Energy Focus, Inc.
EFOI Consumer Cyclical Furnishings Fixtures & Appliances
Energy Focus, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.6 million, down 26.7% from fiscal 2024. In the quarter to June 2026, revenue grew 228.0%, EPS fell 250.0% and free cash flow fell 280.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Energy Focus, Inc. (EFOI) Altman Z-score
Energy Focus, Inc.'s Altman Z-score for fiscal 2025 is −34.12, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −34.12 | 2.85 |
| FY2024 | −36.97 | (15.95) |
| FY2023 | −21.02 | 6.36 |
| FY2022 | −27.38 | (14.44) |
| FY2021 | −12.94 | 0.25 |
| FY2020 | −13.19 | 1.84 |
| FY2019 | −15.03 | (6.79) |
| FY2018 | −8.25 | (7.68) |
| FY2017 | −0.56 | (2.84) |
| FY2016 | 2.28 | (6.64) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.73 | — | 0.88 | |
| Retained earnings / total assets | (30.52) | — | −42.73 | |
| EBIT / total assets | (0.20) | — | −0.66 | |
| Market value of equity / total liabilities | 12.83 | — | 7.70 | |
| Sales / total assets | 0.70 | — | 0.70 | |
| Altman Z-score | Distress zone | −34.12 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −91.74 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MWYN Marwynn Holdings, Inc. compare | 10.4× |
| KEQU Kewaunee Scientific Corporation compare | 3.4× |
| VIRC Virco Manufacturing Corporation compare | 2.6× |
| VIOT Viomi Technology Co., Ltd. Sponsored ADR compare | 2.5× |
| CRWS Crown Crafts, Inc. compare | 2.2× |
| FGI FGI Industries Ltd. compare | 2.0× |
| PRPL PURPLE INNOVATION, INC. compare | −1.6× |
| NCLX Northann Corp. compare | −2.2× |
| EFOI Energy Focus, Inc. | −34.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets