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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.2349 | 29.92% | 1.02 | 1.03 | 1.04 | 1.44 | 0.8097 | 0.82 | 44,043,383 | 00:30:18 |
From Nov 2024 to Jan 2025
Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT), a pioneer in scalable, over-the-air (OTA) wireless power networks, today announced financial results for the three months ended September 30, 2024, and provided an update on recent partnerships and company highlights.
Third Quarter 2024 Financial Results
See “Non-GAAP Financial Measures” below for additional information.
Company Highlights
“As we push the boundaries of wireless power to create a world where battery-free devices are always connected and real-time data is always accessible, we continue to focus on three key initiatives: gaining traction with significant commercial accounts, demonstrating the value of our wireless power network solutions to businesses, and optimizing our operations,” said Mallorie Burak, CEO and CFO, Energous Wireless Power Solutions. “Progress is being made on all fronts, as we carefully balance continued reductions in infrastructure costs with strategic investments in scalable growth. The third quarter sales momentum and increased interest in our WPN technology represents a solid step forward for the Company as we chart the path to profitability.”
About Energous Wireless Power Solutions
Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT) is pioneering scalable, over-the-air (OTA) wireless power networks that enable unprecedented levels of visibility, control, and intelligent business automation. The Company’s wireless power transmitter and receiver technologies deliver continuous access to wireless power, helping drive a new generation of battery-free devices for asset and inventory tracking and management—from retail sensors, electronic shelf labels, and asset trackers, to air quality monitors, motion detectors, and more. For more information, visit http://www.energous.com/ or follow on LinkedIn.
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 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 costs related 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) (in thousands) As of September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents$
1,451
$
13,876
Restricted cash
-
60
Accounts receivable, net
152
102
Inventory
737
430
Prepaid expenses and other current assets
511
539
Total current assets
2,851
15,007
Property and equipment, net
404
429
Right-of-use lease asset
695
1,240
Total assets
$
3,950
$
16,676
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable
$
1,538
$
1,879
Accrued expenses
956
1,254
Accrued severance
37
134
Warrant liability
207
620
Operating lease liabilities, current portion
767
707
Deferred revenue
11
27
Total current liabilities
3,516
4,621
Operating lease liabilities, long-term portion
-
557
Total liabilities
3,516
5,178
Stockholders’ equity: Preferred stock
-
-
Common stock
1
1
Additional paid-in capital
396,744
393,539
Accumulated deficit
(396,311
)
(382,042
)
Total stockholders’ equity
434
11,498
Total liabilities and stockholders’ equity
$
3,950
$
16,676
Energous Corporation STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except share and per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30,
2024
2023
2024
2023
Revenue
$
230
$
169
$
340
$
383
Costs and expenses: Cost of revenue
306
48
537
270
Research and development
1,701
2,460
6,489
8,419
Sales and marketing
699
774
2,391
3,074
General and administrative
1,022
1,699
4,443
5,764
Severance expense
83
269
1,377
359
Total costs and expenses
3,811
5,250
15,237
17,886
Loss from operations
(3,581
)
(5,081
)
(14,897
)
(17,503
)
Other income (expense), net: Offering costs related to warrant liability
-
-
-
(592
)
Change in fair value of warrant liability
159
788
413
2,685
Interest income
10
179
215
648
Total other income (expense), net
169
967
628
2,741
Net loss
$
(3,412
)
$
(4,114
)
$
(14,269
)
$
(14,762
)
Basic and diluted net loss per common share$
(0.50
)
$
(0.86
)
$
(2.21
)
$
(3.30
)
Weighted average shares outstanding, basic and diluted
6,834,170
4,762,187
6,446,274
4,467,436
Energous Corporation Reconciliation of Non-GAAP Information (Unaudited) (in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30,
2024
2023
2024
2023
Net loss (GAAP)
$
(3,412
)
$
(4,114
)
$
(14,269
)
$
(14,762
)
Add (subtract) the following items: Depreciation and amortization
50
47
148
138
Stock-based compensation expense *
129
369
676
1,395
Severance expense
83
269
1,377
359
Offering costs related to warrant liability
-
-
-
592
Change in fair value of warrant liability
(159
)
(788
)
(413
)
(2,685
)
Non-GAAP net loss$
(3,309
)
$
(4,217
)
$
(12,481
)
$
(14,963
)
* Stock-based compensation expense excludes $130 which is included in severance expense for the nine months ended September 30, 2024. Total costs and expenses (GAAP)$
3,811
$
5,250
$
15,237
$
17,886
Subtract the following items: Depreciation and amortization
(50
)
(47
)
(148
)
(138
)
Stock-based compensation expense *
(129
)
(369
)
(676
)
(1,395
)
Severance expense
(83
)
(269
)
(1,377
)
(359
)
Non-GAAP costs and expenses$
3,549
$
4,565
$
13,036
$
15,994
* Stock-based compensation expense excludes $130 which is included in severance expense for the nine months ended September 30, 2024. Total research and development expenses (GAAP)
$
1,701
$
2,460
$
6,489
$
8,419
Subtract the following items: Depreciation and amortization
(46
)
(43
)
(129
)
(127
)
Stock-based compensation expense
(35
)
(139
)
(194
)
(558
)
Non-GAAP research and development expenses$
1,620
$
2,278
$
6,166
$
7,734
Total sales, marketing, general and administrative expenses (GAAP)
$
1,721
$
2,473
$
6,834
$
8,838
Subtract the following items: Depreciation and amortization
(4
)
(3
)
(19
)
(11
)
Stock-based compensation expense
(94
)
(230
)
(352
)
(837
)
Non-GAAP sales, marketing, general and administrative expenses$
1,623
$
2,240
$
6,463
$
7,990
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112058055/en/
Investor Relations IR@energous.com
Media Relations pr@energous.com
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