Business
Energy Focus, Inc. Reports Second Quarter 2021 Financial Results
Company Increases Focus on Consumer Market, Leveraging New Consumer-Oriented Products and Ongoing Innovation, in Response to Ongoing COVID-19 Pandemic Impact
About this update from Energy Focus, Inc.
[{"type":"text","content":"\nCompany Increases Focus on Consumer Market, Leveraging New Consumer-Oriented Products and Ongoing Innovation, in Response to Ongoing COVID-19 Pandemic Impact on Its Customers\n\nConference Call to be Held Today at 11 a.m. ET\n\n SOLON, Ohio--(BUSINESS WIRE)--\nEnergy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, and developer of a range of UV-C disinfection (“UVCD”) products, today announced financial results for its second quarter ended June 30, 2021.\n\nSecond Quarter 2021 and Subsequent Business Highlights:\n\n\nNet sales of $2.1 million, a decrease of 37.8% compared to the second quarter of 2020 and a decrease of 21.4% sequentially from the first quarter of 2021, reflecting fluctuations in timing of military orders and funding availability, and continued COVID-19-related challenges and delays, particularly for its commercial sector customers\n\n\nLoss from operations of $2.2 million, compared to a loss from operations of $0.9 million in the second quarter of 2020 and sequentially to a loss from operations of $2.3 million in the first quarter of 2021\n\n\nNet loss of $2.5 million, or $(0.59) per basic and diluted share of common stock, compared to a net loss of $4.3 million, or $(1.36) per basic and diluted share of common stock, in the second quarter of 2020. Sequentially, the net loss increased by $0.8 million compared to net loss of $1.6 million, or $(0.45) per basic and diluted share of common stock, inclusive of a $0.8 million non-cash gain from the forgiveness of the Paycheck Protection Program (“PPP”) loan, in the first quarter of 2021\n\n\nStrengthened balance sheet with net proceeds of $4.5 million from an equity financing and net proceeds of $1.5 million from a bridge financing, and increased its inventory-based line of credit capacity by $0.5 million, increasing overall liquidity\n\n\nCash of $1.3 million as of June 30, 2021, compared to $1.8 million as of December 31, 2020\n\n\n“Our second quarter results were impacted by the military market that experienced funding delays and from the continued weakness in our commercial lighting retrofit market, although we have already seen a few orders so far in the third quarter that we believe represent opportunities delayed from the first half of 2021” commented James Tu, Chairman and CEO of Energy Focus, Inc. “The pan...