Energy Focus, Inc. (EFOI) 10-Year Financial Performance & Capital Metrics

EFOI • • Industrial / General

Consumer CyclicalHome FurnishingsSpecialized & Commercial FurnitureCommercial & Laboratory Furniture

AboutEnergy Focus, Inc., together with its subsidiaries, designs, develops, manufactures, markets, and sells energy-efficient lighting systems, and controls and ultraviolet-C light disinfection products in the United States and internationally. It offers military maritime market light-emitting diode (LED) lighting products, such as Military-grade Intellitube retrofit TLED and the Invisitube ultra-low EMI TLED; and Military-grade fixtures, including LED globe lights, berth lights; high-bay fixtures and LED retrofit kits to serve the United States navy and allied foreign navies. The company also provides RedCap emergency battery backup TLEDs; EnFocus lighting platform, including dimming and color tuning; LED replacement fixtures for linear fluorescent lamps, downlights, and retrofit kits for low-bay, high-bay and office applications; LED dock lights; and nUVo tower and nUVo traveler portable UVCD air disinfectors. It sells its products to military maritime, industrial, and commercial markets through direct sales employees, independent sales representatives, electrical and lighting contractors, and distributors, as well as via e-commerce. The company was formerly known as Fiberstars, Inc. and changed its name to Energy Focus, Inc. in May 2007. Energy Focus, Inc. was founded in 1985 and is headquartered in Solon, Ohio.Show more

Revenue $5M -15.0%
EBITDA -$2M +54.2%
Net Income -$2M +63.1%
EPS (Diluted) -0.32 +75.8%
Gross Margin 14.38% +268.7%
EBITDA Margin -37.14% +46.1%
Operating Margin -37.9% +45.4%
Net Margin -32.55% +56.7%
ROE -53.03% +84.1%
ROIC -45.24% +32.1%
Debt/Equity 0.13 -82.5%
Interest Coverage -368.40 -3425.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow
✗Sales declining 17.5% over 5 years
✗Shares diluted 52.6% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-16.35%

5Y-17.49%

3Y-21.02%

TTM-35.35%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM54.84%

EPS CAGR

10Y-

5Y-

3Y-

TTM61.24%

ROCE

10Y Avg-94.4%

5Y Avg-149.04%

3Y Avg-168.95%

Latest-52.49%

Peer Comparison

Commercial & Laboratory Furniture

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KEQUKewaunee Scientific Corporation	108.92M	38.00	9.92	18.02%	4.11%	16.37%	11.58%	0.76
VIRCVirco Mfg. Corporation	100.4M	6.37	4.83	-1.07%	5.74%	11.78%	26.73%	0.38
ALHAlliance Laundry Holdings Inc.	4.51B	22.22	0.28	10.5%	7.08%	71.87%	2.26%
EFOIEnergy Focus, Inc.	14M	2.44	-7.63	-14.99%	-24.98%	-30.73%		0.13
MLKNMillerKnoll, Inc.	1.33B	19.50	-36.79	1.14%	-0.68%	-1.78%	7.64%	1.36

