Energy Focus, Inc. Reports Third Quarter 2021 Financial Results
Energy Focus reported a 53.9% decrease in net sales for Q3 2021, totaling $2.7 million, despite a 32.5% sequential increase from Q2. The net loss narrowed to $1.1 million or $(0.22) per share, compared to $1.2 million in Q3 2020. Operating loss stood at $1.8 million, up from $1.0 million a year earlier. Inventory issues were noted, with total availability reduced to $2.1 million. The company is launching nUVo™ air disinfectors and expects growth from its human-centric lighting solutions in the post-COVID market.
- Sequential net sales increased by 32.5% from Q2 2021.
- Product launch of nUVo™ air disinfectors anticipated in Q4 2021.
- nUVo™ product validated with 94.1%-99.9% pathogen reduction.
- Suncycle™ received multiple awards and is expected to enhance indoor lighting experience.
- Net sales decreased by 53.9% compared to Q3 2020.
- Operating loss increased to $1.8 million from $1.0 million in Q3 2020.
- Total cash availability decreased to $2.1 million from $4.9 million in Q3 2020.
- Inventory increased to $7.8 million due to supply chain issues.
Modest Sequential Improvement in Third Quarter; Company Prepares to Launch nUVo™ Air Disinfectors, First Major Consumer Offerings
Conference Call to be Held Today at
Third Quarter 2021 Financial Highlights:
-
Net sales of
$2.7 million 53.9% compared to the third quarter of 2020 and an increase of32.5% sequentially from the second quarter of 2021, reflecting continued fluctuations in timing of military orders and funding availability, and ongoing COVID-19-related business challenges for its customers and logistics delays. -
Loss from operations of
$1.8 million $1.0 million $2.2 million -
Net loss of
$1.1 million $(0.22) $1.2 million $(0.35) $1.3 million $2.5 million $(0.59) -
Cash of
$0.4 million $2.1 million September 30, 2021 , as compared to cash of$1.8 million $3.5 million December 31, 2020 .
“Although revenue for the third quarter came in higher than that of the first and the second quarter, we continued to experience a challenging business environment, including delayed military funding and commercial retrofit projects, as well as ongoing logistics and supply chain dislocations for both our military and commercial LED lighting markets,” commented
“We recently obtained independent safety certification for our nUVoTM Traveler air disinfection device, an important milestone for these powerful UVC disinfection devices, and inventory samples are under evaluation for final release. We anticipate safety certification for nUVoTM Tower shortly as well,” continued
“Further, we also expect to launch Suncycle™, our patented circadian lighting control system powered by EnFocusTM, early in 2022, advancing our mission to make homes and offices more comfortable and productive,” added
“While our existing military and commercial lighting retrofit customers continue to be affected by military funding fluctuations and COVID related project delays and logistical challenges, we are not waiting for markets to rebound,” concluded
Third Quarter 2021 Financial Results:
Net sales were
Gross profit was
Adjusted gross margin, as defined under “Non-GAAP Measures” below, was
Operating loss was
Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of
