Energy Focus Reports 2Q20 Financial Results

Energy Focus announced financial results for its second quarter ended June 30, 2020. The company reported net sales of US$3.3 million, up by 8.2% compared to 2Q19 and down by 11.8% sequentially from the first quarter of 2020 reflecting the shift in the timing of the shipment of a portion of a certain military contract order from the second quarter to the third quarter of 2020.

Loss from operations improved by $1.2 million year-over-year, and by $0.3 million compared sequentially to the first quarter of 2020. Net loss of $4.3 million, or $(1.36) per share, inclusive of a $3.3 million non-cash adjustment in the fair value of outstanding warrants, compared to a net loss of $2.3 million, or $(0.91) per share in the second quarter of 2019.

Management expects third quarter revenues of $6 million to $7 million, inclusive of the sales shift from the second quarter, representing year-over-year growth of 106%-140% from the third quarter of 2019, and sequential growth of 80%-110% compared with the second quarter of 2020.

“Energy Focus continues to deliver solid growth, margin expansion and improved operating results, reflecting the steps we have taken to deliver innovative products, on top of our heightened focus on expense and inventory management,” stated James Tu, Executive Chairman and CEO of Energy Focus. “The second quarter was impacted, as anticipated, by the delay of a portion of a large military order, shifting approximately $1.7 million in revenue out of the second quarter and into the third quarter. We expect to recognize a significant portion of this revenue in the third quarter, resulting in third quarter revenue guidance of $6 to $7 million, representing 106% to 140% growth over the third quarter of 2019. Year-to-date as of June 30, 2020, our revenues are up over the prior year more than 13%, even with the $1.7 million in delayed revenue, reflecting our expanded leadership and increased penetration in the military market that offset the temporary slowdown of our commercial business due to the impact from COVID-19 pandemic since late March.”

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