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	64.4M	31M	19.85M	18.11M	12.71M	16.83M	9.87M	5.97M	5.72M	4.86M
Revenue Growth %	1.22%	-0.52%	-0.36%	-0.09%	-0.3%	0.32%	-0.41%	-0.4%	-0.04%	-0.15%
Cost of Goods Sold+	35.11M	23.32M	15.03M	14.7M	10.73M	11.64M	8.17M	6.29M	5.49M	4.16M
COGS % of Revenue	0.55%	0.75%	0.76%	0.81%	0.84%	0.69%	0.83%	1.05%	0.96%	0.86%
Gross Profit+	29.29M	7.68M	4.82M	3.41M	1.97M	5.18M	1.7M	-318K	223K	699K
Gross Margin %	0.45%	0.25%	0.24%	0.19%	0.16%	0.31%	0.17%	-0.05%	0.04%	0.14%
Gross Profit Growth %	2.13%	-0.74%	-0.37%	-0.29%	-0.42%	1.63%	-0.67%	-1.19%	1.7%	2.13%
Operating Expenses+	19.64M	23.65M	14.26M	12.39M	8.93M	9.26M	10.4M	8.98M	4.19M	2.54M
OpEx % of Revenue	0.3%	0.76%	0.72%	0.68%	0.7%	0.55%	1.05%	1.5%	0.73%	0.52%
Selling, General & Admin	16.83M	20.11M	11.31M	9.79M	7.45M	0	0	0	3.61M	2.02M
SG&A % of Revenue	0.26%	0.65%	0.57%	0.54%	0.59%	-	-	-	0.63%	0.42%
Research & Development	2.81M	3.54M	2.94M	2.6M	1.28M	1.42M	1.89M	1.49M	587K	524K
R&D % of Revenue	0.04%	0.11%	0.15%	0.14%	0.1%	0.08%	0.19%	0.25%	0.1%	0.11%
Other Operating Expenses	53K	-18K	-99K	-7K	196K	7.84M	8.51M	7.49M	0	0
Operating Income+	9.65M	-16.83M	-11.28M	-9.09M	-6.96M	-4.07M	-8.71M	-9.29M	-3.97M	-1.84M
Operating Margin %	0.15%	-0.54%	-0.57%	-0.5%	-0.55%	-0.24%	-0.88%	-1.56%	-0.69%	-0.38%
Operating Income Growth %	4.75%	-2.74%	0.33%	0.19%	0.23%	0.41%	-1.14%	-0.07%	0.57%	0.54%
EBITDA+	9.92M	-16.02M	-10.6M	-8.56M	-6.63M	-3.89M	-8.52M	-9.14M	-3.94M	-1.8M
EBITDA Margin %	0.15%	-0.52%	-0.53%	-0.47%	-0.52%	-0.23%	-0.86%	-1.53%	-0.69%	-0.37%
EBITDA Growth %	5.32%	-2.62%	0.34%	0.19%	0.23%	0.41%	-1.19%	-0.07%	0.57%	0.54%
D&A (Non-Cash Add-back)	266K	805K	681K	522K	326K	184K	188K	159K	33K	37K
EBIT	9.85M	-16.85M	-11.38M	-9.09M	-7.05M	-4.13M	-8.73M	-8.96M	-3.91M	-1.57M
Net Interest Income+	-85K	0	-2K	-8K	-317K	-481K	-792K	-954K	-323K	-5K
Interest Income	0	0	0	0	0	0	0	0	57K	0
Interest Expense	85K	0	2K	8K	317K	481K	792K	954K	380K	5K
Other Income/Expense	-32K	-18K	-101K	-15K	-408K	-1.92M	820K	-980K	-319K	262K
Pretax Income+	9.62M	-16.85M	-11.38M	-9.1M	-7.36M	-5.99M	-7.89M	-10.28M	-4.29M	-1.58M
Pretax Margin %	0.15%	-0.54%	-0.57%	-0.5%	-0.58%	-0.36%	-0.8%	-1.72%	-0.75%	-0.33%
Income Tax+	149K	27K	-115K	11K	10K	-5K	-1K	4K	3K	2K
Effective Tax Rate %	0.91%	1%	0.99%	1%	1%	1%	1%	1%	1%	1%
Net Income+	8.78M	-16.89M	-11.27M	-9.11M	-7.37M	-5.98M	-7.89M	-10.28M	-4.29M	-1.58M
Net Margin %	0.14%	-0.54%	-0.57%	-0.5%	-0.58%	-0.36%	-0.8%	-1.72%	-0.75%	-0.33%
Net Income Growth %	2.5%	-2.92%	0.33%	0.19%	0.19%	0.19%	-0.32%	-0.3%	0.58%	0.63%
Net Income (Continuing)	9.47M	-16.88M	-11.27M	-9.11M	-7.37M	-5.98M	-7.89M	-10.28M	-4.29M	-1.58M
Discontinued Operations	0	-12K	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	30.80	-50.63	-33.40	-26.58	-20.96	-12.80	-12.10	-8.87	-1.32	-0.32
EPS Growth %	2.18%	-2.64%	0.34%	0.2%	0.21%	0.39%	0.05%	0.27%	0.85%	0.76%
EPS (Basic)	31.83	-50.79	-33.40	-26.60	-20.96	-12.80	-12.10	-8.87	-1.32	-0.32
Diluted Shares Outstanding	307.5K	333.51K	337.31K	342.77K	351.69K	467.14K	651.57K	1.16M	3.24M	4.95M
Basic Shares Outstanding	307.2K	332.51K	337.31K	342.52K	351.69K	467.14K	651.57K	1.16M	3.24M	4.95M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	53.22M	32.62M	20.89M	17.69M	9.33M	11.08M	13.42M	7.24M	9.19M	5.14M
Cash & Short-Term Investments	34.64M	16.63M	10.76M	6.33M	350K	2.63M	3.39M	52K	2.82M	565K
