Energy Focus Posts Financial Results of 2019 and to Supply LED Lighting for New Navy Ships in the U.S.

U.S.-based lighting company Energy Focus reported financial results of fiscal year 2019 and announced new contract with U.S.-based shipbuilder.

For fiscal 2019, Energy Focus posted US$ 12.7 million for net sales, which were down by 29.83% compared to 2018. Net sales from commercial products were US$7.9 million, or 62.0% of total net sales for 2019, compared with $8.7 million, or 47.8% of total net sales, for 2018. Military and maritime products in 2019 accounted for 38.0% of total net sales with US$4.8 million. Adjusted EBITDA was a loss of US$5.9 million for 2019.

The company also announced a contract valued at approximately US$1.7 million to supply a U.S.-based shipbuilder with LED lighting tube and fixture products. The U.S. Navy-approved products will be installed in four new navy ships through the Foreign Military Sales (FMS) program that allows U.S. allied countries to purchase defense articles and services. The Company expects to deliver on the contract beginning in the second quarter of 2020 with completion expected by the end of 2021.

In response to the ongoing coronavirus outbreak, Energy Focus said that it has activated COVID-19 Contingency Plan (CPP) to prevent infection and has not seen opportunities lost due to the epidemic. However, some of its customers’ lighting retrofit projects have been put on hold or postponed. At this point, the company projects first quarter 2020 sales in the range of US$3.5 million to US$3.6 million, representing sequential growth of 0%-6% compared with the fourth quarter of 2019, and a 13%-16% growth over the first quarter 2019.

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