Energy Focus Inc Financials

EFOI

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Energy Focus Inc (EFOI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 28/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Energy Focus Inc has an operating margin of -37.9%, meaning the company retains $-38 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -69.5% the prior year.

Growth

Energy Focus Inc's revenue declined 15% year-over-year, from $5.7M to $4.9M. This contraction results in a growth score of 0/100.

Leverage

Energy Focus Inc carries a low D/E ratio of 0.93, meaning only $0.93 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Energy Focus Inc's current ratio of 2.11 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Energy Focus Inc generated -$1.3M in operating cash flow, capex of $19K consumed most of it, leaving -$1.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

5/9

Energy Focus Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.81x

For every $1 of reported earnings, Energy Focus Inc generates $0.81 in operating cash flow (-$1.3M OCF vs -$1.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-368.4x

Energy Focus Inc earns $-368.4 in operating income for every $1 of interest expense (-$1.8M vs $5K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$4.9M

YoY-15.0%

5Y CAGR-17.5%

10Y CAGR-14.3%

Energy Focus Inc generated $4.9M in revenue in fiscal year 2024. This represents a decrease of 15.0% from the prior year.

EBITDA

-$1.8M

YoY+54.2%

Energy Focus Inc's EBITDA was -$1.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 54.2% from the prior year.

Free Cash Flow

-$1.3M

YoY+47.4%

Energy Focus Inc generated -$1.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 47.4% from the prior year.

Net Income

-$1.6M

YoY+62.7%

Energy Focus Inc reported -$1.6M in net income in fiscal year 2024. This represents an increase of 62.7% from the prior year.

EPS (Diluted)

$-0.32

YoY+75.8%

Energy Focus Inc earned $-0.32 per diluted share (EPS) in fiscal year 2024. This represents an increase of 75.8% from the prior year.

Cash & Debt

$565K

YoY-72.2%

5Y CAGR+10.1%

10Y CAGR-22.7%

Energy Focus Inc held $565K in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+21.0%

Energy Focus Inc had 5M shares outstanding in fiscal year 2024. This represents an increase of 21.0% from the prior year.

Gross Margin

14.4%

YoY+10.5pp

5Y CAGR-1.2pp

10Y CAGR-19.9pp

Energy Focus Inc's gross margin was 14.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 10.5 percentage points from the prior year.

Operating Margin

-37.9%

YoY+31.6pp

5Y CAGR+16.8pp

10Y CAGR-33.1pp

Energy Focus Inc's operating margin was -37.9% in fiscal year 2024, reflecting core business profitability. This is up 31.6 percentage points from the prior year.

Net Margin

-32.9%

YoY+42.2pp

5Y CAGR+25.1pp

10Y CAGR-7.2pp

Energy Focus Inc's net profit margin was -32.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 42.2 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$524K

YoY-10.7%

5Y CAGR-16.4%

10Y CAGR-6.5%

Energy Focus Inc invested $524K in research and development in fiscal year 2024. This represents a decrease of 10.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$19K

YoY-72.5%

5Y CAGR-32.1%

10Y CAGR-20.7%

Energy Focus Inc invested $19K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 72.5% from the prior year.

