Energy Focus, Inc. (NASDAQ:EFOI), a leader in advanced LED lighting
technologies and solutions, announced financial results for the
third quarter of 2019.
Third Quarter 2019 and Recent Highlights:
Financial Results:
- Net sales for the third quarter of 2019 were $2.9 million,
compared with $5.2 million for the third quarter of 2018, and a
slight decrease with $3.1 million for the second quarter of
2019
- Net loss for the third quarter of 2019 improved to $946
thousand or $0.08 per share compared with a net loss of $1.9
million or $0.16 per share in the third quarter of 2018 and $2.3
million or $0.18 per share for the second quarter of 2019
- Gross profit margins increased to 35.3% for the third quarter
of 2019 compared with 24.8% for the third quarter of 2018 and
(3.5)% for the second quarter of 2019
- As of September 30, 2019, we had $0.6 million in cash and
cash equivalents, which includes $0.3 million in restricted cash
held, as well as borrowings of $1.3 million in a credit facility
and $1.7 million of subordinated convertible notes issued in March
2019
- During September 2019, our lender provided a temporary increase
up to $0.5 million to our available line of credit. As of
September 30, 2019, we had $1.2 million of additional capacity
to borrow under the credit facility
Corporate Developments:
- Tod A. Nestor joined the Company as President and Chief
Financial Officer on July 1, 2019
- Philip Politziner appointed to its board of directors during
August 2019
- Sales force reorganized and strengthened with two new sales
leaders to oversee its partnership distribution and in-house sales
channels
- The Company hired a new Director of Training, as well as a VP
of Product Management
- A large national energy service company (ESCO) specified
RedCap® as the standard emergency backup lighting solution for all
its tubular LED retrofit projects
- Received an exclusive long-term contract valued at $2.5 million
to supply explosion-proof LED globe lights to the U.S. Naval
fleet
- Successfully developed and filed preliminary patents on dimming
and color tuning lighting control technologies
“During the past quarter, in addition to continuing our effort
to significantly lower our burn rate since our relaunch in April,
we achieved several milestones with regard to both our business
development and technology initiatives. These milestones are
positioning us to embark on a future path of sustainable and strong
growth, as well as bring financially, environmentally and humanly
impactful products to the market in the most timely and scalable
manner possible,” said James Tu, Chairman and CEO of Energy Focus,
Inc.
“We reorganized and strengthened our sales force by adding two
new business development leaders to build and expand our newly
created Channel Partnership business, which is dedicated to working
with select experts within specific industries that have a national
footprint, as well as our SME business, which reaches out to small
and medium size enterprise customers through our inside sales team.
With our existing Commercial Strategic Accounts and Military and
Maritime businesses, we now have four business development teams,
each led by a high-caliber team leader, dedicated to focus on
specific channels that together are expected to accelerate our
business development process and encompass key market sectors
across the country,” Mr. Tu continued.
“Meanwhile, as previously announced, we have successfully
developed and filed several patents for our lighting control
technologies, which aim to deliver dimming, color tuning and
occupancy sensing capabilities to buildings and facilities in an
unprecedentedly affordable and simple fashion. We are targeting to
launch this new platform of controlled lighting products sometime
during the first quarter of 2020 and believe that this breakthrough
solution will further differentiate Energy Focus from the
commoditized lighting market. We have received strong and
immediate purchasing interest from our customers as a result of
early product demonstrations and pilot installations and we are
gearing our entire organization to act upon significant revenue
opportunities from this new product family during 2020 and
beyond.”
“We are confident that the relaunch and transformational plan we
have put in place since April 2019 are setting the Company on a
solid path toward growing our top line during the fourth quarter of
2019 and beyond, while solidifying our leadership in the LED
lighting industry when it comes to product quality, technology
innovation and brand equity and trust,” concluded Mr. Tu.
