ENERGY FOCUS, INC/DE EFOI

Technology SIC 3640 - Electric Lighting & Wiring Equipment NAICS Manufacturing › Electrical Equipment, Appliance, and Component Manufacturing › Electric Lighting Equipment Manufacturing derived Nasdaq

Energy Focus specializes in designing, developing, manufacturing, and selling energy-efficient lighting systems and controls. We provide high-quality LED lighting solutions for both commercial and military maritime markets (MMM), helping our customers improve energy efficiency, productivity, and wellness through advanced LED retrofit products.

Our core products include robust lighting fixtures and lamps for navy and military applications, Energy Storage Systems ("ESS"), Uninterruptible Power Supply ("UPS"), and tubular LED ("TLED") lighting products, including battery backup units as well as general commercial and maritime lighting fixtures.

The LED lighting market has faced intense competition and price erosion in recent years. To stay competitive, we've reduced costs, streamlined our supply chain, and focused on product innovation. We've also restructured our sales strategies, focusing more on direct sales, strategic partnerships, and customer feedback to drive product development.

Last close 2.93 2026-10-23
Market cap $18.7M 2026-06-30 share count
52-week range 1.66 - 9.84

Valuation FY2025 figures against the last close

P/S5.2x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.18

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $3.6M$4.9M$5.7M$6.0M$9.9M$16.8M$12.7M$18.1M$19.8M$31.0M
Cost of revenue $2.9M$4.2M$5.5M$6.3M$8.2M$11.6M$10.7M$14.7M$15.0M$23.3M
Gross profit $672.0K$699.0K$223.0K-$318.0K$1.7M$5.2M$2.0M$3.4M$4.8M$7.7M
R&D $412.0K$524.0K$587.0K$1.5M$1.9M$1.4M$1.3M$2.6M$2.9M$3.5M
SG&A $1.3M$2.0M$3.6M$7.1M$8.5M$7.9M$7.4M$9.8M$11.3M$20.1M
Total operating expenses $1.7M$2.5M$4.2M$9.0M$10.4M$9.3M$8.9M$12.5M$16.1M$24.5M
Operating income -$1.0M-$1.8M-$4.0M-$9.3M-$8.7M-$4.1M-$7.0M-$9.1M-$11.3M-$16.8M
Interest expense $0$5.0K$380.0K$954.0K$792.0K$481.0K$317.0K$8.0K$2.0K$0
Pre-tax income -$1.0M-$1.6M-$4.3M-$10.3M-$7.9M-$6.0M-$7.4M-$9.1M-$11.4M-$16.8M
Income tax $0$0$3.0K$4.0K$1.0K$5.0K$10.0K$11.0K$115.0K$27.0K
Net income -$1.0M-$1.6M-$4.3M-$10.3M-$7.9M-$6.0M-$7.4M-$9.1M-$11.3M-$16.9M
EPS, basic -0.18-0.32——————-0.95-1.45
EPS, diluted -0.18-0.32———-1.83-2.99-0.76-0.95-1.45
Shares, diluted (wtd. avg.) 5.6M4.9M3.2M1.2M4.6M3.3M2.5M12.0M11.8M11.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $1.1M$565.0K$2.0M$52.0K$2.7M$2.2M$692.0K$6.3M$10.8M$16.6M
Receivables $526.0K$804.0K—$445.0K$1.2M$2.0M$2.3M$2.2M$3.6M$5.6M
Inventory $2.9M$3.3M$4.4M$5.5M$7.9M$5.6M$6.2M$8.1M$5.7M$9.5M
Total current assets $4.6M$5.1M$9.2M$7.2M$13.4M$11.1M$9.3M$17.7M$20.9M$32.6M
Property, plant and equipment ——————$389.0K$610.0K$1.1M$2.3M
Total assets $5.1M$5.6M$10.2M$8.5M$14.4M$12.4M$11.7M$18.5M$22.2M$35.0M
Accounts payable ———$2.2M$2.2M$2.5M$1.3M$3.6M$1.6M$3.3M
Short-term debt —$0$1.8M$4.9M——————
Total current liabilities $922.0K$2.4M$6.4M$7.9M$8.2M$7.6M$6.5M$7.2M$2.6M$4.9M
Total liabilities $1.0M$2.7M$7.1M$9.0M$8.2M$8.1M$7.7M$7.4M$2.9M$5.0M
Retained earnings -$155.9M-$154.9M-$153.3M-$149.0M-$138.7M-$130.9M-$124.9M-$117.3M-$108.2M-$96.9M
Total equity $4.1M$2.9M$3.1M-$477.0K$6.2M$4.3M$4.0M$11.1M$19.3M$29.9M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$1.4M-$1.3M-$2.4M-$6.7M-$9.8M-$2.5M-$6.6M-$6.8M-$5.9M-$16.6M
Depreciation and amortisation $37.0K$37.0K$33.0K$159.0K$188.0K$184.0K$326.0K$522.0K$681.0K$805.0K
Stock-based compensation $121.0K$4.0K$44.0K$117.0K$429.0K$131.0K$616.0K$908.0K$807.0K$1.4M
Capital expenditure $54.0K$19.0K$69.0K$41.0K$443.0K$223.0K$132.0K$57.0K$162.0K$1.6M
Investing cash flow -$197.0K-$19.0K-$69.0K-$16.0K-$443.0K-$223.0K-$129.0K$189.0K-$65.0K-$1.6M
Financing cash flow $2.1M-$149.0K$4.5M$4.1M$10.7M$4.2M$1.1M$2.2M$81.0K$146.0K
Buybacks —————————$309.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-020697.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20M 0 20M 40M Revenue, FY2016: 31M Gross profit, FY2016: 7.7M Net income, FY2016: -16.9M Revenue, FY2017: 19.8M Gross profit, FY2017: 4.8M Net income, FY2017: -11.3M Revenue, FY2018: 18.1M Gross profit, FY2018: 3.4M Net income, FY2018: -9.1M Revenue, FY2019: 12.7M Gross profit, FY2019: 2M Net income, FY2019: -7.4M Revenue, FY2020: 16.8M Gross profit, FY2020: 5.2M Net income, FY2020: -6M Revenue, FY2021: 9.9M Gross profit, FY2021: 1.7M Net income, FY2021: -7.9M Revenue, FY2022: 6M Gross profit, FY2022: -318K Net income, FY2022: -10.3M Revenue, FY2023: 5.7M Gross profit, FY2023: 223K Net income, FY2023: -4.3M Revenue, FY2024: 4.9M Gross profit, FY2024: 699K Net income, FY2024: -1.6M Revenue, FY2025: 3.6M Gross profit, FY2025: 672K Net income, FY2025: -1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $31.0M $19.8M $18.1M $12.7M $16.8M $9.9M $6.0M $5.7M $4.9M $3.6M
Gross profit $7.7M $4.8M $3.4M $2.0M $5.2M $1.7M -$318.0K $223.0K $699.0K $672.0K
Net income -$16.9M -$11.3M -$9.1M -$7.4M -$6.0M -$7.9M -$10.3M -$4.3M -$1.6M -$1.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Material agreement signed Item 1.01
  • Unregistered share sale Item 3.02
  • Results announced Item 2.02
  • Material agreement signed Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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