NEW YORK--(BUSINESS WIRE)--Piper Sandler Companies (NYSE: PIPR), a leading investment bank, is pleased to announce the addition of Rob Sternthal as a managing director within the energy and power investment banking group. He will be based in the firm’s New York office.

Sternthal joins Piper Sandler with more than 20 years of investment banking experience. Prior to joining the firm, he was the head of the North American renewable energy and infrastructure practice at Rubicon Capital Advisors. Prior to that, Sternthal was the founder and president of CohnReznick Capital Markets and worked in various senior roles at Credit Suisse in Tokyo and New York, including as head of structured finance and securitization. Prior to his investment banking career, Sternthal was an attorney at Milbank LLP and a staff attorney at the U.S. Securities and Exchange Commission (SEC). Sternthal received a bachelor’s degree in economics and French, with honors, from Emory University and a Juris Doctorate, cum laude, from the Temple University School of Law. He received a Nambu scholarship to study law in Japan and speaks Japanese as well as Spanish.

“Rob’s relevant expertise and years of experience will bring immediate value to our clients,” said Spencer Rippstein, co-head of energy and power investment banking at Piper Sandler. “We are excited about the continued expansion of our team in the renewables space, and we look forward to establishing an energy and power investment banking presence in New York.”

For over 15 years, the energy and power investment banking group has served a range of renewable energy companies, including technology and service providers focused on the sustainable creation, harnessing and transmission of energy. The firm is committed to delivering exceptional client services in M&A advisory, capital markets execution, institutional sales and investment research within this growing sector.

ABOUT PIPER SANDLER

Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates.

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Pamela Steensland
Tel: 612 303-8185
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SANTA CLARITA, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC), an independent oil and natural gas exploration and production company, today reported first quarter 2021 operational and financial results.

“CRC delivered on its strategy with strong first quarter results while maintaining solid environmental and safety records,” said Mac McFarland, President and Chief Executive Officer. "Given the positive first quarter results, supported by the previously announced capital structure simplification through a senior debt offering and the recent amendment to our Revolving Credit Facility, CRC’s Board of Directors authorized a $150 million Share Repurchase Program. This promising step underpins our robust financial fundamentals which are further strengthened by CRC's 2021 projected free cash flow¹. As CRC is tracking to the high end of 2021 free cash flow¹ guidance, we will look for additional ways to return capital to our shareholders as the year progresses.”

First Quarter 2021 Highlights

Financial

• Reported a net loss attributable to common stock of $94 million, or $1.13 per diluted share. Adjusted net income¹ was $102 million, or $1.22 per diluted share
• Generated adjusted EBITDAX¹ of $189 million and free cash flow¹ of $120 million
• Reaffirmed 2021 free cash flow¹ guidance and optimized CRC investment dollars by shifting $15 million from drilling and completions to downhole maintenance projects which provide efficiencies and faster payouts
• Closed the quarter with $130 million of cash on hand, an undrawn credit facility and $545 million of liquidity²
• Simplified CRC's capital structure with a senior unsecured $600 million debt offering
• Subsequent to quarter end, signed an amendment to its Revolving Credit Facility which provides CRC with additional strategic flexibility with regard to returning capital to shareholders and to future hedging levels, and completed the borrowing base review which set the borrowing base at $1.2 billion
• Quarterly operating costs were $164 million and general and administrative (G&A) expenses were $48 million, a reduction of 15% and 20%, respectively, as compared to 1Q20
• Generated net cash provided by operating activities of $147 million with quarterly capital expenditures of $27 million

Operational

• Produced an average of 99,000 net barrels of oil equivalent (BOE) per day, including 60,000 barrels per day of oil
• Maintained industry leading HSE standards
• Operated one drilling rig in the San Joaquin Basin; operated 30 maintenance rigs; drilled 17 wells (15 online in 1Q21, final two online in 2Q21); and completed 40 capital workovers

2021 Guidance

Given the strength of the first quarter results, CRC reaffirmed previously issued 2021 free cash flow¹ guidance of $250 to $350 million and it sees 2021 free cash flow¹ trending towards the high end of the stated guidance range. Recognizing capital efficiency improvements and faster payouts on downhole maintenance projects, CRC revised its operating and capital guidance by shifting $15 million of drilling and completions capital to these opportunities. CRC made $27 million of capital investments in the first quarter of 2021. The current capital program anticipates CRC to gradually increase quarterly investment throughout the year if the commodity environment continues to strengthen. If commodity prices decline significantly from current levels, CRC may need to adjust its capital program in response to market conditions. The Company's capital program will be dynamic in response to oil market volatility while focusing on maintaining its oil production, strong liquidity and maximizing its free cash flow.

Initiating a Share Repurchase Program

In May 2021, CRC's Board of Directors authorized a Share Repurchase Program (SRP) to acquire up to $150 million of CRC's common stock through March 31, 2022. The repurchases may be affected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market conditions. The SRP does not obligate CRC to repurchase any dollar amount or number of shares and CRC's Board of Directors may modify, suspend, or discontinue authorization of the program at any time. The Share Repurchase Program expires on March 31, 2022.

Sustainability Update

CRC remains dedicated to environmental stewardship and will continue to deliver on its 2030 Sustainability Goals. Given significant progress on CRC's Water and Methane goals, management and the Board are reviewing the current ESG initiatives to enhance them with a strengthened decarbonization strategy. This review will focus particularly on actionable energy transition opportunities including carbon capture, utilization and storage (CCUS), solar power and other renewable projects. The Company expects to provide additional details about this approach next quarter.

Underscoring CRC’s commitment to safe and responsible production, the Company’s ESG performance and progress on its 2030 Sustainability Goals, which align with California’s climate goals toward carbon neutrality in accordance with the Paris Climate Accord, are directly tied to the performance-based compensation of its executives, senior managers and employees. The Board, through its Operations and Sustainability Committee, will continue to highlight, monitor and provide guidance to CRC's efforts to serve as a responsible steward of California’s natural resources, safeguard people and the environment, and advance California’s long-term goals.

