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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.54 | 0.6191 | 2.46 | 0 | 09:09:33 |
Energous Corporation (NASDAQ: WATT), a leading developer of RF-based charging for wireless power networks, today announced financial results for its third quarter ended September 30, 2023.
Unaudited 2023 Third-Quarter Financial Results
For the third quarter ended September 30, 2023, Energous reported:
Partnership Momentum
“In the third quarter of 2023, we continued to see strong growth in the number of customers utilizing Energous technology in proof of concept deployments, where it is not only proving to be an effective wireless power solution but also demonstrates its potential to optimize IoT environments,” said Cesar Johnston, CEO of Energous. “Aiding this growth is the expansion of our partnership platform, as we continue to seek to bring on additional technology, distribution and IoT System Integrator partners that can help validate our core technology, amplify the benefits of our solutions in key markets, and increase our commercial potential.”
2023 Third-Quarter Conference Call
Energous will host a conference call to discuss third-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 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 net non-GAAP 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). Net non-GAAP loss excludes depreciation and amortization, stock-based compensation expense, severance expense, offering costs 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 September 30, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents$
16,578,659
$
26,287,293
Accounts receivable, net
120,198
143,353
Inventory
199,616
105,821
Prepaid expenses and other current assets
896,253
827,551
Total current assets
17,794,726
27,364,018
Property and equipment, net
388,505
429,035
Operating lease right-of-use assets
1,411,930
1,959,869
Total assets
$
19,595,161
$
29,752,922
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable
$
768,941
$
900,765
Accrued expenses
1,672,936
1,790,414
Accrued severance expense
202,946
416,516
Warranty liability
450,000
-
Operating lease liabilities, current portion
696,573
705,894
Deferred revenue
24,341
29,727
Total current liabilities
3,815,737
3,843,316
Operating lease liabilities, long-term portion
739,767
1,264,131
Total liabilities
4,555,504
5,107,447
Commitments and contingencies Stockholders’ equity: Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at September 30, 2023 and December 31, 2022; no shares issued or outstanding at September 30, 2023 and December 31, 2022
-
-
Common Stock, $0.00001 par value, 200,000,000 shares authorized at September 30, 2023 and December 31, 2022; 5,046,994 and 3,947,267 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively.
925
789
Additional paid-in capital
392,476,298
387,319,985
Accumulated deficit
(377,437,566
)
(362,675,299
)
Total stockholders’ equity
15,039,657
24,645,475
Total liabilities and stockholders’ equity
$
19,595,161
$
29,752,922
Energous Corporation STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30,
2023
2022
2023
2022
Revenue
$
168,708
$
223,201
$
382,517
$
672,133
Costs and expenses: Cost of revenue
48,394
420,060
270,025
894,693
Research and development
2,460,123
2,885,830
8,418,779
9,622,886
Sales and marketing
774,141
1,093,640
3,074,163
3,865,322
General and administrative
1,698,380
1,931,386
5,763,811
5,983,845
Severance expense
269,109
-
359,419
633,444
Total costs and expenses
5,250,147
6,330,916
17,886,197
21,000,190
Loss from operations
(5,081,439
)
(6,107,715
)
(17,503,680
)
(20,328,057
)
Other income (expense): Offering costs related to warrant liability
-
-
(591,670
)
-
Change in fair value of warrant liability
788,000
-
2,685,000
-
Interest income
178,845
142,840
648,083
192,715
Total other income
966,845
142,840
2,741,413
192,715
Net loss
$
(4,114,594
)
$
(5,964,875
)
$
(14,762,267
)
$
(20,135,342
)
Basic and diluted net loss per common share$
(0.86
)
$
(1.54
)
$
(3.30
)
$
(5.21
)
Weighted average shares outstanding, basic and diluted
4,762,187
3,879,804
4,467,436
3,867,330
Energous Corporation Reconciliation of Non-GAAP Information (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30,
2023
2022
2023
2022
Net loss (GAAP)
$
(4,114,594
)
$
(5,964,875
)
$
(14,762,267
)
$
(20,135,342
)
Add (subtract) the following items: Depreciation and amortization
47,442
73,684
137,772
200,995
Stock-based compensation
368,907
698,222
1,394,877
2,071,253
Severance expense *
269,109
-
359,419
633,444
Offering costs related to warrant liability
-
-
591,670
-
Change in fair value of warrant liability
(788,000
)
-
(2,685,000
)
-
Adjusted net non-GAAP loss
$
(4,217,136
)
$
(5,192,969
)
$
(14,963,529
)
$
(17,229,650
)
* Note: Severance expense includes $87,662 in stock-based compensation for the nine months ended September 30, 2022 Total costs and expenses (GAAP)$
5,250,147
$
6,330,916
$
17,886,197
$
21,000,190
Subtract the following items: Depreciation and amortization
(47,442
)
(73,684
)
(137,772
)
(200,995
)
Stock-based compensation
(368,907
)
(698,222
)
(1,394,877
)
(2,071,253
)
Severance expense *
(269,109
)
-
(359,419
)
(633,444
)
Adjusted non-GAAP costs and expenses$
4,564,689
$
5,559,010
$
15,994,129
$
18,094,498
* Note: Severance expense includes $87,662 in stock-based compensation for the nine months ended September 30, 2022 Total research and development expenses (GAAP)
$
2,460,123
$
2,885,830
$
8,418,779
$
9,622,886
Subtract the following items: Depreciation and amortization
(42,631
)
(53,026
)
(126,980
)
(118,672
)
Stock-based compensation
(138,976
)
(273,923
)
(557,767
)
(922,447
)
Adjusted non-GAAP research and development expenses$
2,278,516
$
2,558,881
$
7,734,032
$
8,581,767
Total sales, marketing, general and administrative expenses (GAAP)
$
2,472,521
$
3,025,026
$
8,837,974
$
9,849,167
Subtract the following items: Depreciation and amortization
(4,811
)
(20,658
)
(10,792
)
(82,323
)
Stock-based compensation
(229,931
)
(424,299
)
(837,110
)
(1,148,806
)
Adjusted non-GAAP sales, marketing, general and administrative expenses$
2,237,779
$
2,580,069
$
7,990,072
$
8,618,038
View source version on businesswire.com: https://www.businesswire.com/news/home/20231109226745/en/
Energous Investor Relations: Padilla IR IR@energous.com
Energous Corporate Communications: SHIFT COMMUNICATIONS energous@shiftcomm.com
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