ENERGY FOCUS, INC/DE EFOI
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.) | $5.6M | $4.9M | $3.2M | $1.2M | $4.6M | $3.3M | $2.5M | $12.0M | $11.8M | $11.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 3640
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AYI | ACUITY INC. (DE) | $10.00B | 26.7x | 13.1% |
| LYTS | LSI INDUSTRIES INC | $753.8M | 30.2x | 20.2% |
| SKYX | SKYX Platforms Corp. | $185.5M | — | 6.6% |
| OESX | ORION ENERGY SYSTEMS, INC. | $102.2M | — | 8.3% |
| CCTG | CCSC Technology International Holdings Ltd | — | — | -1.9% |
| PCLA | PicoCELA Inc. | — | — | — |