrued and other liabilities (75 ) 53 (104 ) (380 ) 349 Deferred revenue 266 (69 ) (33 ) 196 54 Total adjustments 1,286 (1,175 ) (933 ) (1,879 ) 3,530 Net cash used in operating activities (1,345 ) (2,315 ) (868 ) (9,765 ) (2,451 ) Cash flows from investing activities: Acquisitions of property and equipment (132 ) (100 ) (52 ) (443 ) (223 ) Net cash used in investing activities (132 ) (100 ) (52 ) (443 ) (223 ) Condensed Consolidated Statements of Cash Flows (In thousands) Three months ended Twelve months ended December 31, September 30, December 31, December 31, 2021 2021 2020 2021 2020 Cash flows from financing activities: Proceeds from the issuance of common stock and warrants 4,500 — — 9,500 2,749 Proceeds from warrants exercised 274 — 242 801 918 Offering costs paid on the issuance of common stock and warrants (499 ) (1 ) (36 ) (969 ) (510 ) Proceeds from PPP loan — — — — 795 Proceeds from exercises of stock options and employee stock purchase plan purchases 21 — 70 80 100 Principal payments under finance lease obligations — (1 ) — (3 ) (3 ) Common stock withheld in lieu of income tax withholding on vesting of restricted stock units — 1 — (1 ) (3 ) Payments for deferred financing & termination costs — — — (30 ) (320 ) Payments on the Iliad Note — — (330 ) — (1,306 ) Proceeds from the Streeterville Note — — — 1,515 — Net payments on credit line borrowings - Austin Facility — — — — (719 ) Net (payments on) proceeds from credit line borrowings - Credit Facilities (518 ) 1,128 236 (181 ) 2,459 Net cash provided by financing activities 3,778 1,127 182 10,712 4,160 Net increase (decrease) in cash and restricted cash 2,301 (1,288 ) (738 ) 504 1,486 Cash and restricted cash at beginning of period 381 1,669 2,916 2,178 692 Cash and restricted cash at end of period $ 2,682 $ 381 $ 2,178 $ 2,682 $ 2,178 Classification of cash and restricted cash: Cash $ 2,682 $ 381 $ 1,836 $ 2,682 $ 1,836 Restricted cash held in other assets — — 342 — 342 Cash and restricted cash $ 2,682 $ 381 $ 2,178 $ 2,682 $ 2,178 Sales by Products (In thousands) Three months ended Twelve months ended December 31, September 30, December 31, December 31, 2021 2021 2020 2021 2020 Commercial products $ 1,169 $ 1,522 $ 1,154 $ 4,682 $ 5,404 Military maritime products 1,236 1,227 2,592 5,183 11,424 Total net sales $ 2,405 $ 2,749 $ 3,746 $ 9,865 $ 16,828 Non-GAAP Measures In addition to the results in this release that are presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), we provide certain non-GAAP measures, which present operating results on an adjusted basis. These non-GAAP measures are supplemental measures of performance that are not required by or presented in accordance with U.S. GAAP and, include: total availability, which we define as our ability on the period end date to access additional cash if necessary under our short-term credit facilities, plus the amount of cash on hand on that same date; adjusted EBITDA, which we define as net income (loss) before giving effect to restructuring expenses, financing charges, income taxes, non-cash depreciation, stock compensation, incentive compensation, and change in fair value of warrant liability; and adjusted gross margins, which we define as our gross profit margins during the period without the impact from excess and obsolete, in-transit and net realizable value inventory reserve movements that do not reflect current period inventory decisions. We believe that our use of these non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on U.S. GAAP results and relative to other companies within the industry by isolating the effects of items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies, and to assess liquidity, cash flow performance of the operations, and the product margins of our business relative to our U.S. GAAP results and relative to other companies in the industry by isolating the effects of certain items that do not have a current period impact. However, our presentation of these non-GAAP measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. Further, there are limitations on the use of these non-GAAP measures to compare our results to other companies within the industry because they are not necessarily standardized or comparable to similarly titled measures used by other companies. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance. Total availability, adjusted EBITDA and adjusted gross margins do not represent cash generated from operating activities in accordance with U.S. GAAP, are not necessarily indicative of cash available to fund cash needs and are not intended to and should not be considered as alternatives to cash flow, net income and gross profit margins, respectively, computed in accordance with U.S. GAAP as measures of liquidity or operating performance. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are provided below. As of (in thousands) December 31, September 30, December 31, 2021 2021 2020 Total borrowing capacity under credit facility $ 4,042 $ 4,552 $ 4,121 Less: Line of credit borrowings, gross(1) (2,279 ) (2,802 ) (2,459 ) Excess availability under credit facility(2) 1,763 1,750 1,662 Cash 2,682 381 1,836 Total availability(3) $ 4,445 $ 2,131 $ 3,498 (1)Forms 10-Q and 10-K Balance Sheets reflect the Line of credit net of debt financing costs of $109, $130, and $161, respectively. (2)Excess availability under credit facilities - represents difference between maximum borrowing capacity of credit facility and actual borrowings (3)Total availability- represents Company’s ‘access’ to cash if needed at point in time Three months ended Twelve months ended (in thousands) December 31, September 30, December 31, December 31, 2021 2021 2020 2021 2020 Net (loss) income $ (2,631 ) $ (1,140 ) $ 65 $ (7,886 ) $ (5,981 ) Restructuring (recovery) expense — 1 (16 ) (21 ) (60 ) Net (loss) income, excluding restructuring (2,631 ) (1,139 ) 49 (7,907 ) (6,041 ) Interest 272 177 137 792 481 Gain on forgiveness of PPP loan — — — (801 ) — Loss on extinguishment of debt — — 117 — 276 Other income - employee retention tax credit (14 ) (862 ) — (876 ) — Income tax benefit (1 ) — (3 ) (1 ) (5 ) Depreciation 45 43 44 188 184 Stock-based compensation 42 39 35 429 131 Other incentive compensation 68 47 17 245 342 Change in fair value of warrant liability — — (1,188 ) — 1,086 Adjusted EBITDA $ (2,219 ) $ (1,695 ) $ (792 ) $ (7,931 ) $ (3,546 ) Three months ended Twelve months ended (in thousands) December 31, September 30, December 31, December 31, December 31, 2021 2021 2020 2021 2020 ($) (%) ($) (%) ($) (%) ($) (%) ($) (%) Net sales $ 2,405 $ 2,749 $ 3,746 $ 9,865 $ 16,828 Reported gross profit 189 7.9 % 563 20.5 % 1,434 38.3 % 1,698 17.2 % 5,185 30.8 % E&O, in-transit and net realizable value inventory reserve changes 165 6.9 % (70 ) (2.5 )% (395 ) (10.5 )% 156 1.6 % (624 ) (3.7 )% Adjusted gross margin $ 354 14.7 % $ 493 17.9 % $ 1,039 27.7 % $ 1,854 18.8 % $ 4,561 27.1 %