EFOI Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$4.9M-15.0%	$5.7M-4.2%	$6.0M-39.5%	$9.9M-41.4%	$16.8M+32.5%	$12.7M
Cost of Revenue	$4.2M-24.3%	$5.5M-12.6%	$6.3M-23.0%	$8.2M-29.9%	$11.6M+8.5%	$10.7M
Gross Profit	$699K+213.5%	$223K+170.1%	-$318K-118.7%	$1.7M-67.3%	$5.2M+162.7%	$2.0M
R&D Expenses	$524K-10.7%	$587K-60.6%	$1.5M-21.2%	$1.9M+33.6%	$1.4M+10.2%	$1.3M
SG&A Expenses	$2.0M-44.1%	$3.6M-49.5%	$7.1M-16.3%	$8.5M+8.0%	$7.9M+6.1%	$7.4M
Operating Income	-$1.8M+53.6%	-$4.0M+57.3%	-$9.3M-6.8%	-$8.7M-113.9%	-$4.1M+41.5%	-$7.0M
Interest Expense	$5K-98.7%	$380K-60.2%	$954K+20.5%	$792K+64.7%	$481K+51.7%	$317K
Income Tax	$2K-33.3%	$3K-25.0%	$4K+500.0%	-$1K+80.0%	-$5K-150.0%	$10K
Net Income	-$1.6M+62.7%	-$4.3M+58.2%	-$10.3M-30.3%	-$7.9M-31.9%	-$6.0M+18.9%	-$7.4M
EPS (Diluted)	$-0.32+75.8%	$-1.32	$-8.88	$-1.73+5.5%	$-1.83	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$826K-27.7%	$1.1M+85.6%	$616K-51.8%	$1.3M+6.9%	$1.2M-23.0%	$1.6M+86.4%	$833K-65.2%	$2.4M
Cost of Revenue	$679K-31.8%	$996K+136.0%	$422K-58.3%	$1.0M+0.5%	$1.0M-29.4%	$1.4M+100.1%	$713K-69.2%	$2.3M
Gross Profit	$147K0.0%	$147K-24.2%	$194K-26.8%	$265K+41.0%	$188K+49.2%	$126K+5.0%	$120K+60.0%	$75K
R&D Expenses	$82K+10.8%	$74K+48.0%	$50K-58.0%	$119K-13.1%	$137K-2.1%	$140K+9.4%	$128K-11.1%	$144K
SG&A Expenses	$240K-19.2%	$297K-27.9%	$412K-5.1%	$434K-3.3%	$449K-17.3%	$543K-8.1%	$591K-15.1%	$696K
Operating Income	-$175K+21.9%	-$224K+16.4%	-$268K+6.9%	-$288K+27.6%	-$398K+28.5%	-$557K+7.0%	-$599K+21.7%	-$765K
Interest Expense	$0	$0	$0	$0	$0	$0-100.0%	$5K-96.8%	$154K
Income Tax	$0+100.0%	-$1K0.0%	-$1K	N/A	$0-100.0%	$1K	$0+100.0%	-$115K
Net Income	-$172K+25.5%	-$231K+13.8%	-$268K+14.1%	-$312K+1.3%	-$316K+43.0%	-$554K-32.5%	-$418K+50.8%	-$849K
EPS (Diluted)	$-0.03+25.0%	$-0.04+20.0%	$-0.050.0%	$-0.05+16.7%	$-0.06+50.0%	$-0.12-33.3%	$-0.09-80.0%	$-0.05

EFOI Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$5.6M-45.0%	$10.2M+20.0%	$8.5M-40.9%	$14.4M+16.1%	$12.4M+5.6%	$11.7M
Current Assets	$5.1M-44.0%	$9.2M+26.9%	$7.2M-46.1%	$13.4M+21.2%	$11.1M+18.7%	$9.3M
Cash & Equivalents	$565K-72.2%	$2.0M+3803.8%	$52K-98.1%	$2.7M+46.1%	$1.8M+424.6%	$350K
Inventory	$3.3M-26.5%	$4.4M-18.9%	$5.5M-30.4%	$7.9M+39.4%	$5.6M-8.5%	$6.2M
Accounts Receivable	$804K	N/A	$445K-64.1%	$1.2M-38.6%	$2.0M-13.5%	$2.3M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.7M-62.3%	$7.1M-20.3%	$9.0M+9.7%	$8.2M+0.5%	$8.1M+5.2%	$7.7M
Current Liabilities	$2.4M-61.5%	$6.4M-20.1%	$7.9M-2.6%	$8.2M+7.9%	$7.6M+15.5%	$6.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$2.9M-4.5%	$3.1M+739.6%	-$477K-107.7%	$6.2M+45.9%	$4.3M+6.5%	$4.0M
Retained Earnings	-$154.9M-1.0%	-$153.3M-2.9%	-$149.0M-7.4%	-$138.7M-6.0%	-$130.9M-4.8%	-$124.9M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$5.2M+8.3%	$4.8M-11.6%	$5.4M-3.3%	$5.6M-12.8%	$6.4M-9.0%	$7.1M-4.6%	$7.4M-27.3%	$10.2M
Current Assets	$4.8M+10.1%	$4.4M-12.4%	$5.0M-3.0%	$5.1M-13.3%	$5.9M-4.6%	$6.2M-4.0%	$6.5M-29.5%	$9.2M
Cash & Equivalents	$897K+79.8%	$499K+2.3%	$488K-13.6%	$565K-31.0%	$819K-25.9%	$1.1M+13.7%	$972K-52.1%	$2.0M
Inventory	$3.0M+9.4%	$2.8M-14.8%	$3.2M-0.9%	$3.3M-12.3%	$3.7M-1.8%	$3.8M-13.8%	$4.4M-0.9%	$4.4M
Accounts Receivable	$665K-30.7%	$960K+63.3%	$588K-26.9%	$804K-54.9%	$1.8M-1.3%	$1.8M-24.4%	$2.4M-33.6%	$3.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.1M+3.6%	$2.0M-23.2%	$2.6M-4.2%	$2.7M-16.5%	$3.2M-9.1%	$3.6M-15.2%	$4.2M-41.4%	$7.1M
Current Liabilities	$1.9M+6.2%	$1.8M-23.6%	$2.4M-3.0%	$2.4M-16.9%	$2.9M+1.9%	$2.9M-16.6%	$3.5M-45.6%	$6.4M
Long-Term Debt	$185K-8.4%	$202K-7.3%	$218K-94.6%	$4.0M-5.7%	$4.3M+4.6%	$4.1M+15.2%	$3.5M	N/A
Total Equity	$3.1M+11.7%	$2.8M-1.1%	$2.8M-2.5%	$2.9M-9.1%	$3.2M-8.9%	$3.5M+9.2%	$3.2M+5.7%	$3.1M
Retained Earnings	-$155.6M-0.1%	-$155.4M-0.1%	-$155.2M-0.2%	-$154.9M-0.2%	-$154.6M-0.2%	-$154.3M-0.4%	-$153.7M-0.3%	-$153.3M

