EFOI on Nasdaq

ENERGY FOCUS, INC/DE

American electric lighting and wiring equipment company based in Solon2

In its 2026 annual report the company says: “We provide high-quality LED lighting solutions for both commercial and military maritime markets (MMM), helping our customers improve energy efficiency, productivity, and wellness through advanced LED retrofit products. Our core products include robust lighting fixtures and lamps for navy and military applications, Energy Storage Systems, Uninterruptible Power Supply, and tubular LED lighting products, including battery backup units as well as general commercial and maritime lighting fixtures.”4 Its shares trade on Nasdaq under the symbol EFOI.2

Price unavailable

Last updated Oct 21, 2026.

Overview

Compare with CCSC Technology International Holdings Ltd, ORION ENERGY SYSTEMS, INC. or CAPSTONE COMPANIES, INC., or pick any stock.

  • TickerEFOI on Nasdaq2
  • IndustryElectric Lighting & Wiring Equipment2
  • HeadquartersSolon, United States2
  • Incorporated inOH3
  • Business address32000 Aurora Road, Suite B, Solon, Oh 441393
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300WYLQHXWY3CWZ382
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 41861082

Energy Focus specializes in designing, developing, manufacturing, and selling energy-efficient lighting systems and controls. We provide high-quality LED lighting solutions for both commercial and military maritime markets (MMM), helping our customers improve energy efficiency, productivity, and wellness through advanced LED retrofit products.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

18.9%Gross margin5
-28.8%Operating margin5
-28.1%Net margin6
-26.7%Revenue growth, 20255
-24.3%Return on equity5
-$1.5MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Government Products brought in 56% of the revenue ENERGY FOCUS, INC/DE broke down this way in fiscal 2025.

  1. Government Products$2.0M556%down 43% from 2024
  2. Pool And Commercial Products$1.5M543%up 11% from 2024
  3. Setup Service$35.0K51%
Products and services by year
Products and services20242025
Government Products$3.5M$2.0M
Pool And Commercial Products$1.4M$1.5M
Setup Service$0$35.0K

Regions

United States brought in 73% of the revenue ENERGY FOCUS, INC/DE broke down this way in fiscal 2025.

  1. United States$3.0M573%down 39% from 2024
  2. Rest of the world$593.0K515%up 4842% from 2024
  3. Taiwan$500.0K512%
Regions by year
Regions20242025
United States$4.8M$3.0M
Rest of the world$12.0K$593.0K
Taiwan$500.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue63¢$2.9M
  • Research and development9¢$412.0K
  • Selling, general and admin28¢$1.3M

Out of $3.6M in revenue.56 The company lost money this year.