Fresh Start Accounting and Predecessor and Successor Periods

Upon emergence from Chapter 11 bankruptcy proceedings on October 27, 2020, CRC adopted and applied fresh start accounting at which point we became a new entity for financial reporting purposes. We adopted an accounting convenience date of October 31, 2020 for the application of fresh start accounting. As a result of the application of fresh start accounting and the effects of the implementation of the plan of reorganization, the financial statements after October 31, 2020 may not be comparable to the financial statements prior to that date. References to "Predecessor” refer to the Company for periods ended on or prior to October 31, 2020 and references to “Successor” refer to the Company for periods subsequent to October 31, 2020.

First Quarter 2021 Results

Review of Operating and Financial Results

Total daily net production volumes decreased 18% from 121,000 BOE per day for the first quarter of 2020 to 99,000 BOE per day for the first quarter of 2021. The decrease from the same period in 2020 was primarily due to limited drilling activity and capital investment during the prior twelve months. Production was also negatively impacted by approximately 1,000 BOE per day in the first quarter of 2021 due to downtime at one of CRC's gas processing plants. Production sharing type contracts (PSC-type) at CRC's Long Beach assets negatively impacted oil production by approximately 2,600 BOE per day in the first quarter of 2021 compared to the same prior-year period. CRC's total daily production decreased by approximately 15% compared to the same period in 2020 after excluding the impact of PSC-type contracts and unscheduled downtime at one of its gas processing plants. See Attachment 3 for further information on production.

Realized oil prices, including the effect of settled hedges, decreased by $1.77 per barrel from $55.50 per barrel in the first quarter of 2020 to $53.73 per barrel in the first quarter of 2021. Realized oil prices were lower in the first quarter of 2021 compared to the same prior-year period primarily due to settlement payments on commodity contracts, compared to receipts from commodity contracts in the first quarter of 2020, despite an increase in benchmark prices between comparative periods. See Attachment 4 for further information on prices.

Adjusted EBITDAX¹ for the first quarter of 2021 was $189 million and net cash provided by operating activities was $147 million. Internally funded capital invested during the first quarter of 2021 was $27 million. Free cash flow¹ was $120 million. CRC’s adjusted EBITDAX¹ is not reduced by the one-time restructuring charge of $14 million related to its workforce reductions during the three months ended March 31, 2021.

Operating costs for the first quarter of 2021 were $164 million, compared to $192 million for the first quarter of 2020. The decrease was primarily attributable to efficiencies and streamlining of CRC's operations, including headcount reductions in the second half of 2020 and in the first quarter of 2021. Operating costs per BOE are presented below:

G&A expenses were $48 million for the first quarter of 2021, compared to $60 million in the same prior-year period. The decrease in G&A expenses resulted from efficiencies and streamlining of CRC's operations, including a $7 million decrease in employee related expenses as a result of workforce reductions. We expect CRC's quarterly G&A expenses to modestly trend down throughout the year from current levels.

CRC reported taxes other than on income of $40 million for the first quarter of 2021, compared to $41 million for the same prior-year period. Exploration expense was $2 million for the first quarter of 2021 and $5 million in the first quarter of 2020.

Balance Sheet and Liquidity Update

In January 2021, CRC further simplified its balance sheet by completing an offering of $600 million in aggregate principal amount of its 7.125% senior unsecured notes due 2026. The net proceeds of $588 million, after $12 million of debt issuance costs, were used to repay in full CRC's Second Lien Term Loan and EHP Notes. The remaining proceeds were used to pay down substantially all of CRC's then outstanding Revolving Credit Facility.

CRC's aggregate commitment of $540 million as of March 31, 2021 was automatically reduced to $492 million in April 2021 pursuant to the terms of CRC's Revolving Credit Facility. The borrowing base for the Revolving Credit Facility is redetermined around April and October of each year and was most recently set at $1.2 billion in May 2021. The amount CRC is able to borrow under the Revolving Credit Facility is limited to the amount of the commitment described above.

In May 2021, CRC amended its Revolving Credit Facility to provide further strategic flexibility with respect to CRC's minimum and maximum hedging restrictions and to increase CRC's capacity to make certain restricted payments, including paying dividends on its common stock and repurchasing its common stock.

Based on the timing of anticipated cash distributions to Benefit Street Partners (BSP) at current commodity prices, CRC believes the preferred interest held by BSP in its development joint venture could be automatically redeemed early in the fourth quarter of 2021.

Operational Update

During the first quarter of 2021, CRC operated one drilling rig in the San Joaquin Basin, drilled 17 net wells, 15 of which were brought online, and completed 40 capital workovers. Subsequent to the end of the first quarter, CRC added a second drilling rig and increased its maintenance rigs to 38. The San Joaquin basin produced 73,000 net BOE per day. The Los Angeles basin produced 20,000 net BOE per day, the Ventura basin produced 3,000 net BOE per day and the Sacramento basin produced 3,000 net BOE per day.

Organization Changes

In connection with CRC's emergence from bankruptcy, its Board of Directors was reconstituted in October 2020. On December 31, 2020, CRC's former President, Chief Executive Officer and director Todd A. Stevens departed and Mark A. (Mac) McFarland was appointed as interim Chief Executive Officer in addition to his role as Chair of CRC's Board of Directors. On March 22, 2021, the Board of Directors appointed Mr. McFarland as President and Chief Executive Officer on a permanent basis. On April 15, 2021, Tiffany (TJ) Thom Cepak replaced Mr. McFarland as the Chair of CRC's Board of Directors. Mr. McFarland will continue to serve as a director.