- 03/17/2022
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Energy Focus, Inc. (EFOI) CEO James Tu on Q3 2021 Results - Earnings Call Transcript
- Energy Focus, Inc. (EFOI) CEO James Tu on Q3 2021 Results - Earnings Call Transcript
- 11/12/2021
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Will Energy Focus (EFOI) Report Negative Earnings Next Week? What You Should Know
- Energy Focus (EFOI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 11/05/2021
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Energy Focus to Report Third Quarter 2021 Earnings Results on November 12
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. Announced Third Quarter Earnings Call
- 11/01/2021
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Energy Focus Releases Independent Microbiological Performance Test Report Validating the Efficacy of Its nUVo™ UVC Air Disinfectors
- SOLON, Ohio--(BUSINESS WIRE)-- #EnergyFocus--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, including its UV™ by Energy Focus series of Virus-Targeted UVC Air Disinfectors, received an independent, third-party Microbial Reduction Rate Test Report on the efficacy for nUVo™ Tower and nUVo™ Traveler from one of the largest independent testing labs in the world and a total quality assurance provider that the Company commissioned. According to the report,
- 10/12/2021
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Energy Focus to Present at the 2021 LD Micro Main Event on October 13, 2021
- SOLON, Ohio--(BUSINESS WIRE)-- #EnergyFocus--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, including its UV™ by Energy Focus series of virus-targeted UVC disinfection products, announces that it will present at the 2021 LD Micro Main Event on Wednesday, October 13, 2021. The conference is being held both in-person and virtually on October 12-14, 2021. James Tu, Chairman and CEO, will present an overview of the Company's business during the presentat
- 09/28/2021
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Energy Focus to Participate at the H.C. Wainwright 23rd Annual Global Investment Conference September 13-15, 2021
- SOLON, Ohio--(BUSINESS WIRE)-- #EnergyFocus--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, including its UV™ by Energy Focus portfolio of virus-targeted UVC disinfection products, announces it will present at the H.C. Wainwright 23rd Annual Global Investment Conference. The conference is being held virtually on September 13-15, 2021. Mr. James Tu, Chairman and Chief Executive Officer of Energy Focus, will provide an overview of the Company's busines
- 09/03/2021
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Energy Focus, Inc. (EFOI) CEO James Tu on Q2 2021 Results - Earnings Call Transcript
- Energy Focus, Inc. (EFOI) CEO James Tu on Q2 2021 Results - Earnings Call Transcript
- 08/12/2021
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Energy Focus Stock Plummets After 37% Decline In Q2 Sales
- Energy Focus Inc (NASDAQ: EFOI) reported a second-quarter FY21 sales decline of 37.8% year-on-year, to $2.10 million, missing the analyst consensus of $3.75 million. Gross profit declined 70% Y/Y to $0.4 million, and the margin was 18.9%, versus 40.3% last year.
- 08/12/2021
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Energy Focus (EFOI) Reports Q2 Loss, Misses Revenue Estimates
- Energy Focus (EFOI) delivered earnings and revenue surprises of -118.52% and -46.68%, respectively, for the quarter ended June 2021. Do the numbers hold clues to what lies ahead for the stock?
- 08/12/2021
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Energy Focus, Inc. Reports Second Quarter 2021 Financial Results
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. Reports Second Quarter 2021 Financial Results
- 08/12/2021
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Energy Focus to Report Second Quarter 2021 Earnings Results on August 12
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. Announces Second Quarter Earnings Call
- 08/02/2021
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4 Oil and Gas Stocks to Buy for Their Renewable Energy Focus
- Oil and gas stocks with big investments for the renewable energy sector over the next decade are fundamentally strong stocks to buy. The post 4 Oil and Gas Stocks to Buy for Their Renewable Energy Focus appeared first on InvestorPlace.
- 07/20/2021
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Energy Focus, Inc. Announces $5.0 Million Registered Direct Offering Priced-At-the-Market under Nasdaq Rules
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. Announces $5.0 million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
- 06/14/2021
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EFOI Stock Price: 35.43% Increase Explanation
- The stock price of Energy Focus Inc (NASDAQ: EFOI) increased by 35.43%. This is why it happened.
- 06/04/2021
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Energy Focus Inc. (EFOI) CEO James Tu on Q1 2021 Results - Earnings Call Transcript
- Energy Focus Inc. (EFOI) CEO James Tu on Q1 2021 Results - Earnings Call Transcript
- 05/13/2021
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Energy Focus, Inc. Reports First Quarter 2021 Financial Results
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. Announces First Quarter 2021 Results
- 05/13/2021
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3 Penny Stocks to Watch, One Up Over 105% in 2021
- Looking for penny stocks to watch? Check these 3 out The post 3 Penny Stocks to Watch, One Up Over 105% in 2021 appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.
