Energy Focus Inc (NASDAQ: EFOI) is a lighting and power products company that sells LED lighting systems and uninterruptible power supply (UPS) equipment to U.S. military and commercial customers. Revenue comes from two segments: military maritime (MMM) products sold primarily to the U.S. Navy, and commercial products including LED lighting and UPS systems. MMM products are largely built-to-order with long sales cycles, often exceeding six months from bid submission to order placement. Net sales totaled $3.6 million in FY2025, down 27% from $4.9 million in FY2024. MMM products generated $2.0 million (56% of net sales) in FY2025, down 43% year-over-year due to delays in military procurement tied to federal budget timing. Commercial products generated $1.5 million (43% of net sales) in FY2025, up 11%, partly from a $0.5 million UPS project delivered to a customer in Taiwan. The company reported a net loss of 28.8% of net sales in FY2025. CEO Chiao Chieh (Jay) Huang has led the company since August 2023. The company has eliminated external high-interest debt as of the FY2025 filing date.

Revenue model

Transactional product sales across two lines: built-to-order military maritime (MMM) LED lighting products sold to the U.S. Navy and government customers, and commercial LED lighting plus UPS systems sold to commercial customers. A small setup service revenue line ($35 thousand in FY2025) was introduced. No subscription or recurring revenue model is disclosed.

Products and services

LED lighting products for military maritime applications (MMM segment), commercial LED lighting, AI-driven UPS systems for data centers, and setup services. UPS systems are a newer commercial offering, with a $0.5 million UPS project delivered to a Taiwan customer in FY2025.

Customers and end markets

U.S. Navy and U.S. government agencies (MMM segment). Commercial customers including data centers and businesses in the United States and Asia, with a notable Taiwan customer for UPS systems in FY2025. Customer concentration details are not disclosed in the excerpts.

Value-chain role

Product designer and seller. Uses a mix of in-house manufacturing and third-party contract manufacturers and original design manufacturers (ODMs) for production. Sells through direct sales, external agencies, and selective e-commerce channels.

Geographic exposure

Primarily United States (military and commercial). Expanding in Asia, including a FY2025 UPS project delivered to a customer in Taiwan. Asia expansion is a stated strategic priority as of the FY2025 10-K.

Source: SEC 10-K, filed 2026-03-24

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