Company Increases Focus on Consumer Market,
Leveraging New Consumer-Oriented Products and Ongoing Innovation,
in Response to Ongoing COVID-19 Pandemic Impact on Its
Customers
Conference Call to be Held Today at 11 a.m.
ET
Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and
human-centric lighting (“HCL”) technologies, and developer of a
range of UV-C disinfection (“UVCD”) products, today announced
financial results for its second quarter ended June 30, 2021.
Second Quarter 2021 and Subsequent Business
Highlights:
- Net sales of $2.1 million, a decrease of 37.8% compared to the
second quarter of 2020 and a decrease of 21.4% sequentially from
the first quarter of 2021, reflecting fluctuations in timing of
military orders and funding availability, and continued
COVID-19-related challenges and delays, particularly for its
commercial sector customers
- Loss from operations of $2.2 million, compared to a loss from
operations of $0.9 million in the second quarter of 2020 and
sequentially to a loss from operations of $2.3 million in the first
quarter of 2021
- Net loss of $2.5 million, or $(0.59) per basic and diluted
share of common stock, compared to a net loss of $4.3 million, or
$(1.36) per basic and diluted share of common stock, in the second
quarter of 2020. Sequentially, the net loss increased by $0.8
million compared to net loss of $1.6 million, or $(0.45) per basic
and diluted share of common stock, inclusive of a $0.8 million
non-cash gain from the forgiveness of the Paycheck Protection
Program (“PPP”) loan, in the first quarter of 2021
- Strengthened balance sheet with net proceeds of $4.5 million
from an equity financing and net proceeds of $1.5 million from a
bridge financing, and increased its inventory-based line of credit
capacity by $0.5 million, increasing overall liquidity
- Cash of $1.3 million as of June 30, 2021, compared to $1.8
million as of December 31, 2020
“Our second quarter results were impacted by the military market
that experienced funding delays and from the continued weakness in
our commercial lighting retrofit market, although we have already
seen a few orders so far in the third quarter that we believe
represent opportunities delayed from the first half of 2021”
commented James Tu, Chairman and CEO of Energy Focus, Inc. “The
pandemic has continued to exert unprecedented impacts on our
commercial and, to a lesser extent, military lighting retrofit
customers. Therefore, in addition to continuing to expand our sales
team and outreach campaigns for our existing business, since second
quarter 2020, we have been enhancing our focus on developing new
and innovative products for the consumer market as well. Consumer
spending has been, in many ways, positively impacted by the
pandemic, as homebound consumers seek to improve their homes and
make their homes and home offices more comfortable and productive.
We believe that our award-winning, patented SuncycleTM lighting
control system, which we plan to launch in late 2021 to early 2022,
has the potential to vastly improve the lighting experience at home
by providing high-quality, dimmable, color tunable and autonomous
circadian lighting in an affordable, user-friendly and cyber-secure
manner with only simple swaps of wall switches and lamps.”
“In addition, we are excited about our portable nUVoTM air
disinfection devices, which should go on sale by the end of the
third quarter of 2021, including nUVoTM Tower, a powerful
disinfection device for larger spaces, and nUVoTM Traveler, a
tumbler-sized portable UV-C disinfection device that is ideal for
vehicles and other personal spaces,” commented Mr. Tu. “All these
products have been developed by leveraging our extensive experience
in advanced lighting technologies as well as our engineering
capability to think outside-of-the-box and innovate to bring
advancements to human safety, health and well-being at home.”
“In the meantime, we have also been expanding our channel
partnerships to distribute these impactful human-centric lighting
products, notably by signing a marketing partnership with
FirstEnergy Home and FirstEnergy Advisors, for both our lighting
and UVCD products, and a distribution agreement with threeUV, a
leading UV product distributor for the public and institutional
sectors,” Mr. Tu added.
“We anticipate our military market will improve in the second
half of the year as funding becomes available, and we believe that
our strategy to focus on leading the sales activities with our
unique offerings such as RedCap® and EnFocusTM, as well as our
newly launched products for both consumer and commercial markets,
will lead to recovering sales during the second half of 2021,”
concluded Mr. Tu.
