Conference Call to be Held Today at 11 a.m.
ET
Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable,
energy-efficient lighting and controls systems and ultraviolet-c
light disinfection (“UVCD”) products for the commercial, military
maritime and consumer markets, today announced financial results
for its first quarter ended March 31, 2022.
First Quarter 2022 Financial Highlights:
- Net sales of $2.1 million, decreased 21.8% compared to the
first quarter of 2021, reflecting a $0.8 million, or 46.2% decrease
in military sales, offset slightly by a $0.2 million, or 24.2%
increase in commercial sales, year-over-year. As compared to the
fourth quarter of 2021, net sales decreased by 14.3%, primarily
reflecting a $0.3 million decrease in military sales. Sequentially,
commercial sales were flat.
- Negative gross profit margin of (1.3)% down from gross profit
margin of 21.0% in the first quarter of 2021, and 7.9% in the
fourth quarter of 2021, primarily due to lower sales providing less
leverage of fixed costs, and lower variable margins, mainly
attributable to increased inbound freight costs and inventory
management.
- Loss from operations of $2.7 million, compared to a loss from
operations of $2.3 million in the first quarter of 2021 and to a
loss from operations of $2.4 million in the fourth quarter of
2021.
- Net loss of $2.8 million, or $(0.44) per basic and diluted
share of common stock, compared to a net loss of $1.6 million, or
$(0.45) per basic and diluted share of common stock, in the first
quarter of 2021. Sequentially, the net loss increased by $0.2
million compared to net loss of $2.6 million, or $(0.50) per basic
and diluted share of common stock in the fourth quarter of
2021.
- Cash of $0.2 million, included in total availability (as
defined under “Non-GAAP Measures” below) of $1.1 million, each as
of March 31, 2022, as compared to cash of $2.7 million and total
availability of $4.4 million as of December 31, 2021.
- On April 21, 2022, an unsecured bridge financing generated $1.8
million in net liquidity after discounts and transaction
expenses.
Stephen Socolof, Chairman and Interim Chief Executive Officer,
commented, “Despite the first quarter results, we believe our
progress in the first quarter of our value-added new products
combined with our focus on value-engineering and supply chain
management initiatives will position us for revenue and margin
improvements in the second half of 2022. Our enhanced ‘white light’
offerings, including our refreshed RedCap® solution, are moving
toward launch. We expect contribution from these solutions
beginning in the second half of the year. In addition, our patented
EnFocus™ powerline control system products are expected to begin
contributing to our revenue in the second quarter and become a more
meaningful contributor in the second half of the year.”
Mr. Socolof added, “The value-engineering and supply chain
management initiatives are expected to reduce our cost of goods and
make us more competitive, and we are instituting new freight
shipping techniques with the goal of cutting freight costs in half
over the next few months. We recently signed a new lease,
significantly reducing our primary square footage and annual rent
costs by approximately $415,000 to $425,000 beginning in July. Our
SG&A expenses declined year-over-year, and remained relatively
flat sequentially when compared to the fourth quarter,
demonstrating our rigor in expense management. We anticipate a
reduction in our cash burn in the second quarter as sales improve,
with more meaningful decreases in the second half of the year.”
First Quarter 2022 Financial Results:
Net sales were $2.1 million for the first quarter of 2022,
compared to $2.6 million in the first quarter of 2021, a decrease
of $576.0 thousand, or 21.8%. Net sales from commercial products
were approximately $1.1 million, or 55.0% of total net sales, for
the first quarter of 2022, as compared to $0.9 million, or 34.6% of
total net sales, in the first quarter of 2021, reflecting the
volatility of sales to large institutional customers. Net sales
from military maritime products were approximately $0.9 million, or
45.0% of total net sales, for the first quarter of 2022, compared
to $1.7 million, or 65.4% of total net sales, in the first quarter
of 2021, primarily due to delayed timing of orders and project
funding. Sequentially, net sales were down 14.3% compared to $2.4
million in the fourth quarter of 2021, reflecting primarily a
decrease in military maritime orders.
