The company exhibits significant top-line instability with revenue contracting 23.7% in 2025Q4, while gross margins remain compressed, failing to sustain levels above 23.3% throughout the observed period.
Energy Focus, Inc. (EFOI) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 6.5M | 3.56M | 4.86M | 5.72M | 5.97M | 9.87M | 16.83M | 12.71M | 18.11M | 19.85M | 31M | 64.4M | 28.96M | 21.53M | 29.84M | 25.75M | 35.13M | 12.49M | 22.95M | 22.9M | 27.04M | 28.34M | 29.73M | 27.24M | 30.96M | 29.05M | 36.92M | 33.3M | 22.7M | 17.9M | 15.6M |
| Revenue Growth % | 53.53% | -26.75% | -14.99% | -4.21% | -39.5% | -41.38% | 32.45% | -29.83% | -8.76% | -35.98% | -51.87% | 122.37% | 34.5% | -27.83% | 15.86% | -26.69% | 181.28% | -45.58% | 0.23% | -15.31% | -4.59% | -4.69% | 9.15% | -12.02% | 6.56% | -21.31% | 10.87% | 46.7% | 26.82% | 14.74% | 32.2% |
| Cost of Goods Sold | 6.21M | 2.92M | 4.16M | 5.49M | 6.29M | 8.17M | 11.64M | 10.73M | 14.7M | 15.03M | 23.32M | 35.11M | 19.59M | 16.95M | 23.6M | 20.58M | 28.73M | 10.45M | 17.45M | 16.62M | 19.25M | 17.71M | 18.22M | 16.9M | 19.49M | 17.61M | 20.39M | 18.1M | 13.5M | 9.6M | 8.7M |
| COGS % of Revenue | - | 82.16% | 85.62% | 96.1% | 105.33% | 82.79% | 69.19% | 84.46% | 81.16% | 75.71% | 75.23% | 54.52% | 67.65% | 78.73% | 79.1% | 79.92% | 81.77% | 83.67% | 76.02% | 72.57% | 71.21% | 62.5% | 61.28% | 62.03% | 62.94% | 60.6% | 55.22% | 54.35% | 59.47% | 53.63% | 55.77% |
| Gross Profit | 288K | 635K | 699K | 223K | -318K | 1.7M | 5.18M | 1.97M | 3.41M | 4.82M | 7.68M | 29.29M | 9.37M | 4.58M | 6.24M | 5.17M | 6.4M | 2.04M | 5.5M | 6.28M | 7.79M | 10.63M | 11.51M | 10.34M | 11.47M | 11.45M | 16.53M | 15.2M | 9.2M | 8.3M | 6.9M |
| Gross Margin % | 4.43% | 17.84% | 14.38% | 3.9% | -5.33% | 17.21% | 30.81% | 15.54% | 18.84% | 24.29% | 24.77% | 45.48% | 32.35% | 21.27% | 20.9% | 20.08% | 18.23% | 16.33% | 23.98% | 27.43% | 28.79% | 37.5% | 38.72% | 37.97% | 37.06% | 39.4% | 44.78% | 45.65% | 40.53% | 46.37% | 44.23% |
| Gross Profit Growth % | - | -9.16% | 213.45% | 170.13% | -118.73% | -67.25% | 162.66% | -42.15% | -29.23% | -37.2% | -73.79% | 212.68% | 104.59% | -26.58% | 20.61% | -19.24% | 213.87% | -62.93% | -12.4% | -19.31% | -26.74% | -7.69% | 11.31% | -9.87% | 0.24% | -30.76% | 8.76% | 65.22% | 10.84% | 20.29% | 30.19% |
| Operating Expenses | 1.8M | 1.68M | 2.54M | 4.19M | 8.98M | 10.4M | 9.26M | 8.93M | 12.39M | 14.26M | 23.65M | 19.64M | 11.95M | 10.32M | 10.61M | 10.39M | 14.14M | 11.7M | 15.82M | 17.35M | 17.07M | 14.92M | 12.24M | 10.9M | 12.91M | 14.76M | 16.25M | 13M | 9M | 7.5M | 6.3M |
| OpEx % of Revenue | - | 47.16% | 52.28% | 73.36% | 150.42% | 105.47% | 55% | 70.28% | 68.4% | 71.83% | 76.3% | 30.5% | 41.24% | 47.94% | 35.55% | 40.35% | 40.25% | 93.65% | 68.93% | 75.76% | 63.14% | 52.65% | 41.18% | 40.02% | 41.69% | 50.81% | 44% | 39.04% | 39.65% | 41.9% | 40.38% |