Cash was
Earnings Conference Call:
The Company will host a conference call and webcast today,
You can access the live conference call by dialing the following phone numbers:
- Toll free 1-877-451-6152 or
- International 1-201-389-0879
- Conference ID# 13724408
The conference call will be simultaneously webcast. To listen to the webcast, log onto it at: https://viavid.webcasts.com/starthere.jsp?ei=1506371&tp_key=5124b9c4bb. The webcast will be available at this link through
About
Forward-Looking Statements:
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These 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 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 the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) instability in the
Condensed Consolidated Balance Sheets (in thousands) |
|||||||
|
|
|
|
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash |
$ |
381 |
|
|
$ |
1,836 |
|
Trade accounts receivable, less allowances of |
1,628 |
|
|
2,021 |
|
||
Inventories, net |
7,755 |
|
|
5,641 |
|
||
Short-term deposits |
913 |
|
|
796 |
|
||
Prepaid and other current assets |
1,421 |
|
|
782 |
|
||
Total current assets |
12,098 |
|
|
11,076 |
|
||
|
|
|
|
||||
Property and equipment, net |
588 |
|
|
420 |
|
||
Operating lease, right-of-use asset |
419 |
|
|
794 |
|
||
Restructured lease, right-of-use asset |
— |
|
|
107 |
|
||
Total assets |
$ |
13,105 |
|
|
$ |
12,397 |
|
|
|
|
|
||||
LIABILITIES |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
2,606 |
|
|
$ |
2,477 |
|
Accrued liabilities |
233 |
|
|
45 |
|
||
Accrued legal and professional fees |
17 |
|
|
149 |
|
||
Accrued payroll and related benefits |
691 |
|
|
885 |
|
||
Accrued sales commissions |
40 |
|
|
95 |
|
||
Accrued restructuring |
— |
|
|
11 |
|
||
Accrued warranty reserve |
240 |
|
|
227 |
|
||
Deferred revenue |
2 |
|
|
72 |
|
||
Operating lease liabilities |
475 |
|
|
598 |
|
||
Restructured lease liabilities |
— |
|
|
168 |
|
||
Finance lease liabilities |
1 |
|
|
3 |
|
||
Streeterville note, net of discount and loan origination fees |
1,602 |
|
|
— |
|
||
PPP loan |
— |
|
|
529 |
|
||
Credit line borrowings, net of loan origination fees |
2,666 |
|
|
2,298 |
|
||
Total current liabilities |
8,573 |
|
|
7,557 |
|
||
Condensed Consolidated Balance Sheets (in thousands) |
|||||||||
|
|
|
|
||||||
|
(Unaudited) |
|
|
||||||
Operating lease liabilities, net of current portion |
30 |
|
|
|
318 |
|
|
||
Finance lease liabilities, net of current portion |
— |
|
|
|
1 |
|
|
||
PPP loan, net of current maturities |
— |
|
|
|
266 |
|
|
||
Total liabilities |
8,603 |
|
|
|
8,142 |
|
|
||
|
|
|
|
||||||
STOCKHOLDERS' EQUITY |
|
|
|
||||||
Preferred stock, par value |
|
|
|
||||||
Authorized: 5,000,000 shares (3,300,000 shares designated as Series A Convertible Preferred Stock) at |
|
|
|
||||||
Issued and outstanding: 876,447 at |
— |
|
|
|
— |
|
|
||
Common stock, par value |
|
|
|
||||||
Authorized: 50,000,000 shares at |
|
|
|
||||||
Issued and outstanding: 5,087,574 at |
— |
|
|
|
— |
|
|
||
Additional paid-in capital |
140,615 |
|
|
|
135,113 |
|
|
||
Accumulated other comprehensive loss |
(3 |
) |
|
|
(3 |
) |
|
||
Accumulated deficit |
(136,110 |
) |
|
|
(130,855 |
) |
|
||
Total stockholders' equity |