On April 30, 2021, Noelle M. Repetti was appointed Principal Accounting Officer. Mrs. Repetti joined CRC in 2014 as Vice President – Tax, and she assumed additional duties and was appointed Vice President and Controller in August 2017. On May 1, 2021, Jay Bys was appointed Chief Commercial Officer responsible for CRC's marketing and trading operations. Mr. Bys has nearly 30 years of experience across various segments of the energy industry in senior management roles. He will oversee the integration of CRC's renewable energy efforts.

Conference Call Details

To participate in the conference call scheduled for later today at 11:00 a.m. Eastern Time, please dial (877) 328-5505 (International calls please dial +1 (412) 317-5421) or access via webcast at www.crc.com 15 minutes prior to the scheduled start time to register. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10153648/e58af1b180. A digital replay of the conference call will be archived for approximately 90 days and supplemental slides for the conference call will be available online in the Investor Relations section of www.crc.com.

¹ See Attachment 2 for the non-GAAP financial measures of adjusted EBITDAX, operating costs per BOE (excluding effects of PSC-type contracts), adjusted net income (loss) and free cash flow, including reconciliations to their most directly comparable GAAP measure, where applicable.
² Calculated as $130 million of cash plus $540 million of capacity on CRC's Revolving Credit Facility less $125 million in letters of credit.

About California Resources Corporation

California Resources Corporation (CRC) is an independent oil and natural gas exploration and production company, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, CRC focuses on safely and responsibly supplying affordable energy.

Forward-Looking Statements

The information included herein contains forward-looking statements that involve risks and uncertainties that could materially affect CRC's expected results of operations, liquidity, cash flows and business prospects. Such statements include those regarding CRC's expectations as to its future:

• financial position, liquidity, cash flows and results of operations
• business prospects
• transactions and projects
• operating costs and general and administrative expenses
• operations and operational results including production, hedging and capital investment
• budgets and maintenance capital requirements
• reserves
• type curves
• expected synergies from acquisitions and joint ventures

Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. While CRC believes assumptions or bases underlying its expectations are reasonable and make them in good faith, they almost always vary from actual results, sometimes materially. CRC also believes third-party statements it cites are accurate but have not independently verified them and do not warrant their accuracy or completeness. Factors (but not necessarily all the factors) that could cause results to differ include:

• CRC's ability to execute its business plan post-emergence
• the volatility of commodity prices and the potential for sustained low oil, natural gas and natural gas liquids prices
• impact of CRC's recent emergence from bankruptcy on its business and relationships
• debt limitations on CRC's financial flexibility
• insufficient cash flow to fund planned investments, interest payments on CRC's debt, debt repurchases or changes to CRC's capital plan
• insufficient capital or liquidity, including as a result of lender restrictions, unavailability of capital markets or inability to attract potential investors
• limitations on transportation or storage capacity and the need to shut-in wells
• inability to enter into desirable transactions including acquisitions, asset sales and joint ventures
• CRC's ability to utilize its net operating loss carryforwards to reduce its income tax obligations
• legislative or regulatory changes, including those related to drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases (GHGs) or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of CRC products
• joint ventures and acquisitions and CRC's ability to achieve expected synergies
• the recoverability of resources and unexpected geologic conditions
• incorrect estimates of reserves and related future cash flows and the inability to replace reserves
• changes in business strategy
• production-sharing contracts' effects on production and unit operating costs
• the effect of CRC's stock price on costs associated with incentive compensation
• effects of hedging transactions
• equipment, service or labor price inflation or unavailability
• availability or timing of, or conditions imposed on, permits and approvals
• lower-than-expected production, reserves or resources from development projects, joint ventures or acquisitions, or higher-than-expected decline rates
• disruptions due to accidents, mechanical failures, power outages, transportation or storage constraints, natural disasters, labor difficulties, cyber attacks or other catastrophic events
• pandemics, epidemics, outbreaks, or other public health events, such as the COVID-19
• factors discussed in Item 1A, Risk Factors in CRC's Annual Report on Form 10-K available at www.crc.com.

Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "goal," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "target, "will" or "would" and similar words that reflect the prospective nature of events or outcomes typically identify forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Joanna Park (Investor Relations)
818-661-3731
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Richard Venn (Media)
818-661-6014
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Company’s new consequence-based cybersecurity risk screening methodology to aid industrial organizations in determining the need for a detailed cybersecurity risk assessment.

GREENVILLE, S.C.--(BUSINESS WIRE)--#IT--aeCyberSolutions, the Industrial Cybersecurity division of aeSolutions, announces ICS Cybersecurity Risk Screening, a new service to assist industrial organizations in gaining a high-level understanding of the worst-case risk to operations should their industrial control systems (ICSs) be compromised. Utilizing a consequence-based, initial cybersecurity risk screening methodology, the results expose the potential magnitude of cyber risk to operations, assists with the prioritization of detailed risk assessments, facilitates the grouping of assets into zones and conduits, and helps management allocate budgets and resources appropriately.

“Process safety studies typically do not take cyber threats and impacts into account, and that leaves management with a blind spot in not fully being informed on the risk to operations,” said John Cusimano, Vice President of aeCyberSolutions. “Our new screening service leverages existing process safety hazard studies, if available, or helps to generate realistic operational consequence scenarios. These scenarios provide a proven starting point for cyber process hazards analysis (CyberPHA) and ensure compliance with industry standards and best practices.”

aeCyberSolutions’ Cybersecurity PHA Risk Screening is performed following the ISA/IEC 62443-3-2 initial risk assessment requirement (ZCR 2) and identifies the cyber-vulnerable risk scenarios found in an existing process safety study such as a PHA, layer of protection analysis (LOPA), or hazard and operability study (HAZOP). The study’s original risk ranking is adjusted to show the modified risk should the industrial control system or safety instrumented system (SIS) be compromised due to a cybersecurity threat. This provides organizations with the information they need to determine if additional safeguards are required or if a detailed ICS cyber risk assessment, such as an aeCyberPHA®, is warranted to study the specific vulnerabilities and cybersecurity countermeasures (e.g., network segmentation, access controls, etc.) in IT and OT systems and networks.

