Home / Going-concern warnings / ENERGY FOCUS, INC/DE
Filed 2025-08-12 路 Form 10-Q 路 Accession 0001628280-25-039814 nano
Price before filing: $1.93 (2025-08-11 close, split/dividend-adjusted)
Market cap at flag: $11.2M (2025-08-12) 路 Latest: $16.5M (2026-10-16)
| Window | EFOI | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +28.5% | +3.4% | +25.1% | 2025-09-11 |
| 90 days | +21.8% | +7.5% | +14.3% | 2025-11-10 |
| 180 days | +0.5% | +9.7% | -9.2% | 2026-02-09 |
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.
90 days before the flag: 1 insider bought $200K (1 purchase)
30 days after: 1 insider bought $500K (1 purchase)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-06-23 | Huang Chiao Chieh Chief Executive Officer, Director, 10% owner | Purchase | 110,497 | $1.81 | $200K | no | Form 4 |
| 2025-08-12: red flag filed | |||||||
| 2025-08-15 | Huang Chiao Chieh Chief Executive Officer, Director, 10% owner | Purchase | 264,550 | $1.89 | $500K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-05-14 to 2025-09-11. 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.
"We continue to incur losses and have a substantial accumulated deficit, which continues to raise substantial doubt about our ability to continue as a going concern at June 30, 2025."
Quoted from the filing. Source
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 2025-06-30)
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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