4,502 |
|
|
|
4,255 |
|
|
||
Total liabilities and stockholders' equity |
$ |
13,105 |
|
|
|
$ |
12,397 |
|
|
Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) |
||||||||||||||||||||||||
|
Three months ended |
|
Nine months ended |
|||||||||||||||||||||
|
|
|
|
|
|
|
2021 |
|
2020 |
|||||||||||||||
Net sales |
$ |
2,749 |
|
|
|
$ |
2,074 |
|
|
|
$ |
5,964 |
|
|
|
$ |
7,460 |
|
|
|
$ |
13,082 |
|
|
Cost of sales |
2,186 |
|
|
|
1,681 |
|
|
|
4,588 |
|
|
|
5,951 |
|
|
|
9,331 |
|
|
|||||
Gross profit |
563 |
|
|
|
393 |
|
|
|
1,376 |
|
|
|
1,509 |
|
|
|
3,751 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Product development |
404 |
|
|
|
370 |
|
|
|
401 |
|
|
|
1,427 |
|
|
|
996 |
|
|
|||||
Selling, general, and administrative |
1,968 |
|
|
|
2,268 |
|
|
|
2,003 |
|
|
|
6,454 |
|
|
|
6,003 |
|
|
|||||
Restructuring |
1 |
|
|
|
(3 |
) |
|
|
(16 |
) |
|
|
(21 |
) |
|
|
(44 |
) |
|
|||||
Total operating expenses |
2,373 |
|
|
|
2,635 |
|
|
|
2,388 |
|
|
|
7,860 |
|
|
|
6,955 |
|
|
|||||
Loss from operations |
(1,810 |
) |
|
|
(2,242 |
) |
|
|
(1,012 |
) |
|
|
(6,351 |
) |
|
|
(3,204 |
) |
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other expenses (income): |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest expense |
177 |
|
|
|
216 |
|
|
|
124 |
|
|
|
520 |
|
|
|
344 |
|
|
|||||
Gain on forgiveness of PPP loan |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(801 |
) |
|
|
— |
|
|
|||||
Loss on extinguishment of debt |
— |
|
|
|
— |
|
|
|
159 |
|
|
|
— |
|
|
|
159 |
|
|
|||||
Other income - employee retention tax credit |
(862 |
) |
|
|
— |
|
|
|
— |
|
|
|
(862 |
) |
|
|
— |
|
|
|||||
(Gain) loss from change in fair value of warrants |
— |
|
|
|
— |
|
|
|
(153 |
) |
|
|
— |
|
|
|
2,274 |
|
|
|||||
Other expenses |
15 |
|
|
|
15 |
|
|
|
25 |
|
|
|
47 |
|
|
|
67 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loss before income taxes |
(1,140 |
) |
|
|
(2,473 |
) |
|
|
(1,167 |
) |
|
|
(5,255 |
) |
|
|
(6,048 |
) |
|
|||||
Benefit from income taxes |
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|||||
Net loss |
$ |
(1,140 |
) |
|
|
$ |
(2,473 |
) |
|
|
$ |
(1,165 |
) |
|
|
$ |
(5,255 |
) |
|
|
$ |
(6,046 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net loss per common share attributable to common stockholders - basic: |
|
|
|
|
|
|
|
|
|
|||||||||||||||
From operations |
$ |
(0.22 |
) |
|
|
$ |
(0.59 |
) |
|
|
$ |
(0.35 |
) |
|
|
$ |
(1.22 |
) |
|
|
$ |
(1.89 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Weighted average shares of common stock outstanding: |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Basic and diluted * |
5,086 |
|
|
4,211 |
|
|
3,308 |
|
|
4,309 |
|
|
3,196 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
*Shares outstanding for the nine months ended |
||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||||||||||||||||||
(in thousands) |
|
|
|
|
|
|
|
|||||||||||||||||
(unaudited) |
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Three months ended |
|
Nine months ended |
|||||||||||||||||||||
|
|
|
|
|
|
|
2021 |
|
2020 |
|||||||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net loss |
$ |
(1,140 |
) |
|
|
$ |
(2,473 |
) |
|
|
$ |
(1,165 |
) |
|
|
$ |
(5,255 |
) |
|
|
$ |