EFOI Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$1.3M+46.7%	-$2.4M+63.7%	-$6.7M+31.3%	-$9.8M-298.4%	-$2.5M+63.0%	-$6.6M
Capital Expenditures	$19K-72.5%	$69K+68.3%	$41K-90.7%	$443K+98.7%	$223K+68.9%	$132K
Free Cash Flow	-$1.3M+47.4%	-$2.5M+62.9%	-$6.8M+33.8%	-$10.2M-281.8%	-$2.7M+60.4%	-$6.8M
Investing Cash Flow	-$19K+72.5%	-$69K-331.3%	-$16K+96.4%	-$443K-98.7%	-$223K-72.9%	-$129K
Financing Cash Flow	-$149K-103.3%	$4.5M+9.4%	$4.1M-61.7%	$10.7M+157.5%	$4.2M+280.3%	$1.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$55K+74.4%	-$215K+21.0%	-$272K-5.8%	-$257K+3.7%	-$267K+62.8%	-$718K-1137.9%	-$58K+15.9%	-$69K
Capital Expenditures	$49K	$0-100.0%	$5K	$0-100.0%	$19K	$0	$0-100.0%	$42K
Free Cash Flow	-$104K+51.6%	-$215K+22.4%	-$277K-7.8%	-$257K+10.1%	-$286K+60.2%	-$718K-1137.9%	-$58K+47.7%	-$111K
Investing Cash Flow	-$36K	$0+100.0%	-$5K	$0+100.0%	-$19K	$0	$0+100.0%	-$42K
Financing Cash Flow	$500K+150.0%	$200K0.0%	$200K	$0	$0-100.0%	$851K+185.1%	-$1.0M-322.2%	$450K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EFOI Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	14.4%+10.5pp	3.9%+9.2pp	-5.3%-22.5pp	17.2%-13.6pp	30.8%+15.3pp	15.5%
Operating Margin	-37.9%+31.6pp	-69.5%+86.3pp	-155.8%-67.5pp	-88.3%-64.1pp	-24.2%+30.6pp	-54.7%
Net Margin	-32.9%+42.2pp	-75.1%+97.1pp	-172.2%-92.3pp	-79.9%-44.4pp	-35.5%+22.5pp	-58.0%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-28.5%+13.6pp	-42.1%+78.9pp	-121.0%-66.2pp	-54.8%-6.6pp	-48.3%+14.6pp	-62.8%
Current Ratio	2.11+0.7	1.45+0.5	0.91-0.7	1.65+0.2	1.47+0.0	1.43
Debt-to-Equity	0.93-1.4	2.34+21.2	-18.82-20.1	1.32-0.6	1.91-0.0	1.94
FCF Margin	-27.1%+16.7pp	-43.9%+69.3pp	-113.2%-9.7pp	-103.5%-87.6pp	-15.9%+37.3pp	-53.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Gross Margin	17.8%+4.9pp	12.9%-18.6pp	31.5%+10.8pp	20.7%+5.0pp	15.7%+7.6pp	8.1%-6.3pp	14.4%+11.3pp	3.1%
Operating Margin	-21.2%-1.6pp	-19.6%+23.9pp	-43.5%-21.0pp	-22.5%+10.7pp	-33.3%+2.6pp	-35.9%+36.0pp	-71.9%-39.9pp	-32.0%
Net Margin	-20.8%-0.6pp	-20.2%+23.3pp	-43.5%-19.1pp	-24.4%+2.0pp	-26.4%+9.3pp	-35.7%+14.5pp	-50.2%-14.7pp	-35.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-3.3%+1.5pp	-4.8%+0.1pp	-4.9%+0.6pp	-5.6%-0.6pp	-4.9%+2.9pp	-7.8%-2.2pp	-5.6%+2.7pp	-8.3%
Current Ratio	2.50+0.1	2.41+0.3	2.110.0	2.11+0.1	2.02-0.1	2.16+0.3	1.87+0.4	1.45
Debt-to-Equity	0.66-0.1	0.71-0.2	0.91-0.0	0.93-0.1	1.010.0	1.01-0.3	1.30-1.0	2.34
FCF Margin	-12.6%+6.2pp	-18.8%+26.2pp	-45.0%-24.9pp	-20.1%+3.8pp	-23.9%+22.3pp	-46.2%-39.3pp	-7.0%-2.3pp	-4.6%