Financial statements

Revenue78910115$3.6M in 2025−72% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $12.7M$12.7M20192020: $16.8M$16.8M2020+32%2021: $9.9M$9.9M2021−41%2022: $6.0M$6.0M2022−40%2023: $5.7M$5.7M2023−4%2024: $4.9M$4.9M2024−15%2025: $3.6M$3.6M2025−27%
Gross profit78910115$672.0K in 2025−66% since 2019
-$2.0M0$2.0M$4.0M$6.0M2019: $2.0M$2.0M20192020: $5.2M$5.2M2020+163%2021: $1.7M$1.7M2021−67%2022: -$318.0K-$318.0K20222023: $223.0K$223.0K20232024: $699.0K$699.0K2024+213%2025: $672.0K$672.0K2025−4%
Operating income78910115-$1.0M in 2025−85% since 2019
-$10.0M-$7.5M-$5.0M-$2.5M02019: -$7.0M-$7.0M20192020: -$4.1M-$4.1M2020−41%2021: -$8.7M-$8.7M2021+114%2022: -$9.3M-$9.3M2022+7%2023: -$4.0M-$4.0M2023−57%2024: -$1.8M-$1.8M2024−54%2025: -$1.0M-$1.0M2025−44%
Net income789101156-$1.0M in 2025−86% since 2019
-$15.0M-$10.0M-$5.0M02019: -$7.4M-$7.4M20192020: -$6.0M-$6.0M2020−19%2021: -$7.9M-$7.9M2021+32%2022: -$10.3M-$10.3M2022+30%2023: -$4.3M-$4.3M2023−58%2024: -$1.6M-$1.6M2024−63%2025: -$1.0M-$1.0M2025−37%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Net sales$3.6M$4.9M
Cost of sales$2.9M$4.2M
Gross profit$672.0K$699.0K
Product development$412.0K$524.0K
Selling, general, and administrative$1.3M$2.0M
Total operating expenses$1.7M$2.5M
Loss from operations-$1.0M-$1.8M
Interest income-$2.0K$0
Interest expense$0$5.0K
Gain on debt extinguishment$0-$187.0K
Gain on partial lease termination-$2.0K-$63.0K
Gain on disposal of fixed assets-$3.0K$0
Other income$0-$27.0K
Other expenses$10.0K$12.0K
Loss from operations before income taxes-$1.0M-$1.6M
Provision for income taxes$0$0
Net loss-$1.0M-$1.6M
Net loss, basic (in dollars per share)-$0.18-$0.32
Net loss, diluted (in dollars per share)-$0.18-$0.32
Basic (in shares)5.6M shares4.9M shares
Diluted (in shares)5.6M shares4.9M shares

Compare ENERGY FOCUS, INC/DE with another company

Corporate structure

ENERGY FOCUS, INC/DE sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ENERGY FOCUS, INC/DE

  • Chiao Chieh Huang Filed SCHEDULE 13D on ENERGY FOCUS, INC/DE, latest Dec 31, 2025
  • Lind Global Fund II LP Filed SC 13G/A on ENERGY FOCUS, INC/DE, latest Feb 13, 2024 (3 filings since Jun 8, 2022)
  • ARMISTICE CAPITAL, LLC Filed SC 13G/A on ENERGY FOCUS, INC/DE, latest Feb 14, 2023 (2 filings since Feb 15, 2022)
  • ENERGY FOCUS, INC/DE Solon, Ohio, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ENERGY FOCUS, INC/DE reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Operating-lease assets (leased space)$207.0K5 Dec 31, 2025$377.0K5 Dec 31, 2024−45.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.1M5 Dec 31, 2025$565.0K5 Dec 31, 2024+88.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$2.9M5 Dec 31, 2025$3.3M5 Dec 31, 2024−10.2%
Raw materials$930.0K5 Dec 31, 2025$1.0M5 Dec 31, 2024−7.0%
Finished goods$2.6M5 Dec 31, 2025$2.6M5 Dec 31, 2024−0.7%

Properties, in its own words

Our principal executive offices and our manufacturing facility are located in an approximately 25,392 square foot facility in Solon, Ohio, under a lease agreement expiring on June 30, 2027. We believe this facility is adequate to support our current operations.

Item 2 of the 10-K filed Mar 24, 2026.4

Leadership

Who has led ENERGY FOCUS, INC/DE, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (44)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Senior Vice President and General CounselJames Warren named Dec 28, 2021 to Jun 17, 202280