(6,046 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other income - employee retention tax credit |
(862 |
) |
|
|
— |
|
|
|
— |
|
|
|
(862 |
) |
|
|
— |
|
|
|||||
Gain on forgiveness of PPP loan |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(801 |
) |
|
|
— |
|
|
|||||
Depreciation |
43 |
|
|
|
53 |
|
|
|
48 |
|
|
|
143 |
|
|
|
140 |
|
|
|||||
Stock-based compensation |
39 |
|
|
|
208 |
|
|
|
35 |
|
|
|
387 |
|
|
|
96 |
|
|
|||||
Change in fair value of warrant liabilities |
— |
|
|
|
— |
|
|
|
(153 |
) |
|
|
— |
|
|
|
2,274 |
|
|
|||||
Provision for doubtful accounts receivable |
2 |
|
|
|
2 |
|
|
|
(9 |
) |
|
|
10 |
|
|
|
(21 |
) |
|
|||||
Provision for slow-moving and obsolete inventories |
(70 |
) |
|
|
(28 |
) |
|
|
90 |
|
|
|
(9 |
) |
|
|
(229 |
) |
|
|||||
Provision for warranties |
1 |
|
|
|
— |
|
|
|
14 |
|
|
|
13 |
|
|
|
34 |
|
|
|||||
Amortization of loan discounts and origination fees |
61 |
|
|
|
59 |
|
|
|
145 |
|
|
|
158 |
|
|
|
221 |
|
|
|||||
Changes in operating assets and liabilities (sources / (uses) of cash): |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Accounts receivable |
(500 |
) |
|
|
358 |
|
|
|
(901 |
) |
|
|
390 |
|
|
|
(1,070 |
) |
|
|||||
Inventories |
444 |
|
|
|
(586 |
) |
|
|
551 |
|
|
|
(2,105 |
) |
|
|
1,138 |
|
|
|||||
Short-term deposits |
(62 |
) |
|
|
137 |
|
|
|
(197 |
) |
|
|
87 |
|
|
|
(412 |
) |
|
|||||
Prepaid and other assets |
(91 |
) |
|
|
(32 |
) |
|
|
(76 |
) |
|
|
(119 |
) |
|
|
(59 |
) |
|
|||||
Accounts payable |
(164 |
) |
|
|
(869 |
) |
|
|
534 |
|
|
|
(82 |
) |
|
|
1,811 |
|
|
|||||
Accrued and other liabilities |
53 |
|
|
|
(149 |
) |
|
|
160 |
|
|
|
(305 |
) |
|
|
453 |
|
|
|||||
Deferred revenue |
(69 |
) |
|
|
(2 |
) |
|
|
44 |
|
|
|
(70 |
) |
|
|
87 |
|
|
|||||
Total adjustments |
(1,175 |
) |
|
|
(849 |
) |
|
|
285 |
|
|
|
(3,165 |
) |
|
|
4,463 |
|
|
|||||
Net cash used in operating activities |
(2,315 |
) |
|
|
(3,322 |
) |
|
|
(880 |
) |
|
|
(8,420 |
) |
|
|
(1,583 |
) |
|
|||||
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Acquisitions of property and equipment |
(100 |
) |
|
|
(102 |
) |
|
|
(53 |
) |
|
|
(311 |
) |
|
|
(171 |
) |
|
|||||
Net cash used in investing activities |
(100 |
) |
|
|
(102 |
) |
|
|
(53 |
) |
|
|
(311 |
) |
|
|
(171 |
) |
|
|||||
Condensed Consolidated Statements of Cash Flows - continued |
||||||||||||||||||||||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|||||||||||||||
(unaudited) |
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Three months ended |
|
Nine months ended |
|||||||||||||||||||||
|
|
|
|
|
|
|
2021 |
|
2020 |
|||||||||||||||
Cash flows from financing activities (sources / (uses) of cash): |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Proceeds from the issuance of common stock and warrants |
— |
|
|
|
5,000 |
|
|
|
(1 |
) |
|
|
5,000 |
|
|
|
2,749 |
|
|
|||||
Proceeds from the exercise of warrants |
— |
|
|
|
— |
|
|
|
625 |
|
|
|
527 |
|
|
|
676 |
|
|
|||||
Offering costs paid on the issuance of common stock and warrants |
(1 |
) |
|
|
(469 |
) |
|
|
— |
|
|
|
(470 |
) |
|
|
(474 |
) |
|
|||||
Proceeds from PPP loan |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
795 |
|
|
|||||
Principal payments under finance lease obligations |
(1 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
