Energy Focus, Inc. Files Q3 2024 10-Q Report

TL;DR

ENERGY FOCUS INC (EFOI) filed its Q3 2024 10-Q. Check financials.

AI Summary

Energy Focus, Inc. reported its third-quarter results for the period ending September 30, 2024. The company's financial performance and operational updates are detailed in this 10-Q filing. Specific financial figures and strategic developments are outlined within the document.

Why It Matters

This filing provides investors with the latest financial health and operational status of Energy Focus, Inc., crucial for making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company's financial health and future prospects are subject to market conditions and operational execution.

Key Players & Entities

• ENERGY FOCUS, INC/DE (company) — Filer
• 0001628280-24-046906 (other) — Accession Number
• 20240930 (date) — Reporting Period End Date
• 20241112 (date) — Filing Date
• OH (location) — State of Incorporation
• 4407151300 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• efoi-20240930.htm (10-Q) — 1013KB
• a20240930exhibit31110-q.htm (EX-31.1) — 8KB
• a20240930exhibit32110-q.htm (EX-32.1) — 3KB
• 0001628280-24-046906.txt ( ) — 6170KB
• efoi-20240930.xsd (EX-101.SCH) — 51KB
• efoi-20240930_cal.xml (EX-101.CAL) — 53KB
• efoi-20240930_def.xml (EX-101.DEF) — 289KB
• efoi-20240930_lab.xml (EX-101.LAB) — 482KB
• efoi-20240930_pre.xml (EX-101.PRE) — 415KB
• efoi-20240930_htm.xml (XML) — 795KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS a. Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 4 b. Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 6 c. Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 7 d. Condensed Consolidated Statements of Cash Flows for the three and nine months ended September 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 27

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34

CONTROLS AND PROCEDURES 34

ITEM 4. CONTROLS AND PROCEDURES 34

- OTHER INFORMATION

PART II - OTHER INFORMATION

LEGAL PROCEEDINGS 36

ITEM 1. LEGAL PROCEEDINGS 36

RISK FACTORS 36

ITEM 1A. RISK FACTORS 36

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 36

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 36

DEFAULTS UPON SENIOR SECURITIES 36

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 36

MINE SAFETY DISCLOSURES 36

ITEM 4. MINE SAFETY DISCLOSURES 36

OTHER INFORMATION 36

ITEM 5. OTHER INFORMATION 36

EXHIBITS 36

ITEM 6. EXHIBITS 36 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 information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ENERGY FOCUS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash $ 819 $ 2,030 Trade accounts receivable, less allowances of $ 12 and $ 20 , respectively 745 1,570 Trade accounts receivable - related party — 202 Inventories, net 3,721 4,439 Prepayments to vendors 431 792 Prepaid and other current assets 215 156 Total current assets 5,931 9,189 Property and equipment, net 99 112 Operating lease, right-of-use asset 408 899 Total assets $ 6,438 $ 10,200 LIABILITIES Current liabilities: Accounts payable $ 1,469 $ 1,624 Accounts payable -related party 898 2,146 Accrued liabilities 103 110 Accrued legal and professional fees 34 64 Accrued payroll and related benefits 148 199 Accrued sales commissions 20 62 Accrued warranty reserve 118 150 Operating lease liabilities 150 223 Advanced capital contribution — 450 Promissory notes payable, net of discounts and loan origination fees — 1,323 Total current liabilities 2,940 6,351 (continued on the next page) 4 ENERGY FOCUS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) September 30, 2024 December 31, 2023 (Unaudited) Operating lease liabilities, net of current portion 291 798 Total liabilities 3,231 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 September 30, 2024 and December 31, 2023 Issued and outstanding: 876,447 at September 30, 2024 and December 31, 2023 — — Common stock, par value $ 0.0001 per share: Authorized: 50,000,000 shares at September 30, 2024 and December 31, 2023 Issued and outstanding: 5,260,741 at September 30, 2024 and 4,348,690 at December 31, 2023 1 — Additional paid-in capital 157,812 156,369 Accumulated other comprehensi

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View this 10-Q filing on SEC EDGAR