Business
Energy Focus, Inc. Reports Fourth Quarter and Fiscal Year 2020 Financial Results
Conference Call to be Held Today at 11 am ET SOLON, Ohio--(BUSINESS WIRE)-- Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric
About this update from Energy Focus, Inc.
[{"type":"text","content":"\nConference Call to be Held Today at 11 am ET\n\n SOLON, Ohio--(BUSINESS WIRE)--\nEnergy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, and who recently announced development of a range of UV-C disinfection (“UVCD”) products, today announced financial results for its fourth quarter and fiscal year ended December 31, 2020.\n\nFull Year 2020 and Subsequent Business Highlights\n\n\nNet sales of $16.8 million, up 32.5% from 2019\n\n\nGross profit margin of 30.8%, up from 15.5% last year; gross profit more than doubled to $5.2 million from $2.0 million\n\n\nLoss from operations of $4.1 million, a year-over-year improvement of $2.9 million\n\n\nCash of $1.8 million as of December 31, 2020 compared to $0.4 million as of December 31, 2019\n\n\nSubsequent to year-end, $0.8 million Paycheck Protection Program loan was forgiven\n\n\n“Fourth quarter 2020 results reflect the cyclical slowness in our military and maritime business, as well as the broad impact of the COVID-19 pandemic on our commercial business, general shipping cost increases and supply chain disruptions,” commented James Tu, Chairman and CEO of Energy Focus. “For full year 2020, despite the unprecedented headwinds we encountered for our commercial business due to the pandemic, which dramatically slowed down lighting retrofit activities, we continued to improve our operational and financial performance, significantly growing our military and maritime business, while increasing our gross margin percentages and reducing our operating losses, all while still strengthening our balance sheet and liquidity.”\n\n“We entered 2021 poised for exciting growth, driven particularly by our commercial lighting business and the forthcoming UVCD product lines,” continued Mr. Tu. “The overall customer reaction to our new family of patent-pending EnFocusTM lighting control platform has been quite positive and enthusiastic, and we significantly strengthened our sales and marketing organizations that resulted in an expanded distribution network with new agency and channel partners. These developments give us optimism and confidence for our growth prospects as the reopening of the economy accelerates throughout 2021.”\n\n“Meanwhile, our portfolio of germicidal UVCD products, with advanced, patent-pending technologies designed to destroy over 99...