Logo

EFOI

Energy Focus, Inc.

EFOI

Energy Focus, Inc. • NASDAQ
$2.31 ▼ -2.94% (-0.07)
Market Cap $12.43 M
52w High $3.56
52w Low $1.19
Dividend Yield 0%
P/E -13.59
Volume 803
Outstanding Shares 5.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $826K ▼ $322K ▼ $-172K ▲ -20.823% ▼ $-0.031 ▲ $-163K ▲
Q2-2025 $1.143M ▲ $371K ▼ $-231K ▲ -20.21% ▲ $-0.043 ▲ $-214K ▲
Q1-2025 $616K ▼ $462K ▼ $-268K ▲ -43.506% ▼ $-0.051 ▲ $-259K ▲
Q4-2024 $1.278M ▲ $553K ▼ $-294K ▲ -23.005% ▲ $-0.059 ▲ $-283K ▲
Q3-2024 $1.196M $586K $-316K -26.421% $-0.06 $-389K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $897K ▲ $5.197M ▲ $2.057M ▲ $3.14M ▲
Q2-2025 $519K ▲ $4.798M ▼ $1.986M ▼ $2.812M ▼
Q1-2025 $488K ▼ $5.428M ▼ $2.585M ▼ $2.843M ▼
Q4-2024 $565K ▼ $5.612M ▼ $2.697M ▼ $2.915M ▼
Q3-2024 $1.25M $6.438M $3.231M $3.207M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-172K ▲ $-55K ▲ $-36K ▼ $500K ▲ $398K ▲ $-104K ▲
Q2-2025 $-231K ▲ $-215K ▲ $0 ▲ $200K $11K ▲ $-215K ▲
Q1-2025 $-268K ▲ $-272K ▼ $-5K ▼ $200K ▲ $-77K ▲ $-277K ▼
Q4-2024 $-294K ▲ $-254K ▲ $0 ▲ $0 $-254K ▲ $-254K ▲
Q3-2024 $-316K $-267K $-19K $0 $-286K $-286K

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Commercial Products
Commercial Products
 $0 ▲$0 ▲$0 ▲$0 ▲
MMM Products
MMM Products
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Energy Focus’s income statement shows a business that never reached sustainable scale and then effectively shut down. Revenue in recent years was very small and trending down, and the company consistently reported operating losses and net losses. Margins were weak, meaning it struggled to cover its basic operating costs from its sales. By 2024, the financials look more like a non‑operating shell than an active business, reflecting the post‑bankruptcy reality rather than a going concern.

Balance Sheet

Balance Sheet The balance sheet is very thin, with only modest total assets and essentially no meaningful cash cushion in recent years. Equity was largely depleted over time, signaling that accumulated losses had eroded the company’s capital base. Debt appeared limited at the end, but that is mostly because the business had already been restructured and wound down, not because it was financially strong. Overall, the balance sheet reads like that of a company that has already gone through distress and asset sales rather than one positioned for future growth.

Cash Flow

Cash Flow Cash flows highlight how difficult it was for Energy Focus to fund itself from normal operations. Operating cash flow had been consistently negative in its final active years, meaning the core business consumed cash instead of generating it. Free cash flow followed the same pattern, leaving the company dependent on external funding and one‑off actions. As operations ceased and assets were sold, reported cash flows flatten out, not because the business improved, but because it effectively stopped operating.

Competitive Edge

Competitive Edge Historically, Energy Focus had a defensible niche in mission‑critical lighting, especially for the U.S. Navy and other maritime applications, supported by specialized certifications and patents. This gave it a differentiated position versus mass‑market lighting competitors, but it also left the company heavily reliant on a narrow set of customers and end markets. As LED and energy solutions markets matured and competition intensified, its small scale and concentration risk became major vulnerabilities. The eventual bankruptcy indicates that whatever competitive edge it had was not enough to overcome commercial, operational, and financial pressures.

Innovation and R&D

Innovation and R&D The company’s history is rich in innovation: flicker‑free LED tubes, integrated emergency backup lighting, and later moves into energy storage, advanced power supplies, and solar inverters. It held a sizable patent portfolio and tried to pivot from a specialized lighting supplier to a broader energy solutions provider. However, the innovation pipeline was cut short by financial distress, with R&D efforts and product roadmaps effectively halted as the company entered and exited bankruptcy. The underlying technologies may still have value under new owners, but as a corporate entity, Energy Focus no longer benefits from its own past R&D.

Summary

Energy Focus, Inc. is best understood today as a former niche innovator that could not translate its technical strengths into a durable, profitable business. The income statement points to chronic losses on a very small revenue base, the balance sheet shows the aftermath of prolonged value erosion, and cash flows confirm that operations were not self‑funding. Competitively, the company had a real foothold in specialized markets, but narrow focus, limited scale, and increasing competition undermined its position. While its technology and patents had merit, the firm itself has effectively reached the end of its independent life, serving more as a case study in the challenges of scaling specialized energy technologies than as an ongoing business story.