| Selling, General & Admin | 836K | 1.3M | 2.02M | 3.61M | 0 | 0 | 0 | 7.45M | 9.79M | 11.31M | 20.11M | 16.83M | 10.91M | 9.71M | 10.34M | 11.26M | 12.53M | 11.38M | 13.63M | 14.44M | 14.73M | 12.73M | 11.05M | 9.62M | 10.62M | 12M | 13.06M | 10.6M | 7.1M | 5.8M | 5M |
| SG&A % of Revenue | - | 36.63% | 41.5% | 63.09% | - | - | - | 58.63% | 54.06% | 57.01% | 64.88% | 26.13% | 37.67% | 45.11% | 34.66% | 43.73% | 35.67% | 91.1% | 59.39% | 63.06% | 54.48% | 44.92% | 37.18% | 35.33% | 34.29% | 41.3% | 35.38% | 31.83% | 31.28% | 32.4% | 32.05% |
| Research & Development | 439K | 375K | 524K | 587K | 1.49M | 1.89M | 1.42M | 1.28M | 2.6M | 2.94M | 3.54M | 2.81M | 1.03M | 597K | 368K | -515K | -202K | 319K | 2.19M | 2.91M | 2.34M | 2.19M | 1.19M | 1.28M | 2.29M | 2.76M | 1.67M | 1.5M | 1.3M | 1.2M | 1M |
| R&D % of Revenue | - | 10.53% | 10.78% | 10.27% | 24.98% | 19.17% | 8.41% | 10.11% | 14.34% | 14.81% | 11.41% | 4.36% | 3.57% | 2.77% | 1.23% | -2% | -0.57% | 2.55% | 9.53% | 12.7% | 8.66% | 7.73% | 4% | 4.7% | 7.4% | 9.51% | 4.53% | 4.5% | 5.73% | 6.7% | 6.41% |
| Other Operating Expenses | 529K | 0 | 0 | 0 | 7.49M | 8.51M | 7.84M | 196K | -7K | -99K | -18K | 53K | 0 | 0 | -157K | -355K | 1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.51M | 900K | 600K | 500K | 300K |
| Operating Income | -1.52M | -1.04M | -1.84M | -3.97M | -9.29M | -8.71M | -4.07M | -6.96M | -9.09M | -11.28M | -16.83M | 9.65M | -2.58M | -6.76M | -5.04M | -5.22M | -7.92M | -9.78M | -14.62M | -11.52M | -10.02M | -7.41M | -731K | -561K | -1.43M | -3.31M | 285K | 2.2M | 200K | 800K | 600K |
| Operating Margin % | -23.33% | -29.33% | -37.9% | -69.46% | -155.75% | -88.26% | -24.19% | -54.74% | -50.17% | -56.84% | -54.29% | 14.99% | -8.9% | -31.38% | -16.9% | -20.27% | -22.54% | -78.32% | -63.71% | -50.31% | -37.06% | -26.16% | -2.46% | -2.06% | -4.63% | -11.41% | 0.77% | 6.61% | 0.88% | 4.47% | 3.85% |
| Operating Income Growth % | - | 43.32% | 53.61% | 57.28% | -6.75% | -113.93% | 41.48% | 23.45% | 19.47% | 32.97% | -274.37% | 474.54% | 61.86% | -33.99% | 3.41% | 34.07% | 19.04% | 33.1% | -26.91% | -14.98% | -35.15% | -914.23% | -30.3% | 60.82% | 56.8% | -1263.16% | -87.05% | 1000% | -75% | 33.33% | 300% |
| EBITDA | -1.48M | -1.01M | -1.8M | -3.94M | -9.14M | -8.52M | -3.89M | -6.63M | -8.56M | -10.6M | -16.02M | 9.92M | -2.3M | -5.87M | -3.99M | -3.98M | -6.06M | -8.79M | -13.39M | -10.29M | -8.82M | -6.27M | 258K | 400K | -346K | -1.89M | 1.8M | 3.1M | 800K | 1.3M | 900K |
| EBITDA Margin % | -22.8% | -28.29% | -37.14% | -68.88% | -153.08% | -86.36% | -23.09% | -52.18% | -47.29% | -53.41% | -51.7% | 15.4% | -7.93% | -27.26% | -13.36% | -15.47% | -17.24% | -70.41% | -58.34% | -44.92% | -32.63% | -22.12% | 0.87% | 1.47% | -1.12% | -6.5% | 4.87% | 9.31% | 3.52% | 7.26% | 5.77% |
| EBITDA Growth % | -29.89% | 44.21% | 54.16% | 56.9% | -7.24% | -119.22% | 41.38% | 22.59% | 19.22% | 33.85% | -261.57% | 531.97% | 60.88% | -47.2% | -0.1% | 34.23% | 31.13% | 34.31% | -30.17% | -16.57% | -40.74% | -2529.84% | -35.5% | 215.61% | 81.68% | -205.06% | -42% | 287.5% | -38.46% | 44.44% | 1000% |
