Energy Focus Q2 sales jump 228% on Australia shipments, military demand
EFOI•Outlook
- Company did not provide specific guidance for the current quarter or full year.
Key details
| Metric | Actual |
|---|---|
| Q2 Sales | $3.70 mln |
| Q2 Net Loss | $877,000 |
| Q2 Adjusted EBITDA | -$900,000 |
| Q2 Adjusted Gross Margin | 4.50% |
| Q2 Income From Operations | -$868,000 |
Result drivers
- Commercial sales growth - Initial shipments under the Energy Storage Systems business to a new customer in Australia drove higher commercial sales.
- Military demand - Increased sales of military maritime market products due to improved demand compared with the prior year.
- Inventory reserves - Decrease in gross profit margin was primarily driven by an increase in inventory reserves.
- Credit losses and expenses - Higher operating loss was due to increased allowance for credit losses and business travel expenses.
