Energy Focus (EFOI) Tops Q4 EPS by 1c, Revenues Miss

Energy Focus (NASDAQ: EFOI) reported Q4 EPS of $0.01, $0.01 better than the analyst estimate of $0.00. Revenue for the quarter came in at $3.7 million versus the consensus estimate of $5.01 million.

“Fourth quarter 2020 results reflect the cyclical slowness in our military and maritime business, as well as the broad impact of the COVID-19 pandemic on our commercial business, general shipping cost increases and supply chain disruptions,” commented James Tu, Chairman and CEO of Energy Focus. “For full year 2020, despite the unprecedented headwinds we encountered for our commercial business due to the pandemic, which dramatically slowed down lighting retrofit activities, we continued to improve our operational and financial performance, significantly growing our military and maritime business, while increasing our gross margin percentages and reducing our operating losses, all while still strengthening our balance sheet and liquidity.”

“We entered 2021 poised for exciting growth, driven particularly by our commercial lighting business and the forthcoming UVCD product lines,” continued Mr. Tu. “The overall customer reaction to our new family of patent-pending EnFocusTM lighting control platform has been quite positive and enthusiastic, and we significantly strengthened our sales and marketing organizations that resulted in an expanded distribution network with new agency and channel partners. These developments give us optimism and confidence for our growth prospects as the reopening of the economy accelerates throughout 2021.”

“Meanwhile, our portfolio of germicidal UVCD products, with advanced, patent-pending technologies designed to destroy over 99.9 percent of various pathogens, including coronavirus and influenza, are garnering significant commercial interest,” Mr. Tu added. “In addition, our recently developed robotic UV-C surface disinfection services, mUVeCrew, is now being piloted at potential customer sites. We believe that these innovative and unique products and solutions, currently being finalized and will start deliveries later in second quarter of 2021, will help people and organizations return to normal social activities through effective and powerful disinfection capabilities. They also open up a completely new, emerging and potentially large market that could propel our growth in the coming quarters and likely years.”

“We are particularly grateful for the tireless efforts and contributions from our employee team members, the proactive collaborations from our suppliers, and continued business from our customers during the past year as we navigated through the COVID-19 pandemic,” concluded Mr. Tu. “We believe that our rapidly expanding human-centric lighting product offerings - ranging from flicker-free, high-quality LED lamps and modular fixtures, to EnFocusTM dimmable and color tunable control systems, as well as our comprehensive, cutting-edge UVCD solutions - represent the most advanced and sustainable lighting product portfolio in the marketplace today that optimizes financial, environmental and human impacts, and we are aiming to achieve a breakout year in 2021 as the macro-economic environment improves and the adoptions of our existing and new products expand in meaningful ways.”

For earnings history and earnings-related data on Energy Focus (EFOI) click here.

You May Also Be Interested In

• Alphabet (GOOGL) soars 16% on Q1 results beat, first-ever dividend
• Bristol-Myers Squibb (BMY) stock slips despite earnings beat
• Western Digital (WDC) posts FQ3 earnings, revenue beat; shares down