| D&A (Non-Cash Add-back) | 34K | 37K | 37K | 33K | 159K | 188K | 184K | 326K | 522K | 681K | 805K | 266K | 281K | 888K | 1.06M | 1.24M | 1.86M | 987K | 1.23M | 1.24M | 1.2M | 1.15M | 989K | 961K | 1.09M | 1.43M | 1.51M | 900K | 600K | 500K | 300K |
| EBIT | -1.53M | -1.03M | -1.57M | -3.91M | -8.96M | -8.73M | -4.13M | -7.05M | -9.09M | -11.38M | -16.85M | 9.85M | -1.56M | -5.07M | -5.2M | -5.11M | -7.94M | -9.72M | -12.36M | -11.06M | -9.29M | -4.29M | -731K | -561K | -1.43M | -3.31M | 285K | 2.2M | 200K | 800K | 600K |
| Net Interest Income | 0 | 2K | -5K | -323K | -954K | -792K | -481K | -317K | -8K | -2K | 0 | -85K | -2.69M | -840K | -509K | -857K | -567K | -73K | -383K | 284K | 483K | 99K | -17K | -39K | -25K | -81K | -62K | 0 | 0 | 0 | 0 |
| Interest Income | 5K | 2K | 0 | 57K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 4K | 6K | 15K | 208K | 605K | 760K | 138K | 0 | 80K | 41K | 41K | 30K | 0 | 0 | 0 | 0 |
| Interest Expense | 5K | 0 | 5K | 380K | 954K | 792K | 481K | 317K | 8K | 2K | 0 | 85K | 2.69M | 842K | 511K | 861K | 573K | 88K | 198K | 321K | 277K | 39K | 17K | 119K | 66K | 122K | 92K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -22K | 17K | 262K | -319K | -980K | 820K | -1.92M | -408K | -15K | -101K | -18K | -32K | -3.15M | -1.3M | -369K | -2K | 6K | -26K | -73K | 394K | -251K | 100K | -31K | -33K | -9K | -66K | -996K | 0 | 1M | 200K | 200K |
| Pretax Income | -1.54M | -1.03M | -1.58M | -4.29M | -10.28M | -7.89M | -5.99M | -7.36M | -9.1M | -11.38M | -16.85M | 9.62M | -5.8M | -6.95M | -5.71M | -6.06M | -8.51M | -9.81M | -14.7M | -11.13M | -9.54M | -7.31M | -762K | -594K | -1.44M | -3.38M | -711K | 2.2M | 1.2M | 1M | 800K |
| Pretax Margin % | -23.67% | -28.85% | -32.51% | -75.04% | -172.17% | -79.95% | -35.57% | -57.95% | -50.26% | -57.35% | -54.35% | 14.94% | -20.02% | -32.26% | -19.13% | -23.52% | -24.23% | -78.53% | -64.04% | -48.59% | -35.28% | -25.81% | -2.56% | -2.18% | -4.65% | -11.64% | -1.93% | 6.61% | 5.29% | 5.59% | 5.13% |
| Income Tax | 7K | 0 | 2K | 3K | 4K | -1K | -5K | 10K | 11K | -115K | 27K | 149K | -2K | -4.87M | 354K | -2K | 6K | 7K | -250K | 190K | 113K | 109K | -58K | 14K | 2.08M | -1.25M | -257K | 800K | 400K | 400K | 300K |
| Effective Tax Rate % | -0.46% | 0% | -0.13% | -0.07% | -0.04% | 0.01% | 0.08% | -0.14% | -0.12% | 1.01% | -0.16% | 1.55% | 0.03% | 70.13% | -6.2% | 0.03% | -0.07% | -0.07% | 1.7% | -1.71% | -1.18% | -1.49% | 7.61% | -2.36% | -144.21% | 37.06% | 36.15% | 36.36% | 33.33% | 40% | 37.5% |
| Net Income | -1.54M | -1.03M | -1.58M | -4.29M | -10.28M | -7.89M | -5.98M | -7.37M | -9.11M | -11.27M | -16.89M | 8.78M | -5.84M | -2.36M | -5.71M | -6.05M | -8.52M | -11.02M | -14.45M | -11.32M | -9.65M | -7.42M | -704K | -608K | -3.52M | -2.13M | -454K | 1.4M | 800K | 600K | 500K |
| Net Margin % | -23.77% | -28.85% | -32.55% | -75.09% | -172.24% | -79.94% | -35.54% | -58.03% | -50.32% | -56.77% | -54.48% | 13.63% | -20.18% | -10.96% | -19.13% | -23.51% | -24.24% | -88.2% | -62.95% | -49.42% | -35.69% | -26.2% | -2.37% | -2.23% | -11.37% | -7.32% | -1.23% | 4.2% | 3.52% | 3.35% | 3.21% |
