EFOINasdaqElectric Lighting & Wiring EquipmentUS GAAP · USD

Energy Focus, Inc

Energy Focus, Inc. designs, manufactures, markets and sells energy-efficient LED lighting systems and controls, with a focus on tubular LED retrofit products for commercial buildings and military maritime applications. The company is also expanding into adjacent energy solutions such as UPS systems for data centers, energy storage systems and GaN-based power supplies.

Kysy yhtiöstä
Liikevaihto3,6milj. USD
−26,7 %v/v
Liikevoitto (EBIT)−1,0milj. USD
+44,4 %v/v
EBIT-marginaali−28,8%
+9,1 %-yks.v/v
Nettotulos−1,0milj. USD
+35,1 %v/v
Vapaa kassavirta−1,5milj. USD
−10,8 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1001020milj. USD2020: 17 milj. USD2020: EBIT −4,1 milj. USD20202021: 9,9 milj. USD2021: EBIT −8,7 milj. USD20212022: 6,0 milj. USD2022: EBIT −9,3 milj. USD20222023: 5,7 milj. USD2023: EBIT −4,0 milj. USD20232024: 4,9 milj. USD2024: EBIT −1,8 milj. USD20242025: 3,6 milj. USD2025: EBIT −1,0 milj. USD20253,6−1,0
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Energy Focus, Inc

Liiketoiminta

Osuus liikevaihdosta
Commercial LED lighting35 %

LED lighting and controls sold for commercial, institutional and industrial indoor applications.

Military maritime lighting55 %

Commercial-grade and military-grade lighting products used in maritime and defense-related environments.

Retrofit and emergency lighting5 %

Tubular LED retrofit products and emergency backup lighting used to replace legacy fluorescent systems.

New energy solutions5 %

Emerging products including UPS systems, ESS and GaN-based power supplies.

Tuotteet

Raportoitu · osuus liikevaihdosta
55,9%43,1%FY2025100 %
  • Government Products55,9 %
  • Pool and Commercial Products43,1 %
  • Setup Service1,0 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

The company sells to commercial customers that need energy-efficient lighting retrofits, as well as military maritime customers that require durable, higher-specification lighting products. Management also targets verticals such as government, healthcare, education, and commercial and industrial end markets, where lighting replacement cycles and project budgets drive demand.

Military maritime market (MMM)

Buys military-grade lighting products for maritime and defense applications where reliability and performance matter.

Commercial retrofit customers

Buys LED retrofit lighting and controls to replace fluorescent and HID systems in buildings.

Government, healthcare and education

Buys lighting solutions through multi-channel sales for facilities with energy-efficiency and maintenance needs.

Data center and energy solutions buyers

Buys UPS systems and related power products for backup and resilience use cases.

Strategia

Management is trying to rebuild customer relationships with a more demand-oriented service model and a clearer value proposition across the customer journey. At the same time, it is broadening the product portfolio into UPS, ESS and GaN-based power products while using pricing changes, channel expansion and supply-chain discipline to improve competitiveness and move toward profitability.

Customer retention and service redesignLyhyt aikaväli

Management believes deeper customer interaction will improve loyalty and repeat business.

Product expansion into adjacent energy solutionsKeskipitkä aikaväli

New products can diversify revenue and reduce dependence on legacy lighting demand.

Pricing and channel optimizationLyhyt aikaväli

More competitive pricing and broader channels are intended to improve market position and sales conversion.

Liquidity and funding supportLyhyt aikaväli

The company needs external capital to fund operations and execute growth plans.

Maantiede

2025

Energy Focus says most of its business activity is in the United States, but it also has operations and cash balances in Taiwan through a wholly owned subsidiary. The company notes that foreign activity is expected to increase as it invests in foreign locations, which adds currency, trade and repatriation risk. Taiwan is strategically important because it supports operations and supply chain relationships, including related-party sourcing.

USA73 %
Other countries (US filing)15 %
Taiwan12 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

The company remains exposed to going-concern and financing risk because it continues to burn cash and has a very small cash balance relative to operating needs. It also faces supply-chain, tariff and foreign-exchange risk due to Taiwan-linked sourcing and overseas operations, while long sales cycles and aggressive price competition can delay revenue conversion and pressure margins.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Insufficient financing and going-concern risk1Tariffs and global trade disruption2Foreign exchange and repatriation risk4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Insufficient financing and going-concern riskVaikutus: KriittinenTodennäköisyys: Korkea

    The company reports ongoing losses, low cash and a need for additional capital to execute its plan.

    KohdistuuCash balance was about $0.9 million at September 302025
  2. Tariffs and global trade disruptionVaikutus: KorkeaTodennäköisyys: Korkea

    Imported electronic components and cross-border sourcing can become more expensive or delayed.

    Kohdistuu: Approximately 49% of purchase commitments are with a Taiwan-based related party.

  3. Sales-cycle and project-timing riskVaikutus: Korkea

    Retrofit and MMM projects depend on customer budgets and start dates, which can be unpredictable.

    Kohdistuu: Commercial and MMM orders can slip between quarters.

  4. Foreign exchange and repatriation riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Operations and cash balances in Taiwan expose the company to NTD/USD fluctuations and transfer constraints.

    Kohdistuu: About $0.5 million of cash was held in Taiwan.

  5. Price competition in lightingVaikutus: Keskitaso

    Aggressive competition can force lower pricing and reduce gross margin recovery.

    Kohdistuu: Commercial LED and retrofit products are especially exposed.

Kysy Clarifolta: Energy Focus, Inc

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition timing

Sales depend on shipment and project timing, making quarterly revenue uneven.

Vaikutus: Can cause large swings in reported sales and margins.

Inventory and warranty reserves

Lighting hardware businesses often need estimates for excess inventory and product claims.

Vaikutus: Affects cost of sales and operating expenses.

Valuation allowance on deferred tax assets

Persistent losses require management judgment on whether tax assets are realizable.

Vaikutus: Can keep tax benefits from reducing reported expense.

Foreign currency translation

Cash and operations in Taiwan create NTD/USD translation exposure.

Vaikutus: Can affect reported cash and other comprehensive income.

Financing and debt extinguishment accounting

Past and future capital raises or debt settlements can create one-time gains or losses.

Vaikutus: Can materially affect net income in a given period.

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Energys Group Ltd

ENGS · Electrical Work

Orion Energy Systems, Inc

OESX · Electric Lighting & Wiring Equipment

ESS Tech, Inc.

GWHT · Miscellaneous Electrical Machinery, Equipment & Supplies

Energous Corp

WATT · Radio & Tv Broadcasting & Communications Equipment

nLIGHT, Inc

LASR · Semiconductors & Related Devices

Penguin Solutions, Inc.

PENG · Semiconductors & Related Devices

Päivitetty: 24.9.2026