Former names

  • FIBERSTARS INC /CA/Aug 14, 1996 to May 30, 20073

Timeline

  1. Aug 11, 20268-K Results of operations81
  2. Jun 17, 20268-K Shareholder vote82
  3. Jun 3, 20268-K Entered a material agreement; Unregistered sale of shares83
  4. May 12, 20268-K Results of operations84
  5. Apr 14, 20268-K Regulation FD disclosure85
  6. Mar 30, 20268-K Regulation FD disclosure86
  7. Mar 24, 20268-K Financial statements and exhibits87
  8. Dec 2, 20258-K Entered a material agreement; Unregistered sale of shares88
  9. Nov 12, 20258-K Results of operations89
  10. Aug 19, 20258-K Entered a material agreement; Unregistered sale of shares90
  11. Aug 14, 20258-K Executive or director change91
  12. Aug 12, 20258-K Results of operations92
  13. Jun 23, 2025New chief executive Chiao Chieh Huang becomes CEO13
  14. Sep 20, 2022New chief executive Lesley A. Matt becomes CEO15
  15. Feb 15, 2022New chief executive Stephen Socolof becomes CEO14
  16. Feb 28, 2017New chief executive Ted Tewksbury becomes CEO16
  17. Jan 30, 2014New chief executive James Tu becomes CEO17
  18. Feb 27, 2013New chief executive Eric Hilliard becomes CEO18
  19. May 16, 2008New chief executive Joseph G. Kaveski becomes CEO20
  20. Mar 18, 2008New chief executive John Davenport becomes CEO19

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/202693

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results81
  2. May 12, 2026Reported quarterly or annual results84
  3. Nov 12, 2025Reported quarterly or annual results89
  4. Aug 12, 2025Reported quarterly or annual results92
  5. May 13, 2025Reported quarterly or annual results94
  6. Nov 12, 2024Reported quarterly or annual results95
  7. Aug 12, 2024Reported quarterly or annual results96
  8. May 13, 2024Reported quarterly or annual results97

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

171 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 65 major events, 44 insider forms, 6 large holders, 2 private raises, 34 other. The latest 20:

  1. Aug 11, 202610-Q EDGAR
  2. Aug 11, 20268-K EDGAR
  3. Jun 17, 20268-K EDGAR
  4. Jun 3, 20268-K EDGAR
  5. May 12, 202610-Q EDGAR
  6. May 12, 20268-K EDGAR
  7. Apr 28, 2026DEF 14A EDGAR
  8. Apr 14, 20268-K EDGAR
  9. Mar 30, 20268-K EDGAR
  10. Mar 24, 202610-K EDGAR
  11. Mar 24, 20268-K EDGAR
  12. Dec 31, 20254 EDGAR
  13. Dec 31, 2025SCHEDULE 13D EDGAR
  14. Dec 2, 20258-K EDGAR
  15. Nov 12, 2025S-8 EDGAR
  16. Nov 12, 202510-Q EDGAR
  17. Nov 12, 20258-K EDGAR
  18. Aug 19, 20254 EDGAR
  19. Aug 19, 20258-K EDGAR
  20. Aug 14, 20258-K EDGAR

The 171 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 4 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 26, 2025Huang Chiao ChiehChief Executive OfficerBuy262,009$2.29$600.0KForm 4
Aug 15, 2025Huang Chiao ChiehChief Executive OfficerBuy264,550$1.89$500.0KForm 4
Jun 23, 2025Huang Chiao ChiehChief Executive OfficerBuy110,497$1.81$200.0KForm 4
Mar 27, 2025Huang Chiao ChiehChief Executive OfficerBuy103,627$1.93$200.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Senior VicePresident$152.6K$171.8K101
2025Chief Executive Officer and Chief Financial Officer$7101
2024Randy Gianas$150.9K101
2024Jay (Chiao-Chieh) Huang52$12101