Negative gross profit margin was $(26.0) thousand, or (1.3)% of
net sales, for the first quarter of 2022. This compares with gross
profit of $0.6 million, or 21.0% of net sales, in the first quarter
of 2021. Sequentially, this compares with gross profit of $0.2
million, or 7.9% of net sales, in the fourth quarter of 2021. The
year-over-year decrease in gross margin rate was driven by lower
sales dollars resulting in less leverage of our fixed cost portion
of cost of goods sold, in combination with a negative product mix
impact due to product substitution and lower mix of military sales.
The decrease in gross margin consists of a variable component of
approximately $0.5 million, or 15.4% decrease to gross margin rate
period over period, as well as a slightly negative fixed cost
component of negligible dollar impact or a 6.8% decrease in margin
rate period over period. Gross margin for the first quarter of 2022
included unfavorable freight-in variances of $0.2 million, or 7.8%
of net sales, unfavorable inventory reserves of $0.1 million, or
6.2% of net sales, and unfavorable price and usage variances for
material and labor of $0.1 million, or 4.5% of net sales.
Adjusted gross margin, as defined under “Non-GAAP Measures”
below, was 5.0% for the first quarter of 2022, compared to 24.3% in
the first quarter of 2021, primarily driven by low sales in the
first quarter of 2022 resulting in less leverage of our fixed cost
portion of cost of goods sold, in combination with a negative
product mix impact during the first quarter of 2022 as compared to
the first quarter of 2021. Sequentially, this compares to adjusted
gross margin of 14.7% in the fourth quarter of 2021. The decrease
from the fourth quarter of 2021 was primarily driven by lower sales
in the first quarter of 2022 as well as lower variable margins
during the first quarter of 2022.
Operating loss was $2.7 million for the first quarter of 2022,
compared to an operating loss of $2.3 million in the first quarter
of 2021. Sequentially, this compares to an operating loss of $2.4
million in the fourth quarter of 2021. Net loss was $2.8 million,
or $(0.44) per basic and diluted share of common stock, for the
first quarter of 2022, compared with a net loss of $1.6 million, or
$(0.45) per basic and diluted share of common stock, in the first
quarter of 2021. Sequentially, this compares with a net loss of
$2.6 million, or $(0.50) per basic and diluted share of common
stock, in the fourth quarter of 2021.
Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was
a loss of $2.6 million for the first quarter of 2022, compared with
a loss of $2.0 million in the first quarter of 2021 and a loss of
$2.2 million in the fourth quarter of 2021. The increased adjusted
EBITDA loss in the first quarter of 2022, as compared to the first
quarter of 2021, was primarily due to the gross margin reductions
from lower sales.
Cash was $0.2 million as of March 31, 2022. This compares with
cash of $2.7 million as of December 31, 2021. As noted above, the
Company added an additional $1.8 million of net liquidity in April
2022 in connection with a new unsecured bridge financing. As of
March 31, 2022, the Company had total availability, as defined
under “Non-GAAP Measures” below, of $1.1 million, which consisted
of $0.2 million of cash and $0.9 million of additional borrowing
availability under its credit facilities. This compares to total
availability of $1.2 million as of March 31, 2021 and total
availability of $4.4 million as of December 31, 2021. Our net
inventory balance of $7.4 million as of March 31, 2022, decreased
$0.5 million from our net inventory balance as of December 31,
2021. This decrease primarily relates to the timing of sales and
inventory receipts during the first quarter of 2022.
Earnings Conference Call:
The Company will host a conference call and webcast today, May
12, 2022, at 11 a.m. ET to discuss the first quarter 2022 results,
followed by a Q & A session.
You can access the live conference call by dialing the following
phone numbers:
- Toll free 1-877-451-6152 or
- International 1-201-389-0879
- Conference ID# 13729243
The conference call will be simultaneously webcast. To listen to
the webcast, log onto it at:
https://services.choruscall.com/mediaframe/webcast.html?webcastid=Sps65iJv.
The webcast will be available at this link through May 27, 2022.
Financial information presented on the call, including this
earnings press release, will be available on the investors section
of Energy Focus’ website, investors.energyfocus.com.
About Energy Focus
Energy Focus is an industry-leading innovator of sustainable
light-emitting diode (“LED”) lighting and lighting control
technologies and solutions, as well as UV-C Disinfection
technologies and solutions. As the creator of the first
flicker-free LED lamps, Energy Focus develops high quality LED
lighting products and controls that provide extensive energy and
maintenance savings, as well as aesthetics, safety, health and
sustainability benefits over conventional lighting. Our EnFocus™
lighting control platform enables existing and new buildings to
provide quality, convenient and affordable, dimmable and
color-tunable, circadian and human-centric lighting capabilities.