Individuals interested in learning more about aeCyberSolutions Cybersecurity PHA Risk Screening service are invited to register to attend the company’s upcoming webinar scheduled for May 26 at 2 p.m. ET. To register, visit https://www.aesolutions.com/event-details/cyberpha-risk-screening/form

About aeCyberSolutions™

aeCyberSolutions, the Industrial Cybersecurity division of aeSolutions, exclusively provides industrial cybersecurity services including risk assessments, program development, implementation, support, and training to clients in oil and gas, chemicals, maritime, water, industrial gases, and other process industries. A leader in the intersection of cybersecurity and process safety, aeCyberSolutions helps clients identify and address cybersecurity risks in a manner that is consistent with the engineering methods already in place for process safety risk management. They do so by leveraging existing information and practices while presenting a single, consistent expression of risk to senior management. The aeCyberSolutions team is exclusively staffed with personnel who have strong industrial automation backgrounds and general IT and IT security backgrounds and credentials. This combination of IT and Operational Technology (OT) expertise is essential for working in the field of industrial cybersecurity. aeCyberSolutions is based in Greenville, SC. For more information, visit www.aeCyberSolutions.com, or follow @aesolns.

Kari Walker for aeCyberSolutions
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@KariWalkerPR

Elevating sustainability to drive the corporate strategy

HOUSTON--(BUSINESS WIRE)--Schlumberger announced today the appointment of Dr. Katharina Beumelburg to the position of Chief Strategy and Sustainability Officer, Schlumberger Limited, reporting to Olivier Le Peuch, Chief Executive Officer. The appointment is effective Monday, May 17.

As a member of the executive team, Dr. Beumelburg will oversee corporate strategy, sustainability, marketing and communications activities across the Company.

Dr. Beumelburg joins Schlumberger from a global technology company, Siemens, where she has held various leadership positions including strategy development incorporating sustainability; management consulting; business excellence; and operations management. In her most recent position, she led the global Transmission Services business.

“I am delighted to welcome Katharina to the Schlumberger team at a pivotal time for the company, the energy industry and our planet. Sustainability is increasingly core to our performance strategy, through which we will realize our vision,” said Olivier Le Peuch, Chief Executive Officer. “Katharina’s impressive experience and expertise acquired over more than 20 years will help us elevate our sustainability agenda and fully integrate it into our corporate strategy, ensuring we enable our customers’ success.”

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
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SAN ANTONIO--(BUSINESS WIRE)--Howard Energy Partners (HEP) today announced that it has executed long-term agreements with Diamond Green Diesel (DGD), a 50/50 joint venture between Valero Energy Corporation (NYSE: VLO) and Darling Ingredients Inc. (NYSE:DAR), and plans to significantly expand its Port Arthur, Texas terminal facilities to support DGD’s recently announced plant, a 470-million-gallon-per-year renewable diesel production facility to be located at Valero’s Port Arthur refinery. Engineering, permitting, and construction on HEP’s Port Arthur facility expansion has begun, with an in-service date coinciding with the startup of DGD’s new plant.

HEP will provide DGD with logistic solutions for renewable diesel feedstock and finished product through the construction of 575,000 barrels of tank storage, three pipelines and associated connections to Valero’s Port Arthur refinery, seven miles of rail track and associated rail unloading/loading facilities, truck unloading facilities, and a Panamax-class-capable deep-water dock. The new facilities are being designed to handle multiple products and have additional capacity for third-party shippers.

Once this expansion is complete, HEP’s Port Arthur facility will consist of 1.9 million barrels of refined product storage capacity, 16 miles of rail track with unit train and manifest service from two railroads, three barge docks, two ship docks, and pipeline connectivity to local refiners and major refined product distribution hubs.

“We are excited to work with both Valero and Darling to support their new renewable diesel production facility and help bring this sustainable, clean-burning fuel to market,” said Rod Pullen, Vice President of Business Development and Asset Optimization for HEP. “This significant expansion of our strategically located Port Arthur terminal illustrates the facility’s extensive footprint and capacity to grow and meet the needs of moving feedstock and refined products throughout the Gulf Coast market. We look forward to additional future development, continuing our commitment to building infrastructure projects that bring long-term and repeatable value to our investors.”

"Howard Energy Partners’ long-term contract with Diamond Green Diesel provides DGD with a competitive advantage in the production and distribution of renewable diesel around the world,” said John Bullock, Executive Vice President, Chief Strategy Officer for Darling Ingredients. "We firmly believe the greater the flexibility of your supply chain, the better you can react to the changing dynamics, as the demand for renewable diesel continues to strengthen. We believe this agreement significantly enhances our raw material sourcing of feedstock as well as provides for better finished product marketing and distribution when the DGD Port Arthur facility commences production in the second half of 2023. We are fortunate to have a growth-oriented company like HEP in Port Arthur to team up with on this project and we look forward to our long-term relationship.”

About Howard Energy Partners

San Antonio-based Howard Midstream Energy Partners, LLC d/b/a Howard Energy Partners is an independent midstream energy company, owning and operating natural gas and crude oil gathering and transportation pipelines, natural gas processing plants, liquid storage terminals, deep-water dock and terminal facilities, rail, terminal and transloading facilities and other related midstream assets in Texas, New Mexico, Oklahoma, Pennsylvania and Mexico. The company has corporate offices in San Antonio, Houston and Monterrey, Mexico. For more information on Howard Energy Partners, please visit our website www.howardenergypartners.com.

About Diamond Green Diesel

DGD is a leader in producing a clean-burning, renewable diesel to meet the growing demand for renewable fuels. Renewable diesel is made from responsible and sustainable feedstock, such as used cooking oil, rendered animal fats and inedible corn oil. Renewable diesel is chemically identical to standard diesel and is 100% compatible with existing engines and infrastructure. More information can be found here.

Meggan Morrison
Redbird Communications Group
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EUGENE, Ore.--(BUSINESS WIRE)--Arcimoto, Inc.® (NASDAQ: FUV), makers of fun, affordable, and ultra-efficient electric vehicles for everyday drivers and fleets, today announced its participation in the virtual Benzinga Global Small Cap Conference being held May 13-14, 2021.

Arcimoto Founder and CEO Mark Frohnmayer will present at 2:45 p.m. ET on Friday, May 14, in Track 1: Disruptive Innovation. Investors may register for the conference at the event website and Mr. Frohnmayer’s presentation may be viewed live on the Benzinga YouTube channel.

Mr. Frohnmayer commented, “We believe Arcimoto’s EV platform will unite emergent vehicle technologies that together will yield a truly sustainable transportation system: ultra-efficient, pure-electric, rightsized, autonomous vehicles that will revitalize our urban centers by eliminating congestion, carbon emissions and our reliance on imported fossil fuels. I look forward to sharing our latest updates on our incredibly fun lineup of vehicles with investors on May 14.”

About Arcimoto, Inc.

Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers in California, Oregon, Washington, and Florida, the Arcimoto FUV® is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, the Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Two additional concept prototypes built on the versatile Arcimoto platform are currently in development: the Cameo™, aimed at the film and influencer industry; and the Roadster, designed to be the ultimate on-road fun machine. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.

Public Relations Contact:
Megan Kathman
(651) 785-3212
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Project Seeks to Extract Rare Earths from Fossil Fuel Waste Streams to Diversify the Supply Base and Provide Economic Opportunity for Depressed Communities

MOUNTAIN PASS, Calif.--(BUSINESS WIRE)--$MP #criticalmaterials--MP Materials (NYSE: MP) today announced that it has received a $3 million award from the Department of Energy (DOE) to complete a feasibility study, in concert with the University of Kentucky (UK), on a system to produce rare earth oxides, metals, and other critical materials recovered from coal by-products. This project is enabled by a DOE exercised option of a previous MP Materials and UK conceptual study.

Pursuant to this project, MP Materials and UK will advance their design for a modular system to concentrate coal by-product locally, in Kentucky. The concentrate will then be delivered to Mountain Pass, where MP Materials will leverage its existing capabilities to refine and extract the individual rare earth elements from concentrate before reducing them to metal. The collaboration seeks to minimize the system’s capital and operating costs, as well as its environmental footprint, while maximizing economic opportunities for coal communities.

“The clean technologies powering the future depend on powerful rare earth magnets to turn energy into motion,” said Michael Rosenthal, Chief Operating Officer, MP Materials. “As the economy electrifies, achieving a sustainable means to extract critical materials from the by-products of fossil fuel extraction would diversify the supply base while providing valuable economic opportunity to communities across the country. We appreciate the support of the Department of Energy and the opportunity to collaborate with the world-class experts at the University of Kentucky as we work to advance this study.”

“We are grateful for the opportunity that this collaboration with MP Materials represents to make a strategic and environmental difference,” said Dr. Joshua Werner, Assistant Professor and UK principal investigator. “The significance of this work is the ability to partner with MP Materials and their deep expertise to provide a vertically-integrated, domestic rare earth supply chain to extract additional value from waste streams for the green revolution. This project is exciting because it combines elements of economic development in depressed communities with the potential for environmental justice by turning a potential liability into a valuable asset. This work is made possible by DOE funding and the pioneering efforts of researchers at UK.”

About MP Materials

MP Materials Corp. (NYSE: MP) is the largest producer of rare earth materials in the Western Hemisphere. With over 300 employees, the Company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility (“Mountain Pass”), an iconic American industrial asset, which is the only rare earth mining and processing site of scale in the Western Hemisphere and produced approximately 15% of the rare earth content consumed in the global market in 2020. Separated rare earth elements are critical inputs for the magnets that enable the mobility of electric vehicles, drones, defense systems, wind turbines, robotics and many other high-growth, advanced technologies. MP Materials’ integrated operations at Mountain Pass combine low production costs with high environmental standards, thereby restoring American leadership to a critical industry with a strong commitment to sustainability. More information is available at https://mpmaterials.com/

Join the MP Materials community on Twitter, Instagram and LinkedIn.

Media:
Matt Sloustcher
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Investors:
Martin Sheehan
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Elevating sustainability to drive the corporate strategy

HOUSTON--(BUSINESS WIRE)--Regulatory News:

Schlumberger announced today the appointment of Dr. Katharina Beumelburg to the position of Chief Strategy and Sustainability Officer, Schlumberger Limited, reporting to Olivier Le Peuch, Chief Executive Officer. The appointment is effective Monday, May 17.

As a member of the executive team, Dr. Beumelburg will oversee corporate strategy, sustainability, marketing and communications activities across the Company.

Dr. Beumelburg joins Schlumberger from a global technology company, Siemens, where she has held various leadership positions including strategy development incorporating sustainability; management consulting; business excellence; and operations management. In her most recent position, she led the global Transmission Services business.

“I am delighted to welcome Katharina to the Schlumberger team at a pivotal time for the company, the energy industry and our planet. Sustainability is increasingly core to our performance strategy, through which we will realize our vision,” said Olivier Le Peuch, Chief Executive Officer. “Katharina’s impressive experience and expertise acquired over more than 20 years will help us elevate our sustainability agenda and fully integrate it into our corporate strategy, ensuring we enable our customers’ success.”

About Schlumberger

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. Our people, representing over 160 nationalities, are providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry. With expertise in more than 120 countries, we collaborate to create technology that unlocks access to energy for the benefit of all.

