Business
Energy Focus, Inc. Reports Fourth Quarter and Fiscal Year 2022 Financial Results
Conference Call to be Held Today at 11 am ET --News Direct--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls
About this update from Energy Focus, Inc.
[{"type":"text","content":"Conference Call to be Held Today at 11 am ET\n--News Direct--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems products for the commercial, military maritime and consumer markets, today announced financial results for its fourth quarter and fiscal year ended December 31, 2022.Full-Year 2022 and Subsequent Business Highlights Net sales of $6.0 million, down 39.5% from 2021, reflecting limited product availability from supply chain constraints, entering 2022 with a declining military sales pipeline, and continuing fluctuations in the timing, pace, and size of commercial and military projectsNegative gross profit margin of (5.3)%, down from gross profit margin of 17.2% in 2021, primarily driven by diminished sales and discounted pricing and impairment write-offs in connection with our inventory reduction project. Loss from operations of $9.3 million, compared to a loss from operations in 2021 of $8.7 million.Net loss of $10.3 million, or $(1.27) per basic and diluted share of common stock, compared to a net loss of $7.9 million, or $(1.73) per basic and diluted share of common stock in 2021.Cash of $52 thousand as of December 31, 2022, included in total availability (as defined under “Non-GAAP Measures” below) of $107 thousand, as compared to cash of $2.7 million and total availability of $4.4 million as of December 31, 2021.Unsecured promissory notes issued during September 2022, October 2022, November 2022, and December 2022 resulted in net aggregate proceeds of $1.5 million.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 $650 thousand of common stock in January to February 2023.Paid down $1.0 million on secured inventory lending facility and agreed to terminate accounts receivable lending facility, reducing borrowing costs during 2023.Restructured and paid down $500 thousand on outstanding bridge financing promissory note during 2023. “2022 was a year for Energy Focus to reset,” said Lesley Matt, Chief Executive Officer. “The organization was defined by leadership transition, right-sizing and significant supply chain constraints throughout 2022. I joined in September 2022 following almost nine months of interim leadership...