Energy Focus FY2022 net sales down 39.5% to $6.0M; net loss $10.3M; cash only $52K

ENERGY FOCUS, INC/DE

Net sales $6.0M vs $9.9M in 2021; gross margin negative (5.3)% vs positive 17.2%.
Net loss $10.3M ($1.27 per share) vs $7.9M loss in 2021; operating loss $9.3M.
Cash fell to $52K from $2.7M; total availability $107K as of Dec 31, 2022.
Raised ~$1.5M from promissory notes, $2.1M strategic investment from Sander Electronics in Jan 2023, and $650K private placements.
CEO Lesley Matt, hired Sept 2022, cites supply chain constraints, pivot back to LED/military from UVCD.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ENERGY FOCUS, INC/DE reported the fiscal year ended December 31, 2022 results: revenue $6.0 million, net income $10.3 million, EPS $(1.27) per basic and diluted share of common stock.

Period: the fiscal year ended December 31, 2022
Revenue: $6.0 million
Net income: $10.3 million
EPS: $(1.27) per basic and diluted share of common stock
Result: reported results

Exact text from the filing

markets, today announced financial results for its fourth quarter and fiscal year ended December 31, 2022. Full-Year 2022 and Subsequent Business Highlights • Net sales of $6.0 million, down 39.5% from 2021, reflecting limited product availability from supply chain constraints, entering 2022 with a declining military sales pipeline, and continuing fluctuations

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ENERGY FOCUS, INC/DE filing history →

Source: SEC EDGAR

accession 0000924168-23-000033

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