Business
Energy Focus, Inc. Reports Fourth Quarter and Fiscal Year 2019 Financial Results
Fourth Quarter Net Sales Increase 21% Sequentially and 13% Year-over-Year to $3.5 Million Conference Call to be Held Today at 11AM ET SOLON, Ohio, March 19,
About this update from Energy Focus, Inc.
[{"type":"text","content":"Fourth Quarter Net Sales Increase 21% Sequentially and 13% Year-over-Year to $3.5 Million\n Conference Call to be Held Today at 11AM ET SOLON, Ohio, March 19, 2020 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable LED lighting technologies, today announced financial results for its fourth quarter and fiscal year ended December 31, 2019. Fourth Quarter 2019 and Subsequent Business Highlights Net sales of $3.5 million, up 21.1% from third quarter 2019 and up 13.2% from fourth quarter 2018Net loss of $1.3 million, a year-over-year improvement of $1.7 millionAwarded a $2.5 million contract to supply LED globe lights and a $3.4 million contract to supply tubular LED (TLED) lighting products to the U.S. Navy, as well as a $1.7 million contract to supply LED lighting products for four new ship for a U.S. allied NavyFiled patents and trademarks regarding EnFocusTM, our breakthrough lighting control platformStrengthened leadership teams in business development, marketing and productionDuring November 2019 completed a debt financing of approximately $1.3 million on a gross basisDuring January 2020 completed a registered direct equity offering and concurrent private placement for $2.75 million in aggregate gross proceeds “Fourth quarter revenue represents our first quarter of sequential and year-over-year growth since 2015,” stated James Tu, Chairman and CEO of Energy Focus, Inc. “This sales growth is a direct result of our dedicated efforts to enhance engineering designs, reduce production costs and rebuild a highly-motivated, talented sales organization focused on winning business by actively engaging with and educating customers on our high-quality and innovative LED lighting technologies and solutions. Since fourth quarter of 2019, we have been awarded over $7.6 million in new contracts from the U.S. and allied Navies, demonstrating our strengthening competitiveness and leadership as a leading LED lighting provider for the U.S. Navy ecosystem. We also added several new customers in education, healthcare and commercial and industrial sectors. Overall, the business transformation initiatives we began in the first half of 2019 are gaining momentum, generating new orders and customers, and creating a runway for continuing growth in 2020 and beyond.” Mr. Tu continued, “The LED lighting industry is entering a rapi...