- 05/06/2021
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Energy Focus to Report First Quarter 2021 Earnings Results on May 13
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. Announces First Quarter 2021 Earnings Call
- 05/03/2021
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7 Penny Stocks That May Not Be Penny Stocks For Long
- Many penny stocks are destined for bankruptcy, but there are some that will survive. Wall Street thinks these companies are undervalued.
- 04/21/2021
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Energy Focus Partners with Batteries Plus Bulbs for National Retail Distribution
- SOLON, Ohio--(BUSINESS WIRE)-- #BatteriesPlus--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”), LED and control technologies, has partnered with Batteries Plus Bulbs to offer Energy Focus' products for distribution to the franchise's 700-plus stores across the U.S. The initial offering centers on Energy Focus' patented RedCap® emergency-backup battery integrated LED tubes, its military-grade DockLights and extension arms, and its award-winning, patent-pending EnFocus
- 04/16/2021
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Energy Focus, Inc. (EFOI) CEO James Tu on Q4 2020 Results - Earnings Call Transcript
- Energy Focus, Inc. (EFOI) CEO James Tu on Q4 2020 Results - Earnings Call Transcript
- 03/25/2021
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Energy Focus to Report Fourth Quarter and Fiscal Year 2020 Earnings Results on March 25
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. Announces Annual and Fourth Quarter Conference Call
- 03/15/2021
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Energy Focus Partners with Dalkia of EDF Group
- SOLON, Ohio--(BUSINESS WIRE)-- #EDFGroup--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) LED and control technologies, is officially approved as a Lighting Solution Technology vendor for Dalkia, a subsidiary of EDF Group. The full range of Energy Focus' LED lighting and control products will now be offered for Dalkia's building energy retrofit projects. Dalkia is a $5 billion, global energy services company that provides advanced and comprehensive energy effici
- 02/26/2021
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Energy Focus to Present at Annual LD Micro Main Event Conference
- SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ: EFOI), a leader in sustainable and human-centric lighting technologies, today announced that it will be presenting at the 13th annual LD Micro Main Event investor conference on Tuesday, December 15th at 1 p.m. EST. James Tu, Chairman & CEO of Energy Focus, will be presenting to a live virtual audience. Register here for the event: ve.mysequire.com/ The Main Event will feature a new and unique format, with companies presenting for 10
- 12/04/2020
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Energy Focus -Shareholder Analyst Call
- The following slide deck was published by Energy Focus, Inc. in conjunction with this event..
- 09/03/2020
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Energy Focus to Present at The LD 500 Virtual Conference
- SOLON, OH / ACCESSWIRE / August 19, 2020 / Energy Focus, Inc.
- 08/19/2020
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Energy Focus, Inc. (EFOI) CEO James Tu on Q2 2020 Results - Earnings Call Transcript
- Energy Focus, Inc. (NASDAQ:EFOI) Q2 2020 Earnings Conference Call August 14, 2020, 11:00 ET Company Participants Brett Maas - Hayden IR Tod Nestor - President, CFO, Accounting Officer & Secretary James Tu - Chairman & CEO Conference Call Participants Jason Revland - Revland Wealth Advisors Amit Dayal - H.C.
- 08/14/2020
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Energy Focus (EFOI) Reports Q2 Loss, Tops Revenue Estimates
- Energy Focus (EFOI) delivered earnings and revenue surprises of 10.81% and 1.06%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?
- 08/13/2020
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Energy Focus, Inc. Reports Second Quarter 2020 Financial Results
- Energy Focus, Inc. (“Energy Focus” or the “Company”) (NASDAQ:EFOI), a leader in sustainable LED lighting technologies, today announced financial results for its
- 08/13/2020
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Energy Focus, Inc. Reports Second Quarter 2020 Financial Results
- Conference Call to be Held Tomorrow August 14, 2020, at 11AM ETSOLON, Ohio, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (“Energy Focus” or the “Company”) (NASDAQ:EFOI), a leader in sustainable LED lighting technologies, today announced financial results for its second quarter ended June 30, 2020. Second Quarter 2020 and Subsequent Business Highlights: * Net sales of $3.3 million, up 8.2% compared to the second quarter of 2019 and down 11.8% sequentially from the first quarter of 2020 reflecting the shift in the timing of the shipment of a portion of a certain military contract order from the second quarter to the third quarter of 2020. * Loss from operations improved by $1.2 million year-over-year, and by $0.3 million compared sequentially to the first quarter of 2020. * Net loss of $4.3 million, or $(1.36) per share, inclusive of a $3.3 million non-cash adjustment in the fair value of outstanding warrants, compared to a net loss of $2.3 million, or $(0.91) per share in the second quarter of 2019. * Management expects third quarter revenues of $6 million to $7 million, inclusive of the sales shift from the second quarter, representing year-over-year growth of 106%-140% from the third quarter of 2019, and sequential growth of 80%-110% compared with the second quarter of 2020. * Cash of $2.7 million as of June 30, 2020 compared to $0.4 million as of December 31, 2019. * Launched EnFocus™, the Company’s breakthrough lighting control platform, which received strong and positive feedback from customers and prospects, and won “Top Product of the Year” award from Energy & Environment Leaders. * Secured two new working capital financing facilities that significantly expand the credit capacity at a lower blended borrowing cost than the previous facility.