Find out more at www.slb.com.

Media
Giles Powell – Director of Corporate Communication, Schlumberger Limited
Tel: +1 (713) 375-3494
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Investors
Ndubuisi Maduemezia – Vice President of Investor Relations, Schlumberger Limited
Tel: +1 (713) 375-3535
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Investor Conference Call at 4:30 PM ET

VISTA, Calif.--(BUSINESS WIRE)--$FLUX #GSE--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion industrial batteries for commercial and industrial equipment, today reported financial results for its third quarter of fiscal year 2021 (Q3’21).

Financial Highlights:

• Q3’21 revenue grew 38% to a record $7.0M compared to Q3’20 revenue of $5.1M.
• Q3’21 gross margin increased to 24.1% compared to 12.8% in Q3’20.

Strategic Highlights:

• Achieved 11^th consecutive quarter of year-over-year revenue growth.
• Received initial orders for two major new customers – a global packaging company and a paper & chemicals manufacturer/distributor.
• Continued progress on increasing gross margins.
• Launched the next-generation M24 lithium-ion battery pack for end riders and center riders, at the ProMatDX material handling tradeshow, with initial orders already received.

Q3’21 Financial Results

Revenue: Q3’21 revenue increased by 38% to $7.0M compared to $5.1M in Q3’20, driven by increases in sales of larger capacity product lines.

Gross Profit: Q3’21 gross profit improved by 158% to $1.7M compared to a gross profit of $649K in Q3’20, principally reflecting higher revenue and reduced material costs through volume purchasing.

Selling & Administrative: Expenses increased to $3.1M in Q3’21 from $2.6M in Q3’20, reflecting increases in personnel related expenses, insurance premiums, and freight expenses.

Research & Development: Expenses remained constant at $1.5M in Q3’21, compared to Q3’20, reflecting continued product development activities and product testing.

Net Loss: Q3’21 net loss decreased to $1.7M from a net loss of $4.0M in Q3’20, principally reflecting increased gross profit, other income due to PPP loan forgiveness, and decreased interest expense.

Balance Sheet: The balance sheet was strengthened during Q3’21 from conversion of all outstanding short-term debt of $2.4M during the quarter, resulting in the elimination of all debt. Further, $1.7M was raised under the ATM (At-the-Market) facility during Q3’21.

Fiscal Year 2021 Outlook

We anticipate that new customer acquisition will continue, supplementing continued orders from existing customers, with additional opportunities facilitated by the next-generation M24 lithium-ion battery pack for the high-volume end rider segment. The airport ground support equipment business is experiencing a resurgence following the COVID-19 impact.

We believe Flux Power is in a strong place to continue expansion to meet the demand for lithium-ion battery packs. However, supply chain challenges, both for semi-conductors, raw materials, and generic issues in ocean freight, present a risk to this growth, despite mitigation plans in place.

“We are excited by the initial customer reception of our next-generation M24 lithium-ion battery pack for the end rider and center rider market, which is a high-volume forklift sector,” CEO Ron Dutt stated. “We believe it’s a great addition to our full product lineup which provides a high value proposition to our customers with large material handling fleets.”

Conference Call

Management will hold a conference call today starting at 4:30 PM ET. Investors and analysts interested in joining the call are invited to dial (833) 428-8374 or (270) 240-0543. The conference ID is 7359227. A recording of the conference call will be uploaded to the Flux Power website once it is available.

About Flux Power Holdings, Inc. (www.fluxpower.com)

Flux Power designs, develops, manufactures, and sells advanced lithium-ion energy storage solutions for lift trucks, airport ground support equipment (GSE), stationary energy storage, and other industrial and commercial applications. Flux Power’s “LiFT Pack” battery packs, including its proprietary battery management system (BMS), provide its customers with a better performing, higher value, and more environmentally friendly alternative as compared to traditional lead acid and propane-based solutions.

Cautionary Statement Regarding Forward-Looking Statements

This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.

Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

Follow us at:
Blog: Flux Power Blog
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Twitter: @FLUXpwr
LinkedIn: Flux Power

Media & Investor Relations:
Justin Forbes
877-505-3589
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Projects to Expand Access to Clean Energy for Starbucks stores and up to 24,000 Households, Small Businesses, Churches, Non-Profits and Universities

SAN FRANCISCO--(BUSINESS WIRE)--Generate, a leading provider of sustainable infrastructure, announced today that it has put the first six of up to 23 New York State community solar projects into service under an innovative multi-year facility with Starbucks Coffee Company. The projects are expected to supply solar energy for local Starbucks stores and up to 24,000 households, small businesses, nonprofits, churches, universities and stores in multiple geographies, including those designated as under-served communities. In addition to clean energy, program participants will receive a discount to their current electricity rates under New York State’s Community Distributed Generation program, making clean energy access more affordable.

The solar projects will provide more than 119,885 MWhs of clean energy to Starbucks New York stores and the surrounding community annually, supporting Starbucks’ multi-decade commitment to becoming a resource-positive company by storing more carbon than it emits and reducing carbon by 50% by 2030. Starbucks has committed $97 million of tax equity to the community solar projects, in an innovative collaboration with Generate and Churchill Stateside Group.

“At Starbucks, our vision is to become resource positive, to give more than we take from the planet. People is what this climate crisis is all about and so we must focus on the people who are disproportionally impacted by climate change,” said Michael Kobori, chief sustainability officer, Starbucks. “That is why we go beyond simply powering our stores with green energy; we’re committed to supporting and strengthening underserved communities and using our scale for good to bring more clean power onto the grid.”

The projects represent some of the first community solar and storage projects in New York State’s fast-growing community solar market. Generate is a leading owner and operator of community solar and storage projects in New York State, with more than 182 MW of New York community solar projects owned or in construction. 38 Degrees North collaborated with Generate on the projects and financings.

