Financial Performance - Net sales for Q1 2024 were $0.8 million, a decrease of $0.1 million or 10.4% compared to Q1 2023, primarily due to a $75 thousand decrease in military maritime sales and a $22 thousand decrease in commercial sales[3] - Net sales for Q1 2024 were $833,000, a decrease of 65.2% from $2,393,000 in Q4 2023 and a decrease of 10.4% from $930,000 in Q1 2023[19] - Gross profit for Q1 2024 was $120,000, representing a gross margin of 14.4%, compared to 3.1% in Q4 2023 and 1.8% in Q1 2023[26] - Loss from operations was $0.6 million, an improvement from a loss of $1.2 million in Q1 2023 and $0.8 million in Q4 2023[3] - The company reported a loss from operations of $599,000 in Q1 2024, compared to a loss of $765,000 in Q4 2023 and $1,203,000 in Q1 2023[19] - Net loss for Q1 2024 was $0.4 million, or $(0.09) per share, compared to a net loss of $1.3 million, or $(0.58) per share, in Q1 2023[3] - The net loss for Q1 2024 was $418,000, an improvement from a net loss of $849,000 in Q4 2023 and $1,333,000 in Q1 2023[20] - Adjusted EBITDA loss was $0.6 million for Q1 2024, an improvement from a loss of $1.2 million in Q1 2023[10] - Adjusted EBITDA for Q1 2024 was $(581,000), compared to $(680,000) in Q4 2023 and $(1,176,000) in Q1 2023[26] Cash and Assets - Cash decreased to $1.0 million as of March 31, 2024, from $2.0 million as of December 31, 2023, due to the payoff of the Streeterville Notes[3] - Cash at the end of Q1 2024 was $972,000, down from $2,030,000 at the end of Q4 2023 and up from $301,000 at the end of Q1 2023[22] - Total assets decreased to $7.4 million as of March 31, 2024, from $10.2 million as of December 31, 2023[16] Sales Breakdown - Military maritime products accounted for approximately $0.5 million, or 64.1% of total net sales, in Q1 2024, compared to $0.6 million, or 65.5%, in Q1 2023[6] Operating Expenses - Total operating expenses for Q1 2024 were $719,000, a decrease from $840,000 in Q4 2023 and $1,220,000 in Q1 2023[19] Market Expansion and Strategy - The company is exploring new markets in the Gulf Cooperation Council (GCC) and Central Asia regions to expand its business landscape[5] - Energy Focus aims to enhance product efficiency and capabilities through strategic partnerships and innovative technological advancements[5] Accounts Receivable - Accounts receivable increased by $1,440,000 in Q1 2024, compared to a decrease of $682,000 in Q4 2023[20] Cash Flows - The company had no cash flows from investing activities in Q1 2024, compared to $(42,000) in Q4 2023[22]

Financial Performance - Net sales for 2023 were $5.7 million, a decrease of 4.2% compared to 2022, driven by an 85.6% increase in MMM sales and a 57.5% decrease in commercial sales[194]. - Gross profit for 2023 was $0.2 million, or 3.9% of net sales, compared to a gross loss of $(0.3) million, or (5.3)% of net sales in 2022, due to cost reduction efforts[195]. - Net loss for 2023 was $4.3 million, an improvement from a net loss of $10.3 million in 2022, primarily due to reduced costs in goods sold and operating expenses[208]. - The net loss for 2023 was $4.293 million, a significant improvement from a net loss of $10.279 million in 2022, representing a reduction of 58.3%[248]. - For the year ended December 31, 2023, the net loss was $4.293 million, compared to a net loss of $10.279 million for 2022, indicating a significant improvement in financial performance[308]. Cost Management - Gross profit for 2023 was $223,000, compared to a gross loss of $318,000 in 2022, indicating an improvement in cost management[247]. - Total operating expenses decreased to $4.194 million in 2023 from $8.977 million in 2022, reflecting a reduction of 53.3%[247]. - Selling, general, and administrative expenses decreased to $3.6 million, or 63.1% of net sales in 2023, down from $7.1 million, or 119.8% of net sales in 2022[199]. - The company has made significant cost-cutting efforts throughout 2023 while maintaining customer satisfaction and timely delivery of goods[175]. - Research and development expenses were $0.6 million for the year ended December 31, 2023, down from $1.5 million in 2022, reflecting a reduction in product development costs[304]. Cash Flow and Liquidity - Cash balance increased to $2.0 million at December 31, 2023, compared