Energy Focus Files Q2 2024 10-Q

TL;DR

Energy Focus 10-Q filed: Q2 2024 financials out, check balance sheet & income statement.

AI Summary

Energy Focus, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results, including details on its balance sheet and income statement. Specific dollar amounts and dates related to its financial performance and position are detailed within the filing.

Why It Matters

This filing provides investors with a detailed look at Energy Focus's financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard for public companies, but the specific financial details within can reveal varying levels of risk.

Key Numbers

• 20240630 — Period End Date (Financial reporting period)
• 20240813 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• ENERGY FOCUS, INC/DE (company) — Filer
• 0000924168 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240813 (date) — Filed as of Date
• SOLON, OH (location) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• efoi-20240630.htm (10-Q) — 984KB
• a20240630exhibit31110-q1.htm (EX-31.1) — 8KB
• a20240630exhibit32110-q1.htm (EX-32.1) — 3KB
• 0001628280-24-036912.txt ( ) — 6065KB
• efoi-20240630.xsd (EX-101.SCH) — 52KB
• efoi-20240630_cal.xml (EX-101.CAL) — 52KB
• efoi-20240630_def.xml (EX-101.DEF) — 288KB
• efoi-20240630_lab.xml (EX-101.LAB) — 471KB
• efoi-20240630_pre.xml (EX-101.PRE) — 412KB
• efoi-20240630_htm.xml (XML) — 782KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS a. Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 4 b. Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited) 6 c. Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) 7 d. Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 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 36 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 act

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ENERGY FOCUS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash $ 1,105 $ 2,030 Trade accounts receivable, less allowances of $ 9 and $ 20 , respectively 651 1,570 Trade accounts receivable - related party — 202 Inventories, net 3,791 4,439 Prepayments to vendors 452 792 Prepaid and other current assets 219 156 Total current assets 6,218 9,189 Property and equipment, net 89 112 Operating lease, right-of-use asset 769 899 Total assets $ 7,076 $ 10,200 LIABILITIES Current liabilities: Accounts payable $ 1,378 $ 1,624 Accounts payable - related party 735 2,146 Accrued liabilities 140 110 Accrued legal and professional fees 55 64 Accrued payroll and related benefits 190 199 Accrued sales commissions 24 62 Accrued warranty reserve 117 150 Operating lease liabilities 245 223 Advanced capital contribution — 450 Promissory notes payable, net of discounts and loan origination fees — 1,323 Total current liabilities 2,884 6,351 (continued on the next page) 4 ENERGY FOCUS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 (Unaudited) Operating lease liabilities, net of current portion 670 798 Total liabilities 3,554 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 June 30, 2024 and December 31, 2023 Issued and outstanding: 876,447 at June 30, 2024 and December 31, 2023 — — Common stock, par value $ 0.0001 per share: Authorized: 50,000,000 shares at June 30, 2024 and December 31, 2023 Issued and outstanding: 5,260,741 at June 30, 2024 and 4,348,690 at December 31, 2023 1 — Additional paid-in capital 157,811 156,369 Accumulated other comprehensive loss ( 3 ) ( 3 ) Accumu

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View this 10-Q filing on SEC EDGAR