Starbucks made the investment through a fund established by financial services company Churchill Stateside Group. Additionally, Starbucks is receiving renewable energy credits from the projects, which are expected to offset over 70% of Starbucks electricity usage within the state.

"Generate is thrilled to partner with Starbucks and Churchill on this unique multi-year financing facility that enables the continued deployment of distributed, affordable clean energy for New Yorkers,” said Peggy Flannery, Principal at Generate. “Community solar is a critical opportunity to democratize access to clean energy, and we are excited to work with such an innovative corporate partner, with our trusted developers and with our New York customers to bring this entire 90 MW portfolio into service.”

About 24 MW of the Starbucks-backed projects are now in service.

About Generate

Generate Capital, Inc. is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 35 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.

About Starbucks

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 32,000 stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com.

About Churchill Stateside Group

Churchill Stateside Group and its wholly owned affiliates (CSG) serve the affordable housing and renewable energy industries. CSG sponsors tax equity investment funds for institutional investors and provides a variety of construction and permanent financing solutions. CSG has long-standing and successful investment relationships with numerous Fortune 500 corporate investors, pension funds, and insurance companies. The company’s investor and developer clients benefit from our experienced staff, prominent and proactive senior leadership, and attractive debt and equity platforms. The company, through its subsidiary Churchill Mortgage Investment LLC, is an approved USDA Rural Development and HUD/FHA MAP and LEAN lender and Ginnie Mae Issuer. For more information, please visit www.CSGfirst.com.

About 38 Degrees North

38 Degrees North is an investment manager specializing in contracted renewable energy infrastructure with a primary focus on solar energy and battery storage. The managing partners have a track record of over 3GW of successful renewable energy project financings across a variety of asset classes. For more information, please visit www.38degreesn.com.

Emily Chasan
(415) 480-2914
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Despite Continued COVID-19 Impact, Company Targets Sequential Recovery and Growth Throughout 2021

Conference Call to be Held Today at 11 a.m. ET

SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, and who recently announced development of a range of UV-C disinfection (“UVCD”) products, today announced financial results for its first quarter ended March 31, 2021.

First Quarter 2021 and Subsequent Business Highlights:

• Net sales of $2.6 million, down 30.3% compared to the first quarter of 2020 and down 29.6% sequentially from the fourth quarter of 2020, reflecting fluctuations in timing of military orders and funding, and continued COVID-19-related challenges in the commercial sector
• Loss from operations of $2.3 million, compared to a loss from operations of $1.3 million in the first quarter of 2020 and sequentially to a loss from operations of $0.9 million in the fourth quarter of 2020
• Net loss of $1.6 million, or $(0.45) per basic and diluted share of common stock, compared to a net loss of $0.5 million, or $(0.18) per basic and diluted share of common stock, in the first quarter of 2020. Sequentially, the net loss increased by $1.7 million compared to net income of $0.1 million, or $0.01 per basic and diluted share of common stock, inclusive of a $1.2 million non-cash gain from the change in fair value of outstanding warrants, in the fourth quarter of 2020
• $0.8 million Paycheck Protection Program loan was forgiven in February 2021
• Cash of $0.5 million as of March 31, 2021, compared to $1.8 million as of December 31, 2020. Subsequent to the end of the quarter, the Company increased its inventory-based line of credit by $0.5 million and secured a net $1.5 million bridge loan, increasing overall liquidity

“On top of fluctuations in the timing of military orders and funding, first quarter results reflect the full impact of the pandemic on our commercial business as enterprise facilities remained well under-occupied and lighting retrofit budgets remained highly constrained during the quarter,” stated James Tu, Chairman and CEO of Energy Focus, Inc. “That said, over the past few weeks, we have begun to see initial signs of increasing project activities in the commercial sector, as retrofit budgets begin to loosen due to economy reopening in some parts of the country. Barring significant and unexpected delays in logistics or component delivery lead times, we are cautiously optimistic that the worst from the pandemic is now behind us, and we expect sequential top and bottom-line improvements in the second quarter and beyond.”

“Despite the past year’s unprecedented challenges in the lighting and retrofit industry, we are more excited than ever about the Company’s long-term prospects,” continued Mr. Tu. “Over the past year, we continued to invest in expanding our EnFocus^TM lighting control platform technologies, and we developed a comprehensive UV-C disinfection (UVCD) product portfolio that leverages our extensive know-how in lighting, as well as advanced technologies from our engineering development partners. We plan to launch next generation, award-winning EnFocus^TM products with occupancy sensing and autonomous circadian lighting for both commercial and residential applications in the second half of the year. Meanwhile, we just launched our pilot mUVeCrew^TM robotic disinfection services in the Cleveland area, and expect our nUVo^TM air disinfection devices to be available in the third quarter, including nUVo^TM Tower, a powerful disinfection device for large rooms and nUVo^TM Traveler, a tumbler-sized portable UV-C disinfection device that is ideal for automobiles and other personal spaces, as well as our abUV^TM modular UV-C disinfection and human-centric lighting fixture. We continue to expand our agency distribution and channel partner networks to market and distribute our LED lighting and upcoming UVCD products. As the economy starts to reopen more broadly and our new products enter the markets in the coming months, we look forward to helping businesses and homes elevate safety, health and sustainability performances through our advanced and impactful human-centric lighting products.”

First Quarter 2021 Financial Results:

Net sales were $2.6 million for the first quarter of 2021, compared to $3.8 million in the first quarter of 2020, a decrease of 30.3%. Net sales from commercial products were $0.9 million, or 34.6% of total net sales, for the first quarter of 2021, down from $1.7 million, or 45.9% of total net sales, in the first quarter of 2020, reflecting the impact of the COVID-19 pandemic and related and continued customer interruptions and project delays. Net sales from military maritime products were $1.7 million, or 65.4% of total net sales, for the first quarter of 2021, compared to $2.0 million, or 54.1% of total net sales, in the first quarter of 2020, primarily due to fluctuations in the timing of military orders and funding. Sequentially, net sales were down 29.6% compared to $3.7 million in the fourth quarter of 2020, reflecting primarily the timing fluctuations of military orders in addition to seasonal slowdowns in the military market, as well as the continued impact of the pandemic, particularly in the commercial market.

