Benzinga | Aug 12, 2021 01:30PM EDT

Energy Focus Stock Plummets After 37% Decline In Q2 Sales

* Energy Focus Inc (NASDAQ:EFOI) reported a second-quarter FY21 sales decline of 37.8% year-on-year, to $2.10 million, missing the analyst consensus of $3.75 million.

* Gross profit declined 70% Y/Y to $0.4 million, and the margin was 18.9%, versus 40.3% last year.

* Operating expenses increased by 16% Y/Y to $2.6 million. The operating loss widened to $(2.2) million.

* The company held $1.3 million in cash and equivalents as of June 30, 2021.

* Adjusted EBITDA loss increased to $(1.99) million. Loss per share was $(0.59).

* "Our second-quarter results were impacted by the military market that experienced funding delays and from the continued weakness in our commercial lighting retrofit market, although we have already seen a few orders so far in the third quarter that we believe represent opportunities delayed from the first half of 2021," said Chairman and CEO James Tu.

* Energy Focus anticipates the military market to improve in the second half of the year as funding becomes available.

* Price Action: EFOI shares traded lower by 16.4% at $3.01 on the last check Thursday.