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Energy Focus Inc

energyfocus.com

What Do They Do?

Sells military-grade LED lighting to the U.S. Navy and allied navies, and LED lighting and controls to commercial customers.

How Do They Make Money?

MMM customers buy military lighting products, and commercial customers buy lighting and controls; product sales are counted when customers receive the products, while shipping charges are counted when goods ship.

revenue
SegmentShareRevenue
Pool And Commercial Products
Sold outright

43%
FY2022: 63%
MMM products
Sold outright

56%
FY2022: 37%
Setup Service
1.0%

Who Are Their Customers?

Commercial customers include enterprise end-users, contractors and energy service companies, reached through direct sales staff and outside sales agencies; products are also sold through distributors. Military lighting serves the U.S. Navy and allied navies.

Customers above 10% of revenue, FY2025
of revenue from one customer
FY2024: 33% from two customers

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +228%
vs $1.1M in Q2 FY2025
Net income
▲ +280% (Loss)
vs −$231K in Q2 FY2025
  • Apr 14, 2026 Invested in a Japanese energy-storage power-plant project Energy Focus holds a 35% stake and will handle battery procurement and related energy management.
  • Mar 30, 2026 Reported a multi-year data-center UPS and cooling program Project Y involves a regional data-center developer; estimated value is approximately $6.6 million across 2026 through 2027.

Shrinking. Revenue fell 64% in 4 years, from $9.9M in FY2021 to $3.6M in FY2025, about 22% a year.

Adjacent power products Power products moved from adjacent technologies under evaluation to offerings listed alongside lighting: the older report mentioned GaN supplies and energy solutions as possibilities, while the latest lists UPS systems and energy-storage products.

Revenue over time
Pool And Commercial Products MMM products Setup Service
$10M$5M$0

Who Do They Compete With?

Competes with Signify Lighting, Osram Sylvania, GE Lighting, LED Smart, Energy Source Group, Orion Energy Systems, and Keystone Technologies

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