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Frequently Asked Questions

What is Energy Focus Inc's annual revenue?

Energy Focus Inc (EFOI) reported $4.9M in total revenue for fiscal year 2024. This represents a -15.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Energy Focus Inc's revenue growing?

Energy Focus Inc (EFOI) revenue declined by 15% year-over-year, from $5.7M to $4.9M in fiscal year 2024.

Is Energy Focus Inc profitable?

No, Energy Focus Inc (EFOI) reported a net income of -$1.6M in fiscal year 2024, with a net profit margin of -32.9%.

What is Energy Focus Inc's earnings per share (EPS)?

Energy Focus Inc (EFOI) reported diluted earnings per share of $-0.32 for fiscal year 2024. This represents a 75.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Energy Focus Inc's EBITDA?

Energy Focus Inc (EFOI) had EBITDA of -$1.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

What is Energy Focus Inc's gross margin?

Energy Focus Inc (EFOI) had a gross margin of 14.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Energy Focus Inc's operating margin?

Energy Focus Inc (EFOI) had an operating margin of -37.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Energy Focus Inc's net profit margin?

Energy Focus Inc (EFOI) had a net profit margin of -32.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Energy Focus Inc's free cash flow?

Energy Focus Inc (EFOI) generated -$1.3M in free cash flow during fiscal year 2024. This represents a 47.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Energy Focus Inc's operating cash flow?

Energy Focus Inc (EFOI) generated -$1.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Energy Focus Inc's total assets?

Energy Focus Inc (EFOI) had $5.6M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Energy Focus Inc's capital expenditures?

Energy Focus Inc (EFOI) invested $19K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Energy Focus Inc spend on research and development?

Energy Focus Inc (EFOI) invested $524K in research and development during fiscal year 2024.

How many shares does Energy Focus Inc have outstanding?

Energy Focus Inc (EFOI) had 5M shares outstanding as of fiscal year 2024.

What is Energy Focus Inc's current ratio?

Energy Focus Inc (EFOI) had a current ratio of 2.11 as of fiscal year 2024, which is generally considered healthy.

What is Energy Focus Inc's debt-to-equity ratio?

Energy Focus Inc (EFOI) had a debt-to-equity ratio of 0.93 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Energy Focus Inc's return on assets (ROA)?

Energy Focus Inc (EFOI) had a return on assets of -28.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Energy Focus Inc's cash runway?

Based on fiscal year 2024 data, Energy Focus Inc (EFOI) had $565K in cash against an annual operating cash burn of $1.3M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Energy Focus Inc's Piotroski F-Score?

Energy Focus Inc (EFOI) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Energy Focus Inc's earnings high quality?

Energy Focus Inc (EFOI) has an earnings quality ratio of 0.81x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Energy Focus Inc cover its interest payments?

Energy Focus Inc (EFOI) has an interest coverage ratio of -368.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Energy Focus Inc?

Energy Focus Inc (EFOI) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.