We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Energous Corporation | NASDAQ:WATT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 3.77% | 1.10 | 1.07 | 1.12 | 1.12 | 1.0401 | 1.06 | 24,353 | 22:00:00 |
Energous Corporation (NASDAQ: WATT), a leading developer of RF-based charging for wireless power networks, today announced financial results for its second quarter ended June 30, 2023.
Unaudited 2023 Second-Quarter Financial Results
For the second quarter ended June 30, 2023, Energous reported:
Partnership Momentum
Company Highlights
“Energous’ solutions continue to gain traction in the IoT market with a growing roster of companies in several of our key verticals conducting proof-of-concept deployments,” said Cesar Johnston, CEO of Energous. “Our team is actively working with these customers to ensure seamless integration with their systems and optimizing operations to ensure our technology delivers tangible results. We look forward to these customers converting to full production contracts.”
2023 Second-Quarter Conference Call
Energous will host a conference call to discuss second-quarter financial results, recent progress and prospects for the future.
About Energous Corporation
Energous Corporation (NASDAQ: WATT) has been pioneering wireless charging over distance technology since 2012. Today, as the global leader in wireless charging over distance, its networks are safely and seamlessly powering its customers’ RF-based systems in a variety of industries, including retail, industrial, healthcare and more. Its total network solution is designed to support a variety of applications, including inventory and asset tracking, smart manufacturing, electronic shelf labels, IoT sensors, digital supply chain management, inventory management, loss prevention, patient/people tracking and sustainability initiatives. The number of industries and applications it serves is rapidly growing as it works to support the next generation of the IoT ecosystem.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements may describe our future plans and expectations and are based on the current beliefs, expectations and assumptions of Energous. These statements generally use terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or similar terms. Examples of forward-looking statements in this release include but are not limited to statements about our financial results and projections, statements about the success of our collaborations with our partners, statements about any governmental approvals we may need to operate our business, statements about our technology and its expected functionality, and statements with respect to expected company growth. Factors that could cause actual results to differ from current expectations include: uncertain timing of necessary regulatory approvals; timing of customer product development and market success of customer products; our dependence on distribution partners; and intense industry competition. We urge you to consider those factors, and the other risks and uncertainties described in our most recent annual report on Form 10-K as filed with the Securities and Exchange Commission (SEC), any subsequently filed quarterly reports on Form 10-Q as well as in other documents that may have been subsequently filed by Energous, from time to time, with the SEC, in evaluating our forward-looking statements. In addition, any forward-looking statements represent Energous’ views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Energous does not assume any obligation to update any forward-looking statements unless required by law.
Non-GAAP Financial Measures
We have provided in this release financial information that has not been prepared in accordance with accounting standards generally accepted in the United States of America (“GAAP”). We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below.
Our reported results include certain non-GAAP financial measures, including non-GAAP net loss, non-GAAP costs and expenses, non-GAAP sales, marketing, general and administrative expenses (SG&A) and non-GAAP research and development expenses (R&D). Non-GAAP net loss excludes depreciation and amortization, stock-based compensation expense, severance expense, offering expenses relating to warrant liability and change in fair value of warrant liability. Non-GAAP costs and expenses excludes depreciation and amortization, stock-based compensation expense and severance expense. Non-GAAP SG&A excludes depreciation and amortization and stock-based compensation expense. Non-GAAP R&D excludes depreciation and amortization and stock-based compensation expense. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.
Energous Corporation
BALANCE SHEETS
(Unaudited)
As of
June 30, 2023
December 31, 2022
ASSETS
Current assets: Cash and cash equivalents$
19,959,768
$
26,287,293
Accounts receivable, net
168,084
143,353
Inventory
176,786
105,821
Prepaid expenses and other current assets
1,251,839
827,551
Total current assets
21,556,477
27,364,018
Property and equipment, net
389,659
429,035
Right-of-use lease asset
1,595,869
1,959,869
Total assets
$
23,542,005
$
29,752,922
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable$
1,053,204
$
900,765
Accrued expenses
1,462,742
1,790,414
Accrued severance
215,442
416,516
Warranty liability
1,238,000
-
Operating lease liabilities, current portion
699,673
705,894
Deferred revenue
58,091
29,727
Total current liabilities
4,727,152
3,843,316
Operating lease liabilities, long-term portion
915,854
1,264,131
Total liabilities
5,643,006
5,107,447
Stockholders’ equity: Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at June 30, 2023 and December 31, 2022; no shares issued or outstanding at June 30, 2023 and December 31, 2022
-
-
Common Stock, $0.00001 par value, 200,000,000 shares authorized at June 30, 2023 and December 31, 2022; 92,040,276 and 78,944,954 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively.