Third Quarter 2019 Financial Results:
Net sales of $2.9 million for the third quarter of 2019
decreased slightly compared to the second quarter of 2019 net sales
and decreased 43.5% compared to the third quarter of 2018 net sales
of $5.2 million. The decrease for the quarter on a year over year
basis is mainly due to a 58.8% decrease in military sales
reflecting the timing and fulfillment of U.S. Navy awards period
over period as well as Navy defense budget constraint for the
government fiscal year ending in September. Net sales from
commercial products was $1.7 million for the third quarter of 2019,
which was slightly lower as compared with the second quarter of
2019 and is a decrease of 24.4% compared with the third quarter of
2018. The decrease from 2018 resulted mainly from favorable changes
in the excess and obsolete inventory reserve in the third quarter
versus an unfavorable change in the second quarter, in addition to
some incremental gross margin improvement in the third quarter of
2019.
Gross profit was $1.0 million, or 35.3% of net sales, for the
third quarter of 2019, including impacts from the changes in the
inventory reserves, in which $340 thousand reduced gross profit by
11.7 percentage points. The third quarter gross profit compares
with a gross loss of $109 thousand, or (3.5%) of net sales in the
second quarter of 2019 and positive gross profit of $1.3 million,
or 24.8% of net sales in the third quarter of 2018, with changes in
excess and obsolete reserves adversely impacting each of these
quarters’ gross profit margins by 14.7% and 3.2 percentage points
of net sales, respectively. The increase in gross profit in
the third quarter of 2019 from the second quarter of 2019 resulted
mainly from favorable changes in the excess and obsolete inventory
reserve in the third quarter versus an unfavorable change in the
second quarter, in addition to some incremental gross margin
improvement in the third quarter of 2019.
Third quarter 2019 operating loss was $0.8 million, with a net
loss of $0.9 million or 0.08 per share. This compares to a $2.1
million operating loss with a net loss of $2.3 million, or 0.18 per
share, in the second quarter of 2019, and an operating and net loss
of $1.9 million or 0.16 per share, in the third quarter of 2018.
The operating loss improvement over the last quarter and over the
same quarter in 2018 was mainly due to significant improvement in
gross margin as well as continuing cost containment efforts by the
Company that resulted in lower operating expenses. Adjusted EBITDA,
as defined under “Non-GAAP Measures” below, was a loss of $0.8
million for the third quarter of 2019 and a loss of $2.0 million
for the second quarter of 2019, as compared with a loss of $1.5
million in the third quarter of 2018.
Cash and cash equivalents were $0.6 million as of
September 30, 2019, which includes $0.3 million restricted
cash held and $1.3 million in borrowings under our $5.0 million
revolving credit facility. This compares with cash and cash
equivalents of $2.2 million at the end of the second quarter of
2019 and $6.3 million at the end of December 31, 2018, both of
which also included $0.3 million of restricted cash held.
Fourth Quarter 2019 Outlook:
While quarterly results will vary and fluctuate due to order and
delivery timing, the Company projects fourth quarter 2019 sales in
the range of $3.1 million to $3.4 million, representing
approximately 7-17% quarter over quarter growth compared with the
third quarter of 2019.
NASDAQ Compliance:
On November 12, 2019, Energy Focus was notified by NASDAQ that
the Company has been granted a 180-day extension through May 10,
2020 in order to come into compliance with NASDAQ’s $1.00 per share
minimum bid price requirement. Energy Focus hopes to address this
requirement organically, but has also requested approval from its
shareholders for a reverse stock-split in its definitive proxy
statement filed with the SEC on November 8, 2019.
Earnings Conference Call:
Energy Focus, Inc. will host a conference call and webcast on
November 13, 2019 at 11:00 a.m. Eastern Time to review the third
quarter 2019 results, followed by a Q & A session. To
participate in the call, please dial 877-451-6152 if calling within
the United States, or 201-389-0879 if calling internationally, and
referencing the conference ID# 13695464.
The conference call will by simultaneously webcast. To listen to
the webcast, log on to the webcast at:
http://investors.energyfocus.com/events-and-presentations/events at
the appointed time. The webcast will be available at this website
until November 27, 2019.
Forward Looking Statements:
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Generally, these statements can be identified
by the use of words such as “believes,” “estimates,” “anticipates,”
“expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,”
“should,” “could,” “would” and similar expressions intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words.