|
|||||
Proceeds from exercise of stock options and employee stock purchase plan purchases |
— |
|
|
|
59 |
|
|
|
— |
|
|
|
59 |
|
|
|
30 |
|
|
|||||
Common stock withheld in lieu of income tax withholding on vesting of restricted stock units |
1 |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(3 |
) |
|
|||||
Proceeds from the Streeterville note |
— |
|
|
|
1,515 |
|
|
|
— |
|
|
|
1,515 |
|
|
|
— |
|
|
|||||
Payments on the Iliad note |
— |
|
|
|
— |
|
|
|
(450 |
) |
|
|
— |
|
|
|
(976 |
) |
|
|||||
Deferred financing costs |
— |
|
|
|
(30 |
) |
|
|
(320 |
) |
|
|
(30 |
) |
|
|
(320 |
) |
|
|||||
Net payments on credit line borrowings - AFS |
— |
|
|
|
— |
|
|
|
(1,296 |
) |
|
|
— |
|
|
|
(719 |
) |
|
|||||
Net proceeds (payments) from the credit line borrowings - Credit Facilities |
1,128 |
|
|
|
(1,871 |
) |
|
|
2,223 |
|
|
|
337 |
|
|
|
2,223 |
|
|
|||||
Net cash provided by financing activities |
1,127 |
|
|
|
4,203 |
|
|
|
780 |
|
|
|
6,934 |
|
|
|
3,978 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net (decrease) increase in cash and restricted cash |
(1,288 |
) |
|
|
779 |
|
|
|
(153 |
) |
|
|
(1,797 |
) |
|
|
2,224 |
|
|
|||||
Cash and restricted cash, beginning of period |
1,669 |
|
|
|
890 |
|
|
|
3,069 |
|
|
|
2,178 |
|
|
|
692 |
|
|
|||||
Cash and restricted cash, end of period |
$ |
381 |
|
|
|
$ |
1,669 |
|
|
|
$ |
2,916 |
|
|
|
$ |
381 |
|
|
|
$ |
2,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Classification of cash and restricted cash: |
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash |
$ |
381 |
|
|
|
$ |
1,327 |
|
|
|
$ |
2,574 |
|
|
|
$ |
381 |
|
|
|
$ |
2,574 |
|
|
Restricted cash held in other assets |
— |
|
|
|
342 |
|
|
|
342 |
|
|
|
— |
|
|
|
342 |
|
|
|||||
Cash and restricted cash |
$ |
381 |
|
|
|
$ |
1,669 |
|
|
|
$ |
2,916 |
|
|
|
$ |
381 |
|
|
|
$ |
2,916 |
|
|
Sales by Product (in thousands) (unaudited) |
|||||||||||||||||||
|
Three months ended |
|
Nine months ended |
||||||||||||||||
|
|
|
|
|
|
|
2021 |
|
2020 |
||||||||||
Net sales: |
|
|
|
|
|
|
|
|
|
||||||||||
Commercial |
$ |
1,522 |
|
|
$ |
1,078 |
|
|
$ |
1,456 |
|
|
$ |
3,513 |
|
|
$ |
4,250 |
|
MMM products |
1,227 |
|
|
996 |
|
|
4,508 |
|
|
3,947 |
|
|
8,832 |
|
|||||
Total net sales |
$ |
2,749 |
|
|
$ |
2,074 |
|
|
$ |
5,964 |
|
|
$ |
7,460 |
|
|
$ |
13,082 |
|
Non-GAAP Measures
In addition to the results in this release that are presented in accordance with generally accepted accounting principles in
- total availability, which we define as our ability on the period end date to access additional cash if necessary under our short-term credit facilities, plus the amount of cash on hand on that same date;
- adjusted EBITDA, which we define as net income (loss) before giving effect to restructuring expenses, financing charges, income taxes, non-cash depreciation, stock non-cash compensation, accrued incentive compensation, non-routine charges to other income or expense, and change in fair value of warrant liability; and
- adjusted gross margins, which we define as our gross profit margins during the period without the impact from excess and obsolete, in-transit and net realizable value inventory reserve movements that do not reflect current period inventory decisions.