Second Quarter 2021 Financial Results:
Net sales were $2.1 million for the second quarter of 2021,
compared to $3.3 million in the second quarter of 2020, a decrease
of 37.8%. Net sales from commercial products were $1.1 million, or
52.0% of total net sales, for the second quarter of 2021, flat as
compared to $1.1 million, or 31.7% of total net sales, in the
second quarter of 2020, reflecting the continued impact of the
COVID-19 pandemic and continued customer interruptions and project
delays. Net sales from military maritime products were $1.0
million, or 48.0% of total net sales, for the second quarter of
2021, compared to $2.3 million, or 68.3% of total net sales, in the
second quarter of 2020, primarily due to the availability of
government funding and the delayed timing of orders. Sequentially,
net sales were down 21.4% compared to $2.6 million in the first
quarter of 2021, reflecting primarily the timing fluctuations of
expected military orders as well as the continued impact of the
COVID-19 pandemic, particularly for our customers in the commercial
market.
Gross profit was $0.4 million, or 18.9% of net sales, for the
second quarter of 2021. This compares with gross profit of $1.3
million, or 40.3% of net sales, in the second quarter of 2020.
Sequentially, this compares with gross profit of $0.6 million, or
21.0% of net sales, in the first quarter of 2021. Gross margin for
the second quarter of 2021 was positively impacted by favorable
price and usage variances for material and labor of $0.4 million,
partially offset by low sales, which impacted our gross profit
rate. Adjusted gross margin, as defined under “Non-GAAP Measures”
below, was 17.6% for the second quarter of 2021, compared to 33.0%
in the second quarter of 2020 and 24.3% in the first quarter of
2021, primarily being driven by product mix in the military
maritime product sales during the second quarter of 2021 as
compared to the second quarter of 2020 and first quarter of 2021,
as well as low sales in the second quarter of 2021.
Operating loss was $2.2 million for the second quarter of 2021,
compared to an operating loss of $0.9 million in the second quarter
of 2020. Sequentially, this compares to an operating loss of $2.3
million in the first quarter of 2021. Net loss was $2.5 million, or
$(0.59) per basic and diluted share of common stock, for the second
quarter of 2021, compared with a net loss of $4.3 million, or
$(1.36) per basic and diluted share of common stock, in the second
quarter of 2020. Sequentially, this compares with a net loss of
$1.6 million, or $(0.45) per basic and diluted share of common
stock, in the first quarter of 2021, which was inclusive of a
favorable $0.8 million non-cash, pre-tax gain resulting from the
forgiveness of the PPP loan during the first quarter.
Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was
a loss of $2.0 million for the second quarter of 2021, compared
with a loss of $0.7 million in the second quarter of 2020 and a
loss of $2.0 million in the first quarter of 2021. The increased
adjusted EBITDA loss in the second quarter of 2021, as compared to
the second quarter of 2020, was primarily due to a combination of
gross margin fluctuation and higher operating expenses due to our
investment for future growth primarily in the areas of sales and
engineering personnel.
Cash was $1.3 million as of June 30, 2021. This compares with
cash of $1.8 million as of December 31, 2020. As of June 30, 2021,
the Company had total availability, as defined under “Non-GAAP
Measures” below, of $4.1 million, which consisted of $1.3 million
of cash and $2.8 million of additional borrowing availability under
its credit facilities. This compares to total availability of $3.9
million as of June 30, 2020 and total availability of $1.2 million
as of March 31, 2021. Our net inventory balance of $8.1 million as
of June 30, 2021, increased $2.4 million over our net inventory
balance as of December 31, 2020. This increase primarily relates to
global supply chain challenges, which are impacting our inventory
purchasing strategy, leading to a buildup of inventory and
inventory components in an effort to manage both shortages of
available components and longer lead times in obtaining components.
Our accounts payable balance as of June 30, 2021 increased by $0.4
million over December 31, 2020, primarily related to this inventory
buildup.
Financings:
In June 2021, we completed a registered direct offering of
990,100 shares of our common stock to certain institutional
investors, at a purchase price of $5.05 per share. Net proceeds to
us, after $0.5 million in expenses, were $4.5 million.
In April 2021, the Company expanded its inventory line of credit
availability by $0.5 million. The Company has two debt financing
arrangements that mature on August 11, 2022, consisting of a
two-year inventory financing facility for up to $3.5 million
(following the increase), and a two-year receivables financing
facility for up to $2.5 million. Also during April 2021, the
Company secured net proceeds of $1.5 million, after expenses of
$0.2 million, from a bridge financing.
Earnings Conference Call:
The Company will host a conference call and webcast today,
August 12, 2021, at 11 a.m. ET to discuss the second quarter 2021
results, followed by a Q & A session.