These forward-looking statements include all matters that are not
historical facts and include statements regarding our current
expectations concerning, among other things, our results of
operations, financial condition, liquidity, prospects, growth,
strategies, capital expenditures and the industry in which we
operate. By their nature, forward-looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Although we
base these forward-looking statements on assumptions that we
believe are reasonable when made, we caution you that
forward-looking statements are not guarantees of future performance
and that our actual results of operations, financial condition and
liquidity, and industry developments may differ materially from
statements made in or suggested by the forward-looking statements
contained in this release. We believe that important factors that
could cause our actual results to differ materially from
forward-looking statements include, but are not limited to: our
need for additional financing in the near term to continue our
operations; our liquidity and refinancing demands; our ability to
obtain refinancing or extend maturing debt; our ability to continue
as a going concern for a reasonable period of time; our ability to
implement plans to increase sales and control expenses; our
reliance on a limited number of customers for a significant portion
of our revenue, and our ability to maintain or grow such sales
levels; our ability to increase demand in our targeted markets and
to manage sales cycles that are difficult to predict and may span
several quarters; the timing of large customer orders, significant
expenses and fluctuations between demand and capacity as we invest
in growth opportunities; our ability to compete effectively against
companies with lower cost structures or greater resources, or more
rapid development efforts, and new competitors in our target
markets; our ability to successfully scale our network of sales
representatives, agents, and distributors to match the sales reach
of larger, established competitors; market acceptance of our
high-quality LED lighting technologies and products; our ability to
remediate our material weakness and otherwise comply with our
obligations as a public company and under Nasdaq listing standards;
our ability to attract and retain qualified personnel, and to do so
in a timely manner; the impact of any type of legal inquiry, claim,
or dispute; general economic conditions in the United States and in
other markets in which we operate or secure products; our
dependence on military customers and on the levels and timing of
government funding available to such customers, as well as the
funding resources of our other customers in the public sector and
commercial markets; our reliance on a limited number of third-party
suppliers, our ability to obtain critical components and finished
products from such suppliers on acceptable terms, and the impact of
our fluctuating demand on the stability of such suppliers;
our ability to timely and efficiently transport products from our
third-party suppliers to our facility by ocean marine channels; our
ability to respond to new lighting technologies and market trends,
and fulfill our warranty obligations with safe and reliable
products; any delays we may encounter in making new products
available or fulfilling customer specifications; any flaws or
defects in our products or in the manner in which they are used or
installed; our ability to protect our intellectual property rights
and other confidential information, and manage infringement claims
by others; our compliance with government contracting laws and
regulations, through both direct and indirect sale channels, as
well as other laws, such as those relating to the environment and
health and safety; and risks inherent in international markets,
such as economic and political uncertainty, changing regulatory and
tax requirements and currency fluctuations, including tariffs and
other potential barriers to international trade.
About Energy Focus
Energy Focus is an industry-leading innovator of
energy-efficient LED lighting technologies and solutions. As the
creator of the first flicker-free 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 U.S. and foreign
navies, U.S. federal, state and local governments, healthcare and