Cash Only	34.64M	16.63M	10.76M	6.33M	350K	1.84M	2.68M	52K	2.03M	565K
Short-Term Investments	0	0	0	0	0	796K	712K	0	792K	0
Accounts Receivable	10.11M	5.64M	3.6M	2.2M	2.34M	2.02M	1.24M	890K	1.77M	804K
Days Sales Outstanding	57.3	66.41	66.12	44.37	67.14	43.84	45.88	54.43	113.13	60.38
Inventory	7.73M	9.47M	5.72M	8.06M	6.17M	5.64M	7.87M	5.48M	4.44M	3.26M
Days Inventory Outstanding	80.38	148.2	138.91	200.15	209.8	176.84	351.55	317.97	294.91	286.23
Other Current Assets	740K	0	225K	71K	136K	343K	448K	592K	2K	0
Total Non-Current Assets+	2.48M	2.36M	1.26M	804K	2.4M	1.32M	967K	1.26M	1.01M	467K
Property, Plant & Equipment	2.43M	2.33M	1.1M	610K	2M	1.32M	967K	1.26M	1.01M	467K
Fixed Asset Turnover	26.51x	13.33x	18.09x	29.68x	6.35x	12.74x	10.20x	4.75x	5.65x	10.41x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	342K	0	0	0	0	0
Other Non-Current Assets	51K	33K	159K	194K	63K	0	0	0	0	0
Total Assets+	55.7M	34.98M	22.15M	18.49M	11.74M	12.4M	14.39M	8.5M	10.2M	5.61M
Asset Turnover	1.16x	0.89x	0.90x	0.98x	1.08x	1.36x	0.69x	0.70x	0.56x	0.87x
Asset Growth %	1.86%	-0.37%	-0.37%	-0.17%	-0.37%	0.06%	0.16%	-0.41%	0.2%	-0.45%
Total Current Liabilities+	10.3M	4.93M	2.63M	7.24M	6.54M	7.56M	8.16M	7.95M	6.35M	2.44M
Accounts Payable	7.29M	3.26M	1.63M	3.61M	1.34M	2.48M	2.23M	2.2M	3.77M	970K
Days Payables Outstanding	75.84	50.98	39.6	89.57	45.58	77.65	99.89	127.98	250.46	85.09
Short-Term Debt	0	0	0	2.22M	3.3M	2.83M	3.89M	4.88M	1.32M	0
Deferred Revenue (Current)	93K	0	5K	30K	18K	72K	268K	0	450K	0
Other Current Liabilities	573K	829K	474K	950K	645K	227K	721K	404K	386K	118K
Current Ratio	5.16x	6.61x	7.95x	2.44x	1.43x	1.47x	1.65x	0.91x	1.45x	2.11x
Quick Ratio	4.41x	4.69x	5.78x	1.33x	0.48x	0.72x	0.68x	0.22x	0.75x	0.77x
Cash Conversion Cycle	61.84	163.64	165.43	154.95	231.36	143.02	297.54	244.42	157.58	261.52
Total Non-Current Liabilities+	77K	107K	232K	200K	1.2M	584K	26K	1.03M	798K	254K
Long-Term Debt	0	0	0	0	109K	266K	0	0	0	0
Capital Lease Obligations	0	0	0	0	1.08M	319K	26K	1.03M	798K	254K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	77K	107K	232K	200K	14K	-1K	0	0	0	0
Total Liabilities	10.38M	5.04M	2.86M	7.44M	7.74M	8.14M	8.18M	8.97M	7.15M	2.7M
Total Debt+	0	0	0	2.22M	5.36M	4.18M	4.24M	6.11M	2.34M	393K
Net Debt	-34.64M	-16.63M	-10.76M	-4.12M	5.01M	2.35M	1.56M	6.05M	314K	-172K
Debt / Equity	-	-	-	0.20x	1.34x	0.98x	0.68x	-	0.77x	0.13x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-3.49x	-	-	-	-	-	-	-	-	-
Interest Coverage	113.55x	-	-5640.50x	-1135.63x	-21.94x	-8.46x	-10.99x	-9.74x	-10.45x	-368.40x
Total Equity+	45.32M	29.94M	19.29M	11.05M	4M	4.26M	6.21M	-477K	3.05M	2.92M
Equity Growth %	3.64%	-0.34%	-0.36%	-0.43%	-0.64%	0.07%	0.46%	-1.08%	7.4%	-0.04%
Book Value per Share	147.38	89.77	57.19	32.24	11.36	9.11	9.53	-0.41	0.94	0.59
Total Shareholders' Equity	45.32M	29.94M	19.29M	11.05M	4M	4.26M	6.21M	-477K	3.05M	2.92M
Common Stock	1K	1K	1K	1K	1K	1K	0	1K	0	1K
Retained Earnings	-80.05M	-96.94M	-108.2M	-117.31M	-124.87M	-130.85M	-138.74M	-149.02M	-153.31M	-154.9M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.83M	-1K	2K	-1K	-3K	-3K	-3K	-3K	-3K	-3K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.45M	-16.55M	-5.87M	-6.79M	-6.62M	-2.45M	-9.77M	-6.71M	-2.44M	-1.3M
Operating CF Margin %	0.07%	-0.53%	-0.3%	-0.38%	-0.52%	-0.15%	-0.99%	-1.12%	-0.43%	-0.27%