You can access the live conference call by dialing the following
phone numbers:
- Toll free 1-877-300-8521 or
- International 1-412-317-6026
- Conference ID# 10159037
The conference call will be simultaneously webcast. To listen to
the webcast, log onto it at:
http://public.viavid.com/index.php?id=145969. The webcast will be
available at this link through August 27, 2021. Financial
information presented on the call, including this earnings press
release, will be available on the investors section of Energy
Focus’ website, investors.energyfocus.com.
About Energy Focus
Energy Focus is an industry-leading innovator of sustainable LED
lighting and lighting control technologies and solutions, as well
as UV-C Disinfection technologies and solutions. As the creator of
the first flicker-free LED lamps, Energy Focus develops high
quality LED lighting products and controls that provide extensive
energy and maintenance savings, as well as aesthetics, safety,
health and sustainability benefits over conventional lighting. Our
EnFocusTM lighting control platform enables existing and new
buildings to provide quality, convenient and affordable, dimmable
and color-tunable, circadian and human-centric lighting
capabilities. In addition, our patent-pending UVCD technologies and
products, announced in late 2020, aim to provide effective,
reliable and affordable UVCD solutions for buildings, facilities
and homes. Energy Focus’ customers include U.S. and foreign navies,
U.S. federal, state and local governments, healthcare and
educational institutions, as well as Fortune 500 companies. Since
2007, Energy Focus has installed approximately 900,000 lighting
products across the U.S. Navy fleet, including tubular LEDs,
waterline security lights, explosion-proof globes and berth lights,
saving more than five million gallons of fuel and 300,000 man-hours
in lighting maintenance annually. Energy Focus is headquartered in
Solon, Ohio. For more information, visit our website at
www.energyfocus.com.
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) disruptions and a
slowing in the U.S. and global economies and business interruptions
experienced by us, our customers and our suppliers as a result of
the COVID-19 pandemic and related impacts on travel, trade and
business operations; (ii) our ability to realize the expected
novelty, disinfection effectiveness, affordability and estimated
delivery timing of our UVCD products and their appeal compared to
other products; (iii) our ability to extend our product portfolio
into commercial services and consumer products; (iv) market
acceptance of our LED lighting, control and UVCD technologies,
services and products; (v) our need for additional financing in the
near term to continue our operations; (vi) our ability to refinance
or extend maturing debt on acceptable terms or at all; (vii) our
ability to continue as a going concern for a reasonable period of
time; (viii) our ability to implement plans to increase sales and
control expenses; (ix) our reliance on a limited number of
customers for a significant portion of our revenue, and our ability
to maintain or grow such sales levels; (x) our ability to add new
customers to reduce customer concentration; (xi) our reliance on a
limited number of third-party suppliers and research and
development partners, our ability to manage third-party product
development and obtain critical components and finished products
from such suppliers on acceptable terms and of acceptable quality,
and the impact of our fluctuating demand on the stability of such
suppliers; (xii) our ability to timely and efficiently transport
products from our third-party suppliers to our facility by ocean
marine and other logistics channels; (xiii) our ability to increase
demand in our targeted markets and to manage sales cycles that are
difficult to predict and may span several quarters; (xiv) the
timing of large customer orders, significant expenses and
fluctuations between demand and capacity as we invest in growth
opportunities; (xv) our ability to compete effectively against
companies with lower prices or cost structures, or greater
resources, or more rapid development efforts, and new competitors
in our target markets; (xvi) our ability to successfully scale our
network of sales representatives, agents, distributors and other
channel partners to match the sales reach of larger, established
competitors; (xvii) our ability to attract, develop and retain
qualified personnel, and to do so in a timely manner; (xviii) the
impact of any type of legal inquiry, claim or dispute; (xix)
general economic conditions in the United States and in other
markets in which we operate or secure products; (xx) our dependence
on military maritime customers and on the levels and timing of
government funding available to such customers, as well as the
funding resources of our other customers in the public sector and
commercial markets; (xxi) business interruptions resulting from
geopolitical actions, including war and terrorism, natural
disasters, including earthquakes, typhoons, floods and fires, or
from health epidemics or pandemics or other contagious outbreaks;
(xxii) our ability to respond to new lighting technologies and
market trends; (xxiii) our ability to fulfill our warranty
obligations with safe and reliable products; (xxiv) any delays we
may encounter in making new products available or fulfilling
customer specifications; (xxv) any flaws or defects in our products
or in the manner in which they are used or installed; (xxvi) our
ability to protect our intellectual property rights and other
confidential information, and manage infringement claims made by
others; (xxvii) our compliance with government contracting laws and
regulations, through both direct and indirect sale channels, as
well as other laws, such as those relating to the environment and
health and safety; (xxviii) risks inherent in international
markets, such as economic and political uncertainty, changing
regulatory and tax requirements and currency fluctuations,
including tariffs and other potential barriers to international
trade; (xxix) our ability to maintain effective internal controls
and otherwise comply with our obligations as a public company; and
(xxx) our ability to maintain compliance with the continued listing
standards of The Nasdaq Stock Market. For additional factors that
could cause our actual results to differ materially from the
forward-looking statements, please refer to our most recent annual
report on Form 10-K and quarterly reports on Form 10-Q filed with
the Securities and Exchange Commission.