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 3, 2022Raised $3.5 million in a private offering of equity Form D: 3 investors so far Form D
  2. Dec 13, 2021Raised $4.5 million in a private offering of equity Form D: 7 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC43,332$143.0K0.0%No change
Heck Capital Advisors, LLC35,297$116.5K0.0%New
Renaissance Technologies LLC33,398$110.2K0.0%+23,098
Geode Capital Management, LLC29,451$97.2K0.0%−6,144
Vanguard Fiduciary Trust Co19,745$65.2K0.0%No change
State Street Corp13,816$45.6K0.0%New
Citadel Advisors LLC12,705$41.9K0.0%New
BlackRock, Inc.3,296$10.9K0.0%No change
UBS Group AG3,256$10.7K0.0%+3,215
Tower Research Capital LLC (TRC)2,836$9.4K0.0%+871
Morgan Stanley2,463$8.1K0.0%+2,000
Royal Bank Of Canada175$1.0K0.0%+162
Fmr LLC287$9460.0%New
BankPlus Trust Department45$1490.0%No change
Federation des caisses Desjardins du Quebec8$260.0%No change
Country Trust Bank4$130.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ENERGY FOCUS, INC/DE is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARENERGY FOCUS, INC/DE1
  • CIK0000924168
  • Employer ID (EIN)94-30218504
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3640 Electric Lighting & Wiring Equipment1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address32000 Aurora Road, Suite B, Solon, OH 441391
  • Phone44071513001
  • Shares outstanding6,369,222 as of Aug 11, 20266
  • Public float$7.8M as of Jun 30, 20254
  • AuditorGBQ Partners, LLC, Columbus, Ohio PCAOB ID 1808; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 14, 19961
  • Filings1,291 in all: 4 (429), 8-K (300), 10-Q (80), 3 (60), SC 13G/A (36), SC 13D/A (35), DEF 14A (32), SC 13G (28)1
    All 54 form types

    10-K (24), 4/A (18), EFFECT (18), CORRESP (16), DEFA14A (15), S-3 (15), S-8 (14), UPLOAD (14), 424B3 (13), SC 13D (13), 10QSB (12), PRE 14A (9), SD (8), 10-K/A (7), S-3/A (7), 8-K/A (6), D (6), S-1 (6), S-1/A (6), S-8 POS (6), 3/A (5), 5 (5), 424B5 (4), NT 10-Q (4), 10-K405 (3), 10-K405/A (3), 10KSB (3), 10KSB/A (3), 8-A12G/A (3), ARS (3), DEFR14A (3), 10-Q/A (2), 424B7 (2), POS AM (2), REGDEX (2), 25-NSE (1), 424B1 (1), 424B4 (1), 8-A12B (1), 8-A12G (1), CERTNAS (1), CT ORDER (1), PRER14A (1), RW (1), S-3MEF (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 24, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Apr 28, 2026
    Latest 8-K (8-K) Aug 11, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.0001 per shareEFOIThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 24, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks ENERGY FOCUS, INC/DE names in Item 1A of its 10-K filed Mar 24, 2026: 37 risks under these headings, as written.4

