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Stocks · Technology · Electric Lighting & Wiring Equipment

ENERGY FOCUS, INC/DE

EFOI Clue Score36
United States Fiscal year ends December CIK 0000924168
$2.89 -3.35% Close, 12 Oct 2026
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Price $2.89 +2.30% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue31.0Operating income−16.8Net income−16.9EPS, diluted−1.45Fiscal year 2017Revenue19.8 −36.0%Operating income−11.3Net income−11.3EPS, diluted−0.95Fiscal year 2018Revenue18.1 −8.8%Operating income−9.1Net income−9.1Fiscal year 2019Revenue12.7 −29.8%Operating income−7.0Net income−7.4Fiscal year 2020Revenue16.8 +32.5%Operating income−4.1Net income−6.0EPS, diluted−1.83Fiscal year 2021Revenue9.9 −41.4%Operating income−8.7Net income−7.9EPS, diluted−1.73Fiscal year 2022Revenue6.0 −39.5%Operating income−9.3Net income−10.3EPS, diluted−8.88Fiscal year 2023Revenue5.7 −4.2%Operating income−4.0Net income−4.3EPS, diluted−1.32Fiscal year 2024Revenue4.9 −15.0%Operating income−1.8Net income−1.6EPS, diluted−0.32Fiscal year 2025Revenue3.6 −26.7%Operating income−1.0Net income−1.0EPS, diluted−0.18
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 31.0 19.8 18.1 12.7 16.8 9.9 6.0 5.7 4.9 3.6
Growth −36.0% −8.8% −29.8% +32.5% −41.4% −39.5% −4.2% −15.0% −26.7%
Operating income −16.8 −11.3 −9.1 −7.0 −4.1 −8.7 −9.3 −4.0 −1.8 −1.0
Net income −16.9 −11.3 −9.1 −7.4 −6.0 −7.9 −10.3 −4.3 −1.6 −1.0
Growth
EPS, diluted −1.45 −0.95 n/a n/a −1.83 −1.73 −8.88 −1.32 −0.32 −0.18

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin24.8%Operating margin−54.3%Net margin−54.5%Free cash flow margin−58.6%Fiscal year 2017Gross margin24.3%Operating margin−56.8%Net margin−56.8%Free cash flow margin−30.4%Fiscal year 2018Gross margin18.8%Operating margin−50.2%Net margin−50.3%Free cash flow margin−37.8%Fiscal year 2019Gross margin15.5%Operating margin−54.7%Net margin−58.0%Free cash flow margin−53.2%Fiscal year 2020Gross margin30.8%Operating margin−24.2%Net margin−35.5%Free cash flow margin−15.9%Fiscal year 2021Gross margin17.2%Operating margin−88.3%Net margin−79.9%Free cash flow margin−103.5%Fiscal year 2022Gross margin−5.3%Operating margin−155.7%Net margin−172.2%Free cash flow margin−113.2%Fiscal year 2023Gross margin3.9%Operating margin−69.5%Net margin−75.1%Free cash flow margin−43.9%Fiscal year 2024Gross margin14.4%Operating margin−37.9%Net margin−32.6%Free cash flow margin−27.1%Fiscal year 2025Gross margin18.9%Operating margin−28.8%Net margin−28.8%Free cash flow margin−41.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 24.8% 24.3% 18.8% 15.5% 30.8% 17.2% −5.3% 3.9% 14.4% 18.9%
Operating margin −54.3% −56.8% −50.2% −54.7% −24.2% −88.3% −155.7% −69.5% −37.9% −28.8%
Net margin −54.5% −56.8% −50.3% −58.0% −35.5% −79.9% −172.2% −75.1% −32.6% −28.8%
Free cash flow margin −58.6% −30.4% −37.8% −53.2% −15.9% −103.5% −113.2% −43.9% −27.1% −41.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−16.6Capital expenditure−1.6Free cash flow−18.2Buybacks−0.3Fiscal year 2017Operating cash flow−5.9Capital expenditure−0.2Free cash flow−6.0Fiscal year 2018Operating cash flow−6.8Capital expenditure−0.1Free cash flow−6.9Fiscal year 2019Operating cash flow−6.6Capital expenditure−0.1Free cash flow−6.8Fiscal year 2020Operating cash flow−2.5Capital expenditure−0.2Free cash flow−2.7Fiscal year 2021Operating cash flow−9.8Capital expenditure−0.4Free cash flow−10.2Fiscal year 2022Operating cash flow−6.7Capital expenditure−0.0Free cash flow−6.8Fiscal year 2023Operating cash flow−2.4Capital expenditure−0.1Free cash flow−2.5Fiscal year 2024Operating cash flow−1.3Capital expenditure−0.0Free cash flow−1.3Fiscal year 2025Operating cash flow−1.4Capital expenditure−0.1Free cash flow−1.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −16.6 −5.9 −6.8 −6.6 −2.5 −9.8 −6.7 −2.4 −1.3 −1.4
Capital expenditure −1.6 −0.2 −0.1 −0.1 −0.2 −0.4 −0.0 −0.1 −0.0 −0.1
Free cash flow −18.2 −6.0 −6.9 −6.8 −2.7 −10.2 −6.8 −2.5 −1.3 −1.5
Growth
Buybacks −0.3 n/a n/a n/a n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash16.6Shareholders’ equity29.9Fiscal year 2017Cash10.8Shareholders’ equity19.3Fiscal year 2018Cash6.3Shareholders’ equity11.1Fiscal year 2019Cash0.4Shareholders’ equity4.0Fiscal year 2020Cash1.8Shareholders’ equity4.3Fiscal year 2021Cash2.7Shareholders’ equity6.2Fiscal year 2022Cash0.1Shareholders’ equity−0.5Fiscal year 2023Cash2.0Shareholders’ equity3.1Fiscal year 2024Cash0.6Shareholders’ equity2.9Fiscal year 2025Cash1.1Shareholders’ equity4.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 16.6 10.8 6.3 0.4 1.8 2.7 0.1 2.0 0.6 1.1
Shareholders’ equity 29.9 19.3 11.1 4.0 4.3 6.2 −0.5 3.1 2.9 4.1

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
24.8% 24.3% 18.8% 15.5% 30.8% 17.2% −5.3% 3.9% 14.4% 18.9%
−54.3% −56.8% −50.2% −54.7% −24.2% −88.3% −155.7% −69.5% −37.9% −28.8%
−54.4% −57.4% −50.3% −58.0% −35.6% −79.9% −172.2% −75.0% −32.6% −28.8%
−54.5% −56.8% −50.3% −58.0% −35.5% −79.9% −172.2% −75.1% −32.6% −28.8%
−58.6% −30.4% −37.8% −53.2% −15.9% −103.5% −113.2% −43.9% −27.1% −41.0%
Spending
11.4% 14.8% 14.3% 10.1% 8.4% 19.2% 25.0% 10.3% 10.8% 11.6%
64.9% 57.0% 54.1% 58.6% 46.9% 86.5% 119.8% 63.1% 41.5% 36.1%
5.2% 0.8% 0.3% 1.0% 1.3% 4.5% 0.7% 1.2% 0.4% 1.5%
Returns
−56.4% −58.4% −82.4% −184.5% −140.6% −127.0% n/a −140.7% −54.3% −25.0%
−48.3% −50.9% −49.3% −62.8% −48.2% −54.8% −121.0% −42.1% −28.2% −20.1%
Balance and payout
14.4% 12.9% 40.2% 66.0% 65.7% 56.9% 105.6% 70.1% 48.1% 19.6%