Energy Focus, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Energy Focus, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

ENERGY FOCUS, INC/DE (EFOI) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. The filing is a 10-Q for Energy Focus, Inc. for the period ending March 31, 2024. The company's fiscal year ends on December 31. Energy Focus, Inc. is incorporated in Ohio. The company's business and mailing address is 32000 Aurora Road, Suite B, Solon, OH 44139. The filing was made on May 13, 2024.

Why It Matters

For investors and stakeholders tracking ENERGY FOCUS, INC/DE, this filing contains several important signals. This 10-Q filing provides a quarterly update on the company's financial performance and operational status. Investors and stakeholders can use this report to assess the company's financial health and make informed decisions.

Risk Assessment

Risk Level: low — ENERGY FOCUS, INC/DE shows low risk based on this filing. The filing is a standard 10-Q report, providing routine financial disclosures without immediate red flags.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Energy Focus, Inc.'s current financial position and future outlook.

Key Numbers

• 20240331 — Conformed Period of Report (Quarterly filing period)
• 20240513 — Filed as of Date (Date the report was filed)
• 1231 — Fiscal Year End (Annual fiscal year end)
• 3640 — Standard Industrial Classification (Industry code)

Key Players & Entities

• ENERGY FOCUS, INC/DE (company) — Filer name
• 0000924168 (company) — Central Index Key
• OH (company) — State of incorporation
• 32000 AURORA ROAD (company) — Business address street 1
• SOLON (company) — Business address city
• 44139 (company) — Business address zip
• 4407151300 (company) — Business phone
• FIBERSTARS INC /CA/ (company) — Former company name

FAQ

Industry Context

Energy Focus, Inc. operates in the electric lighting & wiring equipment industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Review management's discussion and analysis (MD&A) for insights into business performance.
3. Check for any new risk factors or significant changes from previous filings.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter
• 2024-05-13: Filing Date — Date the 10-Q was submitted to the SEC

Year-Over-Year Comparison

This is a 10-Q filing for the first quarter of 2024. Specific comparative financial data from the previous quarter or year is not detailed in this header information.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share EFOI The Nasdaq Stock Market

Filing Documents

• efoi-20240331.htm (10-Q) — 867KB
• a20240331exhibit31110-q.htm (EX-31.1) — 8KB
• a20240331exhibit31210-q.htm (EX-31.2) — 8KB
• a20240331exhibit32110-q.htm (EX-32.1) — 3KB
• 0001628280-24-022861.txt (&nbsp;) — 5623KB
• efoi-20240331.xsd (EX-101.SCH) — 52KB
• efoi-20240331_cal.xml (EX-101.CAL) — 51KB
• efoi-20240331_def.xml (EX-101.DEF) — 278KB
• efoi-20240331_lab.xml (EX-101.LAB) — 471KB
• efoi-20240331_pre.xml (EX-101.PRE) — 403KB
• efoi-20240331_htm.xml (XML) — 657KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS a. Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 4 b. Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited) 6 c. Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 (Unaudited) 7 d. Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 8 e. Notes to the Condensed Consolidated Financial Statements (Unaudited) 10

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 33

CONTROLS AND PROCEDURES 33

ITEM 4. CONTROLS AND PROCEDURES 33

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS 34

ITEM 1. LEGAL PROCEEDINGS 34

RISK FACTORS 34

ITEM 1A. RISK FACTORS 34

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 34

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 34

DEFAULTS UPON SENIOR SECURITIES 34

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 34

MINE SAFETY DISCLOSURES 34

ITEM 4. MINE SAFETY DISCLOSURES 34

OTHER INFORMATION 34

ITEM 5. OTHER INFORMATION 34

EXHIBITS 35

ITEM 6. EXHIBITS 35 SIGNATURES 37 1

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Forward-looking statements

Forward-looking statements Unless the context otherwise requires, all references to "Energy Focus," "we," "us," "our," "our company," or "the Company" refer to Energy Focus, Inc., a Delaware corporation, and its consolidated subsidiary for the applicable periods, considered as a single enterprise. This Quarterly Report on Form 10-Q (this "Quarterly Report") includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "feels," "seeks," "forecasts," "projects," "intends," "plans," "may," "will," "should," "could" or "would" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Quarterly Report and include statements regarding our intentions, beliefs, or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our a

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ENERGY FOCUS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash $ 972 $ 2,030 Trade accounts receivable, less allowances of $ 9 and $ 20 , respectively 396 1,570 Trade accounts receivable - related party — 202 Inventories, net 4,397 4,439 Prepayments to vendors 516 792 Prepaid and other current assets 199 156 Total current assets 6,480 9,189 Property and equipment, net 104 112 Operating lease, right-of-use asset 833 899 Total assets $ 7,417 $ 10,200 LIABILITIES Current liabilities: Accounts payable $ 1,389 $ 1,624 Accounts payable - related party 1,311 2,146 Accrued liabilities 107 110 Accrued legal and professional fees 111 64 Accrued payroll and related benefits 164 199 Accrued sales commissions 26 62 Accrued warranty reserve 116 150 Operating lease liabilities 233 223 Advanced capital contribution — 450 Promissory notes payable, net of discounts and loan origination fees — 1,323 Total current liabilities 3,457 6,351 (continued on the next page) 4 ENERGY FOCUS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March 31, 2024 December 31, 2023 (Unaudited) Operating lease liabilities, net of current portion 735 798 Total liabilities 4,192 7,149 STOCKHOLDERS' EQUITY Preferred stock, par value $ 0.0001 per share: Authorized: 5,000,000 shares ( 3,300,000 designated as Series A Convertible Preferred Stock) at March 31, 2024 and December 31, 2023 Issued and outstanding: 876,447 at March 31, 2024 and December 31, 2023 — — Common stock, par value $ 0.0001 per share: Authorized: 50,000,000 shares at March 31, 2024 and December 31, 2023 Issued and outstanding: 4,726,149 at March 31, 2024 and 4,348,690 at December 31, 2023 — — Additional paid-in capital 156,961 156,369 Accumulated other comprehensive loss ( 3 ) ( 3 )

View Full Filing

View this 10-Q filing on SEC EDGAR