educational institutions, as well as Fortune 500 companies. Energy
Focus is headquartered in Solon, Ohio. For more information, visit
our website at www.energyfocus.com
Media and Investor Contacts:DGI
Comm212-825-3210ir@energyfocus.com
Condensed Consolidated Balance
Sheets(in thousands)
|
September
30, |
|
December
31, |
|
2019 |
|
2018 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
634 |
|
|
$ |
6,335 |
|
Trade accounts receivable, less allowances of $53 and $33,
respectively |
1,782 |
|
|
2,201 |
|
Inventories, net |
7,399 |
|
|
8,058 |
|
Prepaid and other current assets |
642 |
|
|
1,094 |
|
Total current assets |
10,457 |
|
|
17,688 |
|
|
|
|
|
Property and equipment, net |
375 |
|
|
610 |
|
Operating lease, right-of-use assets |
1,415 |
|
|
— |
|
Restructured lease, right-of-use assets |
375 |
|
|
— |
|
Other assets |
206 |
|
|
194 |
|
Total assets |
$ |
12,828 |
|
|
$ |
18,492 |
|
|
|
|
|
LIABILITIES |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,228 |
|
|
$ |
3,606 |
|
Accrued liabilities |
184 |
|
|
73 |
|
Accrued payroll and related benefits |
332 |
|
|
435 |
|
Accrued severance |
10 |
|
|
188 |
|
Accrued legal and professional fees |
150 |
|
|
160 |
|
Accrued sales commissions |
68 |
|
|
115 |
|
Accrued restructuring |
23 |
|
|
156 |
|
Accrued warranty reserve |
343 |
|
|
258 |
|
Deferred revenue |
24 |
|
|
30 |
|
Operating lease liabilities |
541 |
|
|
— |
|
Restructured lease liabilities |
313 |
|
|
— |
|
Finance lease liabilities |
3 |
|
|
— |
|
Credit line borrowings |
1,323 |
|
|
2,219 |
|
Convertible notes |
1,700 |
|
|
— |
|
Total current liabilities |
6,242 |
|
|
7,240 |
|
|
|
|
|
Other liabilities |
20 |
|
|
200 |
|
Operating lease liabilities |
1,071 |
|
|
— |
|
Restructured lease liabilities |
250 |
|
|
— |
|
Finance lease liabilities |
5 |
|
|
— |
|
Total liabilities |
7,588 |
|
|
7,440 |
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
Preferred stock, par value $0.0001 per share: |
|
|
|
Authorized: 2,000,000 shares in 2019 and 2018 |
|
|
|
Issued and outstanding: no shares in 2019 and 2018 |
— |
|
|
— |
|
Common stock, par value $0.0001 per share: |
|
|
|
Authorized: 30,000,000 shares in 2019 and 2018 |
|
|
|
Issued and outstanding: 12,370,030 shares at September 30, 2019 and
12,090,695 shares at December 31, 2018 |
1 |
|
|
1 |
|
Additional paid-in capital |
128,808 |
|
|
128,367 |
|
Accumulated other comprehensive loss |
(3 |
) |
|
(1 |
) |
Accumulated deficit |
(123,566 |
) |
|
(117,315 |
) |
Total stockholders’ equity |
5,240 |
|
|
11,052 |
|
Total liabilities and stockholders’ equity |
$ |
12,828 |
|
|
$ |
18,492 |
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of
Operations(In thousands, except per share
data)(Unaudited)
|
Three months ended |
|
Nine months ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net sales |
$ |
2,915 |
|
|
$ |
3,082 |
|
|
$ |
5,158 |
|
|
$ |
9,174 |
|
|
$ |
14,989 |
|
Cost of sales |
1,887 |
|
|
3,191 |
|
|
3,877 |
|
|
8,157 |
|
|
11,596 |
|
Gross profit
(loss) |
1,028 |
|
|
(109 |
) |
|
1,281 |
|
|
1,017 |
|
|
3,393 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Product development |
191 |
|
|
318 |
|
|
638 |
|
|
1,035 |
|
|
1,940 |
|
Selling, general, and
administrative |
1,689 |
|
|
1,594 |
|
|
2,543 |
|
|
5,524 |
|
|
7,611 |
|
Restructuring |
(19 |
) |
|
128 |
|
|
1 |
|
|
243 |
|
|
(46 |
) |
Total operating
expenses |
1,861 |
|
|
2,040 |
|
|
3,182 |
|
|
6,802 |
|
|
9,505 |
|
Loss from
operations |
(833 |
) |
|
(2,149 |
) |
|
(1,901 |
) |
|
(5,785 |
) |
|
(6,112 |
) |
|
|
|
|
|
|
|
|
|
|
Other expenses
(income): |
|
|
|
|
|
|
|
|
|
Interest expense |
67 |
|
|
26 |
|
|
2 |
|
|
136 |
|
|
4 |
|
Other expenses (income) |
46 |
|
|
79 |
|
|
17 |
|
|
144 |
|
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(946 |
) |
|
$ |
(2,254 |
) |
|
$ |
(1,920 |
) |
|
$ |
(6,065 |
) |
|
$ |
(6,114 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and
diluted: |
$ |
(0.08 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.51 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted average shares used
in computing net loss per share: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
12,370 |
|
|
12,336 |
|
|
12,059 |
|
|
12,278 |
|
|
11,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash
Flows
(In
thousands) |
Three months ended |
|