921
789
Additional paid-in capital
391,221,050
387,319,985
Accumulated deficit
(373,322,972
)
(362,675,299
)
Total stockholders’ equity
17,898,999
24,645,475
Total liabilities and stockholders’ equity
$
23,542,005
$
29,752,922
Energous Corporation
STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2023
2022
2023
2022
Revenue$
117,133
$
232,971
$
213,809
$
448,932
Costs and expenses: Cost of revenue
82,818
271,384
221,631
474,633
Research and development
2,880,132
3,209,910
5,958,656
6,737,056
Sales and marketing
1,088,084
1,158,092
2,300,022
2,771,682
General and administrative
2,103,971
2,024,939
4,065,431
4,052,459
Severance expense
90,310
633,444
90,310
633,444
Total costs and expenses
6,245,315
7,297,769
12,636,050
14,669,274
Loss from operations
(6,128,182
)
(7,064,798
)
(12,422,241
)
(14,220,342
)
Other income (expense): Offering costs related to warrant liability
-
-
(591,670
)
-
Change in fair value of warrant liability
1,897,000
-
1,897,000
-
Interest income
236,016
47,049
469,238
49,875
Total other income (expense)
2,133,016
47,049
1,774,568
49,875
Net loss
$
(3,995,166
)
$
(7,017,749
)
$
(10,647,673
)
$
(14,170,467
)
Basic and diluted net loss per common share$
(0.04
)
$
(0.09
)
$
(0.12
)
$
(0.18
)
Weighted average shares outstanding, basic and diluted
91,241,080
77,125,105
86,351,876
77,028,549
Energous Corporation
Reconciliation of Non-GAAP Information
(Unaudited)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2023
2022
2023
2022
Net loss (GAAP)$
(3,995,166
)
$
(7,017,749
)
$
(10,647,673
)
$
(14,170,467
)
Add (subtract) the following items: Depreciation and amortization
44,533
57,192
90,330
127,311
Stock-based compensation
503,893
576,125
1,025,970
1,373,031
Severance expense *
90,310
633,444
90,310
633,444
Offering costs related to warrant liability
-
-
591,670
-
Change in fair value of warrant liability
(1,897,000
)
-
(1,897,000
)
-
Adjusted net non-GAAP loss
$
(5,253,430
)
$
(5,750,988
)
$
(10,746,393
)
$
(12,036,681
)
* Note: Severance expense includes $87,662 in stock-based compensation Total costs and expenses (GAAP)$
6,245,315
$
7,297,769
$
12,636,050
$
14,669,274
Subtract the following items: Depreciation and amortization
(44,533
)
(57,192
)
(90,330
)
(127,311
)
Stock-based compensation
(503,893
)
(576,125
)
(1,025,970
)
(1,373,031
)
Severance expense
(90,310
)
(633,444
)
(90,310
)
(633,444
)
Adjusted non-GAAP costs and expenses$
5,606,579
$
6,031,008
$
11,429,440
$
12,535,488
Total research and development expenses (GAAP)
$
2,880,132
$
3,209,910
$
5,958,656
$
6,737,056
Subtract the following items: Depreciation and amortization
(41,592
)
(27,963
)
(84,349
)
(65,646
)
Stock-based compensation
(210,060
)
(295,481
)
(418,791
)
(648,524
)
Adjusted non-GAAP research and development expenses$
2,628,480
$
2,886,466
$
5,455,516
$
6,022,886
Total sales, marketing, general and administrative expenses (GAAP)
$
3,192,055
$
3,183,031
$
6,365,453
$
6,824,141
Subtract the following items: Depreciation and amortization
(2,941
)
(29,229
)
(5,981
)
(61,665
)
Stock-based compensation
(293,833
)
(280,644
)
(607,179
)
(724,507
)
Adjusted non-GAAP sales, marketing, general and administrative expenses$
2,895,281
$
2,873,158
$
5,752,293
$
6,037,969
View source version on businesswire.com: https://www.businesswire.com/news/home/20230810586525/en/
Energous Investor Relations: Padilla IR IR@energous.com Energous Corporate Communications: SHIFT COMMUNICATIONS energous@shiftcomm.com
1 Year Energous Chart |
1 Month Energous Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions