Energy Focus Provides Updated Second Quarter 2020 Revenue Projection and Third Quarter Revenue Guidance
16 Julho 2020 - 9:30AM
Energy Focus, Inc. (NASDAQ: EFOI), a leader in sustainable LED
lighting technologies, today provided an updated revenue projection
for the second quarter of 2020, related to the delay in the
shipment of a single large military order.
The shipment of a portion of the $3.4 million
U.S. Navy order for the Company’s new generation of military
Intellitubes, which were expected to contribute approximately $1.7
million to the Company’s revenues during the second quarter, was
shifted into the third quarter. As a result, the Company
anticipates second quarter revenue to be approximately $3.3
million, or $1.2-$1.5 million less than the $4.5 - $4.8 million
range the Company previously provided and represents 8% growth from
the second quarter of 2019. The Company expects to ship and
recognize the revenues related to most of the remaining portion of
this order during the third quarter of 2020, with the balance of of
it, as previously reported, by year-end.
For the third quarter of 2020, due to the sales
shift, the Company projects total revenues between $6 million to $7
million, representing 106% to 140% growth over third quarter of
2019.
“The shipment of this military order was delayed
due to a combination of operational and supply chain challenges we
encountered during the quarter, exacerbated by COVID-19,” commented
James Tu, Chairman and CEO of Energy Focus, Inc. “We were able to
resolve these timing related issues, which did not cause any loss
of orders and simply shifted some expected second quarter sales to
the third quarter. Except for the continuing, uncertain impact from
COVID-19 on the economy and broader business activities on a
short-term basis, there is no fundamental change in our business,
and we remain excited and optimistic about the military as well as
the rapidly emerging and expanding commercial opportunities ahead
of us.”
About Energy Focus:
Energy Focus is an industry-leading innovator of
sustainable LED lighting technologies and solutions. As the creator
of the first flicker-free original LED products on the U.S. market,
Energy Focus products provide extensive energy and maintenance
savings, and aesthetics, safety, health and sustainability benefits
over conventional lighting. Our 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 U.S. Navy fleet, including TLEDs, 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. Generally, these
statements can be identified by the use of words such as
“believes,” “estimates,” “anticipates,” “expects,” “seeks,”
“projects,” “intends,” “plans,” “may,” “will,” “should,” “could,”
“would” and similar expressions intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. These forward-looking
statements include all matters that are not historical facts and
include statements regarding our 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, 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 in the U.S. and global economy and
business interruptions resulting from the recent coronavirus
(“COVID-19”) health pandemic outbreak and related stay-at-home
orders, quarantine policies and restrictions on travel, trade and
business operations; (ii) our need for additional financing in the
near term to continue our operations; (iii) our liquidity and
refinancing demands; (iv) our ability to obtain refinancing or
extend maturing debt; (v) our ability to continue as a going
concern for a reasonable period of time; (vi) our ability to
implement plans to increase sales and control expenses; (vii) 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; (viii) our ability to increase sales by adding new
customers to reduce the reliance of our sales on a smaller group of
customers, and the long sales-cycle that our product requires; (ix)
our ability to increase demand in our targeted markets and to
manage sales cycles that are difficult to predict and may span
several quarters; (x) the timing of large customer orders,
significant expenses and fluctuations between demand and capacity
as we invest in growth opportunities; (xi) our ability to compete
effectively against companies with lower cost structures or greater
resources, or more rapid development efforts, and new competitors
in our target markets; (xii) our ability to successfully scale our
network of sales representatives, agents, and distributors to match
the sales reach of larger, established competitors;(xiii) market
acceptance of LED lighting technologies and products; (xiv) our
ability to attract and retain qualified personnel, and to do so in
a timely manner; (xv) the impact of any type of legal inquiry,
claim, or dispute; (xvi) general economic conditions in the United
States and in other markets in which we operate or secure products;
(xvii) our dependence on military maritime customers and on the
levels of government funding available to such customers, as well
as the funding resources of our other customers in the public
sector and commercial markets; (xviii) the possible impact on our
military maritime customers and their ability to honor the timing
for existing orders or place future orders due to COVID-19
breakouts amongst personnel that might impact the use of ships in
service; (xix) 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; (xx) our reliance on a
limited number of third-party suppliers, our ability to obtain
critical components and finished products from such suppliers on
acceptable terms, and the impact of our fluctuating demand on the
stability of such suppliers; (xxi) our ability to timely and
efficiently transport products from our third-party suppliers to
our facility by ocean marine channels; (xxii) our ability to
respond to new lighting technologies and market trends, and fulfill
our warranty obligations with safe and reliable products; (xxiii)
any delays we may encounter in making new products available or
fulfilling customer specifications; (xxiv) any flaws or defects in
our products or in the manner in which they are used or installed;
(xxv) our ability to protect our intellectual property rights and
other confidential information, and manage infringement claims by
others; (xxvi) 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; (xxvii) 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; and (xxviii) our
ability to remediate a significant deficiency, maintain effective
internal controls and otherwise comply with our obligations as a
public company and under Nasdaq listing standards.
Investor Contact:
Cameron Donahue(651) 653-1854ir@energyfocus.com
Media Contact:DGI Comm
EnergyFocus@dgicomm.com 212-825-3210
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