Nine months ended |
(Unaudited) |
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(946 |
) |
|
$ |
(2,254 |
) |
|
$ |
(1,920 |
) |
|
$ |
(6,065 |
) |
|
$ |
(6,114 |
) |
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
Depreciation |
77 |
|
|
95 |
|
|
105 |
|
|
277 |
|
|
399 |
|
Stock-based compensation |
34 |
|
|
(20 |
) |
|
276 |
|
|
557 |
|
|
706 |
|
Provision for doubtful accounts receivable |
(18 |
) |
|
12 |
|
|
(4 |
) |
|
20 |
|
|
(15 |
) |
Provision for slow-moving and obsolete inventories and valuation
reserves |
(340 |
) |
|
533 |
|
|
(123 |
) |
|
(643 |
) |
|
(532 |
) |
Provision for warranties |
1 |
|
|
5 |
|
|
31 |
|
|
107 |
|
|
46 |
|
Amortization of loan origination fees |
27 |
|
|
25 |
|
|
— |
|
|
72 |
|
|
— |
|
Loss on dispositions of property and equipment |
— |
|
|
16 |
|
|
19 |
|
|
15 |
|
|
4 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
42 |
|
|
568 |
|
|
411 |
|
|
400 |
|
|
648 |
|
Inventories |
608 |
|
|
50 |
|
|
(572 |
) |
|
1,301 |
|
|
(184 |
) |
Prepaid and other assets |
(79 |
) |
|
(12 |
) |
|
(212 |
) |
|
368 |
|
|
(647 |
) |
Accounts payable |
(785 |
) |
|
(197 |
) |
|
(24 |
) |
|
(2,311 |
) |
|
1,447 |
|
Accrued and other liabilities |
159 |
|
|
(385 |
) |
|
470 |
|
|
(421 |
) |
|
391 |
|
Deferred revenue |
11 |
|
|
— |
|
|
(3 |
) |
|
(6 |
) |
|
5 |
|
Total adjustments |
(263 |
) |
|
690 |
|
|
374 |
|
|
(264 |
) |
|
2,268 |
|
Net cash used in operating
activities |
(1,209 |
) |
|
(1,564 |
) |
|
(1,546 |
) |
|
(6,329 |
) |
|
(3,846 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
Acquisitions of property and equipment |
(29 |
) |
|
(23 |
) |
|
— |
|
|
(57 |
) |
|
(57 |
) |
Proceeds from the sale of property and equipment |
— |
|
|
(1 |
) |
|
— |
|
|
— |
|
|
240 |
|
Net cash (used in) provided by
investing activities |
(29 |
) |
|
(24 |
) |
|
— |
|
|
(57 |
) |
|
183 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from exercises of stock options and employee stock
purchase plan purchases |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
21 |
|
Common stock withheld in lieu of income tax withholding on vesting
of restricted stock units |
— |
|
|
(5 |
) |
|
(21 |
) |
|
(116 |
) |
|
(60 |
) |
Principal payments under finance lease obligations |
(1 |
) |
|
— |
|
|
— |
|
|
(2 |
) |
|
— |
|
Proceeds from convertible notes |
— |
|
|
40 |
|
|
— |
|
|
1,700 |
|
|
— |
|
Net repayments on credit line borrowings |
(328 |
) |
|
(106 |
) |
|
— |
|
|
(896 |
) |
|
— |
|
Net cash (used in) provided by
financing activities |
(329 |
) |
|
(71 |
) |
|
(21 |
) |
|
686 |
|
|
(39 |
) |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
(6 |
) |
|
5 |
|
|
2 |
|
|
(1 |
) |
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
(1,573 |
) |
|
(1,654 |
) |
|
(1,565 |
) |
|
(5,701 |
) |
|
(3,707 |
) |
Cash and cash equivalents at beginning of period |
2,207 |
|
|
3,861 |
|
|
8,619 |
|
|
6,335 |
|
|
10,761 |
|
Cash and cash equivalents at end of period |
$ |
634 |
|
|
$ |
2,207 |
|
|
$ |
7,054 |
|
|
$ |
634 |
|
|
$ |
7,054 |
|
|
|
|
|
|
|
|
|
|
|
Classification of cash
and cash equivalents: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
292 |
|
|
1,865 |
|
|
6,712 |
|
|
292 |
|
|
6,712 |
|
Restricted cash held |
342 |
|
|
342 |
|
|
342 |
|
|
342 |
|
|
342 |
|
Cash and cash equivalents at end of period |
$ |
634 |
|
|
$ |
2,207 |
|
|
$ |
7,054 |
|
|
$ |
634 |
|
|
$ |
7,054 |
|
Sales by Products(In
thousands)(Unaudited)
|
Three months ended |
|
Nine months ended |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Commercial products |
$ |
1,733 |
|
|
$ |
2,131 |
|
|
$ |
2,292 |
|
|
$ |
5,847 |
|
|
$ |
7,469 |
|
Military products |
1,182 |
|
|
951 |
|
|
2,866 |
|
|
3,327 |
|
|
7,520 |
|
Total net
sales |
$ |
2,915 |
|
|
$ |
3,082 |
|
|
$ |
5,158 |
|
|
$ |
9,174 |
|
|
$ |
14,989 |
|
Non-GAAP
Measures(Unaudited)
In addition to the results provided in accordance
with U.S. GAAP, we provide certain non-GAAP measures, which present
operating results on an adjusted basis. These are supplemental
measures of performance that are not required by or presented in
accordance with U.S. GAAP and, for the three and nine months ended
September 30, 2019, and 2018, include adjustments for our
restructuring expenses, and for depreciation and stock compensation
expenses that do not have a current period impact on cash flow.