Condensed Consolidated Balance
Sheets
(in thousands)
June 30, 2021
December 31, 2020
(Unaudited)
ASSETS
Current assets:
Cash
$
1,327
$
1,836
Trade accounts receivable, less allowances
of $16 and $8, respectively
1,149
2,021
Inventories, net
8,129
5,641
Short-term deposits
908
796
Prepaid and other current assets
810
782
Total current assets
12,323
11,076
Property and equipment, net
531
420
Operating lease, right-of-use asset
548
794
Restructured lease, right-of-use asset
—
107
Total assets
$
13,402
$
12,397
LIABILITIES
Current liabilities:
Accounts payable
$
2,846
$
2,477
Accrued liabilities
101
45
Accrued legal and professional fees
38
149
Accrued payroll and related benefits
685
885
Accrued sales commissions
49
95
Accrued restructuring
—
11
Accrued warranty reserve
239
227
Deferred revenue
71
72
Operating lease liabilities
621
598
Restructured lease liabilities
—
168
Finance lease liabilities
2
3
Streeterville note, net of discount and
loan origination fees
1,527
—
PPP loan
—
529
Credit line borrowings, net of loan
origination fees
1,573
2,298
Total current liabilities
7,752
7,557
Condensed Consolidated Balance
Sheets
(in thousands)
June 30, 2021
December 31, 2020
(Unaudited)
Operating lease liabilities, net of
current portion
34
318
Finance lease liabilities, net of current
portion
—
1
PPP loan, net of current maturities
—
266
Streeterville note, net of current
maturities
13
—
Total liabilities
7,799
8,142
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.0001 per
share:
Authorized: 5,000,000 shares (3,300,000
shares designated as Series A Convertible Preferred Stock) at June
30, 2021 and December 31, 2020
Issued and outstanding: 876,447 at June
30, 2021 and 2,597,470 at December 31, 2020
—
—
Common stock, par value $0.0001 per
share:
Authorized: 50,000,000 shares at June 30,
2021 and December 31, 2020
Issued and outstanding: 5,085,274 at June
30, 2021 and 3,525,374 at December 31, 2020
—
—
Additional paid-in capital
140,576
135,113
Accumulated other comprehensive loss
(3
)
(3
)
Accumulated deficit
(134,970
)
(130,855
)
Total stockholders' equity
5,603
4,255
Total liabilities and stockholders'
equity
$
13,402
$
12,397
Condensed Consolidated Statements of
Operations
(in thousands, except per share
data)
(unaudited)
Three months ended
Six months ended June
30,
June 30, 2021
March 31, 2021
June 30, 2020
2021
2020
Net sales
$
2,074
$
2,637
$
3,335
$
4,711
$
7,118
Cost of sales
1,681
2,084
1,992
3,765
4,743
Gross profit
393
553
1,343
946
2,375
Operating expenses:
Product development
370
653
313
1,023
595
Selling, general, and administrative
2,268
2,218
1,973
4,486
4,000
Restructuring
(3
)
(19
)
(14
)
(22
)
(28
)
Total operating expenses
2,635
2,852
2,272
5,487
4,567
Loss from operations
(2,242
)
(2,299
)
(929
)
(4,541
)
(2,192
)
Other expenses (income):
Interest expense
216
127
87
343
220
Gain on forgiveness of debt
—
(801
)
—
(801
)
—
Loss from change in fair value of
warrants
—
—
3,300
—
2,427
Other expenses
15
17
24
32
42
Net loss
$
(2,473
)
$
(1,642
)
$
(4,340
)
$
(4,115
)
$
(4,881
)
Net loss per common share attributable
to common stockholders - basic:
From operations
$
(0.59
)
$
(0.45
)
$
(1.36
)
$
(1.05
)
$
(1.55
)
Weighted average shares of common stock
outstanding:
Basic and diluted *
4,211
3,612
3,192
3,913
3,139
*Shares outstanding for the three and six
months ended June 30, 2020 have been restated for the 1-for-5
reverse stock split effective June 11, 2020.
