Business
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 (GLOBE NEWSWIRE) --
About this update from Energy Focus, Inc.
[{"type":"text","content":"Net Sales of $3.8 Million, Above Guidance and Up 7.1% Sequentially\n Conference Call to be Held Today at 11AM ET SOLON, Ohio, May 13, 2020 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable LED lighting technologies, today announced financial results for the first quarter ended March 31, 2020. First Quarter 2020 Highlights: Net sales of $3.8 million, up 19.1% compared to the first quarter of 2019 and up 7.1% sequentially from the fourth quarter of 2019Net loss of $541 thousand compared to a net loss of $2.9 million in the first quarter of 2019.Loss from operations improved by $1.5 million year-over-yearReceived $5.3 million of new Navy contracts and orders year-to-date for both retrofit and new buildsOhio production facility deemed “Essential Critical Infrastructure Workforce” and allowed to continue to manufacture and fulfill contracts and orders during the State of Ohio’s “stay at home” orderStrengthened balance sheet with $2.75 million of gross proceeds from equity financing; Cash of $2.9 million as of March 31, 2020 compared to $350 thousand as of December 31, 2019Launched patent-pending EnFocus™ Lighting Control Platform and breakthrough dimmable and dimmable/color-tunable tubular LED lighting solutions “For the first quarter, despite the economic headwinds associated with COVID-19 starting in March, we again delivered strong, positive sequential and year-over-year revenue growth, as well as a notable improvement in our cash flows,” stated James Tu, Chairman and CEO of Energy Focus, Inc. “This progress resulted from our ongoing efforts to strengthen our operational performance and engineering capabilities that helped us win new business. Sales from our military business came in as expected and we secured key contract wins totaling $5.3 million. And while we began experiencing delays in commercial orders in the latter half of the first quarter and going into the second quarter, barring further unforeseen major economic disruption, we believe that these delays are likely temporary, as the facilities of our primary target customers in government, healthcare, education and select commercial and industrial sectors will mostly remain operational and thus require ongoing lighting maintenance and upgrades.” Mr. Tu continued, “In addition, our newly introduced EnFocus™ lighting control platform and product...