Energy Focus FY2023 net loss narrows to $4.3M; Q4 sales surge 261% YoY

ENERGY FOCUS, INC/DE

FY2023 net sales $5.7M, down 4.2% YoY; military products grew to 72% of sales mix from 37% in 2022.
Gross profit margin improved to 3.9% from (5.3)% in 2022, driven by headcount reduction and lower scrap/freight costs.
Net loss $4.3M ($1.32/sh) vs $10.3M ($8.88/sh) in 2022; operating loss $4.0M vs $9.3M.
Cash rose to $2.0M from $52K; raised $6.1M net via private placements; paid down $1.4M on inventory facility.
Q4 net sales $2.4M (+260.9% YoY); net loss $0.8M ($0.20/sh) vs $2.3M ($1.69/sh) in Q4 2022.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ENERGY FOCUS, INC/DE reported the fourth quarter and fiscal year ended December 31, 2023 results: revenue Net sales of $5.7 million, net income Net loss of $4.3 million, EPS $(1.32) per basic and diluted share of common stock.

Period: the fourth quarter and fiscal year ended December 31, 2023
Revenue: Net sales of $5.7 million
Net income: Net loss of $4.3 million
EPS: $(1.32) 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, 2023. Full-Year 2023 and Subsequent Business Highlights • Net sales of $5.7 million, down 4.2% from 2022, reflecting an increased military sales pipeline, superseded by decreasing commercial sales, and continuing fluctuations in the timing, pace, and size of

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Source: SEC EDGAR

accession 0001628280-24-012617

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