Energy Focus Reports On-year Revenue Growth in 1Q20

U.S.-based LED lighting company Energy Focus announced its 1Q20 financial resulted and posted a 19.1% YoY revenue growth despite the economic headwinds resulted from the COVID-19 pandemic.

In 1Q20, the net sales of Energy Focus came to US$3.8 million, increased by 19% YoY compared to US$3.2 million in 1Q19. Commercial products accounted for 45.9% of the revenue and 54.1% of its sales came from military and maritime products, increased from 37.6% in the first quarter of 2019. Gross profit was US$1 million with a gross margin of 27.3%, which increased by 24.2 p.p. compared to 3.1% in 1Q19.

Loss from operations was US$1.3 million for the first quarter of 2020 compared to an operating loss of US$2.8 million in the 1Q19. Net loss, inclusive of income of US$873 thousand related to the fair value of warrants, was US$541 thousand, or $(0.04) per basic and diluted share.

The company expects that gross margins to be in the mid-20s in the near-term and begin to approach the high-20s percent range as it is introducing new products and makes further improvements to its supply chain.

“Despite the uncertain business environment posed by COVID-19, we remain excited and optimistic about our growth strategies and R&D initiatives, and we expect continued revenue growth and operating margin improvement during the second quarter of 2020 and into the foreseeable future,” concluded Mr. Tu.

Disclaimers of Warranties
1. The website does not warrant the following:
1.1 The services from the website meets your requirement;
1.2 The accuracy, completeness, or timeliness of the service;
1.3 The accuracy, reliability of conclusions drawn from using the service;
1.4 The accuracy, completeness, or timeliness, or security of any information that you download from the website
2. The services provided by the website is intended for your reference only. The website shall be not be responsible for investment decisions, damages, or other losses resulting from use of the website or the information contained therein<
Proprietary Rights
You may not reproduce, modify, create derivative works from, display, perform, publish, distribute, disseminate, broadcast or circulate to any third party, any materials contained on the services without the express prior written consent of the website or its legal owner.

Streetlights and high-bay fixtures require high flux and efficacy to meet the ever increasing demands for system efficiency and energy cost reduction for these applications. Today, LUXEON 5050 LEDs received an upgrade in both flux and efficacy... READ MORE

The recent outbreak of COVID-19 has prompted the large-scale search for practical solutions that can prevent the spread of the deadly virus — from researchers and scientists committed to finding a solution, to the manufacturers and consu... READ MORE