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Noncompliance for continued has requirements, dark looming risk with been the few of delisting last cloud over the and a listing NASDAQ quarters. EFOI
might there been this direct today. a question call, last Although regarding have I this to speak on did want not the to
NASDAQ, before the with will and for I after $X.X in equity just balance first a continued As the disclosed improvements plan panel continued the laid sheet the we our request with conditionally listing. of earlier requirement. sharing listing condition April, the in the hearing The requirement month, granted have you appearance about of stockholder the meeting of an satisfy today spoken minimum a has had NASDAQ out results of NASDAQ we are million
of compliance compliance continued condition regain NASDAQ $X with bid listing minimum requirement. second plan, The price our to
on As June of we approval XX. reverse the stockholder have our statement, seek proxy Stockholders a of laid upcoming Meeting spread out we gain to XXXX Annual in stock at
to a you If the yes on are proposal. review vote encourage today, I and listening stockholder this you materials
We continue offers is requirements. the stockholders split NASDAQ's and the on us remaining listed believes compliance worthwhile that will NASDAQ our with to reverse enable believe liquidity of to regain
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efforts. is this quarter So renewed the those really sales beginning of
sellers XXXX, net of for sales approximately $XXX,XXX $XXX,XXX XX.X% of to commercial the selling our a on of in primarily results as were total million through on-hand EnFocus. sequential first prior sales Commercial over be while to products or as higher-margin we $X.X in inventory like in down quarter our increased of are the XXXX. our our first Sales compared products reflected Volatility strongest basis. quarter RedCap these quarter supply we proprietary rebuild chain of continued legacy and supply
execution in focus to the expected slowly has improve market strategy and on commercial primed position sales the started inventory. relationships our However, and for our
compared XXXX to quarter the the first $XX,XXX loss XXXX. profit gross in of of Gross first quarter of for $XX,XXX was
As mix a year-over-year quarter cost product compared as favorable of in year by The from in gross was impact well X.X% negative adjustments. driven inventory of primarily gross X.X% sales, margin the to of revenue, impairment XXXX. in first increase percentage as first the prior XXXX lower of quarter was the margin
of down poor of mix. by quarter margin and fourth product XXXX, margin gross negative significantly dragged volume a to the sales low quarter from compared prior XX.X% in As rebounded
Sequentially, in Adjusting the quarter gross realizable in-transit and project net inventory our margin a non-GAAP loss compared fourth of to to gross value quarter related margins write-offs the the and adjusted gross X% obsolete, compared XXXX. adjusted adjusted quarter of improved for loss and to for reduction in of the profit scrap X.X% of inventory gross XX.X% XXXX excess loss reserve XXXX. contributed of and profit an gross first first of to
in expenses. million Operating compared of expenses significantly XXXX to expenses of due primarily was in the The quarter SG&A million $X.X quarter decrease XXXX. were attributable payroll decreased to first $X.X and payroll-related lower to first the
the XXXX the operations $XXX,XXX the in prior Loss first also of over compared $X.X million, an from decreased prior to comparable quarter. as million. of loss quarter from Loss amount year increase was quarter operations $X.X
common of stock $X.XX net share for was loss million comparable $X.XX the a the per quarter compared XXXX or common $X.X quarter. of of of stock or Net loss $X.X per million share first year prior in as with
loss a $X.X incentive $X.X other and loss such million stock-based non-GAAP primarily The the compensation, in million depreciation of EBITDA, as of and/or and loss charges first improved was a significant expense, cost with Adjusted XXXX quarter of measure, quarter reductions. quarter XXXX. the a sources nonrecurring first interest of EBITDA for compensation XXXX of excludes of which to amortization, the from compared first income, adjusted due was
balance compared as I'd March was as XXXX, the December XXXX. to XX, of $XXX,XXX Now like as of $XX,XXX XX, turn to Cash to sheet.
$XXX,XXX, its $XXX,XXX had to of borrowing $XXX,XXX XX, $XXX,XXX total availability availability facility. of availability of as and December a credit XX, additional As which of total the of XXXX. XXXX, under of March consisted of This cash company compares
looking of or than reminder, time, is even net a any metric much in availability total sheet. more access a non-GAAP at and debt cash to measurement believe at relevant our balance on cash point a is simply balance we given the As
borrowings reduced quarter credit our under on $XXX,XXX of difference availability maximum facility agreed our represents to actual and the facilities During receivable the capacity and credit accounts facility. terminate between credit these the our borrowing maximum on our lending the facilities. with first to availability borrowing lender inventory the our of Excess XXXX, facilities receivables lending we
first $X.X sales. quarter During used in with grew cash million of the receivable was as operations accounts increased XXXX,
million levels to million were XXXX, of taken the of Net and reserve inventory in $X.X Our net obsolete as inventory through sold quarter XXXX, adjustments during of from not decreased significant due XX, XX, prior were that inventory. $X.X the periods. adjustments March balance on-hand excess December we at the reserve balance as
the just beginning Energy With that, a I the again, comments. will turnaround make a that for of closing are Once delivered few were results Focus. today
Although I new back our us, development there to journey a be done, is tremendous of next believe on amount I and work look product are you and our sales, innovation. behind still is hurdles focused that to with quarter. forward sharing this biggest team
to to With that, questions. Operator? the like we would call open
