Business
Energy Focus, Inc. Reports Fourth Quarter and Fiscal Year 2021 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, energy-efficient
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, 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 fourth quarter and fiscal year ended December 31, 2021.\n\nFull-Year 2021 and Subsequent Business Highlights\n\n\nNet sales of $9.9 million, down 41.4% from 2020, reflecting continued fluctuations in timing of military orders and government funding availability, ongoing COVID-19 related business challenges for its customers, and supply chain and logistics delays.\n\n\nGross profit margin of 17.2%, down from 30.8% in 2020, primarily due to lower sales and the overhang of fixed costs against lower sales volume.\n\n\nLoss from operations of $8.7 million, compared to a loss from operations in 2020 of $4.1 million.\n\n\nNet loss of $7.9 million, or ($1.73) per basic and diluted share of common stock, compared to a net loss of $6.0 million, or ($1.83) per basic and diluted share of common stock, in 2020.\n\n\nCash of $2.7 million as of December 31, 2021, included in total availability (as defined under “Non-GAAP Measures” below) of $4.4 million, as compared to cash of $1.8 million and total availability of $3.5 million as of December 31, 2020.\n\n\nNet proceeds of approximately $4.0 million from December 2021 private placement of common stock and warrants to certain institutional investors.\n\n\nnUVo™ Traveler production units shipping as of the end of the fourth quarter of 2021; nUVo™ Tower began shipping in January 2022.\n\n\nAppointed the Lead Independent Director, an experienced venture capitalist, as Interim CEO while search is underway.\n\n\nAdded seasoned lighting and consumer product executives to Board of Directors.\n\n\n“Over the past year, amidst significant upheaval to our primary commercial and military customers and markets and our efforts to bring safely enclosed, high-dose UVCD products to market, we have built an organization ready to execute,” commented Stephen Socolof, Interim CEO and Lead Independent Director. “Our focus for 2022 is on that execution, both in our traditional markets, centered around our innovative and differentiated EnFocus™ powerline and control platform, ou...