Energy Focus Shares Plummet As Q3 Revenue Halves, Notes Margin Pressure

Energy Focus Inc EFOI reported third-quarter FY21 sales of $2.75 million, a decline of 54.7% year-on-year.
The gross profit decreased 59% Y/Y to $0.6 million, with the margin contracting 260 basis points to 20.5%.
The operating expenses stood at $2.37 million. The operating loss expanded to $(1.8) million in the quarter.
The company held $0.4 million in cash and equivalents as of September 30, 201.
EPS of $(0.22) missed the analyst consensus of $(0.20).
"Although revenue for the third quarter came in higher than that of the first and the second quarter, we continued to experience a challenging business environment, including delayed military funding and commercial retrofit projects, as well as ongoing logistics and supply chain dislocations for both our military and commercial LED lighting markets," commented James Tu, Chairman and CEO.
Price action: EFOI shares are trading lower by 11.9% at $2.51 on the last check Thursday.

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