  • Risks Associated with Our Business
  • If we are unable to attract or retain qualified personnel, our business and product development efforts could be harmed.
  • We rely on equity and debt financing to operate our business and will require additional financing in the near term, which we may not be able to raise on favorable terms or at all, and our failure to obtain funding when needed may force us to delay, scale back or eliminate our business plan or even discontinue or curtail our operations.
  • Our independent registered public accounting firm’s opinion on our audited financial statements for the fiscal year ended December 31, 2025, included in this Annual Report, contains a modification relating to our ability to continue as a going concern.
  • We have a history of operating losses and will incur losses in the future as we continue our efforts to grow sales and streamline our operations at a profitable level.
  • While we are attempting to diversify our customer base, we have historically derived a significant portion of our revenue from a few customers, and the loss of one of these customers, or a reduction in their demand for our products, could adversely affect our business, financial condition, results of operations, and prospects.
  • If critical components and finished products that we develop with and purchase from a small number of third-party development partners and suppliers become unavailable or increase in price, or if our development partners, suppliers or delivery channels fail to meet our requirements for quality, quantity, and timeliness, our revenue and reputation in the marketplace could be harmed, which would damage our business.
  • If we are unable to implement plans to increase sales and control expenses to manage future growth effectively, our profitability goals and liquidity will be adversely affected.
  • Our results of operations, financial condition and business could be harmed if we are unable to balance customer demand and capacity.
  • If we are not able to compete effectively against companies with lower cost structures or greater resources, or new competitors who enter our target markets, our sales will be adversely affected.
  • We work with independent agents and sales representatives for a portion of our net sales, and the failure to incentivize, retain and manage our relationships with these third parties, or the termination of these relationships, could cause our net sales to decline and harm our business.
  • If our LED lighting and control technology products fail to gain widespread market acceptance or we are unable to respond effectively as new technologies and market trends emerge, our competitive position and our ability to generate revenue, and profits may be harmed.
The other 26 risks
  • Our operating results may fluctuate due to factors that are difficult to forecast and not within our control.
  • Depressed general economic conditions may adversely affect our operating results and financial condition.
  • Customers may be unable to obtain financing to make purchases from us.
  • A significant portion of our business is dependent upon the existence of government funding, which may not be available into the future and could result in a reduction in sales and harm to our business.
  • Our products could contain defects, or they may be installed or operated incorrectly, which could reduce sales of those products or result in claims against us.
  • We may be subject to confidential information theft or misuse, which could harm our business and results of operations.
  • We may fail to secure sufficient additional financing, which could prevent us from executing our business plan and continuing as a going concern.
  • Global trade policies, including tariffs, could increase costs and disrupt our supply chain, adversely affecting our operations and profitability.
  • Foreign currency fluctuations may adversely affect our financial results.
  • We have international operations and are subject to risks associated with operating in international markets.
  • Our business and operations are significantly dependent on Sander Electronics, which creates material conflicts of interest and business risks.
  • Our Chief Executive Officer currently serves as our Principal Financial Officer, which may impact our internal controls and increase risks related to financial reporting.
  • Risks Associated with Legal and Regulatory Matters
  • We may be subject to legal claims against us or claims by us that could have a significant impact on our resulting financial performance.
  • Our business may suffer if we fail to comply with government contracting laws and regulations.
  • If we are unable to obtain and adequately protect our intellectual property rights or are subject to claims that our products infringe on the intellectual property rights of others, our ability to commercialize our products could be substantially limited.
  • We may be subject to intellectual property infringement claims or other allegations by third parties, which may materially and adversely affect our business, results of operations and prospects.
  • The ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • The cost of compliance with environmental, health, safety, and other laws and regulations could adversely affect our results of operations or financial condition.
  • We may be exposed to certain regulatory and financial risks related to climate change.
  • Our net sales might be adversely impacted if our lighting systems do not meet certain certification and compliance standards.
  • We rely heavily on information technology in our operations and any material failure, weakness, interruption or breach of security could prevent us from effectively operating our business, which could have a material adverse effect on our business, financial condition, and results of operations.
  • Risks Associated with an Investment in Our Common Stock
  • As a “thinly-traded” stock with a relatively small public float, the market price of our common stock is highly volatile and may decline regardless of our operating performance.
  • We could issue additional shares of common stock or preferred stock without stockholder approval, or new securities with terms or rights superior to those of our existing shareholders, which may adversely affect the market price of our common stock.
  • The exercise of outstanding warrants to purchase our common stock or the conversion of shares of our Series A Preferred Stock (as defined below) into shares of common stock may dilute the ownership interest of our investors.
  • We have never paid dividends on our common stock, and we do not anticipate paying any cash dividends in the foreseeable future.
  • The elimination of monetary liability against our directors under Delaware law and the existence of indemnification rights held by our directors and officers may result in substantial expenditures by the Company and may discourage lawsuits against our directors and officers.

Legal proceedings

From time to time, we may be involved in legal proceedings arising from the normal course of business. See Note 15, “Legal Matters,” to our financial statements for the year ended December 31, 2025 included in Part II, Item 8, “Financial Statements and Supplementary Data,” of this Annual Report.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72
  73. 73
  74. 74
  75. 75
  76. 76
  77. 77
  78. 78
  79. 79
  80. 80
  81. 81
  82. 82
  83. 83
  84. 84
  85. 85
  86. 86
  87. 87
  88. 88
  89. 89
  90. 90
  91. 91
  92. 92
  93. 93
  94. 94
  95. 95
  96. 96
  97. 97
  98. 98
  99. 99
  100. 100
  101. 101