Energy Focus, Inc. Reports First Quarter 2022 Financial Results

About this update from Energy Focus, Inc.

[{"type":"text","content":"\nConference Call to be Held Today at 11 a.m. ET\n\n SOLON, Ohio--(BUSINESS WIRE)--\nEnergy 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.\n\nFirst Quarter 2022 Financial Highlights:\n\n\nNet 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.\n\n\nNegative 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.\n\n\nLoss 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.\n\n\nNet 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.\n\n\nCash 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.\n\n\nOn April 21, 2022, an unsecured bridge financing generated $1.8 million in net liquidity after discounts and transaction expenses.\n\n\nStephen 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...

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