Business
Energy Focus Provides Updated Second Quarter 2020 Revenue Projection and Third Quarter Revenue Guidance
Sales from A Large Military Contract Partially Shifted to Third Quarter SOLON, Ohio, July 16, 2020 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (NASDAQ: EFOI), a
About this update from Energy Focus, Inc.
[{"type":"text","content":"Sales from A Large Military Contract Partially Shifted to Third Quarter\nSOLON, Ohio, July 16, 2020 (GLOBE NEWSWIRE) -- Energy Focus, Inc. (NASDAQ: EFOI), a leader in sustainable LED lighting technologies, today provided an updated revenue projection for the second quarter of 2020, related to the delay in the shipment of a single large military order.\n The shipment of a portion of the $3.4 million U.S. Navy order for the Company’s new generation of military Intellitubes, which were expected to contribute approximately $1.7 million to the Company’s revenues during the second quarter, was shifted into the third quarter. As a result, the Company anticipates second quarter revenue to be approximately $3.3 million, or $1.2-$1.5 million less than the $4.5 - $4.8 million range the Company previously provided and represents 8% growth from the second quarter of 2019. The Company expects to ship and recognize the revenues related to most of the remaining portion of this order during the third quarter of 2020, with the balance of of it, as previously reported, by year-end. For the third quarter of 2020, due to the sales shift, the Company projects total revenues between $6 million to $7 million, representing 106% to 140% growth over third quarter of 2019. “The shipment of this military order was delayed due to a combination of operational and supply chain challenges we encountered during the quarter, exacerbated by COVID-19,” commented James Tu, Chairman and CEO of Energy Focus, Inc. “We were able to resolve these timing related issues, which did not cause any loss of orders and simply shifted some expected second quarter sales to the third quarter. Except for the continuing, uncertain impact from COVID-19 on the economy and broader business activities on a short-term basis, there is no fundamental change in our business, and we remain excited and optimistic about the military as well as the rapidly emerging and expanding commercial opportunities ahead of us.” About Energy Focus: Energy Focus is an industry-leading innovator of sustainable LED lighting technologies and solutions. As the creator of the first flicker-free original LED products on the U.S. market, Energy Focus products provide extensive energy and maintenance savings, and aesthetics, safety, health and sustainability benefits over conventional lighting. Our customers include...