Operating CF Growth %	4.12%	-4.72%	0.65%	-0.16%	0.03%	0.63%	-2.98%	0.31%	0.64%	0.47%
Net Income	9.47M	-16.88M	-11.27M	-9.11M	-7.37M	-5.98M	-7.89M	-10.28M	-4.29M	-1.58M
Depreciation & Amortization	266K	805K	681K	522K	326K	184K	188K	159K	33K	37K
Stock-Based Compensation	813K	1.36M	537K	908K	616K	131K	429K	117K	44K	4K
Deferred Taxes	1.51M	2.99M	0	61K	0	0	-876K	0	0	0
Other Non-Cash Items	40K	2.22M	-1.36M	4K	219K	890K	-341K	647K	183K	1K
Working Capital Changes	-7.65M	-7.05M	5.54M	821K	-412K	2.33M	-1.28M	2.64M	1.59M	243K
Change in Receivables	-9.67M	4.31M	2.24M	1.4M	-131K	377K	783K	783K	-1.33M	1.04M
Change in Inventory	1.93M	-5.73M	5.15M	-2.36M	1.88M	1.14M	-2.38M	2.36M	1.01M	829K
Change in Payables	135K	-4.04M	-1.76M	2.05M	-2.21M	1.1M	-423K	-1K	1.57M	-1.54M
Cash from Investing+	-2.24M	-1.6M	-65K	189K	-129K	-223K	-443K	-16K	-69K	-19K
Capital Expenditures	-2.24M	-1.62M	-162K	-57K	-132K	-223K	-443K	-41K	-69K	-19K
CapEx % of Revenue	0.03%	0.05%	0.01%	0%	0.01%	0.01%	0.04%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-956K	27K	97K	246K	3K	0	0	25K	0	0
Cash from Financing+	25.96M	146K	81K	2.19M	1.09M	4.16M	10.71M	4.1M	4.49M	-149K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.85M	455K	81K	28K	-318K	185K	-119K	-442K	434K	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.2M	-18.18M	-6.04M	-6.85M	-6.76M	-2.67M	-10.21M	-6.75M	-2.51M	-1.32M
FCF Margin %	0.03%	-0.59%	-0.3%	-0.38%	-0.53%	-0.16%	-1.03%	-1.13%	-0.44%	-0.27%
FCF Growth %	2.34%	-9.25%	0.67%	-0.14%	0.01%	0.6%	-2.82%	0.34%	0.63%	0.48%
FCF per Share	7.17	-54.50	-17.89	-19.99	-19.21	-5.72	-15.67	-5.83	-0.77	-0.27
FCF Conversion (FCF/Net Income)	0.51x	0.98x	0.52x	0.75x	0.90x	0.41x	1.24x	0.65x	0.57x	0.82x
Interest Paid	84K	5K	2K	4K	215K	269K	381K	364K	380K	5K
Taxes Paid	200K	51K	14K	7K	15K	4K	4K	1K	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	31.87%	-44.88%	-45.77%	-60.05%	-97.99%	-144.96%	-150.71%	-358.65%	-333.57%	-53.03%
Return on Invested Capital (ROIC)	107.68%	-105.24%	-77.48%	-88.11%	-65.44%	-39.12%	-90.9%	-104.49%	-66.61%	-45.24%
Gross Margin	45.48%	24.77%	24.29%	18.84%	15.54%	30.81%	17.21%	-5.33%	3.9%	14.38%
Net Margin	13.63%	-54.48%	-56.77%	-50.32%	-58.03%	-35.54%	-79.94%	-172.24%	-75.09%	-32.55%
Debt / Equity	-	-	-	0.20x	1.34x	0.98x	0.68x	-	0.77x	0.13x
Interest Coverage	113.55x	-	-5640.50x	-1135.63x	-21.94x	-8.46x	-10.99x	-9.74x	-10.45x	-368.40x
FCF Conversion	0.51x	0.98x	0.52x	0.75x	0.90x	0.41x	1.24x	0.65x	0.57x	0.82x
Revenue Growth	122.37%	-51.87%	-35.98%	-8.76%	-29.83%	32.45%	-41.38%	-39.5%	-4.21%	-14.99%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Government Products	50.13M	16.19M	4.63M	9.45M	4.83M	11.42M	5.18M	2.22M	4.12M	3.47M
Government Products Growth	-	-67.70%	-71.41%	104.04%	-48.88%	136.62%	-54.63%	-57.13%	85.60%	-15.86%
Pool And Commercial Products	14.16M	14.81M	15.22M	8.66M	7.88M	5.4M	4.68M	3.75M	1.59M	1.39M
Pool And Commercial Products Growth	-	4.61%	2.76%	-43.08%	-9.06%	-31.40%	-13.36%	-19.99%	-57.47%	-12.74%
Research And Development Services	119K	-	-	-	-	-	-	-	-	-
Research And Development Services Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	64.25M	29.84M	19.45M	17.74M	12.6M	16.68M	9.71M	5.94M	5.69M	4.85M
UNITED STATES Growth	-	-53.56%	-34.83%	-8.79%	-28.96%	32.43%	-41.79%	-38.80%	-4.27%	-14.80%
International	-	-	-	-	-	143K	153K	24K	27K	12K
International Growth	-	-	-	-	-	-	6.99%	-84.31%	12.50%	-55.56%

