Home / Going-concern warnings / ENERGY FOCUS, INC/DE

3/5ENERGY FOCUS, INC/DE (EFOI): Going-concern doubt

Filed 2025-05-13 路 Form 10-Q 路 Accession 0001628280-25-024875 nano

Market data

Price before filing: $1.73 (2025-05-12 close, split/dividend-adjusted)
Market cap at flag: $9.3M (2025-05-13) 路 Latest: $16.5M (2026-10-16)

What happened next

WindowEFOISPYvs SPY
30 days+8.1%+3.6%+4.5%2025-06-12
90 days+11.6%+9.4%+2.2%2025-08-11
180 days+35.8%+17.6%+18.3%2025-11-10

Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.

Insider trading around this filing

90 days before the flag: 1 insider bought $200K (1 purchase)
30 days after: none reported.

DateInsiderTypeSharesPriceValue10b5-1 planSource
2025-03-27Huang Chiao Chieh
Chief Executive Officer, Director, 10% owner
Purchase103,627$1.93$200KnoForm 4
2025-05-13: red flag filed

Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-02-12 to 2025-06-12. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.

Verified excerpt

"Going Concern and Nasdaq Continued Listing Requirements Compliance Due to our financial performance as of March 31, 2025 and December 31, 2024, including net losses of $ 0.3 million for the three months ended March 31, 2025 and $ 1.6 million for the twelve months ended December 31, 2024, and total cash used in operating activities of $ 0.3 million for the three months ended March 31, 2025 and $ 1.3 million for the..."

Quoted from the filing. Source

What this means

The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.

Source: management disclosure in Form 10-Q (period 2025-03-31)

Why this score: quarterly (unaudited) disclosure

Read the original filing on SEC.gov →

Not investment advice. Automated summary; verify against the filing.

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