| Net Income Growth % | -39.31% | 35.08% | 63.15% | 58.24% | -30.34% | -31.85% | 18.88% | 19.08% | 19.14% | 33.28% | -292.33% | 250.21% | -147.56% | 58.64% | 5.71% | 28.91% | 22.68% | 23.76% | -27.67% | -17.27% | -30% | -954.4% | -15.79% | 82.72% | -65.37% | -368.72% | -132.43% | 75% | 33.33% | 20% | - |
| Net Income (Continuing) | -1.54M | -1.03M | -1.58M | -4.29M | -10.28M | -7.89M | -5.98M | -7.37M | -9.11M | -11.27M | -16.88M | 9.47M | -4.25M | -5.91M | -5.71M | -6.05M | -8.52M | -9.81M | -12.67M | -11.32M | -9.65M | -7.42M | -704K | -608K | -3.52M | -2.13M | -454K | 1.4M | 800K | 600K | 500K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12K | 0 | 0 | 3.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.18 | -0.32 | -1.32 | -8.87 | -12.10 | -12.80 | -20.96 | -26.58 | -33.40 | -50.63 | 30.80 | -26.17 | -17.29 | -48.36 | -85.91 | -130.80 | -244.58 | -356.56 | -344.43 | -296.67 | -315.95 | -33.90 | -35.51 | -244.97 | -156.61 | -34.76 | 122.50 | 73.50 | 63.00 | 52.50 |
| EPS Growth % | -18.57% | 43.75% | 75.76% | 85.12% | 26.69% | 5.47% | 38.93% | 21.14% | 20.42% | 34.03% | -264.38% | 217.69% | -51.36% | 64.25% | 43.71% | 34.32% | 46.52% | 31.41% | -3.52% | -16.1% | 6.1% | -832.01% | 4.53% | 85.5% | -56.42% | -350.55% | -128.38% | 66.67% | 16.67% | 20% | - |
| EPS (Basic) | - | -0.18 | -0.32 | -1.32 | -8.87 | -12.10 | -12.80 | -20.96 | -26.60 | -33.40 | -50.79 | 31.83 | -26.50 | -17.35 | -48.36 | -85.91 | -130.80 | -244.58 | -356.56 | -344.43 | -296.67 | -315.95 | -33.90 | -35.51 | -244.97 | -156.61 | -34.76 | 122.50 | 73.50 | 66.50 | 52.50 |
| Diluted Shares Outstanding | 6.33M | 5.55M | 4.95M | 3.24M | 1.16M | 651.57K | 467.14K | 351.69K | 342.77K | 337.31K | 333.51K | 307.5K | 223.31K | 136.54K | 118.06K | 70.48K | 65.12K | 45.04K | 40.52K | 32.86K | 32.53K | 23.49K | 20.77K | 17.12K | 14.37K | 13.59K | 13.06K | 11.66K | 10.56K | 10.28K | 9.91K |
| Basic Shares Outstanding | 6.33M | 5.55M | 4.95M | 3.24M | 1.16M | 651.57K | 467.14K | 351.69K | 342.52K | 337.31K | 332.51K | 307.2K | 220.57K | 136.1K | 118.06K | 70.48K | 65.12K | 45.04K | 40.52K | 32.86K | 32.53K | 23.49K | 20.77K | 17.12K | 14.37K | 13.59K | 13.06K | 11.39K | 10.35K | 9.85K | 9.91K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying EFOI stock.
For fiscal year 2025, Energy Focus, Inc. (EFOI) reported total revenue of $3.6M. This represents a 77.2% decline compared to $15.6M in 1996.
Energy Focus, Inc. (EFOI) reported a net loss of $1.0M for the fiscal year ending 2025.
Energy Focus, Inc. (EFOI) reported an operating income of $-1.0M, resulting in an operating profit margin of -29.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Energy Focus, Inc. (EFOI) generated $0.6M in gross profit for the year, representing a gross profit margin of 17.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and project dependency
Metrics are mathematically derived from official filings.