Frequently Asked Questions

Growth & Financials

Energy Focus, Inc. (EFOI) reported $3.9M in revenue for fiscal year 2024. This represents a 85% decrease from $25.8M in 2011.

Energy Focus, Inc. (EFOI) saw revenue decline by 15.0% over the past year.

Energy Focus, Inc. (EFOI) reported a net loss of $1.0M for fiscal year 2024.

Dividend & Returns

Energy Focus, Inc. (EFOI) has a return on equity (ROE) of -53.0%. Negative ROE indicates the company is unprofitable.

Energy Focus, Inc. (EFOI) had negative free cash flow of $0.8M in fiscal year 2024, likely due to heavy capital investments.

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Energy Focus, Inc. (EFOI) 10-Year Financial Performance & Capital Metrics

EFOI • • Industrial / General

Consumer CyclicalHome FurnishingsSpecialized & Commercial FurnitureCommercial & Laboratory Furniture

Revenue $5M -15.0%
EBITDA -$2M +54.2%
Net Income -$2M +63.1%
EPS (Diluted) -0.32 +75.8%
Gross Margin 14.38% +268.7%
EBITDA Margin -37.14% +46.1%
Operating Margin -37.9% +45.4%
Net Margin -32.55% +56.7%
ROE -53.03% +84.1%
ROIC -45.24% +32.1%
Debt/Equity 0.13 -82.5%
Interest Coverage -368.40 -3425.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

✗Negative free cash flow
✗Sales declining 17.5% over 5 years
✗Shares diluted 52.6% in last year
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-16.35%

5Y-17.49%

3Y-21.02%

TTM-35.35%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM54.84%

EPS CAGR

10Y-

5Y-

3Y-

TTM61.24%

ROCE

10Y Avg-94.4%

5Y Avg-149.04%

3Y Avg-168.95%

Latest-52.49%

Peer Comparison

Commercial & Laboratory Furniture

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KEQUKewaunee Scientific Corporation	108.92M	38.00	9.92	18.02%	4.11%	16.37%	11.58%	0.76
VIRCVirco Mfg. Corporation	100.4M	6.37	4.83	-1.07%	5.74%	11.78%	26.73%	0.38
ALHAlliance Laundry Holdings Inc.	4.51B	22.22	0.28	10.5%	7.08%	71.87%	2.26%
EFOIEnergy Focus, Inc.	14M	2.44	-7.63	-14.99%	-24.98%	-30.73%		0.13
MLKNMillerKnoll, Inc.	1.33B	19.50	-36.79	1.14%	-0.68%	-1.78%	7.64%	1.36

