Modest Sequential Improvement in Third Quarter;
Company Prepares to Launch nUVo™ Air Disinfectors, First Major
Consumer Offerings
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 third quarter ended September 30,
2021.
Third Quarter 2021 Financial Highlights:
- Net sales of $2.7 million, a decrease of 53.9% compared to the
third quarter of 2020 and an increase of 32.5% 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, compared to a loss from
operations of $1.0 million in the third quarter of 2020 and
sequentially to a loss from operations of $2.2 million in the
second quarter of 2021.
- Net loss of $1.1 million, or $(0.22) per basic and diluted
share of common stock, compared to a net loss of $1.2 million, or
$(0.35) per basic and diluted share of common stock, in the third
quarter of 2020. Sequentially, the net loss decreased by $1.3
million compared to net loss of $2.5 million, or $(0.59) per basic
and diluted share of common stock in the second quarter of
2021.
- Cash of $0.4 million, included in total availability (as
defined under “Non-GAAP Measures” below) of $2.1 million, each as
of September 30, 2021, as compared to cash of $1.8 million and
total availability of $3.5 million as of 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 James Tu, Chairman and
CEO of Energy Focus, Inc. “Meanwhile, we continued our aggressive
transformation to develop breakthrough human-centric lighting
technologies and products to differentiate our commercial products
and to expand into the consumer market.”
“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 Mr. Tu.
“We also recently received third-party validation of our
disinfection performances, achieving 94.1%-99.9% pathogen reduction
over a half hour in 1,000 cubic feet and 100 cubic feet spaces,
respectively. We believe nUVoTM, which is filter-free,
chemical-free and portable, is an ideal solution for effective and
constant air disinfection in personal and office spaces in a
post-COVID world. We expect these products, including the nUVoTM
Tower for larger spaces, and the nUVoTM Traveler for in-vehicle and
other personal spaces, to be available starting in the fourth
quarter 2021.”
“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 Mr. Tu. “Suncycle™ recently
received “Top Product of the Year” award from Environment + Energy
(“E+E”) and “Top Ten Must See Product for LightFair 2021” by Edison
Report. We believe Suncycle™ has the potential to vastly enhance
the indoor lighting experience and improve the quality of sleep,
study and work - at home and in commercial spaces, for both
retrofit and new construction - 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.”
“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 Mr. Tu. “Our
organization has adapted and innovated to develop unique
technologies and intellectual property to address emerging consumer
and commercial lighting market opportunities surrounding human
wellness, be it UVC disinfection or circadian lighting, in the new
post-COVID landscape. We expect these new, broadly impactful
products to contribute to our growth in 2022 and beyond.”
Third Quarter 2021 Financial Results:
Net sales were $2.7 million for the third quarter of 2021,
compared to $6.0 million in the third quarter of 2020, a decrease
of 53.9%. Net sales from commercial products were $1.5 million, or
55.4% of total net sales, for the third quarter of 2021, flat as
compared to $1.5 million, or 24.4% of total net sales, in the third
quarter of 2020, reflecting the ongoing impact of the COVID-19
pandemic and continued customer interruptions and project delays.
Net sales from military maritime products were $1.2 million, or
44.6% of total net sales, for the third quarter of 2021, compared
to $4.5 million, or 75.6% of total net sales, in the third quarter
of 2020, primarily due to the availability of government funding
and the delayed timing of orders, as well as a large military
contract fulfilled during the third quarter of 2020. Sequentially,
net sales were up 32.5% compared to $2.1 million in the second
quarter of 2021, reflecting primarily the timing of delayed orders
from the second quarter of 2021 that were pushed into the third
quarter of 2021.
Gross profit was $0.6 million, or 20.5% of net sales, for the
third quarter of 2021. This compares with gross profit of $1.4
million, or 23.1% of net sales, in the third quarter of 2020.
Sequentially, this compares with gross profit of $0.4 million, or
18.9% of net sales, in the second quarter of 2021. Gross margin for
the third quarter of 2021 was positively impacted by favorable
price and usage variances for material and labor of $0.1 million
and inventory reserves recorded of $0.1 million, partially offset
by low sales, which impacted our gross profit rate due the impact
of fixed costs.