“Energy Focus continues to deliver solid growth, margin expansion and improved operating results, reflecting the steps we have taken to deliver innovative products, on top of our heightened focus on expense and inventory management,” stated James Tu, Executive Chairman and CEO of Energy Focus. “The second quarter was impacted, as anticipated, by the delay of a portion of a large military order, shifting approximately $1.7 million in revenue out of the second quarter and into the third quarter. We expect to recognize a significant portion of this revenue in the third quarter, resulting in third quarter revenue guidance of $6 to $7 million, representing 106% to 140% growth over the third quarter of 2019. Year-to-date as of June 30, 2020, our revenues are up over the prior year more than 13%, even with the $1.7 million in delayed revenue, reflecting our expanded leadership and increased penetration in the military market that offset the temporary slowdown of our commercial business due to the impact from COVID-19 pandemic since late March.” “Longer-term, we are increasingly encouraged with the market response to our patent-pending EnFocus™ lighting platform, which enables both existing and new buildings to provide quality, accessible and affordable dimmable and color tunable circadian lighting like never before,” added Mr. Tu. “Our immediate focus is on expanding our U.S. distribution of this groundbreaking product line, and we have had interests and inquiries from multiple countries since our release in June as well, suggesting clear global demand potential for the EnFocus™ products. We have already received initial orders and expect to start shipping the EnFocus™ products during the third quarter, with the expectation that the products will start contributing more significant sales in the fourth quarter particularly if facility management budgets and retrofit project activities start to solidify and recover.”“Subsequent to quarter end, we closed two new credit facilities with new lenders, important financing events that increase our current borrowing capacity and access to additional working capital as we continue to grow our business,” stated Tod Nestor, President and CFO of Energy Focus. “With substantially improved terms, our blended all-in borrowing costs will be much lower and previous borrowing limitations have been eased as our lenders recognize the high quality of the assets that back these facilities. Total credit availability under the new facilities has therefore been expanded from $1.9 million to $4.8 million with additional room to expand as we build new, higher-turnover inventory such as EnFocus™, RedCap® and our forthcoming UV disinfection products. These facilities address our expected need for additional funding for the foreseeable future.” “We are also excited to report that our engineering team continued to make technical breakthroughs and achieved development milestones for our coming UV germicidal irradiation (UVGI) products, first with EnFocus™ controlled UVGI troffers that provide both flicker-free, dimmable and color tunable lighting as well as UV-C disinfection capability. With simple replacement of existing wall switches and fluorescent or LED fixtures, buildings of all kinds—particularly those with pressing demand for safety in the age of COVID-19 such as healthcare, senior living, educational, correctional, retail and public assembly facilities— could affordably and rapidly adopt high quality, sustainable LED lighting while providing effective air disinfection while occupants are in the spaces. Barring unexpected supply or logistics delays that COVID-19 might cause, we plan to launch this impactful and timely product line in the fourth quarter and expect sales from the UVGI product series to commence in the first quarter of 2021,” concluded Mr. Tu.Second Quarter 2020 Financial Results: Net sales were $3.3 million for the second quarter of 2020, compared to $3.1 million in the second quarter of 2019, an increase of 8.2%. Net sales from commercial products were $1.1 million, or 31.7% of total net sales, for the second quarter of 2020, down from $2.1 million or 69.1% of total net sales, in the second quarter of 2019 reflecting the impact of the COVID-19 pandemic and related customer interruptions. Net sales from military and maritime products (“MMM”) were $2.3 million, or 68.3% of total net sales, for the second quarter of 2020, up from $1.0 million, or 30.9% of total net sales, in the second quarter of 2019. Sequentially, net sales were down 11.8% compared to $3.8 million in the first quarter of 2020, reflecting a shift in the timing of the shipment of a portion of a $3.4 million U.S. Navy order for the Company’s new generation of military Intellitubes. The shipment, which was originally expected to contribute approximately $1.7 million to the Company’s revenues during the second quarter, was shifted into the third quarter as disclosed in a press release issued on July 16, 2020.Gross profit was $1.3 million, or 40.3% of net sales, for the second quarter of 2020. This compares with gross loss of $109 thousand, inclusive of $500,000 of unfavorable inventory reserves, in the second quarter of 2019. Sequentially, this compares with gross profit of $1.0 million, or 27.3% of net sales, in the first quarter of 2020. The sequential increase in gross profit and gross profit margin was primarily driven by an increase in MMM. Adjusting gross profit margins for “excess and obsolete inventory, and related reserves,” and warranty reserves, gross profit margin was 33.0% for the second quarter of 2020 compared to 23.4% in the second quarter of 2019 and 25.2% in the first quarter of 2020. The higher reported gross margin was due to a sales mix more weighted to higher margin military sales in the period.Operating loss was $0.9 million for the second quarter of 2020 compared to an operating loss of $2.1 million in the second quarter of 2019. Sequentially, this compares to an operating loss of $1.3 million in the first quarter of 2020. Net loss was $4.3 million, inclusive of $3.3 million pre-tax adjustment which was the result of the revaluation of the warrant liability using the market price of the Company’s stock at June 30, 2020 versus the market price of the Company’s stock at March 31, 2020. On a per share basis, the net loss was $(1.36) per basic and diluted share for the second quarter of 2020, compared with a net loss of $2.3 million, or $(0.91) in the second quarter of 2019. Sequentially, this compares with a net loss of $0.5 million, or $(0.19) per basic and diluted share, in the first quarter of 2020.Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $0.7 million for the second quarter of 2020, compared with a loss of $2.0 million in the second quarter of 2019 and a loss of $1.1 million in the first quarter of 2020.Cash was $2.7 million as of June 30, 2020. This compares with $0.4 million as of December 31, 2019. As of June 30, 2020, the Company had total availability of $3.9 million, which consisted of $2.7 million of cash and $1.2 million of additional borrowing availability under its credit facility. This compares to total availability of $1.9 million as of December 31, 2019 and total availability of $4.1 million as of March 31, 2020.Financings: On August 11, 2020, Energy Focus entered into two debt financing arrangements, which substantially increase the Company’s borrowing capacity and reduce its blended interest expense: * A two-year inventory financing facility (“Inventory Facility”) with Crossroads Financial Group, LLC, which includes maximum borrowings of the lower of $3 million and a borrowing base determined from time to time based on the value of the Company’s eligible inventory, valued at 75% of inventory cost or 85% of the inventory net orderly liquidation value, less availability reserves. As of August 11, 2020, the borrowing base was less than the $3 million maximum amount at approximately $2.4 million.
