Energy Focus, Inc. Reports First Quarter 2023 Financial Results

About this update from Energy Focus, Inc.

[{"type":"text","content":"Conference Call to be Held Today at 11 a.m. ET\n--News Direct--SOLON, Ohio, May 11, 2023 -- Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and control systems products for the commercial, military maritime and consumer markets, today announced financial results for its first quarter ended March 31, 2023.First Quarter 2023 Financial Highlights:Net sales of $0.9 million, decreased 54.9% compared to the first quarter of 2022, reflecting a $0.3 million, or 34.3%decrease in military sales, and a $0.8 million, or 71.7% decrease in commercial sales, year-over-year. As compared to the fourth quarter of 2022, net sales increased by 40.3%, primarily due to a $0.3 million increase in military sales, while commercial sales remained flat.Positive gross profit margin of 1.8%, up from negative gross profit margins of 1.3% in the first quarter of 2022 due primarily to significantly reduced fixed costs, offsetting the impact of lower sales volumes. Sequentially, gross profit was up significantly as compared to negative 35.9% in the fourth quarter of 2022, due to reduced variable costs.Loss from operations of $1.2 million, compared to a loss from operations of $2.7 million in the first quarter of 2022 and to a loss from operations of $2.0 million in the fourth quarter of 2022. Net loss of $1.3 million, or $(0.08) per basic and diluted share of common stock, compared to a net loss of $2.8 million, or $(0.44) per basic and diluted share of common stock, in the first quarter of 2022. Sequentially, the net loss decreased by $1.0 million compared to net loss of $2.3 million, or $(0.24) per basic and diluted share of common stock in the fourth quarter of 2022.Cash of $0.3 million, included in total availability (as defined under “Non-GAAP Measures” below) of $0.4 million, each as of March 31, 2023, as compared to cash of $0.1 million and total availability of $0.1 million as of December 31, 2022. Strategic investment completed in January 2023 resulting in net proceeds of $2.1 million and conversion of additional $1.5 million outstanding on promissory notes into common stock.Private placements of additional $955 thousand of common stock during the first quarter of 2023.Paid down $1.0 million on secured inventory lending facility and agreed to terminate accounts receivable lending facility, reducing borrowing costs d...

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