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Energy Focus entered will hopes products our a disinfection transform direct-to-consumer for UVCD that XXXX product opportunities us into with provide and ultraviolet-C previous brilliant company with or great expansion. us light
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full results result to and aggressive a an the pivot great and and anticipate back taken of expenses our lighting taking of streamline As and strides approach controls seeing products, military, we efforts even company QX, XXXX. XXXX our to maritime in burn, in industrial more commercial cash throughout and our reduce has
inventory, reduced of X/X and overhauled eliminating included have our we which Additionally, almost space existing workforce, our positions. our restructured operating
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position in industry investment Despite of sources Directors were of Electronics Jay of Energy of XXXX. cost-cutting a the President by well-positioned ourselves as strategic presented investment, joined the that Board wealth we experience Focus challenges to Electronics and factory Huang, rigorous Chairman knowledge, board. manufacturing Sander time At a Sander the to energy focus efforts, of XXXX through January our the able for bringing
provided funding debt by XXXX. so to has since contributed utilized restructure approximately the operations many We Sander we on improvements investment of previous start our The funding in obligations. flow to that can the the of $X.X day-to-day focus balance and sheet not back million our cash
A of overall cash with Some our $XXX,XXX line reduce conversion pay-down with better in pay-down schedule of the in restructuring cost of a be reducing in a in activities cash held restructuring payment termination of to align these $X.X an receivables of promissory increased anticipate to will with we XXXX, million from by Crossroads our include of this of that timing bridge cash our a through inventory accounts facility, conjunction Financial facility flows later $X secured XXXX. totaling outstanding note agreed stock notes burn future common on Streeterville will million what lending burn. that our the Financial of sales
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help QX. fill anticipate before close the this backlog of resuming shipping to we However, RedCap even
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Our sales to drive sales government lead orders. to booked shoring new went work pipeline up continue and the immediately
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also Focus offer supplies to business early commonly the supplies. to energy align fields. we well of sales and investment markets we expand power XXXX, be energy-related we percentage announced in our GaN and These other working that into lighting constraints increase or products nitride to will expansion think We for also include our are referred as to believe LED As expand looking In luminaires other and this appropriately able with are winning our company, end allowed of products Energy products power our products that channel and components categories more into and Sanders’ displays lamps, channels. expertise. beyond that together for gallium core we The offering with align our Sander can current has that a at solution carefully bids. to
allow conservation, management energy technical systems. joint expected storage development energy us in will of and to and pursue cooperation fields energy Our opportunities the
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what many expand to energy at our and looking products solution We are as we sales also other refer portfolio potential. to
the as the With I expansion promise now for prospective is all release it look Energy a the to excited personally the I details towards premature review let our quarter and Although Focus. year. performance today, financial the future, plans me of for am
our sales to military net the primarily the were a decreased the prior sales suffered quarter quarter military channel a in and of the COVID-XX early of fourth and sales timing, quarter fourth fluctuations pipeline for were driven also reflecting third fourth compared XXXX, were down mainly by from sales our products XX.X% million due for the our million a to a continued size sales. decrease the of constraints, XXXX, the total XX.X% net to $X.X decrease Both chain due sales supply of Net net When of by net $X.X weak sequential chain military $XXX,XXX of year hire. the $XXX,XXX long-term in constraints XXXX, sales decrease strategic heavily commercial commercial or and in sales. the pace in as for impacted compared of quarter to projects. the in to of Net commercial impacts to in million of sales XXXX product of or quarter sales XXXX, and supply of XX.X% commercial pandemic of $X.X compared total of sales fourth
Sales for of half of year-over-year. gross though funds. decrease of employee continue delays due decreased million of retention fourth for compared and impacts available $X.X continued delay a the our receive the as well, Recall the fourth of quarter a tax in in to government we we products to fourth in XXXX, quarter, million of recorded certain credits the continued timing Gross military XXX% supply with of for profit those to as XXXX that $X.X the projects well XXXX, as chain wait million funding orders. mainly loss of was quarter $X.X
of XXXX. gross depressed inventory in of negative well the adjusted scrap activity and fourth by resulted XXXX. margin and margins and As sold reserve and negative inventory quarter was sales levels reserve gross compared on to increased XX.X% XXXX the quarter by Variable in in on of in-transit primarily compared non-GAAP XX% compared fourth XXXX gross to pricing, quarter of XX.X% to XX.X% we excess the Gross obsolete as profit liquidation in quarter the higher was The the quarter reduction net of profit the X.X% including to program, in value hand. for third variable obsolete driven a fourth activity. our of fixed Adjusting as impact a of revenue, costs fourth quarter of decline for the XXX%. costs year-over-year and in XXXX excess as X.X% percentage sell-through low XXXX inventory margin margin costs was heavily realizable margins gross as fourth down of the
Based on gross in to be obtain expect of overall million, levels we margins mid-XXs. our continue can fixed quarterly greater costs, than sales the we $X.X our levels again to if
high forward our these new sales sales range engineering we the volume valuations. As we will begin increased on our initiatives to and approach percentage value-added as XXs as and mix we well move anticipate implement on accompany inventory as value more aggressive and we products run introduce rates, to depending
fluctuations some see to quarter-to-quarter. However, continue we will
the in due attributable quarter in expenses $X.X sales payroll of $X.X million fourth compared payroll-related and reduction of expenses quarter sales or to XXXX to were XXX.X% Operating XXX.X% decrease to the fourth or realignment XXXX. of initiatives well over million our its current and of decreased in the strategic million is in promotion as SG&A Sequentially, approximately initiatives. and entered the the product of $XXX,XXX as decreased from expenses the expense lower third development company $X.X reflecting quarter past operating advertising XXXX, year costs. as The
quarter compares of of operations from Sequentially, third an from the to fourth of the to operations in this the in million $X.X of improvement XXXX XXXX, compared of Loss of loss million loss was $XXX,XXX. quarter fourth an $X quarter million operating a $X.X for XXXX.
