Energy Focus, Inc.

Energy Focus, Inc. (EFOI) reported FY 2025 net sales of $3.6M, down 27% YoY from $4.9M in 2024, driven by a 43% decline in MMM products to $2.0M amid competition and pricing pressures, partially offset by 10% growth in commercial products to $1.5M. Gross profit was $672K, nearly flat YoY from $699K, with gross margin improving slightly to 18.9% from 14.4% due to cost reductions. Operating expenses fell 33% to $1.7M, primarily from lower SG&A, resulting in a reduced operating loss of $1.0M versus $1.8M prior year. Net loss narrowed to $1.0M from $1.6M, or -$0.18 per share versus -$0.32. Balance sheet strengthened with stockholders' equity rising to $4.1M from $2.9M, supported by $2.1M in common stock issuances. Operating cash use improved marginally to -$1.4M, with net cash increase of $499K to $1.1M ending cash. Forward-looking, the company eyes ESS, AI data center UPS, and Asia expansion (Taiwan/Japan) amid going concern doubts and customer concentration risks.

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