In This Story
Energy Focus, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $1.2 million, a decrease from $1.3 million in the same quarter the previous year. The decrease is attributed to a reduction in commercial sales.
Cost of sales for the quarter was $1.0 million, representing 84.3% of sales, compared to 103.6% in the same quarter of the previous year. This decrease in cost ratio is due to lower fixed costs.
The company reported a gross profit of $188,000 for the quarter, compared to a gross loss of $48,000 in the previous year, with the improvement attributed to decreased fixed costs.
Selling, general, and administrative expenses decreased to $449,000 from $713,000, primarily due to reduced payroll and related expenses.
Net loss for the quarter was $316,000, down from $944,000 in the previous year. The decrease is primarily due to lower operating expenses and increased gross profit.
Cash used in operating activities was $1.0 million, while cash used in investing and financing activities was $19,000 and $149,000, respectively.
Energy Focus had cash of $819,000 as of September 30, 2024. The company acknowledges its need for additional financing to continue operations.
The filing also details various financial activities, including the early termination of the 2022 Streeterville Note and private placements to raise capital.
Energy Focus continues to focus on its LED lighting and control technologies, with a strategic emphasis on military and commercial markets.
The company highlights its dependence on a few large customers for a significant portion of its sales and the challenges posed by the competitive LED lighting market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Energy Focus Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.