Gross profit was $0.6 million, or 21.0% of net sales, for the first quarter of 2021. This compares with gross profit of $1.0 million, or 27.3% of net sales, in the first quarter of 2020. Sequentially, this compares with gross profit of $1.4 million, or 38.3% of net sales, in the fourth quarter of 2020. Gross margin for the first quarter of 2021 was positively impacted by favorable price and usage variances for material and labor of $0.2 million and offset by unfavorable changes in inventory and warranty reserves of $0.1 million. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 24.3% for the first quarter of 2021, compared to 25.2% in the first quarter of 2020 and 27.7% in the fourth quarter of 2020, primarily being driven by product mix in the military maritime product sales during first quarter of 2021 as compared to the first and fourth quarters of 2020.

Operating loss was $2.3 million for the first quarter of 2021, compared to an operating loss of $1.3 million in the first quarter of 2020. Sequentially, this compares to an operating loss of $0.9 million in the fourth quarter of 2020. Net loss was $1.6 million, or $(0.45) per basic and diluted share of common stock, for the first quarter of 2021, compared with a net loss of $0.5 million, or $(0.18) per basic and diluted share of common stock, in the first quarter of 2020. Sequentially, this compares with net income of $0.1 million or $0.01 per basic and diluted share of common stock, in the fourth quarter of 2020, which was inclusive of a $1.2 million non-cash, pre-tax gain resulting from the revaluation of the warrant liability during the fourth quarter.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $2.0 million for the first quarter of 2021, compared with a loss of $1.1 million in the first quarter of 2020 and a loss of $0.8 million in the fourth quarter of 2020. The increased adjusted EBITDA loss from fourth quarter of 2020 and first quarter of 2020 was due to a combination of gross margin fluctuation and higher operating expenses due to our investment for future growth primarily in the areas of sales and engineering personnel.

Cash was $0.5 million as of March 31, 2021. This compares with $1.8 million as of December 31, 2020. As of March 31, 2021, the Company had total availability, as defined under “Non-GAAP Measures” below, of $1.2 million, which consisted of $0.5 million of cash and $0.7 million of additional borrowing availability under its credit facilities. This compares to total availability of $4.1 million as of March 31, 2020 and total availability of $3.5 million as of December 31, 2020.

Financings:

On February 11, 2021, the entire principal balance and interest of the Company’s Paycheck Protection Program (“PPP”) loan were forgiven, for approximately $0.8 million. The loan was originally issued to the Company in April 2020 pursuant to the PPP under Division A of the Coronavirus Aid, Relief and Economic Security Act. Subsequent to the end of the quarter, during April, the Company expanded its inventory line of credit by $0.5 million. The Company has two debt financing arrangements that mature on August 11, 2022, consisting of a two-year inventory financing facility for up to $3.5 million (following the increase), and a two-year receivables financing facility for up to $2.5 million. Subsequent to the end of the quarter, also during April, the Company secured a $1.5 million, net bridge loan on favorable terms.

Earnings Conference Call:

The Company will host a conference call and webcast today, May 13, 2021, at 11 a.m. ET to discuss the first quarter 2021 results, followed by a Q & A session.

You can access the live conference call by dialing the following phone numbers:

• Toll free 1-877-451-6152 or
• International 1-201-389-0879
• Conference ID# 13719505

The conference call will be simultaneously webcast. To listen to the webcast, log onto it at: http://public.viavid.com/index.php?id=144795. The webcast will be available at this link through May 28, 2021. Financial information presented on the call, including this earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com.

About Energy Focus

Energy Focus is an industry-leading innovator of sustainable LED lighting and lighting control technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus^TM lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. Our patent-pending UVCD technologies and products, announced in October 2020, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than 5,000,000 gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.

Forward-Looking Statements:

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) disruptions and a slowing in the U.S. and global economy and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their performance and cost compared to other products; (iii) our ability to extend our product portfolio into commercial services and consumer products; (iv) market acceptance of our LED lighting, control and UVCD technologies and products; (v) our need for additional financing in the near term to continue our operations; (vi) our ability to refinance or extend maturing debt on acceptable terms or at all; (vii) our ability to continue as a going concern for a reasonable period of time; (viii) our ability to implement plans to increase sales and control expenses; (ix) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (x) our ability to add new customers to reduce customer concentration; (xi) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality, and the impact of our fluctuating demand on the stability of such suppliers; (xii) our ability to timely and efficiently transport products from our third-party suppliers to our facility by ocean marine channels; (xiii) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (xiv) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (xv) our ability to compete effectively against companies with lower cost structures or greater resources, or more rapid development efforts, and new competitors in our target markets; (xvi) our ability to successfully scale our network of sales representatives, agents, and distributors to match the sales reach of larger, established competitors; (xvii) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xviii) the impact of any type of legal inquiry, claim or dispute; (xix) general economic conditions in the United States and in other markets in which we operate or secure products; (xx) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxi) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics or pandemics or other contagious outbreaks; (xxii) our ability to respond to new lighting technologies and market trends, and fulfill our warranty obligations with safe and reliable products; (xxiii) any delays we may encounter in making new products available or fulfilling customer specifications; (xxiv) any flaws or defects in our products or in the manner in which they are used or installed; (xxv) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims by others; (xxvi) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxvii) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxviii) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxix) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

The following table summarizes the computation of basic and diluted earnings per share:
(In thousands, except per share data)