- 08/13/2020
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Energy Focus (EFOI) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release
- Energy Focus (EFOI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 08/07/2020
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LD Micro Announces Preliminary List of Presenters for the LD 500.
- LOS ANGELES, CA / ACCESSWIRE / August 5, 2020 / LD Micro today announced the initial list of companies slated to present at the upcoming LD 500, taking place September 1st-4th, 2020, exclusively online.
- 08/05/2020
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Energy Focus to Report Second Quarter 2020 Earnings Results on August 14
- Energy Focus, Inc. (NASDAQ: EFOI), a leader in sustainable LED lighting technologies, will announce its quarterly results for the second quarter which ended
- 08/04/2020
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Energy Focus to Report Second Quarter 2020 Earnings Results on August 14
- SOLON, Ohio, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (NASDAQ: EFOI), a leader in sustainable LED lighting technologies, will announce its quarterly results for the second quarter which ended June 30, 2020, premarket on August 14th and will hold a conference call that day at 11 a.m. ET to discuss the results. You can access the live conference call by dialing the following phone numbers:Toll-free 1-877-451-6152 or International 1-201-389-0879 Conference ID 13707772The conference call will be simultaneously webcast. To listen to the webcast, log on to it at: http://public.viavid.com/index.php?id=141043. The webcast will be available at this link through August 28, 2020. Financial information presented on the call, including the earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com.About Energy Focus:Energy Focus is an industry-leading innovator of sustainable LED lighting and lighting control technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocusTM lighting control platform enables existing and new buildings to provide quality, convenient and affordable dimmable and color tunable circadian and human-centric lighting capabilities. Energy Focus customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across U.S. Navy fleet, including TLEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.Investor Contact: Hayden IR Cameron Donahue 646-536-7331 ir@energyfocus.com
- 08/04/2020
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49 Public Companies to Present at the SNN Network Virtual Conference on August 3-6, 2020
- LOS ANGELES, CA / ACCESSWIRE / August 3, 2020 / The SNN Network Virtual Conference will take place on August 3rd \\- 6th, 2020, where 49 SmallCap, MicroCap and NanoCap public companies will be presenting via virtual webcast to a global investor audience.
- 08/03/2020
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Energy Focus, Inc. to Present at SNN Network Virtual Investor Conference on Thursday, August 6, 2020
- SOLON, OH / ACCESSWIRE / July 22, 2020 / Energy Focus, Inc.
- 07/22/2020
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H.C. Wainwright Keeps Their Buy Rating on Energy Focus (EFOI) - Markets
- In a report released today, Amit Dayal from H.C. Wainwright maintained a Buy rating on Energy Focus (EFOI – Research
- 07/17/2020
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Energy Focus Provides Updated Second Quarter 2020 Revenue Projection and Third Quarter Revenue Guidance
- SOLON, Ohio, July 16, 2020 -- Energy Focus, Inc. (NASDAQ: EFOI), a leader in sustainable LED lighting technologies, today provided an updated revenue projection for the second.
- 07/16/2020
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Acuity Brands (AYI) Looks Good: Stock Adds 5.2% in Session
- Acuity Brands (AYI) saw a big move last session, as its shares jumped more than 5% on the day, amid huge volumes.
- 07/07/2020
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Acuity Brands (AYI) Looks Good: Stock Adds 5.2% in Session
- Stocks Analysis by Zacks Investment Research covering: Acuity Brands Inc, Energy Focu. Read Zacks Investment Research's latest article on Investing.com
- 07/07/2020
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The Zacks Analyst Blog Highlights: Workhorse Group, Veritone, Microvision, Energy Focus and Wayfair
- The Zacks Analyst Blog Highlights: Workhorse Group, Veritone, Microvision, Energy Focus and Wayfair
- 07/02/2020
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Energy Focus (EFOI) Upgraded to Strong Buy: What Does It Mean for the Stock?
- Energy Focus (EFOI) has been upgraded to a Zacks Rank 1 (Strong Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
- 06/25/2020
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Energy Focus Wins Top Product of the Year Award from Environment + Energy Leader
- EnFocus™ Honored for Many Advantages Including Energy Efficiency, System Affordability, Ease of Installation and Human-Centric Lighting Attributes
Energy Focus,
- 06/25/2020
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Does Energy Focus (NASDAQ:EFOI) Have A Healthy Balance Sheet?
- The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
- 06/24/2020
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20 Consumer Cyclical Stocks Moving In Wednesday's Pre-Market Session
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Edited Transcript of EFOI earnings conference call or presentation 13-May-20 3:00pm GMT
- Q1 2020 Energy Focus Inc Earnings Call
- 06/09/2020
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Energy Focus Reports 1-for-5 Reverse Stock Split, Effective Jun. 12, 2020
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Energy Focus Announces 1-for-5 Reverse Stock Split
- The Company’s common stock is expected to begin trading on a split-adjusted basis on The Nasdaq Capital Market at the market open on June 12, 2020. The reverse stock split is intended to increase the per share trading price of the Company’s common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market.
- 06/09/2020
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Stocks That Hit 52-Week Highs On Monday
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Stocks That Hit 52-Week Highs On Friday
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47 Public Companies to present at the Summer Virtual Investor Summit on June 9th-12th
- NEW YORK, NY / ACCESSWIRE / June 3, 2020 / The Virtual Summer Summit will take place on June 9 th -12 th , connecting 47 presenting small and microcap companies with distinguished investors from around ...
