Energy Focus, Inc. - EFOI STOCK NEWS

Energy Focus, Inc. (NASDAQ: EFOI) has appointed Mr. Kaj den Daas to its Board of Directors. With over 45 years in the lighting industry, den Daas previously served as Executive VP of Philips Lighting B.V. and has extensive experience in manufacturing and marketing lighting products across North America and Asia. He will also be part of the Audit Committee, which will be chaired by Brian Lagarto. Chairman Steve Socolof expressed enthusiasm about den Daas's appointment, citing his industry expertise. Den Daas aims to contribute to the company's profitable growth.

Energy Focus, Inc. (NASDAQ: EFOI) has unveiled its updated EnFocus™ Power Line Controlled LED lighting system, aimed at simplifying installation and reducing costs compared to traditional systems. EnFocus™ supports dimming and color tuning for various retrofit lamps, as well as future compatibility with LED flat panel and downlight fixtures. The system caters to sectors such as healthcare, education, and hospitality, and is praised for its user-friendly interface. With a commitment to innovation, Energy Focus continues to enhance its market presence in sustainable lighting solutions.

Energy Focus, Inc. (NASDAQ:EFOI) reported second quarter 2022 financial results with net sales of $1.5 million, representing a 28.6% decline from Q2 2021, driven by a 49.3% drop in military sales. The gross profit margin fell to 7.4% from 18.9% year-over-year but improved from a negative (1.3)% in the previous quarter. The net loss was $2.5 million, or $(0.35) per share, consistent with last year but reduced from $(0.44) in Q1 2022. Cash reserves dropped to $0.9 million, while upcoming product offerings and cost-saving initiatives aim to improve future results.

Energy Focus (NASDAQ: EFOI) has welcomed three industry leaders: Clifford Griffin as Senior VP and Chief Accounting Officer, Steve McGuire as Director of Business Development, and Nicholas Peragine as Director of Regional Sales. Griffin brings significant financial expertise from Babcock & Wilcox, while McGuire aims to enhance OEM relationships, and Peragine focuses on sales team development. These appointments are intended to strengthen Energy Focus's market position and support its growth strategies in LED lighting and UVC disinfection technology.

Energy Focus, Inc. (NASDAQ:EFOI) will announce its financial results for Q2 and the first six months of 2022 on August 11, 2022, before market open. The company specializes in sustainable lighting and ultraviolet-C disinfection products. A conference call is scheduled for 11:00 a.m. ET, allowing investors to discuss results. Interested parties can access the call via toll-free or international numbers or listen through a webcast available until August 26, 2022. Energy Focus is headquartered in Solon, Ohio, and has a significant record of lighting installations in the U.S. Navy.

Energy Focus, Inc. (NASDAQ:EFOI) announced its reconvened Annual Meeting of Stockholders on June 15, 2022, which was adjourned due to a lack of quorum. The meeting will now reconvene on June 22, 2022, at 9:00 a.m. Eastern Time. At the first meeting, only 49.87% of the voting power was present. Stockholders of record as of March 28, 2022, are encouraged to vote by June 21, 2022. If the quorum is not reached on June 22, further adjournments will incur additional costs for the company.

Energy Focus, Inc. (NASDAQ:EFOI) has entered into definitive securities purchase agreements with institutional investors to issue 2,692,310 shares of common stock and warrants for a combined price of $1.30 per unit. The private placement, expected to close on June 7, 2022, is projected to yield gross proceeds of approximately $3.5 million. Energy Focus plans to use net proceeds for general corporate purposes, including reducing outstanding promissory notes. The company will also file a registration statement with the SEC for resale of shares.

Energy Focus (NASDAQ:EFOI) will showcase its innovative lighting solutions at LightFair 2022 from June 21-23 in Las Vegas. Key products include:

• EnFocus™: A Circadian Lighting System promoting health through color tuning and control.
• RedCap® LED Emergency Battery Backup: Simplifies emergency lighting needs.
• nUVo™ UVC Air Disinfectors: Aids in destroying airborne pathogens.

Senior VP Greg Galluccio emphasized the company's growth in engineering and sales, anticipating industry-wide adoption of their products.

Energy Focus, Inc. (NASDAQ:EFOI) has appointed Bob Smyles as Senior Director, Head of Government Sales. He will oversee military and commercial product sales, focusing on U.S. armed forces and government agencies. Smyles brings significant experience from his previous role as Executive Vice President, Sales at BOSS Controls and has a strong track record in selling technology solutions to military branches. Chairman Steve Socolof emphasized this strategic hire as vital for enhancing their military maritime channel and meeting government needs for sustainable lighting solutions.