Energy Focus(EFOI) - 2024 Q1 - Quarterly Results

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$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$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]