Revenue Volatility Masks Structural Decline
As reported in quarterly financial statements, Energy Focus has experienced significant top-line instability, with revenue fluctuating wildly between $0.6M and $2.4M over the last ten quarters, ultimately reflecting a broader trend of contraction that suggests the company is struggling to secure consistent, repeatable military or commercial contracts.
The erratic revenue pattern indicates a business model heavily reliant on lumpy, project-based procurement cycles rather than a stable recurring revenue stream. This lack of predictability makes it difficult to forecast future performance and suggests that the company may be losing its competitive foothold in both its specialized maritime niche and the broader commercial lighting market.
Gross Margin Compression Limits Viability
Based on the provided income statement data, the company's gross margin has remained persistently low, bottoming out at 3.1% in 2023Q4 and failing to sustain levels above 23.3%, which highlights a fundamental inability to achieve the pricing power necessary to cover its specialized manufacturing overhead.
The inability to maintain healthy gross margins suggests that the company is either facing intense competitive pricing pressure or is burdened by high per-unit production costs inherent to its MIL-SPEC manufacturing requirements. Without a significant improvement in margin profile, the company appears to lack the necessary buffer to absorb operational shocks or invest in future product development.
Operating Leverage Remains Deeply Negative
According to recent SEC filings, Energy Focus continues to struggle with negative operating margins, which reached a trough of -71.9% in 2024Q1, demonstrating that the company has failed to scale its operating expenses efficiently relative to its shrinking and inconsistent revenue base over the observed period.
The persistent operating losses indicate that the company's fixed cost structure is disproportionately high for its current revenue scale. Investors should monitor whether management can successfully rationalize its SG&A and R&D spending, as the current trajectory suggests that the business is not yet optimized to achieve operational break-even.
Sustainability of Going Concern Status
As evidenced by the provided financial data, the company's consistent net losses and limited cash position raise significant questions regarding its long-term viability, as the firm has failed to generate positive net income in any of the last ten quarters, creating a precarious financial outlook for shareholders.
The recurring net losses suggest that the company's current business model may be fundamentally unsustainable without a major strategic pivot or external capital infusion. The market may be correctly discounting the equity to reflect the high probability of further dilution or the potential for a distressed exit, given the lack of a clear path to profitability.