Energy Focus (EFOI) Growth Remains On Track, Narrows Loss

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07:10:30 pm on August 12, 2010

Emerging LED lighting play Energy Focus (EFOI) reported earnings after the bell today and continued to narrow its losses, reporting an EPS loss of ($0.08) vs the year ago loss of ($0.16).  Revenues continue to improve as well, although much of that (55%) is due to the acquisition of Stone Rive Companies so not really comparing apples to apples here.  The company reported revenue of $9 million in the quarter, vs $3.3 million in the year ago quarter.  No analysts currently cover the company.

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Looking ahead, the company expects to exceed $9 million in revenues for Q3 and a total of $35 million for the full year.

CEO Joe Kaveski commented on the quarter: “We continue to be delighted with the performance of our SRC solutions and U.S. products businesses in the second quarter.  Rob Wilson, Steve Gasperson and their teams have helped sustain our first quarter’s sales momentum by securing $19.0 million in lighting solutions contracts which we expect to mostly complete in 2010 and $9.0 million in total sales recorded for the second quarter 2010. We expect to see continued good performance from both our solutions and product groups in the third quarter as further solutions contracts are secured and more customers choose EFOI’s energy efficient LED products.”

Technically, EFOI looks outstanding and as I highlighted in recent issues of  the Green Stocks Central newsletter, staged a big breakout above the 1.50 level.  While it’s a bit overdone in the short term and pulling back a bit in after hours trading, it looks poised for further upside in the coming weeks.

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