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	64.4M	31M	19.85M	18.11M	12.71M	16.83M	9.87M	5.97M	5.72M	4.86M
Revenue Growth %	1.22%	-0.52%	-0.36%	-0.09%	-0.3%	0.32%	-0.41%	-0.4%	-0.04%	-0.15%
Cost of Goods Sold+	35.11M	23.32M	15.03M	14.7M	10.73M	11.64M	8.17M	6.29M	5.49M	4.16M
COGS % of Revenue	0.55%	0.75%	0.76%	0.81%	0.84%	0.69%	0.83%	1.05%	0.96%	0.86%
Gross Profit+	29.29M	7.68M	4.82M	3.41M	1.97M	5.18M	1.7M	-318K	223K	699K
Gross Margin %	0.45%	0.25%	0.24%	0.19%	0.16%	0.31%	0.17%	-0.05%	0.04%	0.14%
Gross Profit Growth %	2.13%	-0.74%	-0.37%	-0.29%	-0.42%	1.63%	-0.67%	-1.19%	1.7%	2.13%
Operating Expenses+	19.64M	23.65M	14.26M	12.39M	8.93M	9.26M	10.4M	8.98M	4.19M	2.54M
OpEx % of Revenue	0.3%	0.76%	0.72%	0.68%	0.7%	0.55%	1.05%	1.5%	0.73%	0.52%
Selling, General & Admin	16.83M	20.11M	11.31M	9.79M	7.45M	0	0	0	3.61M	2.02M
SG&A % of Revenue	0.26%	0.65%	0.57%	0.54%	0.59%	-	-	-	0.63%	0.42%
Research & Development	2.81M	3.54M	2.94M	2.6M	1.28M	1.42M	1.89M	1.49M	587K	524K
R&D % of Revenue	0.04%	0.11%	0.15%	0.14%	0.1%	0.08%	0.19%	0.25%	0.1%	0.11%
Other Operating Expenses	53K	-18K	-99K	-7K	196K	7.84M	8.51M	7.49M	0	0
Operating Income+	9.65M	-16.83M	-11.28M	-9.09M	-6.96M	-4.07M	-8.71M	-9.29M	-3.97M	-1.84M
Operating Margin %	0.15%	-0.54%	-0.57%	-0.5%	-0.55%	-0.24%	-0.88%	-1.56%	-0.69%	-0.38%
Operating Income Growth %	4.75%	-2.74%	0.33%	0.19%	0.23%	0.41%	-1.14%	-0.07%	0.57%	0.54%
EBITDA+	9.92M	-16.02M	-10.6M	-8.56M	-6.63M	-3.89M	-8.52M	-9.14M	-3.94M	-1.8M
EBITDA Margin %	0.15%	-0.52%	-0.53%	-0.47%	-0.52%	-0.23%	-0.86%	-1.53%	-0.69%	-0.37%
EBITDA Growth %	5.32%	-2.62%	0.34%	0.19%	0.23%	0.41%	-1.19%	-0.07%	0.57%	0.54%
D&A (Non-Cash Add-back)	266K	805K	681K	522K	326K	184K	188K	159K	33K	37K
EBIT	9.85M	-16.85M	-11.38M	-9.09M	-7.05M	-4.13M	-8.73M	-8.96M	-3.91M	-1.57M
Net Interest Income+	-85K	0	-2K	-8K	-317K	-481K	-792K	-954K	-323K	-5K
Interest Income	0	0	0	0	0	0	0	0	57K	0
Interest Expense	85K	0	2K	8K	317K	481K	792K	954K	380K	5K
Other Income/Expense	-32K	-18K	-101K	-15K	-408K	-1.92M	820K	-980K	-319K	262K
Pretax Income+	9.62M	-16.85M	-11.38M	-9.1M	-7.36M	-5.99M	-7.89M	-10.28M	-4.29M	-1.58M
Pretax Margin %	0.15%	-0.54%	-0.57%	-0.5%	-0.58%	-0.36%	-0.8%	-1.72%	-0.75%	-0.33%
Income Tax+	149K	27K	-115K	11K	10K	-5K	-1K	4K	3K	2K
Effective Tax Rate %	0.91%	1%	0.99%	1%	1%	1%	1%	1%	1%	1%
Net Income+	8.78M	-16.89M	-11.27M	-9.11M	-7.37M	-5.98M	-7.89M	-10.28M	-4.29M	-1.58M
Net Margin %	0.14%	-0.54%	-0.57%	-0.5%	-0.58%	-0.36%	-0.8%	-1.72%	-0.75%	-0.33%
Net Income Growth %	2.5%	-2.92%	0.33%	0.19%	0.19%	0.19%	-0.32%	-0.3%	0.58%	0.63%
Net Income (Continuing)	9.47M	-16.88M	-11.27M	-9.11M	-7.37M	-5.98M	-7.89M	-10.28M	-4.29M	-1.58M
Discontinued Operations	0	-12K	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	30.80	-50.63	-33.40	-26.58	-20.96	-12.80	-12.10	-8.87	-1.32	-0.32
EPS Growth %	2.18%	-2.64%	0.34%	0.2%	0.21%	0.39%	0.05%	0.27%	0.85%	0.76%
EPS (Basic)	31.83	-50.79	-33.40	-26.60	-20.96	-12.80	-12.10	-8.87	-1.32	-0.32
Diluted Shares Outstanding	307.5K	333.51K	337.31K	342.77K	351.69K	467.14K	651.57K	1.16M	3.24M	4.95M
Basic Shares Outstanding	307.2K	332.51K	337.31K	342.52K	351.69K	467.14K	651.57K	1.16M	3.24M	4.95M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	53.22M	32.62M	20.89M	17.69M	9.33M	11.08M	13.42M	7.24M	9.19M	5.14M
Cash & Short-Term Investments	34.64M	16.63M	10.76M	6.33M	350K	2.63M	3.39M	52K	2.82M	565K
Cash Only	34.64M	16.63M	10.76M	6.33M	350K	1.84M	2.68M	52K	2.03M	565K
Short-Term Investments	0	0	0	0	0	796K	712K	0	792K	0
Accounts Receivable	10.11M	5.64M	3.6M	2.2M	2.34M	2.02M	1.24M	890K	1.77M	804K