to $52 thousand at December 31, 2022[213]. - Net cash used in operating activities was $2.4 million in 2023, a decrease from $6.7 million in 2022, reflecting improved cash management[214]. - Total cash at the end of 2023 increased to $2.03 million from $52, marking a significant recovery in liquidity[257]. - Cash used in operating activities for 2023 was $2.4 million, down from $6.7 million in 2022, indicating a 64% reduction in cash outflow[262]. - The company reported net accounts receivable of $1.570 million as of December 31, 2023, compared to $445 thousand in 2022[287]. Sales and Market Position - The company has seen growth in quotation opportunities in both MMM and commercial product lines during the fiscal year ended December 31, 2023[178]. - Two major customers accounted for approximately 48% of net sales for the twelve months ended December 31, 2023, indicating sales concentration risk[209]. - Two customers accounted for 48% of net sales in 2023, with sales to the primary distributor for the U.S. Navy representing approximately 35%[320]. - The company continues to face challenges from long and unpredictable sales cycles and aggressive price competition in the lighting industry[181]. - The MMM business faced challenges due to delayed government funding and long sales cycles, but efforts to reduce costs have positioned the company to be more competitive[177]. Strategic Initiatives - The company plans to achieve profitability by increasing sales of innovative products like EnFocus™ and leveraging unique technologies such as RedCap®[179]. - The company is evaluating adjacent technologies, including GaN-based power supplies, to support sustainability in existing channels[179]. - The company is exploring adjacent technologies, including Gallium Nitride (GaN) based power supplies, to enhance its product offerings[260]. - The company plans to reintroduce the second generation of EnFocus™ powerline control switches in 2024, focusing on commercial markets[210]. - The company has focused on diversifying its supply chain to remain competitive amid extreme price competition in the LED lighting industry[174]. Compliance and Regulatory Matters - The company was granted an extension until May 15, 2023, to regain compliance with the Minimum Stockholders' Equity Rule, having reported stockholders' equity of $1.5 million as of September 30, 2022[269]. - On July 27, 2023, the company regained compliance with both the Bid Price Rule and the Minimum Stockholders' Equity Rule, subject to a one-year mandatory panel monitor[273]. - The company is subject to delisting from Nasdaq if it fails to maintain compliance with listing standards during the monitoring period[277]. - The company has made substantial progress towards its plan to regain compliance with Nasdaq listing requirements as of March 31, 2023[272]. Debt and Financing - The company raised $1.8 million in gross proceeds through a security purchase agreement in September 2023[210]. - The Company completed a private placement on September 29, 2023, raising approximately $1.75 million by issuing 853,658 shares at a price of $2.05 per share[360]. - The June 2023 Private Placement raised approximately $1.3 million by issuing 746,875 shares at a price of $1.76 per share[362]. - The Company agreed to restructure the 2022 Streeterville Note, extending its maturity date to December 1, 2024, with scheduled repayments starting January 1, 2024, of approximately $117 thousand per month[344]. - Total debt decreased from $4,879,000 in 2022 to $1,773,000 in 2023[332]. Inventory Management - Inventories decreased to $4.439 million in 2023 from $5.476 million in 2022, a decline of 18.9%[242]. - The company experienced a net decrease of gross inventory levels by $1.0 million and an increase in excess and obsolete inventory reserves by $26 thousand compared to 2022[292]. - The Company had a reserve for excess, obsolete, and slow-moving inventories of $2,553,000 as of December 31, 2023[328]. - One offshore supplier accounted for approximately 28.0% of total expenditures for the twelve months ended December 31, 2023[325]. - Deposits paid on unfulfilled orders totaled $0.8 million and $0.6 million at December 31, 2023, and 2022, respectively, indicating a slight increase in advance payments[323].

