Energy Focus, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a mixed performance compared to the previous fiscal period. For the third quarter of 2024, net sales totaled $1,196,000, a decrease of 11% from $1,339,000 in Q3 2023. However, for the nine months ended September 30, 2024, net sales increased by 8% to $3,582,000, up from $3,324,000 in the same period last year, primarily driven by a 25% increase in sales of military maritime (MMM) products.
The company achieved a gross profit of $188,000 for Q3 2024, a significant improvement from a gross loss of $(48,000) in Q3 2023. For the nine-month period, gross profit rose to $434,000 from $148,000 year-over-year. This improvement in profitability was attributed to a reduction in total operating expenses, which decreased from $855,000 in Q3 2023 to $586,000 in Q3 2024, and from $3,354,000 to $1,988,000 for the nine-month periods.
Despite these gains, Energy Focus reported a net loss of $(316,000) for Q3 2024, down from $(944,000) in Q3 2023, and a net loss of $(1,288,000) for the nine months ended September 30, 2024, compared to $(3,444,000) in the same period last year. The company’s net loss per share improved to $(0.06) for Q3 2024 from $(0.27) in Q3 2023.
As of September 30, 2024, total current assets decreased to $5,931,000 from $9,189,000 at the end of 2023, while total assets fell to $6,438,000 from $10,200,000. Current liabilities also decreased significantly from $6,351,000 to $2,940,000. The company’s cash position weakened, dropping to $819,000 from $2,030,000 at the end of 2023.
Strategically, Energy Focus has been focusing on cost management, including workforce reductions and lease modifications, which resulted in a gain of $63,000 recognized in Q3 2024. The company is actively pursuing external funding sources to support its operations and growth strategies, including traditional and non-traditional investment capital.
Energy Focus continues to face challenges, including significant price competition and long sales cycles, particularly in the military maritime sector. The company is working on enhancing its product offerings and expanding its sales channels to improve its market position.
About ENERGY FOCUS, INC/DE
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.