Business
Energy Focus, Inc. Reports Third Quarter 2021 Financial Results
Modest Sequential Improvement in Third Quarter; Company Prepares to Launch nUVo™ Air Disinfectors, First Major Consumer Offerings Conference Call to be Held
About this update from Energy Focus, Inc.
[{"type":"text","content":"\nModest Sequential Improvement in Third Quarter; Company Prepares to Launch nUVo™ Air Disinfectors, First Major Consumer Offerings\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 third quarter ended September 30, 2021.\n\nThird Quarter 2021 Financial Highlights:\n\n\nNet sales of $2.7 million, a decrease of 53.9% compared to the third quarter of 2020 and an increase of 32.5% sequentially from the second quarter of 2021, reflecting continued fluctuations in timing of military orders and funding availability, and ongoing COVID-19-related business challenges for its customers and logistics delays.\n\n\nLoss from operations of $1.8 million, compared to a loss from operations of $1.0 million in the third quarter of 2020 and sequentially to a loss from operations of $2.2 million in the second quarter of 2021.\n\n\nNet loss of $1.1 million, or $(0.22) per basic and diluted share of common stock, compared to a net loss of $1.2 million, or $(0.35) per basic and diluted share of common stock, in the third quarter of 2020. Sequentially, the net loss decreased by $1.3 million compared to net loss of $2.5 million, or $(0.59) per basic and diluted share of common stock in the second quarter of 2021.\n\n\nCash of $0.4 million, included in total availability (as defined under “Non-GAAP Measures” below) of $2.1 million, each as of September 30, 2021, as compared to cash of $1.8 million and total availability of $3.5 million as of December 31, 2020.\n\n\n“Although revenue for the third quarter came in higher than that of the first and the second quarter, we continued to experience a challenging business environment, including delayed military funding and commercial retrofit projects, as well as ongoing logistics and supply chain dislocations for both our military and commercial LED lighting markets,” commented James Tu, Chairman and CEO of Energy Focus, Inc. “Meanwhile, we continued our aggressive transformation to develop breakthrough human-centric lighting technologies and products to differentiate our commercial products and to expand into the consumer market.”\n\n“We recently obtained independe...