Financial Performance - Net sales for 2023 were $5.7 million, a decrease of 4.2% from $6.0 million in 2022, with military and maritime market sales increasing to $4.1 million, or 72.1% of total sales[5][7][6] - Net loss for 2023 was $4.3 million, or $(1.32) per share, significantly improved from a net loss of $10.3 million, or $(8.88) per share in 2022[5][9] - Fourth quarter 2023 net sales were $2.4 million, a 260.9% increase from $0.7 million in the fourth quarter of 2022, driven by military sales[12] - The net loss for Q4 2023 was $(849,000), an improvement from $(4,293,000) in Q4 2022[35] - Total net sales for Q4 2023 reached $2,393,000, a significant increase from $663,000 in Q4 2022, representing a growth of 261.5%[35] Profitability and Margins - Gross profit margin improved to 3.9% in 2023, up from a negative margin of (5.3)% in 2022, primarily due to cost reduction efforts[5][8] - Adjusted gross margin for the fourth quarter of 2023 was 7.0%, compared to (55.8)% in the fourth quarter of 2022, reflecting lower costs and higher sales[14] - Reported gross profit for Q4 2023 was $75,000, with a gross margin of 3.1%, compared to a gross loss of $(238,000) and a margin of (35.9%) in Q4 2022[35] - Adjusted gross margin for Q4 2023 was $168,000, representing 7.0%, compared to $(370,000) and (55.8%) in Q4 2022[35] Cost Management - Operating loss for 2023 was $4.0 million, improved from a loss of $9.3 million in 2022, due to significant cost-cutting measures[5][9][15] - Total operating expenses decreased to $840,000 in Q4 2023 from $855,000 in Q3 2023 and $1,786,000 in Q4 2022, reflecting a reduction in costs[27] - The company incurred a total net cash used in operating activities of $69,000 in Q4 2023, a significant improvement from $1,035,000 in Q3 2023[28] Cash and Liquidity - Cash position improved to $2.0 million as of December 31, 2023, compared to $52 thousand at the end of 2022[5][11] - The company reported a cash increase of $339,000 in Q4 2023, contributing to a total cash balance of $2,030,000 at the end of the period[30] - Cash on hand increased to $2,030,000 as of December 31, 2023, compared to $52,000 in the same period last year[35] - Total availability as of December 31, 2023, was $2,030,000, up from $1,691,000 as of September 30, 2023[35] Equity and Liabilities - Total liabilities decreased to $7,149,000 as of December 31, 2023, down from $8,975,000 in 2022, indicating improved financial health[25] - Stockholders' equity improved to $3,051,000 in Q4 2023, compared to a deficit of $477,000 in Q4 2022, showing a positive shift in equity position[25] Strategic Initiatives - The company plans to introduce high-efficiency GaN power supply products to its portfolio in 2023[19] - Strategic investments in 2023 resulted in net proceeds of $6.1 million through private placements and conversion of promissory notes[5] - The company is exploring emerging markets such as the Gulf Cooperation Council (GCC) and Central Asia for business expansion[4] - The company plans to continue focusing on improving operational performance and liquidity through strategic adjustments and cost management[34] Market Performance - Military maritime products sales surged to $2,061,000 in Q4 2023, up from $841,000 in Q3 2023 and $313,000 in Q4 2022, highlighting strong demand in this segment[31] - The weighted average shares of common stock outstanding increased to 4,349,000 in Q4 2023 from 3,514,000 in Q3 2023, reflecting the impact of the reverse stock split[27] - Interest expenses for Q4 2023 were $154,000, up from $34,000 in Q3 2023[35]