We believe that our use of these non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on
Total availability, adjusted EBITDA and adjusted gross margins do not represent cash generated from operating activities in accordance with
|
As of |
|||||||||||||
(in thousands) |
|
|
|
|
|
|||||||||
Total borrowing capacity under credit facilities |
$ |
4,552 |
|
|
|
$ |
4,490 |
|
|
|
$ |
4,577 |
|
|
Less: Credit line borrowings, gross(1) |
(2,802 |
) |
|
|
(1,698 |
) |
|
|
(2,290 |
) |
|
|||
Excess availability under credit facilities(2) |
1,750 |
|
|
|
2,792 |
|
|
|
2,287 |
|
|
|||
Cash |
381 |
|
|
|
1,327 |
|
|
|
2,574 |
|
|
|||
Total availability(3) |
$ |
2,131 |
|
|
|
$ |
4,119 |
|
|
|
$ |
4,861 |
|
|
(1)Forms 10-Q and 10-K Balance Sheets reflect the Line of credit net of debt financing costs of |
||||||||||||||
(2)Excess availability under credit facilities - represents difference between maximum borrowing capacity of credit facilities and actual borrowings |
||||||||||||||
(3)Total availability - represents Company’s ‘access’ to cash if needed at point in time |
||||||||||||||
|
Three months ended |
|
Nine months ended |
|||||||||||||||||||||
(in thousands) |
|
|
|
|
|
|
2021 |
|
2020 |
|||||||||||||||
Net loss |
$ |
(1,140 |
) |
|
|
$ |
(2,473 |
) |
|
|
$ |
(1,165 |
) |
|
|
$ |
(5,255 |
) |
|
|
$ |
(6,046 |
) |
|
Restructuring expense (recovery) |
1 |
|
|
|
(3 |
) |
|
|
(16 |
) |
|
|
(21 |
) |
|
|
(44 |
) |
|
|||||
Net loss, excluding restructuring |
(1,139 |
) |
|
|
(2,476 |
) |
|
|
(1,181 |
) |
|
|
(5,276 |
) |
|
|
(6,090 |
) |
|
|||||
Interest |
177 |
|
|
|
216 |
|
|
|
124 |
|
|
|
520 |
|
|
|
344 |
|
|
|||||
Gain on forgiveness of PPP loan |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(801 |
) |
|
|
— |
|
|
|||||
Loss on extinguishment of debt |
— |
|
|
|
— |
|
|
|
159 |
|
|
|
— |
|
|
|
159 |
|
|
|||||
Other income - employee retention tax credit |
(862 |
) |
|
|
— |
|
|
|
— |
|
|
|
(862 |
) |
|
|
— |
|
|
|||||
Income tax benefit |
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|||||
Depreciation |
43 |
|
|
|
53 |
|
|
|
48 |
|
|
|
143 |
|
|
|
140 |
|
|
|||||
Stock-based compensation |
39 |
|
|
|
208 |
|
|
|
35 |
|
|
|
387 |
|
|
|
96 |
|
|
|||||
Change in fair value of warrant liability |
— |
|
|
|
— |
|
|
|
(153 |
) |
|
|
— |
|
|
|
2,274 |
|
|
|||||
Other incentive compensation |
47 |
|
|
|
12 |
|
|
|
52 |
|
|
|
177 |
|
|
|
325 |
|
|
|||||
Adjusted EBITDA |
$ |
(1,695 |
) |
|
|
$ |
(1,987 |
) |
|
|
$ |
(918 |
) |
|
|
$ |
(5,712 |
) |
|
|
$ |
(2,754 |
) |
|
|
Three Months Ended |
|||||||||||||||||
(in thousands) |
|
|
|
|
|
|||||||||||||
|
($) |
(%) |
|
($) |
(%) |
|
($) |
(%) |
||||||||||
Net sales |
$ |
2,749 |
|
|
|
$ |
2,074 |
|
|
|
$ |
5,964 |
|
|||||
Reported gross profit |
|
563 |
|
20.5 |
|
% |
|
|
393 |
|
18.9 |
|
% |
|
|
1,376 |
23.1 |
% |
E&O, in-transit and net realizable value inventory reserve changes |
|
(70 |
) |
(2.5 |
) |
% |
|
|
(28 |
) |
(1.4 |
) |
% |
|
|
90 |
1.5 |
% |
Adjusted gross margin |
$ |
493 |
|
17.9 |
|
% |
|
$ |
365 |
|
17.6 |
|
% |
|
$ |
1,466 |
24.6 |
% |
|
|
|
|
|
|
|
|
|
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211112005350/en/
Investor Contact:
(646) 536-7331
Source:
FAQ
What were Energy Focus's Q3 2021 earnings results?
What is the outlook for Energy Focus after Q3 2021?
How did Energy Focus's financial performance compare to previous quarters?
What challenges did Energy Focus face in Q3 2021?