Days Sales Outstanding	57.3	66.41	66.12	44.37	67.14	43.84	45.88	54.43	113.13	60.38
Inventory	7.73M	9.47M	5.72M	8.06M	6.17M	5.64M	7.87M	5.48M	4.44M	3.26M
Days Inventory Outstanding	80.38	148.2	138.91	200.15	209.8	176.84	351.55	317.97	294.91	286.23
Other Current Assets	740K	0	225K	71K	136K	343K	448K	592K	2K	0
Total Non-Current Assets+	2.48M	2.36M	1.26M	804K	2.4M	1.32M	967K	1.26M	1.01M	467K
Property, Plant & Equipment	2.43M	2.33M	1.1M	610K	2M	1.32M	967K	1.26M	1.01M	467K
Fixed Asset Turnover	26.51x	13.33x	18.09x	29.68x	6.35x	12.74x	10.20x	4.75x	5.65x	10.41x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	342K	0	0	0	0	0
Other Non-Current Assets	51K	33K	159K	194K	63K	0	0	0	0	0
Total Assets+	55.7M	34.98M	22.15M	18.49M	11.74M	12.4M	14.39M	8.5M	10.2M	5.61M
Asset Turnover	1.16x	0.89x	0.90x	0.98x	1.08x	1.36x	0.69x	0.70x	0.56x	0.87x
Asset Growth %	1.86%	-0.37%	-0.37%	-0.17%	-0.37%	0.06%	0.16%	-0.41%	0.2%	-0.45%
Total Current Liabilities+	10.3M	4.93M	2.63M	7.24M	6.54M	7.56M	8.16M	7.95M	6.35M	2.44M
Accounts Payable	7.29M	3.26M	1.63M	3.61M	1.34M	2.48M	2.23M	2.2M	3.77M	970K
Days Payables Outstanding	75.84	50.98	39.6	89.57	45.58	77.65	99.89	127.98	250.46	85.09
Short-Term Debt	0	0	0	2.22M	3.3M	2.83M	3.89M	4.88M	1.32M	0
Deferred Revenue (Current)	93K	0	5K	30K	18K	72K	268K	0	450K	0
Other Current Liabilities	573K	829K	474K	950K	645K	227K	721K	404K	386K	118K
Current Ratio	5.16x	6.61x	7.95x	2.44x	1.43x	1.47x	1.65x	0.91x	1.45x	2.11x
Quick Ratio	4.41x	4.69x	5.78x	1.33x	0.48x	0.72x	0.68x	0.22x	0.75x	0.77x
Cash Conversion Cycle	61.84	163.64	165.43	154.95	231.36	143.02	297.54	244.42	157.58	261.52
Total Non-Current Liabilities+	77K	107K	232K	200K	1.2M	584K	26K	1.03M	798K	254K
Long-Term Debt	0	0	0	0	109K	266K	0	0	0	0
Capital Lease Obligations	0	0	0	0	1.08M	319K	26K	1.03M	798K	254K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	77K	107K	232K	200K	14K	-1K	0	0	0	0
Total Liabilities	10.38M	5.04M	2.86M	7.44M	7.74M	8.14M	8.18M	8.97M	7.15M	2.7M
Total Debt+	0	0	0	2.22M	5.36M	4.18M	4.24M	6.11M	2.34M	393K
Net Debt	-34.64M	-16.63M	-10.76M	-4.12M	5.01M	2.35M	1.56M	6.05M	314K	-172K
Debt / Equity	-	-	-	0.20x	1.34x	0.98x	0.68x	-	0.77x	0.13x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-3.49x	-	-	-	-	-	-	-	-	-
Interest Coverage	113.55x	-	-5640.50x	-1135.63x	-21.94x	-8.46x	-10.99x	-9.74x	-10.45x	-368.40x
Total Equity+	45.32M	29.94M	19.29M	11.05M	4M	4.26M	6.21M	-477K	3.05M	2.92M
Equity Growth %	3.64%	-0.34%	-0.36%	-0.43%	-0.64%	0.07%	0.46%	-1.08%	7.4%	-0.04%
Book Value per Share	147.38	89.77	57.19	32.24	11.36	9.11	9.53	-0.41	0.94	0.59
Total Shareholders' Equity	45.32M	29.94M	19.29M	11.05M	4M	4.26M	6.21M	-477K	3.05M	2.92M
Common Stock	1K	1K	1K	1K	1K	1K	0	1K	0	1K
Retained Earnings	-80.05M	-96.94M	-108.2M	-117.31M	-124.87M	-130.85M	-138.74M	-149.02M	-153.31M	-154.9M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.83M	-1K	2K	-1K	-3K	-3K	-3K	-3K	-3K	-3K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.45M	-16.55M	-5.87M	-6.79M	-6.62M	-2.45M	-9.77M	-6.71M	-2.44M	-1.3M
Operating CF Margin %	0.07%	-0.53%	-0.3%	-0.38%	-0.52%	-0.15%	-0.99%	-1.12%	-0.43%	-0.27%
Operating CF Growth %	4.12%	-4.72%	0.65%	-0.16%	0.03%	0.63%	-2.98%	0.31%	0.64%	0.47%
Net Income	9.47M	-16.88M	-11.27M	-9.11M	-7.37M	-5.98M	-7.89M	-10.28M	-4.29M	-1.58M
Depreciation & Amortization	266K	805K	681K	522K	326K	184K	188K	159K	33K	37K
Stock-Based Compensation	813K	1.36M	537K	908K	616K	131K	429K	117K	44K	4K
Deferred Taxes	1.51M	2.99M	0	61K	0	0	-876K	0	0	0
Other Non-Cash Items	40K	2.22M	-1.36M	4K	219K	890K	-341K	647K	183K	1K