In addition, our patent-pending UVCD technologies and products aim
to provide effective, reliable and affordable UVCD solutions for
buildings, facilities and homes. Energy Focus’ customers include
U.S. and U.S. ally navies, U.S. federal, state and local
governments, healthcare and educational institutions, as well as
Fortune 500 companies. Since 2007, Energy Focus has installed
approximately 900,000 lighting products across the U.S. Navy fleet,
including tubular LEDs, waterline security lights, explosion-proof
globes and berth lights, saving more than five million gallons of
fuel and 300,000 man-hours in lighting maintenance annually. Energy
Focus is headquartered in Solon, Ohio. For more information, visit
our website at www.energyfocus.com.
Forward-Looking Statements:
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements can generally be identified by
the use of forward-looking terminology, including the terms
“believes,” “estimates,” “anticipates,” “expects,” “feels,”
“seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,”
“will,” “should,” “could” or “would” or, in each case, their
negative or other variations or comparable terminology. These
forward-looking statements include all matters that are not
historical facts and include statements regarding our intentions,
beliefs or current expectations concerning, among other things, our
results of operations, financial condition, liquidity, prospects,
growth, strategies, capital expenditures, and the industry in which
we operate. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Although we
base these forward-looking statements on assumptions that we
believe are reasonable when made in light of the information
currently available to us, we caution you that forward-looking
statements are not guarantees of future performance and that our
actual results of operations, financial condition and liquidity,
and industry developments may differ materially from statements
made in or suggested by the forward-looking statements contained in
this release. We believe that important factors that could cause
our actual results to differ materially from forward-looking
statements include, but are not limited to: (i) instability in the
U.S. and global economies and business interruptions experienced by
us, our customers and our suppliers as a result of the COVID-19
pandemic and related impacts on travel, trade and business
operations; (ii) the competitiveness and market acceptance of our
LED lighting, control and UVCD technologies, services and products;
(iii) our ability to compete effectively against companies with
lower prices or cost structures, greater resources, or more rapid
development capabilities, and new competitors in our target
markets; (iv) our ability to extend our product portfolio into new
end markets, including consumer products; (v) our ability to
realize the expected novelty, effectiveness, affordability and
availability of our UVCD products and their appeal compared to
other competing products; (vi) our ability to increase demand in
our targeted markets and to manage sales cycles that are difficult
to predict and may span several quarters; (vii) the timing of large
customer orders, significant expenses and fluctuations between
demand and capacity as we invest in growth opportunities; (viii)
our ability to successfully scale our network of sales
representatives, agents, distributors and other channel partners to
compete with the sales reach of larger, established competitors;
(ix) our ability to implement plans to increase sales and control
expenses; (x) our reliance on a limited number of customers for a
significant portion of our revenue, and our ability to maintain or
grow such sales levels; (xi) our ability to add new customers to
reduce customer concentration; (xii) our need for and ability to
obtain additional financing in the near term, on acceptable terms
or at all, to continue our operations; (xiii) our ability to
refinance or extend maturing debt on acceptable terms or at all;
(xiv) our ability to continue as a going concern for a reasonable
period of time; (xv) our ability to attract and retain a new chief
executive officer (“Chief Executive Officer”) and a new chief
financial officer (“Chief Financial Officer”); (xvi) our ability to
attract, develop and retain qualified personnel, and to do so in a
timely manner; (xvii) our reliance on a limited number of
third-party suppliers and research and development partners, our
ability to manage third-party product development and obtain
critical components and finished products from such suppliers on
acceptable terms and of acceptable quality despite ongoing global
