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Energy Focus (NASDAQ: EFOI) revised its second quarter revenue projections due to a delay in the shipment of a $3.4 million military order. The anticipated contribution of approximately $1.7 million was postponed, leading to estimated revenues of $3.3 million, down from a previous range of $4.5 - $4.8 million. Despite this, the company expects third quarter revenues to range between $6 million and $7 million, reflecting a 106% to 140% increase from Q3 2019. Operational challenges, exacerbated by COVID-19, were cited as reasons for the delay, but no loss of orders occurred.
Energy Focus (Nasdaq: EFOI) announced a 1-for-5 reverse stock split, effective June 11, 2020, to meet the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market. The split reduces the number of outstanding shares from approximately 15.9 million to 3.2 million. No fractional shares will be issued; cash will be provided for any fractional interests. Stock trading under the symbol EFOI will commence on a split-adjusted basis on June 12, 2020. Further details will be filed in a Current Report on Form 8-K.
Energy Focus, Inc. (NASDAQ:EFOI), a leader in LED lighting technologies, announced that CEO James Tu will present at the Investor Summit Group’s Virtual Summer Summit on June 9, 2020, at 10:55 a.m. ET. The presentation aims to connect executives with investors, enhancing market awareness and growth opportunities. Energy Focus specializes in sustainable lighting solutions, having installed around 900,000 products in U.S. Navy fleets since 2007, saving significant fuel and maintenance resources. For details on the presentation, visit here.
Energy Focus, Inc. (NASDAQ: EFOI) announced a prerecorded virtual presentation featuring CEO James Tu, now available on Little Grapevine. The Q&A session includes insights into the company's sustainable LED lighting technologies, which have saved significant resources for U.S. Navy operations. Accessible for free to the public, the presentation aims to enhance investor engagement.
Energy Focus is recognized for creating the first flicker-free LED products in the U.S. market, supporting various sectors including healthcare and government.
Energy Focus, Inc. (NASDAQ:EFOI) reported first-quarter 2020 net sales of $3.8 million, up 19.1% year-over-year and 7.1% sequentially, exceeding guidance. The net loss improved to $541 thousand compared to $2.9 million in Q1 2019. Key contracts worth $5.3 million were secured. The company raised $2.75 million through equity financing, enhancing its cash position to $2.9 million. Despite COVID-19 impacts, EFOI anticipates second-quarter sales between $4.5 million and $4.8 million, indicating strong growth.
Energy Focus (NASDAQ: EFOI) has launched the EnFocus™ Lighting Control Platform, enhancing energy-efficient lighting for existing buildings. The platform offers dimming and color-tuning capabilities with affordability and ease of use, targeting sectors like education, healthcare, and government. Key features include integration with existing wiring, low flicker, and security against cyber threats. A webinar on May 27, 2020 will showcase the platform’s benefits. The company anticipates significant financial, environmental, and health benefits for clients.
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