Working Capital Changes	-7.65M	-7.05M	5.54M	821K	-412K	2.33M	-1.28M	2.64M	1.59M	243K
Change in Receivables	-9.67M	4.31M	2.24M	1.4M	-131K	377K	783K	783K	-1.33M	1.04M
Change in Inventory	1.93M	-5.73M	5.15M	-2.36M	1.88M	1.14M	-2.38M	2.36M	1.01M	829K
Change in Payables	135K	-4.04M	-1.76M	2.05M	-2.21M	1.1M	-423K	-1K	1.57M	-1.54M
Cash from Investing+	-2.24M	-1.6M	-65K	189K	-129K	-223K	-443K	-16K	-69K	-19K
Capital Expenditures	-2.24M	-1.62M	-162K	-57K	-132K	-223K	-443K	-41K	-69K	-19K
CapEx % of Revenue	0.03%	0.05%	0.01%	0%	0.01%	0.01%	0.04%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-956K	27K	97K	246K	3K	0	0	25K	0	0
Cash from Financing+	25.96M	146K	81K	2.19M	1.09M	4.16M	10.71M	4.1M	4.49M	-149K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.85M	455K	81K	28K	-318K	185K	-119K	-442K	434K	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.2M	-18.18M	-6.04M	-6.85M	-6.76M	-2.67M	-10.21M	-6.75M	-2.51M	-1.32M
FCF Margin %	0.03%	-0.59%	-0.3%	-0.38%	-0.53%	-0.16%	-1.03%	-1.13%	-0.44%	-0.27%
FCF Growth %	2.34%	-9.25%	0.67%	-0.14%	0.01%	0.6%	-2.82%	0.34%	0.63%	0.48%
FCF per Share	7.17	-54.50	-17.89	-19.99	-19.21	-5.72	-15.67	-5.83	-0.77	-0.27
FCF Conversion (FCF/Net Income)	0.51x	0.98x	0.52x	0.75x	0.90x	0.41x	1.24x	0.65x	0.57x	0.82x
Interest Paid	84K	5K	2K	4K	215K	269K	381K	364K	380K	5K
Taxes Paid	200K	51K	14K	7K	15K	4K	4K	1K	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	31.87%	-44.88%	-45.77%	-60.05%	-97.99%	-144.96%	-150.71%	-358.65%	-333.57%	-53.03%
Return on Invested Capital (ROIC)	107.68%	-105.24%	-77.48%	-88.11%	-65.44%	-39.12%	-90.9%	-104.49%	-66.61%	-45.24%
Gross Margin	45.48%	24.77%	24.29%	18.84%	15.54%	30.81%	17.21%	-5.33%	3.9%	14.38%
Net Margin	13.63%	-54.48%	-56.77%	-50.32%	-58.03%	-35.54%	-79.94%	-172.24%	-75.09%	-32.55%
Debt / Equity	-	-	-	0.20x	1.34x	0.98x	0.68x	-	0.77x	0.13x
Interest Coverage	113.55x	-	-5640.50x	-1135.63x	-21.94x	-8.46x	-10.99x	-9.74x	-10.45x	-368.40x
FCF Conversion	0.51x	0.98x	0.52x	0.75x	0.90x	0.41x	1.24x	0.65x	0.57x	0.82x
Revenue Growth	122.37%	-51.87%	-35.98%	-8.76%	-29.83%	32.45%	-41.38%	-39.5%	-4.21%	-14.99%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Government Products	50.13M	16.19M	4.63M	9.45M	4.83M	11.42M	5.18M	2.22M	4.12M	3.47M
Government Products Growth	-	-67.70%	-71.41%	104.04%	-48.88%	136.62%	-54.63%	-57.13%	85.60%	-15.86%
Pool And Commercial Products	14.16M	14.81M	15.22M	8.66M	7.88M	5.4M	4.68M	3.75M	1.59M	1.39M
Pool And Commercial Products Growth	-	4.61%	2.76%	-43.08%	-9.06%	-31.40%	-13.36%	-19.99%	-57.47%	-12.74%
Research And Development Services	119K	-	-	-	-	-	-	-	-	-
Research And Development Services Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	64.25M	29.84M	19.45M	17.74M	12.6M	16.68M	9.71M	5.94M	5.69M	4.85M
UNITED STATES Growth	-	-53.56%	-34.83%	-8.79%	-28.96%	32.43%	-41.79%	-38.80%	-4.27%	-14.80%
International	-	-	-	-	-	143K	153K	24K	27K	12K
International Growth	-	-	-	-	-	-	6.99%	-84.31%	12.50%	-55.56%

Frequently Asked Questions

Growth & Financials

Energy Focus, Inc. (EFOI) reported $3.9M in revenue for fiscal year 2024. This represents a 85% decrease from $25.8M in 2011.

Energy Focus, Inc. (EFOI) saw revenue decline by 15.0% over the past year.

Energy Focus, Inc. (EFOI) reported a net loss of $1.0M for fiscal year 2024.

Dividend & Returns

Energy Focus, Inc. (EFOI) has a return on equity (ROE) of -53.0%. Negative ROE indicates the company is unprofitable.

Energy Focus, Inc. (EFOI) had negative free cash flow of $0.8M in fiscal year 2024, likely due to heavy capital investments.