E
ENERGY FOCUS, INC/DE
EFOICIK 0000924168NasdaqNon-AcceleratedSmaller ReportingElectric Lighting & Wiring EquipmentOhioFY ends Dec 31
Period
FY 2025
Revenue
$3.56M
Net Income
$-1.00M
Total Assets
$5.11M
Equity
$4.11M
Shares Out
6.31M
Op. Cash Flow
$-1.40M
Business
ENERGY FOCUS, INC/DE designs, develops, manufactures, and sells energy-efficient lighting systems and power solutions. It offers LED lighting and controls including TLED retrofit tubes, RedCap® emergency backup LED tubes, Intellitube® and Invisitube™ military retrofit LEDs, LED fixtures, GaN power supplies, energy storage systems (ESS), and UPS products for data centers. The company operates in a single business segment focused on marketing and sale of commercial and military maritime (MMM) lighting products and controls. It sells primarily in the U.S. and to allied navies, and distributes through direct sales, channel partners, external agencies, distributors, and selective e-commerce, with growing focus on Asia (Taiwan and Japan).
Summary from filing dated 2025-03-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net sales | 4 | 5 | 6 | 6 | 10 | |
| Cost of sales | 3 | 4 | 5 | 6 | 8 | |
| Gross profit | 672,000 | 699,000 | 223,000 | −318,000 | 2 | |
| Product development | 400,000 | 500,000 | 600,000 | 2 | 2 | |
| Selling, general, and administrative | 1 | 2 | 4 | 7 | 9 | |
| Total operating expenses | 2 | 3 | 4 | 9 | 10 | |
| Loss from operations | −1 | −2 | −4 | −9 | −9 | |
| Interest income | −2,000 | 0 | −57,000 | — | — | |
| Interest expense | 0 | 5,000 | 380,000 | — | — | |
| Gain on debt extinguishment | 0 | −187,000 | 0 | — | 0 | |
| Gain on partial lease termination | −2,000 | −63,000 | 0 | — | — | |
| Gain on disposal of fixed assets | −3,000 | 0 | — | — | — | |
| Other income | 0 | −27,000 | −30,000 | −30,000 | −876,000 | |
| Other expenses | 10,000 | 12,000 | 26,000 | 56,000 | 65,000 | |
| Loss from operations before income taxes | −1 | −2 | −4 | −10 | −8 | |
| Provision for income taxes | 0 | 0 | 3,000 | 4,000 | −1,000 | |
| Net loss | −1 | −2 | −4 | −10 | −8 | |
| Net loss, basic (in dollars per share) | −0.18 | −0.32 | — | — | — | |
| Net loss, diluted (in dollars per share) | −0.18 | −0.32 | — | — | — | |
| Basic (in shares) | 6 | 5 | 3 | 1 | 5 | |
| Diluted (in shares) | 6 | 5 | 3 | 1 | 5 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2025 2025-11-30 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash | 1 | — | 600,000 | 2 | 52,000 | |
| Trade accounts receivable, less allowances of $33 and $15, respectively | 526,000 | — | 804,000 | — | 445,000 | |
| Inventories, net | 3 | — | 3 | 4 | 5 | |
| Prepayments to vendors | 3,000 | — | 356,000 | 800,000 | 592,000 | |
| Prepaid and other current assets | 126,000 | — | 157,000 | 156,000 | 232,000 | |
| Total current assets | 5 | — | 5 | 9 | 7 | |
| Property and equipment, net | 97,000 | — | 90,000 | 112,000 | 76,000 | |
| Operating lease, right-of-use asset | 207,000 | — | 377,000 | 899,000 | 1 | |
| Advance for investment in joint venture | 156,000 | 156,000 | 0 | — | — | |
| Total assets | 5 | — | 6 | 10 | 8 | |
| Accrued liabilities | 56,000 | — | 90,000 | 110,000 | 145,000 | |
| Accrued legal and professional fees | 44,000 | — | 54,000 | 64,000 | 0 | |
| Accrued payroll and related benefits | 47,000 | — | 148,000 | 199,000 | 261,000 | |