We believe that our use of non-GAAP financial measures permits
investors to assess the operating performance of our business
relative to our performance based on U.S. GAAP results and relative
to other companies within the industry by isolating the effects of
items that may vary from period to period without correlation to
core operating performance or that vary widely among similar
companies, and to assess cash flow performance of the operations of
our business relative to our U.S. GAAP results and relative to
other companies in the industry by isolating the effects of certain
items which do not have a current period cash flow impact. However,
our inclusion of these adjusted measures should not be construed as
an indication that our future results will be unaffected by unusual
or infrequent items or that the items for which we have made
adjustments are unusual or infrequent or will not recur. We believe
that the disclosure of these non-GAAP measures is useful to
investors as they form part of the basis for how our management
team and board of directors evaluate our operating performance.
These non-GAAP financial measures are not intended to replace
U.S. GAAP financial measures, and they are not necessarily
standardized or comparable to similarly titled measures used by
other companies.
|
Three months ended |
|
Nine months ended |
|
September 30, |
|
June 30, |
|
September 30 |
|
September 30, |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Total operating expenses |
$ |
1,861 |
|
|
$ |
2,040 |
|
|
$ |
3,182 |
|
|
$ |
6,802 |
|
|
$ |
9,505 |
|
Less: Restructuring |
(19 |
) |
|
128 |
|
|
1 |
|
|
243 |
|
|
(46 |
) |
Operating expenses, excluding impairment and restructuring
charges |
$ |
1,880 |
|
|
$ |
1,912 |
|
|
$ |
3,181 |
|
|
$ |
6,559 |
|
|
$ |
9,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
September 30, |
|
June 30, |
|
September 30 |
|
September 30, |
|
2019 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Net loss |
$ |
(946 |
) |
|
$ |
(2,254 |
) |
|
$ |
(1,920 |
) |
|
$ |
(6,065 |
) |
|
$ |
(6,114 |
) |
Restructuring expenses |
(19 |
) |
|
128 |
|
|
1 |
|
|
243 |
|
|
(46 |
) |
Net loss, excluding impairment and restructuring
charges |
(965 |
) |
|
(2,126 |
) |
|
(1,919 |
) |
|
(5,822 |
) |
|
(6,160 |
) |
Interest |
67 |
|
|
26 |
|
|
2 |
|
|
136 |
|
|
4 |
|
Loan fee amortization |
27 |
|
|
25 |
|
|
— |
|
|
72 |
|
|
— |
|
Depreciation |
77 |
|
|
95 |
|
|
105 |
|
|
277 |
|
|
399 |
|
Stock-based compensation |
34 |
|
|
(20 |
) |
|
276 |
|
|
557 |
|
|
706 |
|
Adjusted EBITDA |
$ |
(760 |
) |
|
$ |
(2,000 |
) |
|
$ |
(1,536 |
) |
|
$ |
(4,780 |
) |
|
$ |
(5,051 |
) |
Energy Focus (NASDAQ:EFOI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Energy Focus (NASDAQ:EFOI)
Historical Stock Chart
From Apr 2023 to Apr 2024