- 06/03/2020
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The Zacks Analyst Blog Highlights: Aileron Therapeutics, Energy Focus, MicroVision, Mersana Therapeutics and CymaBay Therapeutics
- The Zacks Analyst Blog Highlights: Aileron Therapeutics, Energy Focus, MicroVision, Mersana Therapeutics and CymaBay Therapeutics
- 06/02/2020
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Acuity Brands and Ushio Partner for Care222 UV Light Module
- Acuity Brands (AYI) plans to incorporate Care222 UV disinfection module in its leading lighting fixtures to reduce pathogens on indoor surfaces.
- 06/02/2020
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5 Top Stocks Up 100%+ in May With More Room to Run
- Reopening of the economy, vaccine hopes and stimulus measures helped Wall Street climb north in May and squash the old adage "sell in May and go away."
- 06/01/2020
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Hedge Funds Are Warming Up To Energy Focus Inc (EFOI)
- The financial regulations require hedge funds and wealthy investors that exceeded the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F […]
- 05/29/2020
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Energy Focus to Present at The Investor Summit Group’s Virtual Summer Summit on June 9th, 2020
- SOLON, Ohio, May 28, 2020 -- Energy Focus, Inc. (NASDAQ:EFOI), a leader in innovative LED lighting technologies, today announced that James Tu, Chairman & CEO, will present.
- 05/28/2020
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Top Ranked Momentum Stocks to Buy for May 27th
- Top Ranked Momentum Stocks to Buy for May 27th
- 05/27/2020
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Energy Focus, Inc. Presents at Little Grapevine’s G1 Microcap Virtual Conference
- SOLON, Ohio, May 26, 2020 -- Energy Focus, Inc. (NASDAQ:EFOI), a leader in innovative LED lighting technologies, today announced that a prerecorded virtual presentation.
- 05/26/2020
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Energy Focus, Inc. Presents at Little Grapevine's G– Microcap Virtual Conference
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32 Stocks Moving in Thursday's Pre-Market Session
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Energy Focus, Inc. (EFOI) CEO James Tu on Q1 2020 Results - Earnings Call Transcript
- Energy Focus, Inc. (NASDAQ:EFOI) Q1 2020 Earnings Conference Call May 13, 2020 11:00 ET Company Participants Brett Maas - Managing Partner, Hayden IR James Tu -
- 05/13/2020
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Energy Focus (EFOI) Reports Q1 Loss, Tops Revenue Estimates
- Energy Focus (EFOI) delivered earnings and revenue surprises of 42.86% and 9.34%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
- 05/13/2020
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Energy Focus: Q1 Earnings Insights
- Shares of Energy Focus (NASDAQ:EFOI) were flat after the company reported Q1 results.Quarterly Results Earnings per share were up 83.33% over the past year to ($0.04), which beat the estimate of ($0.07).Revenue of $3,783,000 rose by 19.07% from the same period last year, which beat the estimate of $3,460,000.Looking Ahead Earnings guidance hasn't been issued by the company for now.Energy Focus hasn't issued any revenue guidance for the time being.How To Listen To The Conference Call Date: May 13, 2020View more earnings on EFOITime: 07:18 PM ETWebcast URL: http://public.viavid.com/player/index.php?id=139583Recent Stock Performance 52-week high: $0.99Company's 52-week low was at $0.16Price action over last quarter: Up 21.69%Company Description Energy Focus Inc is a provider of energy efficient Light Emitting Diode (LED) lighting products and a developer of energy efficient lighting technology. It serves the military maritime market and general commercial markets. Its product offerings include Military maritime LED lighting products such as military intellitube, globe lights, berth lights, and military fixtures; and Commercial products such as LED fixtures and panels, LED down-lights, LED dock lights and wall-packs, and LED retrofit kits. Geographically, it operates in the United States and other countries. Its products include Commercial products and MMM products. It generates a majority of its sales from the Military maritime products primarily in the US.See more from Benzinga * 11 Consumer Cyclical Stocks Moving In Wednesday's Pre-Market Session * 15 Consumer Cyclical Stocks Moving In Thursday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
- 05/13/2020
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Energy Focus Q1 GAAP EPS $(0.040) May Not Compare To $(0.070) Estimate, Sales $3.800M Beat $3.460M Estimate
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Energy Focus, Inc. Reports 19.1% Year-over-Year Revenue Increase for First Quarter 2020
- Net Sales of $3.8 Million, Above Guidance and Up 7.1% Sequentially Conference Call to be Held Today at 11AM ET SOLON, Ohio, May 13, 2020 -- Energy Focus, Inc. (NASDAQ:EFOI),.
- 05/13/2020
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Energy Focus Reports Will Host Webinar May 27 At 1 p.m. EDT To Introduce EnFocus Controlled Lighting Solutions Platform
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Energy Focus Launches Breakthrough Controlled Lighting Solutions Targeting Retrofit Applications
- The company will host a webinar May 27 at 1:00 PM EDT to introduce the EnFocus™ platform to current and prospective customers. The EnFocus™ platform is launched with two immediately available product lines: EnFocus™ DM, which provides a dimmable lighting solution, and EnFocus™ DCT, which provides both a dimmable and color tunable lighting solution.
- 05/11/2020
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Energy Focus: A Compelling Contrarian Investment Opportunity
- Energy Focus has seen increasing demand from the military with multiple large contract wins recently and remains operational during the pandemic. EFOI's share p
- 05/08/2020
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Energy Focus (EFOI) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release
- Energy Focus (EFOI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
- 05/06/2020
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11 Consumer Cyclical Stocks Moving In Wednesday's Pre-Market Session
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15 Consumer Cyclical Stocks Moving In Thursday's Pre-Market Session
- Gainers
• Secoo Holding, Inc. (NASDAQ:SECO) shares increased by 17.42% to $3.10 during Thursday's pre-market session.
• LMP Automotive Holdings, Inc. (NASDAQ:LMPX)...
- 04/30/2020
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Energy Focus to Report First Quarter 2020 Earnings Results on May 13th
- SOLON, Ohio, April 28, 2020 -- Energy Focus, Inc. (NASDAQ:EFOI), a leader in innovative LED lighting technologies, will announce its quarterly results for the first quarter.
- 04/28/2020
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Energy Focus to Report First Quarter —…—… Earnings Results on May –'th
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Energy Focus Shares Up 17%; Likely Being Viewed As Another Play On LEDs Following Comments By Trump About Exposure To Light Impacting Coronavirus
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Nasdaq Temporary Relief Extends Energy Focus Listing Compliance Period
- As previously disclosed, Nasdaq had advised the company that it had until May 11, 2020 to come into compliance with the Nasdaq $1.00 minimum bid price rule. As a result, Energy Focus has until July 24, 2020 to come into compliance with the $1.00 minimum bid price rule.
- 04/20/2020
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Energy Focus Reports Qualifies For Temporary Relief From Nasdaq's $1/Share Minimum Bid Price Requirement, Will Have Through Jun. 30, 2020
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Energy Focus Inc (EFOI) President, CFO Tod A Nestor Bought $5—,5…… of Shares
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Energy Focus Filing Shows Registration For ~5.4M Common Share Shelf Offering
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Edited Transcript of EFOI earnings conference call or presentation 19-Mar-20 3:00pm GMT
- Q4 2019 Energy Focus Inc Earnings Call
- 04/06/2020
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Fifteen School Districts Improve Health and Sustainability by Installing Energy Focus’s Flicker-Free LED Lamps Over the Past Six Months
- Energy Focus, Inc. (EFOI), a leader in sustainable LED lighting technologies, is pleased to announce that fifteen school districts in the U.S. have installed more than 200,000 sustainable and flicker-free LED lamps since the beginning of the fourth quarter of 2019. The installations include primarily the company’s flagship Series D tubular LEDs (TLEDs) and its patented integrated emergency backup LED Tube RedCap®. Energy Focus’s RedCap® is an emergency backup TLED that integrates batteries, along with a charger, discharger and indicator light.
- 03/30/2020
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Fifteen School Districts Improve Health and Sustainability by Installing Energy Focus's ...
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Energy Focus Inc (EFOI) Files –…-K for the Fiscal Year Ended on December '–, —…–9
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Energy Focus Facility to Remain Operational During Ohio’s “Stay at Home” Order
- Energy Focus, Inc. (EFOI), with its headquarters and a production facility in Solon, Ohio, has received letters from multiple U.S. Navy shipbuilders as well as a memorandum from the Under Secretary of Defense, Subject: Defense Industrial Base Essential Critical Infrastructure Workforce, defining parameters that qualify Energy Focus as part of the Essential Critical Infrastructure Workforce and requiring the company to continue operations. Energy Focus is considered part of the Defense Industrial Base, which is among the Critical Manufacturing Industries that fall within the broader Critical Infrastructure Industries, specified in the memorandum announced by U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) dated March 19, 2020.
- 03/23/2020
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Energy Focus Facility to Remain Operational During Ohio's "Stay at Home" Order
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US$2.75: That's What Analysts Think Energy Focus, Inc. (NASDAQ:EFOI) Is Worth After Its Latest Results
- Last week, you might have seen that Energy Focus, Inc. (NASDAQ:EFOI) released its full-year result to the market. The...
- 03/21/2020
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Earnings Scheduled For March 19, 2020
- Companies Reporting Before The Bell
Lennar Corporation (NYSE: LEN) is projected to report quarterly earnings at $0.84 per share on revenue of $4.16 billion.
Accenture plc (NYSE...
- 03/19/2020
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Energy Focus: Q4 Earnings Insights
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13 Consumer Cyclical Stocks Moving In Monday's Pre-Market Session
- Gainers
• Energy Focus, Inc. (NASDAQ:EFOI) stock rose 16.75% to $0.40 during Monday's pre-market session.
• Waitr Hldgs, Inc. (NASDAQ:WTRH) stock moved upwards by 7....
- 03/16/2020
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Energy Focus Wins $1.7M Contract To Provide LED Lighting For 4 New Navy Ships
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Energy Focus Awarded $3.4M LED Lighting Contract For US Navy Fleet
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58 Consumer Cyclical Stocks Moving In Wednesday's Session
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Energy Focus Highlights Recent Media Publications Featuring Co.'s LED Lighting Technology
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14 Consumer Cyclical Stocks Moving In Wednesday's Pre-Market Session
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Acuity Brands' (AYI) Q1 Earnings Miss Estimates, Decline Y/Y
- Acuity Brands' (AYI) fiscal first-quarter 2020 results hurt by macro-economic factors and lower volumes.
- 01/10/2020
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Energy shares are trading lower after the company announced a $2.75 million registered direct offering priced at the market.
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Energy Focus Q3 EPS $(0.08) Beats $(0.15) Estimate, Sales $2.9M Miss $3.14M Estimate
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Energy Focus (EFOI) May Report Negative Earnings: Know the Trend Ahead of Next Week's Release
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Energy Focus to Exhibit at Three Upcoming Industry Conferences
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Energy Focus (EFOI) Investor Presentation - Slideshow
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Energy Focus, Inc. (EFOI) CEO James Tu on Q2 2019 Results - Earnings Call Transcript
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Energy Focus shares are trading lower after the company reported Q2 EPS $(0.18) down from $(0.15) year-over-year.
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Energy Focus, Inc. Receives Noncompliance Notification From Nasdaq Due to Delayed Filing of Form 10-Q
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Energy Focus Sees Prelim. Q2 Sales $3.1M
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Energy Focus Q1 EPS $(0.24) Misses $(0.11) Estimate, Sales $3.18M Miss $6.31M Estimate
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New finance chief at Energy Focus
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A Look At Benzinga Pro's Most-Searched Tickers For June 17
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Energy Focus Sees Prelim. Q1 Sales $3.1M-$3.2M vs $6.3M Estimate, Net Loss $2.6M-$2.7M
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New Research Coverage Highlights EMCOR Group, Reven Housing REIT, Communications, Marine ...
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Energy Focus shares are trading lower after the company reported worse-than-expected Q4 results and said, following a review of strategic alternatives, determined a strategic financing was most favorable at this time.
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Energy Focus Shares To Resume Trade At 5:15 p.m. EDT
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Lululemon Athletica and PVH among consumer gainers; Sportsman's Warehouse leads the losers
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Energy Focus, Inc. to Host Fourth Quarter and Fiscal Year —…–8 Financial Results ...
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Amira Nature Foods leads consumer gainers; Energy Focus and Sequential Brands in losers
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Energy focus announces new $5M revolving credit facility
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Energy Focus Introduces Triac Dimmable Downlight LED Retrofit Solutions for Commercial Applications
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Energy Focus and New Age Beverages among consumer gainers; Fox Factory Holding the only loser
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Report: Developing Opportunities within Celsius, Empire Resorts, Owens Corning, Energy Focus, ...
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Energy Focus, Inc. (EFOI) CEO Ted Tewksbury on Q3 2018 Results - Earnings Call Transcript
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Stocks Which Set New 52-Week Low Yesterday, Wed., Nov. 7, 2018
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Energy Focus Q3 EPS $(0.16), Inline, Sales $5.16M Miss $5.78M Estimate
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Stocks Which Set New 52-Week Low Yesterday, October 31st
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Stocks Which Set New 52-Week Low Yesterday, October 23rd
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Stocks Which Set New 52-Week Low Yesterday, October 22nd
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Energy Focus' (EFOI) CEO Ted Tewksbury on Q2 2018 Results - Earnings Call Transcript
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Energy Focus Q2 EPS $(0.15) Beats $(0.17) Estimate, Sales $5.172M Miss $5.46M Estimate
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Consumer - Top Gainers / Losers as of 12:00 PM (06/29/2018)
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Energy Focus names Turin as new CFO
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Energy Focus Names Jerry Turin CFO
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Energy Focus Releases New Double-Ended LED Lamps at LIGHTFAIR International —…–8
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Energy Focus' (EFOI) CEO Ted Tewksbury III on Q1 2018 Results - Earnings Call Transcript
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Energy Focus Q1 EPS $(0.20) Misses $(0.16) Estimate, Sales $4.659M Miss $5.34M Estimate
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28 Stocks Moving In Thursday's Mid-Day Session
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Energy Focus' (EFOI) CEO Ted Tewksbury on Q4 2017 Results - Earnings Call Transcript
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Energy Focus Reports Q4 EPS $(0.16) vs $(0.15) Est., Sales $4.7M vs $5.9M Est.
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Consumer - Top Gainers / Losers as of 12:00 pm
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New tech chief at Energy Focus
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Energy Focus Reports Q3 EPS $(0.15) vs $(0.19) Est., Sales $5.002M vs $6.24M Est.
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Energy Focus Shares Halted On Circuit Breaker, Down 14%; Appeared To Be First Trade Of Session
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Can Toll Brothers (TOL) Pull a Surprise in Q3 Earnings?
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Energy Focus Says Cannot Give FY17 Outlook, Cites 'Given the continuing quarterly volatility in military maritime sales and the timing uncertainty in commercial sales growth'
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Energy Focus, Inc. Schedules Second Quarter —…–7 Financial Results for August 9, —…–7
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The Top 11 Analysts On TipRanks And What They Cover
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Energy Focus Reports Q1 EPS $(0.39) vs $(0.34) Est., Sales $4.1M vs $7M Est.
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Energy Focus picks Port as new CFO
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LEDs Magazine Honors Energy Focus with —…–7 Sapphire Award
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Energy Focus's (EFOI) CEO Ted Tewksbury on Q4 2016 Results - Earnings Call Transcript
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Energy Focus Q4 EPS $(0.67) vs $(0.24) Est, Does Not Compare, Revenue $7.19M vs $8.52M Est
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Energy Focus Names Executive Chairman Ted Tewksbury as CEO; To Reduce Annual Operating Expenses by $10M
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LED Lighting And The Connected Ceiling: How To Profit In A New Paradigm
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7 unexpected holiday bills to bring out your inner Grinch
- Just one of these expensive mishaps can unravel your holiday budget.
- 12/23/2016
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Energy Focus names White as new CFO, Tewksbury as Executive Chairman
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Revolution Lighting Technologies: Big Opportunities, Cheap Valuation
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Energy Focus Reports Q3 EPS $(0.27) vs. Est. $(0.25), Rev. $8.3M vs. Est. $8.7M
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Energy Focus Shares Dive 21+% After Co. Earlier Rescheduled Q3 Earnings Release, Reported Preliminary Revenue $8.3M vs Est $8.72M
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Consumer Goods - Top 5 Gainers / Losers as of 12:00 pm
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23 Stocks Which Rallied Four Days, Then Sold Off Yesterday
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25 Stocks Which Rallied Three Days On No News
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Energy Focus Names Wayne Steinhoff Chief Revenue Officer
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Stocks Hitting 52-Week Lows
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FBR Capital Downgrades Energy Focus to Market Perform
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Benzinga's Top Downgrades
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Mid-Afternoon Market Update: A Schulman Drops On Lowered Guidance; Macy's Shares Spike Higher
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Energy Focus Announces CFO Marcia Miller Leaving Co., Controller Michael Port to Serve as Interim Replacement While Permanent CFO Search Underway
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Consumer Goods - Top Gainers / Losers as of 12:00 pm
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Energy Focus Reports New Commercial Win with St. John's University
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Energy Focus Reports Q1 EPS $(0.17) vs. Est. $(0.21), Rev. $8.425M vs. Est. $8.19M
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