Sales Performance - Net sales for Q3 2023 were $1.3 million, a decrease of $0.4 million, or 24%, compared to Q3 2022 net sales of $1.8 million, primarily due to a 61% decrease in commercial sales [167]. - For the first nine months of 2023, net sales totaled $3.3 million, a decrease of $2.0 million, or 37%, compared to the same period in 2022, driven by a 63% decrease in commercial product sales [168]. - Two customers accounted for approximately 29% of net sales for the nine months ended September 30, 2023 [183]. Product Sales and Development - MMM product sales increased by $0.4 million, or 77%, in Q3 2023, attributed to larger sales orders and improved efficiency following a leadership change in the MMM sales team [167]. - The company plans to launch the second generation of EnFocus™ powerline control switches in 2023, enhancing lighting solutions for commercial markets [184]. - The company is focusing on innovative products like EnFocus™ and RedCap® to drive future growth and profitability [149]. Financial Performance - Gross loss for Q3 2023 was $0.0 million, or (4)% of net sales, an improvement from a gross loss of $(0.2) million, or (9)% of net sales in Q3 2022 [169]. - Gross profit for the first nine months of 2023 was $0.1 million, or 10% of net sales, compared to a gross loss of $(0.1) million, or (2)% of net sales in the same period of 2022 [170]. - Net loss for the three months ended September 30, 2023, was $0.9 million, a decrease of 65% from a net loss of $2.7 million in the same period of 2022 [181]. Operating Expenses - Total operating expenses for Q3 2023 were 53.2% of net sales, down from 127.2% in Q3 2022, indicating significant cost-cutting efforts [166]. - Selling, general and administrative expenses for the first nine months of 2023 were $2.9 million, a decrease of 51% from $5.9 million in the same period of 2022 [175]. - Product development expenses for the third quarter of 2023 were $0.1 million, down 61% from $0.3 million in the third quarter of 2022 [172]. - Interest expense for the first nine months of 2023 was $226 thousand, down 67% from $679 thousand in the same period of 2022 [177]. Cash Flow and Capital - Cash balance as of September 30, 2023, was approximately $1.7 million, compared to approximately $0.1 million at December 31, 2022 [188]. - Net cash used in operating activities for the nine months ended September 30, 2023, was $2.4 million, significantly improved from $6.2 million in the same period of 2022 [189]. - The company raised an aggregate gross proceeds of $1.8 million through a security purchase agreement in August 2023 [185]. Challenges and Strategic Focus - The company continues to face challenges from long sales cycles and supply chain issues, impacting both MMM and commercial sales [154]. - Strategic investments in 2023 by Sander Electronics, Inc. have provided meaningful external capital to support growth strategies [153]. - The company is evaluating adjacent technologies, including GaN-based power supplies, to expand its market opportunities [153]. - The company has implemented a demand-oriented approach to enhance customer relationships and loyalty through targeted service models [158]. Reporting Classification - The company is classified as a "smaller reporting company" and is not required to provide detailed market risk information [201].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 001-36583 ENERGY FOCUS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 001-36583 ENERGY FOCUS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

Energy Focus, Inc. (NASDAQ:EFOI) Q4 2022 Earnings Conference Call March 23, 2023 11:00 AM ET Company Participants Jim Warren - Senior Vice President and General Counsel Lesley Matt - Chief Executive Officer Conference Call Participants Sameer Joshi - H.C. Wainwright Operator Greetings and welcome to the Energy Focus, Inc. Fourth Quarter and Fiscal Year End 2022 Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Jim Warren ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-36583 ENERGY FOCUS, INC. (Exact name of registrant as specified in its charter) Delaware 94-3021850 (State or other jurisdi ...

Energy Focus, Inc. (NASDAQ:EFOI) Q3 2022 Earnings Conference Call November 10, 2022 11:00 AM ET Company Participants Jim Warren - Senior Vice President & General Counsel of Energy Focus Stephen Socolof - Chairman Lesley Matt - Chief Executive Officer Conference Call Participants Amit Dayal - H.C. Wainright Operator Ladies and gentlemen, greetings and welcome to the Energy Focus Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value $0.0001 per share EFOI The Nasdaq Stock Market LLC Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ ...