Energy Focus Q1 net sales down 55% to $0.9M; net loss narrows to $1.3M

ENERGY FOCUS, INC/DE

Net sales $0.9M, down 54.9% YoY; military sales fell 34.3%, commercial sales fell 71.7%.
Net loss $1.3M ($0.08 loss per share) vs $2.8M ($0.44 loss) in Q1 2022.
Gross margin turned positive at 1.8%, vs negative 1.3% in Q1 2022.
Strategic investment from Sander Electronics closed Jan 2023, net proceeds $2.1M; $1.5M notes converted to stock.
Cash $0.3M; paid down $1.0M on inventory lending facility and terminated accounts receivable facility.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

ENERGY FOCUS, INC/DE reported three months ended March 31, 2023 results: revenue Net sales of $0.9 million, net income Net loss of $1.3 million, EPS $(0.08) per basic and diluted share of common stock.

Period: three months ended March 31, 2023
Revenue: Net sales of $0.9 million
Net income: Net loss of $1.3 million
EPS: $(0.08) per basic and diluted share of common stock
Result: reported results

Exact text from the filing

and military maritime and consumer markets, today announced financial results for its first quarter ended March 31, 2023. First Quarter 2023 Financial Highlights: • Net sales of $0.9 million, decreased 54.9% compared to the first quarter of 2022, reflecting a $0.3 million, or 34.3% decrease in military sales, and a $0.8 million, or 71.7% decrease in commercial sales,

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Source: SEC EDGAR

accession 0000924168-23-000057

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