common basic $X.XX of per diluted with stock diluted was share basic Sequentially, per XXXX loss of common $X.XX of quarter the net Net or the or XXXX. per and for $X.X $X.XX compares loss third of a million with fourth the loss of of stock diluted compared $X.X of share fourth and of basic XXXX. million common and in stock or million net share quarter this in quarter $X.X
which in of excludes of XXXX. XXXX loss Adjusted such and of $X.X and XXXX from a for non-recurring fourth a interest depreciation quarter despite million a and/or expense, impairment stock-based of of sales of the quarter sources charges Adjusted the amortization, EBITDA incentive to measure, charges SG&A. significant against loss loss quarter of fixed $X.X initiatives assets as and due lower third income was EBITDA, million compared in the improved and in $X.X prior a the compensation year cost-cutting non-GAAP other million taken fourth with
$X.X million $X.X for For $X.X for total sales $X.X sales commercial XX.X% of total million of or sales net market million compared or $X of million net compared for from total total with XXXX. net for for and XXXX XXXX. the sales XXXX sales Net net XX.X% from compared military XX.X% $X.X full sales with products maritime were million XX.X% or were XXXX. million of were XXXX for Net with products year, or sales
value recognized margin year XXXX on X.X% sales. focus in fixed or of We net were with identified year net the $X.X carried disposed selling net gross loss to better unfavorable XXXX. Adjusted X.X% of and net all of hand. current Gross position $X.X margin to negative $X.X usage full $X.X or and company compared included for gross and a growth. million unfavorable million was assets negative reduced due XXXX adjustments or on to XX.X% that or of XXXX costs the was of future labor higher profit million to of prior reviewed sales loss and X.X% for for XX.X% for reserve variances variable the price priced reflect and higher value, compared for and inventory inventory sales of from fair Gross any sales want or XX% materials million
per for compared recorded $X.X stock our and This for compares And loss other was common diluted relating for $X.X with share net for Protection employee of XXXX, net non-cash income of per and of an the pretax from XXXX. $X.X stock loan diluted loss forgiveness $X.XX inclusive to Program Operating $X.XX of common of with the $X.X share credit. million basic million XXXX or gains retention of Paycheck basic of loss was or tax million and operating XXXX. million $XX.X million loss
a million of to loss compared with as reductions lower sales due loss was $X.X million a to with for compared XXXX $X.X primarily goods of EBITDA cost margin adjusted XXXX. loss EBITDA for of XXXX increased The sold. in Adjusted XXXX and from higher gross
December to balance compared the like as sheet. of to $XX,XXX turn XX, million I’d Now as $X.X XX, XXXX. as Cash was XXXX, December to of
of million This consisted $X.X raise we $XXX,XXX, under XXXX. cash total of our equity its balances. XX, company and XX, which of had of an as of as of XXXX, availability Recall, compares XXXX $XX,XXX December the of of end credit just the As $XX,XXX December December availability completed in total of and had reflected cash availability at facilities. availability borrowing additional to
availability Excess cash facilities facilities. to net simply is time, total reminder, is difference measurement the even a access point the capacity non-GAAP availability the maximum and credit much any metric of than As the looking at a on in at under borrowing actual relevant our cash borrowing credit or we and believe between given the debt balance a of sheet. balance on facilities represents borrowings our the our credit more these
third under was XXXX at million the fourth the of at availability of XXXX quarter the fourth XXXX. excess $XX,XXX quarter The $XXX,XXX the the at end end our credit quarter $X.X the end and of and facilities
working attributable was cash of $X.X cash capital loss company of used During a $XXX,XXX, and the in activities. of XXXX, of activities a fourth in net million quarter $XX,XXX which while cash to million source cash investing the in was $X.X financing cash from used was by generated million, offset operations but operations of used that from $X.X
over XXXX, $X.X net as $X.X Our XXXX. of XX, balance of inventory XX, December million decreased December million
With that, like call the we open to to would questions.