supply chain challenges, and the impact of our fluctuating demand
on the stability of such suppliers; (xviii) our ability to timely,
efficiently and cost-effectively transport products from our
third-party suppliers by ocean marine and other logistics channels
despite global supply chain and logistics disruptions; (xix) the
impact of any type of legal inquiry, claim or dispute; (xx) the
inflationary or deflationary general economic conditions in the
United States and in other markets in which we operate or secure
products, which could affect our ability to obtain raw materials,
component parts, freight, energy, labor, and sourced finished goods
in a timely and cost-effective manner; (xxi) our dependence on
military maritime customers and on the levels and timing of
government funding available to such customers, as well as the
funding resources of our other customers in the public sector and
commercial markets; (xxii) business interruptions resulting from
geopolitical actions, including war and terrorism, natural
disasters, including earthquakes, typhoons, floods and fires, or
from health epidemics, or pandemics or other contagious outbreaks;
(xxiii) our ability to respond to new lighting and air disinfection
technologies and market trends; (xxiv) our ability to fulfill our
warranty obligations with safe and reliable products; (xxv) any
delays we may encounter in making new products available or
fulfilling customer specifications; (xxvi) any flaws or defects in
our products or in the manner in which they are used or installed;
(xxvii) our ability to protect our intellectual property rights and
other confidential information, and manage infringement claims made
by others; (xxviii) our compliance with government contracting laws
and regulations, through both direct and indirect sale channels, as
well as other laws, such as those relating to the environment and
health and safety; (xxix) risks inherent in international markets,
such as economic and political uncertainty, changing regulatory and
tax requirements and currency fluctuations, including tariffs and
other potential barriers to international trade; (xxx) our ability
to maintain effective internal controls and otherwise comply with
our obligations as a public company; and (xxxi) our ability to
maintain compliance with the continued listing standards of The
Nasdaq Stock Market. For additional factors that could cause our
actual results to differ materially from the forward-looking
statements, please refer to our most recent annual report on Form
10-K and quarterly reports on Form 10-Q filed with the Securities
and Exchange Commission.
Condensed Consolidated Balance
Sheets
(in thousands)
March 31, 2022
December 31, 2021
(Unaudited)
ASSETS
Current assets:
Cash
$
225
$
2,682
Trade accounts receivable, less allowances
of $5 and $14, respectively
1,330
1,240
Inventories, net
7,367
7,866
Short-term deposits
701
712
Prepaid and other current assets
909
924
Total current assets
10,532
13,424
Property and equipment, net
631
675
Operating lease, right-of-use asset
1,386
292
Total assets
$
12,549
$
14,391
LIABILITIES
Current liabilities:
Accounts payable
$
2,230
$
2,235
Accrued liabilities
317
265
Accrued legal and professional fees
69
104
Accrued payroll and related benefits
477
718
Accrued sales commissions
71
57
Accrued warranty reserve
265
295
Deferred revenue
—
268
Operating lease liabilities
237
325
Finance lease liabilities
—
1
Streeterville - 2021 note, net of discount
and loan origination fees
1,161
1,719
Credit line borrowings, net of loan
origination fees
3,109
2,169
Total current liabilities
7,936
8,156
Condensed Consolidated Balance
Sheets
(in thousands)
March 31, 2022
December 31, 2021
(Unaudited)
Operating lease liabilities, net of
current portion
1,181
26
Total liabilities
9,117
8,182
STOCKHOLDERS' EQUITY
Preferred stock, par value $0.0001 per
share:
Authorized: 5,000,000 shares (3,300,000
shares designated as Series A Convertible Preferred Stock) at March
31, 2022 and December 31, 2021
Issued and outstanding: 876,447 at March
31, 2022 and December 31, 2021
—
—
Common stock, par value $0.0001 per
share:
Authorized: 50,000,000 shares at March 31,
2022 and December 31, 2021
Issued and outstanding: 6,453,777 at March
31, 2022 and 6,368,549 at December 31, 2021
—
—
Additional paid-in capital
144,997
144,953
Accumulated other comprehensive loss
(3
)
(3
)
Accumulated deficit
(141,562
)
(138,741
)
Total stockholders' equity
3,432
6,209
Total liabilities and stockholders'
equity
$
12,549
$
14,391
Condensed Consolidated Statements of
Operations
(in thousands, except per share
data)
(unaudited)
Three months ended
March 31, 2022
December 31, 2021
