Earnings Releases·Nov 10, 2026, 7:28 AM ET

Energy Focus, Inc. — Third Quarter 2026 Earnings Summary

Net sales surged 481.2% year-over-year to $4.8 million, driven by a 2115.8% increase in commercial sales to $4.5 million, while military maritime sales declined to $71 thousand.
The company returned to profitability with $0.5 million net income ($0.08/share) and $0.5 million adjusted EBITDA, reversing losses from both the prior year and the preceding quarter.
Adjusted gross margin improved significantly to 37.2% in Q3 2026, up from 27.2% in Q3 2025, aided by a $184 thousand customs duty refund.
Cash and cash equivalents rose to $3.3 million, though short-term borrowings increased to $911 thousand and accounts payable to related parties grew to $2.5 million.
The company faces substantial doubt regarding its ability to continue as a going concern, citing dependence on related party financing, limited customer concentration, and elevated inventory provisions totaling $1.3 million for the nine months ended September 30, 2026.