| Accrued sales commissions | 1,000 | — | 15,000 | 62,000 | 76,000 | |
| Accrued warranty reserve | 91,000 | — | 118,000 | 150,000 | 183,000 | |
| Operating lease liabilities | 139,000 | — | 139,000 | 223,000 | 198,000 | |
| Total current liabilities | 922,000 | — | 2 | 6 | 8 | |
| Operating lease liabilities, net of current portion | 78,000 | — | 254,000 | 798,000 | 1 | |
| Total liabilities | 1 | — | 3 | 7 | 9 | |
| 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, 2025 and December 31, 2024 Issued and outstanding: 876,447 shares at December 31, 2025 and December 31, 2024 | 0 | — | 0 | 0 | 0 | |
| Common stock, par value $0.0001 per share: Authorized: 50,000,000 shares at December 31, 2025 and December 31, 2024 Issued and outstanding: 6,268,433 shares at December 31, 2025 and 5,260,741 shares at December 31, 2024 | 1,000 | — | 1,000 | 0 | 1,000 | |
| Additional paid-in capital | 160 | — | 158 | 156 | 149 | |
| Accumulated other comprehensive loss | −3,000 | — | −3,000 | −3,000 | −3,000 | |
| Accumulated deficit | −156 | — | −155 | −153 | −149 | |
| Total stockholders' equity | 4 | — | 3 | 3 | −477,000 | |
| Total liabilities and stockholders' equity | 5 | — | 6 | 10 | 8 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Foreign exchange loss | 1,000 | 0 | — | — | — | |
| Loss on settlement of vendor obligations | 8,000 | 0 | — | — | — | |
| Depreciation | 37,000 | 37,000 | 33,000 | 159,000 | 200,000 | |
| Stock-based compensation | 121,000 | 4,000 | 44,000 | 117,000 | 429,000 | |
| Provision for credit losses and sales returns | 10,000 | −69,000 | 6,000 | 14,000 | 6,000 | |
| Provision for slow-moving and obsolete inventories | 244,000 | 347,000 | 25,000 | 32,000 | 156,000 | |
| Provision for warranties | −27,000 | −32,000 | −33,000 | −111,000 | 68,000 | |
| Amortization of loan discounts and origination fees | 0 | 5,000 | 225,000 | 364,000 | 230,000 | |
| Accounts receivable | 266,000 | 1 | — | 783,000 | 783,000 | |
| Inventories | −262,000 | 829,000 | 1 | 2 | −2 | |
| Prepayments to vendors | −1,000 | 83,000 | −200,000 | 120,000 | — | |
| Prepaid and other assets | 32,000 | 3,000 | 521,000 | 247,000 | 669,000 | |
| Accrued and other liabilities | −159,000 | −128,000 | −47,000 | −584,000 | −380,000 | |
| Right of use assets and lease liabilities | −4,000 | −43,000 | 75,000 | −12,000 | — | |
| Total adjustments | −377,000 | 285,000 | 2 | 4 | −2 | |
| Net cash used in operating activities | −1 | −1 | −2 | −7 | −10 | |
| Acquisitions of property and equipment | −54,000 | −19,000 | −69,000 | −41,000 | −443,000 | |
| Proceeds from the sale of property and equipment | 13,000 | 0 | — | — | — | |
| Advance for investment in joint venture | −156,000 | 0 | — | — | — | |
| Net cash used in investing activities | −197,000 | −19,000 | −69,000 | −16,000 | −443,000 | |
| Issuance of common stock | 2 | 851,000 | — | — | — | |
| Payments on the 2022 Streeterville Note | 0 | −1 | −625,000 | — | 0 | |
| Net cash provided by (used in) financing activities | 2 | −149,000 | 4 | 4 | 11 | |
| Effect of exchange rate changes on cash | 0 | 0 | — | — | — | |
| Net increase (decrease) in cash | 499,000 | −1 | 2 | −3 | 504,000 | |
| Cash paid in year for interest | 0 | 5,000 | 380,000 | 364,000 | 381,000 | |
| Debt-to-equity exchange transactions | 0 | 591,000 | 2 | 304,000 | 0 |
Filings
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