$EFOI
ENERGY FOCUS, INC/DE

2018 Q1 Form 10-Q Financial Statement

#000092416818000032 Filed on May 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $4.659M $4.106M
YoY Change 13.47% -51.26%
Cost Of Revenue $3.843M $3.545M
YoY Change 8.41% -32.86%
Gross Profit $816.0K $561.0K
YoY Change 45.45% -82.16%
Gross Profit Margin 17.51% 13.66%
Selling, General & Admin $2.647M $3.631M
YoY Change -27.1% -15.75%
% of Gross Profit 324.39% 647.24%
Research & Development $629.0K $771.0K
YoY Change -18.42% -4.1%
% of Gross Profit 77.08% 137.43%
Depreciation & Amortization $151.0K $177.0K
YoY Change -14.69% 17.22%
% of Gross Profit 18.5% 31.55%
Operating Expenses $3.226M $5.076M
YoY Change -36.45% -0.74%
Operating Profit -$2.410M -$4.515M
YoY Change -46.62% 129.3%
Interest Expense $1.000K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $21.00K -$7.000K
YoY Change -400.0% -333.33%
Pretax Income -$2.390M -$4.522M
YoY Change -47.15% 130.01%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.390M -$4.522M
YoY Change -47.15% 127.35%
Net Earnings / Revenue -51.3% -110.13%
Basic Earnings Per Share -$0.39
Diluted Earnings Per Share -$1.004M -$0.39
COMMON SHARES
Basic Shares Outstanding 11.90M shares 11.72M shares
Diluted Shares Outstanding 11.90M shares 11.72M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.17M $14.97M
YoY Change -32.06% -50.33%
Cash & Equivalents $9.830M $14.63M
Short-Term Investments
Other Short-Term Assets $890.0K $1.410M
YoY Change -36.88% 39.6%
Inventory $5.608M $8.441M
Prepaid Expenses
Receivables $3.551M $2.587M
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.22M $27.41M
YoY Change -26.23% -43.75%
LONG-TERM ASSETS
Property, Plant & Equipment $1.004M $1.761M
YoY Change -42.99% -32.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $144.0K $32.00K
YoY Change 350.0% -49.21%
Total Long-Term Assets $1.148M $1.793M
YoY Change -35.97% -32.42%
TOTAL ASSETS
Total Short-Term Assets $20.22M $27.41M
Total Long-Term Assets $1.148M $1.793M
Total Assets $21.37M $29.20M
YoY Change -26.83% -43.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.076M $1.680M
YoY Change 83.1% -71.66%
Accrued Expenses $145.0K $126.0K
YoY Change 15.08% -75.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.098M $3.711M
YoY Change 10.43% -51.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $201.0K $98.00K
YoY Change 105.1% 32.43%
Total Long-Term Liabilities $201.0K $98.00K
YoY Change 105.1% 32.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.098M $3.711M
Total Long-Term Liabilities $201.0K $98.00K
Total Liabilities $4.299M $3.809M
YoY Change 12.86% -50.99%
SHAREHOLDERS EQUITY
Retained Earnings -$110.6M -$101.5M
YoY Change 9.0% 23.67%
Common Stock $127.7M $126.8M
YoY Change 0.64% 0.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.07M $25.39M
YoY Change
Total Liabilities & Shareholders Equity $21.37M $29.20M
YoY Change -26.83% -43.17%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$2.390M -$4.522M
YoY Change -47.15% 127.35%
Depreciation, Depletion And Amortization $151.0K $177.0K
YoY Change -14.69% 17.22%
Cash From Operating Activities -$740.0K -$1.650M
YoY Change -55.15% -60.81%
INVESTING ACTIVITIES
Capital Expenditures $57.00K $29.00K
YoY Change 96.55% -90.68%
Acquisitions
YoY Change
Other Investing Activities $240.0K
YoY Change
Cash From Investing Activities $190.0K -$30.00K
YoY Change -733.33% -90.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $47.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.00K 30.00K
YoY Change -200.0% 200.0%
NET CHANGE
Cash From Operating Activities -740.0K -1.650M
Cash From Investing Activities 190.0K -30.00K
Cash From Financing Activities -30.00K 30.00K
Net Change In Cash -$589.0K -$1.659M
YoY Change -64.5% -63.22%
FREE CASH FLOW
Cash From Operating Activities -$740.0K -$1.650M
Capital Expenditures $57.00K $29.00K
Free Cash Flow -$797.0K -$1.679M
YoY Change -52.53% -62.86%

Facts In Submission

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CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3411000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3469000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1097000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1004000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-22000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
771000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
629000 USD
CY2017Q1 us-gaap Restricted Cash
RestrictedCash
342000 USD
CY2018Q1 us-gaap Restricted Cash
RestrictedCash
342000 USD
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2017Q1 us-gaap Restructuring Costs
RestructuringCosts
674000 USD
CY2017Q1 us-gaap Restructuring Costs
RestructuringCosts
700000 USD
CY2018Q1 us-gaap Restructuring Costs
RestructuringCosts
-50000 USD
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
402000 USD
CY2018Q1 us-gaap Restructuring Reserve
RestructuringReserve
284000 USD
CY2018Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-56000 USD
CY2017Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
170000 USD
CY2018Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
91000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-108204000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-110594000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
4106000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
4659000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3631000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2647000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
207000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
195000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
3.71
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
2.46
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.922
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.843
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.021
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.023
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
126505 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.95
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
20523 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
25035 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
248512 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
253024 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.76
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.08
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
232906 shares
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.26
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.00
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
10.09
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.46
CY2017Q1 us-gaap Share Price
SharePrice
2.79
CY2018Q1 us-gaap Share Price
SharePrice
1.74
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M18D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M18D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M18D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y7M6D
CY2017Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
36000 USD
CY2018Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
40000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-50000 USD
CY2018Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-1000 USD
CY2017Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
13000 USD
CY2018Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
8000 USD
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
0 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
19292000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
17066000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11718000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11900000 shares
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11718000 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11900000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11718000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11900000 shares
CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NATURE OF</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">OPERATIONS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Energy Focus, Inc. and its subsidiary engage in the design, development, manufacturing, marketing, and sale of energy-efficient lighting systems. We operate in a single industry segment, developing and selling our energy-efficient light-emitting diode (&#8220;LED&#8221;) lighting products into the general commercial, industrial and military maritime markets. Our goal is to become a trusted leader in the LED lighting retrofit market by replacing fluorescent lamps in institutional buildings and high-intensity discharge (&#8220;HID&#8221;) lighting in low-bay and high-bay applications with our innovative, high-quality commercial and military tubular LED (&#8220;TLED&#8221;) and other LED products.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Product development is a key focus for us. Our product development teams, including our teams located in our Solon, Ohio headquarters and at our product development center in Taipei, Taiwan, are dedicated to developing and designing leading-edge technology LED lighting products.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management&#8217;s best knowledge of current events and actions that may impact us in the future, actual results may vary from the estimates. Estimates include, but are not limited to, the establishment of reserves for accounts receivable, sales returns, inventory obsolescence and warranty claims; the useful lives of property and equipment; valuation allowance for net deferred taxes; the cost and offsetting income related to subleased property; and stock-based compensation. In addition, estimates and assumptions associated with the determination of the fair value of financial instruments and evaluation of long-lived assets for impairment requires considerable judgment. Actual results could differ from those estimates and such differences could be material.</font></div></div>

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