March 31, 2021
Net sales
$
2,061
$
2,405
$
2,637
Cost of sales
2,087
2,216
2,084
Gross (loss) profit
(26
)
189
553
Operating expenses:
Product development
503
464
653
Selling, general, and administrative
2,127
2,081
2,218
Restructuring recovery
—
—
(19
)
Total operating expenses
2,630
2,545
2,852
Loss from operations
(2,656
)
(2,356
)
(2,299
)
Other expenses (income):
Interest expense
184
272
127
Gain on forgiveness of PPP loan
—
—
(801
)
Other income
(30
)
(14
)
—
Other expenses
11
18
17
Loss before income taxes
(2,821
)
(2,632
)
(1,642
)
Benefit from income taxes
—
(1
)
—
Net loss
$
(2,821
)
$
(2,631
)
$
(1,642
)
Net loss per common share attributable
to common stockholders - basic:
From operations
$
(0.44
)
$
(0.50
)
$
(0.45
)
Weighted average shares of common stock
outstanding:
Basic and diluted
6,437
5,312
3,612
Condensed Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
Three months ended
March 31, 2022
December 31, 2021
March 31, 2021
Cash flows from operating
activities:
Net loss
$
(2,821
)
$
(2,631
)
$
(1,642
)
Adjustments to reconcile net loss to
net cash used in operating activities:
Other income
(30
)
(14
)
—
Gain on forgiveness of PPP loan
—
—
(801
)
Depreciation
44
45
47
Stock-based compensation
44
42
140
Provision for doubtful accounts
receivable
(9
)
(4
)
6
Provision for slow-moving and obsolete
inventories
129
165
89
Provision for warranties
(30
)
55
12
Amortization of loan discounts and
origination fees
69
72
38
Changes in operating assets and
liabilities (sources / (uses) of cash):
Accounts receivable
(83
)
393
532
Inventories
370
(276
)
(1,963
)
Short-term deposits
12
170
12
Prepaid and other assets
20
788
4
Accounts payable
61
(341
)
951
Accrued and other liabilities
(211
)
(75
)
(209
)
Deferred revenue
(268
)
266
1
Total adjustments
118
1,286
(1,141
)
Net cash used in operating
activities
(2,703
)
(1,345
)
(2,783
)
Cash flows from investing
activities:
Acquisitions of property and equipment
(35
)
(132
)
(109
)
Net cash used in investing
activities
(35
)
(132
)
(109
)
Condensed Consolidated Statements of
Cash Flows - continued
(in thousands)
(unaudited)
Three months ended
March 31, 2022
December 31, 2021
March 31, 2021
Cash flows from financing activities
(sources / (uses) of cash):
Proceeds from the issuance of common stock
and warrants
—
4,500
—
Proceeds from the exercise of warrants
—
274
527
Offering costs paid on the issuance of
common stock and warrants
—
(499
)
—
Principal payments under finance lease
obligations
(1
)
—
(1
)
Proceeds from exercise of stock options
and employee stock purchase plan purchases
—
21
—
Common stock withheld in lieu of income
tax withholding on vesting of restricted stock units
—
—
(2
)
Payments on the 2021 Streeterville
note
(615
)
—
—
Net proceeds (payments) from the credit
line borrowings - Credit Facilities
897
(518
)
1,080
Net cash provided by financing
activities
281
3,778
1,604
Net (decrease) increase in cash and
restricted cash
(2,457
)
2,301
(1,288
)
Cash and restricted cash, beginning of
period
2,682
381
2,178
Cash and restricted cash, end of
period
$
225
$
2,682
$
890
Classification of cash and restricted
cash:
Cash
$
225
$
2,682
$
548
Restricted cash held in other assets
—
—
342
Cash and restricted cash
$
225
$
2,682
$
890
Sales by Product
(in thousands)
(unaudited)
Three months ended
March 31, 2022
December 31, 2021
March 31, 2021
Net sales:
Commercial
$
1,134
$
1,169
$
913
MMM products
927
1,236
1,724
Total net sales
$
2,061
$
2,405
$
2,637
Non-GAAP Measures
In addition to the results in this release that are presented in
accordance with generally accepted accounting principles in the
United States (“U.S. GAAP”), we provide certain non-GAAP measures,
which present operating results on an adjusted basis. These
non-GAAP measures are supplemental measures of performance that are
not required by or presented in accordance with U.S. GAAP and,
include:
- total availability, which we define as our ability on the
period end date to access additional cash if necessary under our
short-term credit facilities, plus the amount of cash on hand on
that same date;
- adjusted EBITDA, which we define as net income (loss) before
giving effect to restructuring expenses, financing charges, income
taxes, non-cash depreciation, stock non-cash compensation, accrued
incentive compensation, non-routine charges to other income or
expense, and change in fair value of warrant liability; and
- adjusted gross margins, which we define as our gross profit
margins during the period without the impact from excess and
obsolete, in-transit and net realizable value inventory reserve
movements that do not reflect current period inventory
decisions.
We believe that our use of these non-GAAP financial measures
permits investors to assess the operating performance of our
business relative to our performance based on U.S. GAAP results and
relative to other companies within the industry by isolating the
effects of items that may vary from period to period without
correlation to core operating performance or that vary widely among
similar companies, and to assess liquidity, cash flow performance
of the operations, and the product margins of our business relative
to our U.S. GAAP results and relative to other companies in the
industry by isolating the effects of certain items that do not have
a current period impact. However, our presentation of these
non-GAAP measures should not be construed as an indication that our
future results will be unaffected by unusual or infrequent items or
that the items for which we have made adjustments are unusual or
infrequent or will not recur. Further, there are limitations on the
use of these non-GAAP measures to compare our results to other
companies within the industry because they are not necessarily
standardized or comparable to similarly titled measures used by
other companies. We believe that the disclosure of these non-GAAP
measures is useful to investors as they form part of the basis for
how our management team and Board of Directors evaluate our
operating performance.
Total availability, adjusted EBITDA and adjusted gross margins
do not represent cash generated from operating activities in
accordance with U.S. GAAP, are not necessarily indicative of cash
available to fund cash needs and are not intended to and should not
be considered as alternatives to cash flow, net income and gross
profit margins, respectively, computed in accordance with U.S. GAAP
as measures of liquidity or operating performance. Reconciliations
of these non-GAAP measures to the most directly comparable
financial measures calculated and presented in accordance with U.S.
GAAP are provided below for total availability, adjusted EBITDA and
adjusted gross margins, respectively.
As of
(in thousands)
March 31, 2022
December 31, 2021
March 31, 2021
Total borrowing capacity under credit
facilities
$
4,026
$
4,042
$
4,250
Less: Credit line borrowings, gross(1)
(3,175
)
(2,279
)
(3,561
)
Excess availability under credit
facilities(2)
851
1,763
689
Cash
225
2,682
548
Total availability(3)
$
1,076
$
4,445
$
1,237
(1)Forms 10-Q and 10-K Balance Sheets
reflect the Line of credit net of debt financing costs of $66, $109
and $123, respectively.
(2)Excess availability under credit
facilities - represents difference between maximum borrowing
capacity of credit facilities and actual borrowings
(3)Total availability - represents
Company’s ‘access’ to cash if needed at point in time
Three months ended
(in thousands)
March 31, 2022
December 31, 2021
March 31, 2021
Net loss
$
(2,821
)
$
(2,631
)
$
(1,642
)
Restructuring expense (recovery)
—
—
(19
)
Net loss, excluding
restructuring
(2,821
)
(2,631
)
(1,661
)
Interest
184
272
127
Gain on forgiveness of PPP loan
—
—
(801
)
Other income
(30
)
(14
)
—
Income tax benefit
—
(1
)
—
Depreciation
44
45
47
Stock-based compensation
44
42
140
Other incentive compensation
(5
)
68
118
Adjusted EBITDA
$
(2,584
)
$
(2,219
)
$
(2,030
)
Three Months Ended
(in thousands)
March 31, 2022
December 31, 2021
March 31, 2021
($)
(%)
($)
(%)
($)
(%)
Net sales
$
2,061
$
2,405
$
2,637
Reported gross profit
(26
)
(1.3
)%
189
7.9
%
553
21.0
%
E&O, in-transit and net realizable
value inventory reserve changes
129
6.3
%
165
6.9
%
89
3.4
%
Adjusted gross margin
$
103
5.0
%
$
354
14.7
%
$
642
24.3
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220512005200/en/
Investor Contact:
Brett Maas (646) 536-7331
Energy Focus (NASDAQ:EFOI)
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