Adjusted gross margin, as defined under “Non-GAAP Measures”
below, was 17.9% for the third quarter of 2021, compared to 24.6%
in the third quarter of 2020, primarily driven by low sales in the
third quarter of 2021 and product mix in the military maritime
product sales during the third quarter of 2021 as compared to the
third quarter of 2020. Sequentially, this compares to adjusted
gross margin of 17.6% in the second quarter of 2021. The increase
was primarily driven by higher sales in the third quarter of 2021
over the second quarter of 2021.
Operating loss was $1.8 million for the third quarter of 2021,
compared to an operating loss of $1.0 million in the third quarter
of 2020. Sequentially, this compares to an operating loss of $2.2
million in the second quarter of 2021. Net loss was $1.1 million,
or $(0.22) per basic and diluted share of common stock, for the
third quarter of 2021, compared with a net loss of $1.2 million, or
$(0.35) per basic and diluted share of common stock, in the third
quarter of 2020. Sequentially, this compares with a net loss of
$2.5 million, or $(0.59) per basic and diluted share of common
stock, in the second quarter of 2021.
Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was
a loss of $1.7 million for the third quarter of 2021, compared with
a loss of $0.9 million in the third quarter of 2020 and a loss of
$2.0 million in the second quarter of 2021. The increased adjusted
EBITDA loss in the third quarter of 2021, as compared to the third
quarter of 2020, was primarily due to a combination of gross margin
reductions from lower sales.
Cash was $0.4 million as of September 30, 2021. This compares
with cash of $1.8 million as of December 31, 2020. As of September
30, 2021, the Company had total availability, as defined under
“Non-GAAP Measures” below, of $2.1 million, which consisted of $0.4
million of cash and $1.7 million of additional borrowing
availability under its credit facilities. This compares to total
availability of $4.9 million as of September 30, 2020 and total
availability of $4.1 million as of June 30, 2021. Our net inventory
balance of $7.8 million as of September 30, 2021, increased $2.1
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, as well as reduced sales leading to longer
hold times for inventory.
Earnings Conference Call:
The Company will host a conference call and webcast today,
November 12, 2021, at 11 a.m. ET to discuss the third quarter 2021
results, followed by a Q & A session.
You can access the live conference call by dialing the following
phone numbers:
- Toll free 1-877-451-6152 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 November 26,
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
light-emitting diode (“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 U.S. ally 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) instability 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 despite
ongoing global supply chain challenges, and the impact of our
fluctuating demand on the stability of such suppliers; (xii) our
ability to timely, efficiently and cost-effectively transport
products from our third-party suppliers to our facility by ocean
marine and other logistics channels despite global supply chain and
logistics disruptions; (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, greater resources, or more rapid development
capabilities, 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) the inflationary or deflationary general
economic conditions in the United States and in other markets in
which we operate or secure products, which could affect our ability
to obtain raw materials, component parts, freight, energy, labor,
and sourced finished goods in a timely and cost-effective manner;
(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)
September 30, 2021
December 31, 2020
(Unaudited)
ASSETS
Current assets:
Cash
$
381
$
1,836
Trade accounts receivable, less allowances
of $18 and $8, respectively
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)
September 30, 2021
December 31, 2020
(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 $0.0001 per
share:
Authorized: 5,000,000 shares (3,300,000
shares designated as Series A Convertible Preferred Stock) at
September 30, 2021 and December 31, 2020
Issued and outstanding: 876,447 at
September 30, 2021 and 2,597,470 at December 31, 2020
—
—
Common stock, par value $0.0001 per
share:
Authorized: 50,000,000 shares at September
30, 2021 and December 31, 2020
Issued and outstanding: 5,087,574 at
September 30, 2021 and 3,525,374 at December 31, 2020
—
—
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 September
30,
September 30, 2021
June 30, 2021
September 30, 2020
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 September 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
Nine months ended September
30,
September 30, 2021
June 30, 2021
September 30, 2020
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 September
30,
September 30, 2021
June 30, 2021
September 30, 2020
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 September
30,
September 30, 2021
June 30, 2021
September 30, 2020
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 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, 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 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)
September 30, 2021
June 30, 2021
September 30, 2020
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 $130,
$169 and $199, respectively.
(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 September
30,
(in thousands)
September 30, 2021
June 30, 2021
September 30, 2020
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)
September 30, 2021
June 30, 2021
September 30, 2020
($)
(%)
($)
(%)
($)
(%)
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: 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