Condensed Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
Three months ended
Six months ended June
30,
June 30, 2021
March 31, 2021
June 30, 2020
2021
2020
Cash flows from operating
activities:
Net loss
$
(2,473
)
$
(1,642
)
$
(4,340
)
$
(4,115
)
$
(4,881
)
Adjustments to reconcile net loss to
net cash used in operating activities:
Gain on forgiveness of PPP loan
—
(801
)
—
(801
)
—
Depreciation
53
47
46
100
92
Stock-based compensation
208
140
41
348
61
Change in fair value of warrant
liabilities
—
—
3,300
—
2,427
Provision for doubtful accounts
receivable
2
6
—
8
(12
)
Provision for slow-moving and obsolete
inventories
(28
)
89
(241
)
61
(319
)
Provision for warranties
—
12
(24
)
12
20
Amortization of loan discounts and
origination fees
59
38
38
97
76
Changes in operating assets and
liabilities (sources / (uses) of cash):
Accounts receivable
358
532
(614
)
890
(169
)
Inventories
(586
)
(1,963
)
(959
)
(2,549
)
587
Short-term deposits
137
12
25
149
(215
)
Prepaid and other assets
(32
)
4
(36
)
(28
)
17
Accounts payable
(869
)
951
1,429
82
1,277
Accrued and other liabilities
(149
)
(209
)
71
(358
)
293
Deferred revenue
(2
)
1
57
(1
)
43
Total adjustments
(849
)
(1,141
)
3,133
(1,990
)
4,178
Net cash used in operating
activities
(3,322
)
(2,783
)
(1,207
)
(6,105
)
(703
)
Cash flows from investing
activities:
Acquisitions of property and equipment
(102
)
(109
)
(71
)
(211
)
(118
)
Net cash used in investing
activities
(102
)
(109
)
(71
)
(211
)
(118
)
Condensed Consolidated Statements of
Cash Flows - continued
(in thousands)
(unaudited)
Three months ended
Six months ended June
30,
June 30, 2021
March 31, 2021
June 30, 2020
2021
2020
Cash flows from financing activities
(sources / (uses) of cash):
Proceeds from the issuance of common stock
and warrants
5,000
—
—
5,000
2,750
Proceeds from the exercise of warrants
—
527
51
527
51
Offering costs paid on the issuance of
common stock and warrants
(469
)
—
—
(469
)
(474
)
Proceeds from PPP loan
—
—
795
—
795
Principal payments under finance lease
obligations
(1
)
(1
)
(1
)
(2
)
(2
)
Proceeds from exercise of stock options
and employee stock purchase plan purchases
59
—
30
59
30
Common stock withheld in lieu of income
tax withholding on vesting of restricted stock units
—
(2
)
(3
)
(2
)
(3
)
Proceeds from the Streeterville note
1,515
—
—
1,515
—
Payments on the Iliad note
—
—
(300
)
—
(526
)
Deferred financing costs
(30
)
—
—
(30
)
—
Net proceeds from credit line borrowings -
AFS
—
—
522
—
577
Net (payments) proceeds from the credit
line borrowings - Credit Facilities
(1,871
)
1,080
—
(791
)
—
Net cash provided by financing
activities
4,203
1,604
1,094
5,807
3,198
Net increase (decrease) in cash and
restricted cash
779
(1,288
)
(184
)
(509
)
2,377
Cash and restricted cash, beginning of
period
890
2,178
3,253
2,178
692
Cash and restricted cash, end of
period
$
1,669
$
890
$
3,069
$
1,669
$
3,069
Classification of cash and restricted
cash:
Cash
$
1,327
$
548
$
2,727
$
1,327
$
2,727
Restricted cash held in other assets
342
342
342
342
342
Cash and restricted cash
$
1,669
$
890
$
3,069
$
1,669
$
3,069
Sales by Product
(in thousands)
(unaudited)
Three months ended
Six months ended June
30,
June 30, 2021
March 31, 2021
June 30, 2020
2021
2020
Net sales:
Commercial
$
1,078
$
913
$
1,058
Total net sales
$
1,991
$
2,794
MMM products
996
1,724
2,277
2,720
4,324
Total net sales
$
2,074
$
2,637
$
3,335
$
4,711
$
7,118
Non-GAAP Measures
In addition to the results in this release that are presented in
accordance with generally accepted accounting principles in the
United States (“U.S. GAAP”), we provide certain non-GAAP measures,
which present operating results on an adjusted basis. These
non-GAAP measures are supplemental measures of performance that are
not required by or presented in accordance with U.S. GAAP and,
include:
- 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, 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 U.S. GAAP results and
relative to other companies within the industry by isolating the
effects of items that may vary from period to period without
correlation to core operating performance or that vary widely among
similar companies, and to assess liquidity, cash flow performance
of the operations, and the product margins of our business relative
to our U.S. GAAP results and relative to other companies in the
industry by isolating the effects of certain items that do not have
a current period impact. However, our presentation of these
non-GAAP measures should not be construed as an indication that our
future results will be unaffected by unusual or infrequent items or
that the items for which we have made adjustments are unusual or
infrequent or will not recur. Further, there are limitations on the
use of these non-GAAP measures to compare our results to other
companies within the industry because they are not necessarily
standardized or comparable to similarly titled measures used by
other companies. We believe that the disclosure of these non-GAAP
measures is useful to investors as they form part of the basis for
how our management team and Board of Directors evaluate our
operating performance.
Total availability, adjusted EBITDA and adjusted gross margins
do not represent cash generated from operating activities in
accordance with U.S. GAAP, are not necessarily indicative of cash
available to fund cash needs and are not intended to and should not
be considered as alternatives to cash flow, net income and gross
profit margins, respectively, computed in accordance with U.S. GAAP
as measures of liquidity or operating performance. Reconciliations
of these non-GAAP measures to the most directly comparable
financial measures calculated and presented in accordance with U.S.
GAAP are provided below for total availability, adjusted EBITDA and
adjusted gross margins, respectively.
As of
(in thousands)
June 30, 2021
March 31, 2021
June 30, 2020
Total borrowing capacity under credit
facilities
$
4,490
$
4,250
$
2,566
Less: Credit line borrowings, gross*
(1,698
)
(3,561
)
(1,397
)
Excess availability under credit
facilities**
2,792
689
1,169
Cash
1,327
548
2,727
Total availability***
$
4,119
$
1,237
$
3,896
*Forms 10Q and 10K Balance Sheets
reflect the Line of credit net of debt financing costs of $169,
$123 and $66, respectively.
**Excess availability under credit
facility - represents difference between maximum borrowing capacity
of credit facility and actual borrowings
*** Total availability- represents
Company’s ‘access’ to cash if needed at point in time
Three months ended
Six months ended June
30,
(in thousands)
June 30, 2021
March 31,
2021
June 30,
2020
2021
2020
Net loss
$
(2,473
)
$
(1,642
)
$
(4,340
)
$
(4,115
)
$
(4,881
)
Restructuring recovery
(3
)
(19
)
(14
)
(22
)
(28
)
Net loss, excluding
restructuring
(2,476
)
(1,661
)
(4,354
)
(4,137
)
(4,909
)
Interest
216
127
87
343
220
Gain on forgiveness of PPP loan
—
(801
)
—
(801
)
—
Depreciation
53
47
46
100
92
Stock-based compensation
208
140
41
348
61
Change in fair value of warrant
liability
—
—
3,300
—
2,427
Other incentive compensation
12
118
134
130
273
Adjusted EBITDA
$
(1,987
)
$
(2,030
)
$
(746
)
$
(4,017
)
$
(1,836
)
Three Months Ended
(in thousands)
June 30, 2021
March 31, 2021
June 30, 2020
($)
(%)
($)
(%)
($)
(%)
Net sales
$
2,074
$
2,637
$
3,335
Reported gross profit
393
18.9
%
553
21.0
%
1,343
40.3
%
E&O, in-transit and net realizable
value inventory reserve changes
(28
)
(1.4
)
%
89
3.4
%
(241
)
(7.2
)
%
Adjusted gross margin
$
365
17.6
%
$
642
24.3
%
$
1,102
33.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210812005044/en/
Investor Contact: Brett Maas (646) 536-7331
Energy Focus (NASDAQ:EFOI)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Energy Focus (NASDAQ:EFOI)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024