Energous Corporation Reports 2021 Third-Quarter Financial Results
Energous Corporation (NASDAQ: WATT) reported its third-quarter financial results for 2021, revealing a revenue of $201,364 and net loss of $(12.5) million, or $(0.20) per share. The company spent approximately $12.7 million in operating expenses, with significant allocations to R&D and severance costs. Energous received FCC grant for its 900MHz 1W Active Energy Harvesting technology and launched a Developer Kit. The firm has $28.3 million in cash with no debt. Energous amended its sales agreement to sell up to $35 million in common stock for operational and development costs.
- Received FCC authorization for 900MHz 1W Active Energy Harvesting technology.
- Launched Developer Kit for at-a-distance wireless charging.
- Partnering with Wiliot and TAGnology to enhance technology deployment.
- Recognized with Two CES 2022 Innovation Awards.
- Reported a net loss of $(12.5) million for Q3 2021.
- Operating expenses totaled approximately $12.7 million.
Insights
Analyzing...
Company advances active energy harvesting technology to power IoT
Recent Highlights
-
Energous’ 900MHz 1W Active Energy Harvesting transmitter technology received
U.S. Federal Communications Commission (FCC ) Part 15 grant of equipment authorization for wireless power transfer at any distance. - The company is partnering with Wiliot, a Sensing as a Service company and Internet of Things (IoT) technology innovator whose stamp-sized computer is changing the relationship between manufacturers, logistics and retailers with their customers.
-
Energous released its 1W Active Energy Harvesting Developer Kit that can charge multiple devices simultaneously, enabling at-a-distance wireless charging for the growing IoT ecosystem. This new developers kit is now available to developers. -
The company is partnering with TAGnology
RFID GmbH , a provider of wireless technology, contactless identification and RTLS (real time location system) solutions – TAGnology will work as an industrial design house forEnergous customers, helping to implement wireless power solutions, proofs of concept (PoCs), and manage development projects. -
Energous was recognized with Two CES 2022 Innovation Awards: Embedded Technology; and, Sustainability, Eco-Design & Smart Home.
“Through these two new key partnerships and with this important regulatory approval, we are making meaningful progress advancing active energy harvesting technology,” said
Unaudited 2021 Third-Quarter Financial Results
For the third quarter ended
-
Revenue of
$201,364 -
Operating expenses of approximately
$12.7 million $4.7 million $3.9 million $4.0 million -
A net loss of
$(12.5) million $(0.20) -
A Non-GAAP loss of
$(6.4) million -
$28.3 million
On
2021 Third-Quarter Conference Call
-
When:
Thursday, November 11, 2021 -
Time:
1:30 p.m. PT (4:30 p.m. ET ) - Phone: 888-317-6003 (domestic); +1 412-317-6061 (international)
- Passcode: 8405184
-
Conference replay: Accessible through
November 25, 2021
877-344-7529 (domestic); 412-317-0088 (international); passcode 10160439 - Webcast: Accessible at Energous.com; archive available for approximately one year
About
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
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
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. 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.
Our reported results include certain non-GAAP financial measures, including non-GAAP net loss. Non-GAAP net loss excludes stock-based compensation expense, severance expense, amortization of intangible assets, acquisition-related expense, amortization of debt discount and issuance costs, and deferred revenue adjustments. Reconciliation tables are provided in this press release.
We have not reconciled guidance for non-GAAP financial measures to their most directly comparable GAAP measures because certain items that impact these measures are uncertain, out of our control and/or cannot be reasonably predicted or estimated, such as the difficulties of estimating certain items such as charges to stock-based compensation expense. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures is not available without unreasonable effort.
| BALANCE SHEETS | |||||||
| (Unaudited) | |||||||
| As of | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ |
28,282,188 |
|
$ |
50,729,661 |
|
|
| Accounts receivable, net |
|
176,683 |
|
|
75,850 |
|
|
| Prepaid expenses and other current assets |
|
708,776 |
|
|
636,702 |
|
|
| Total current assets |
|
29,167,647 |
|
|
51,442,213 |
|
|
| Property and equipment, net |
|
518,068 |
|
|
402,711 |
|
|
| Operating lease right-of-use assets |
|
699,202 |
|
|
1,293,291 |
|
|
| Other assets |
|
11,991 |
|
|
1,610 |
|
|
| Total assets | $ |
30,396,908 |
|
$ |
53,139,825 |
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ |
922,233 |
|
$ |
1,096,839 |
|
|
| Accrued expenses |
|
1,595,109 |
|
|
1,576,287 |
|
|
| Accrued severance expense |
|
1,102,832 |
|
|
- |
|
|
| Operating lease liabilities, current portion |
|
765,209 |
|
|
825,431 |
|
|
| Deferred revenue |
|
12,000 |
|
|
12,000 |
|
|
| Total current liabilities |
|
4,397,383 |
|
|
3,510,557 |
|
|
| Operating lease liabilities, long-term portion |
|
- |
|
|
576,762 |
|
|
| Total liabilities |
|
4,397,383 |
|
|
4,087,319 |
|
|
| Stockholders’ equity: | |||||||
| Preferred Stock, |
|
- |
|
|
- |
|
|
| Common Stock, |
|
633 |
|
|
614 |
|
|
| Additional paid-in capital |
|
352,977,756 |
|
|
344,024,638 |
|
|
| Accumulated deficit |
|
(326,978,864 |
) |
|
(294,972,746 |
) |
|
| Total stockholders’ equity |
|
25,999,525 |
|
|
49,052,506 |
|
|
| Total liabilities and stockholders’ equity | $ |
30,396,908 |
|
$ |
53,139,825 |
|
|
| STATEMENTS OF OPERATIONS | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
For the Three Months Ended |
For the Nine Months Ended |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
| Revenue | $ |
201,364 |
|
$ |
61,500 |
|
$ |
531,389 |
|
$ |
237,350 |
|
||||
| Operating expenses: | ||||||||||||||||
| Research and development |
|
4,737,159 |
|
|
4,003,642 |
|
|
15,432,097 |
|
|
12,909,378 |
|
||||
| Sales and marketing |
|
1,922,128 |
|
|
1,500,068 |
|
|
6,157,697 |
|
|
4,386,881 |
|
||||
| General and administrative |
|
1,990,266 |
|
|
2,117,848 |
|
|
6,934,410 |
|
|
7,240,925 |
|
||||
| Severance expense |
|
4,017,172 |
|
|
- |
|
|
4,017,172 |
|
|
- |
|
||||
| Cost of services revenue |
|
- |
|
|
- |
|
|
- |
|
|
126,539 |
|
||||
| Total operating expenses |
|
12,666,725 |
|
|
7,621,558 |
|
|
32,541,376 |
|
|
24,663,723 |
|
||||
| Loss from operations |
|
(12,465,361 |
) |
|
(7,560,058 |
) |
|
(32,009,987 |
) |
|
(24,426,373 |
) |
||||
| Other income: | ||||||||||||||||
| Interest income |
|
835 |
|
|
3,221 |
|
|
3,869 |
|
|
67,134 |
|
||||
| Total other income |
|
835 |
|
|
3,221 |
|
|
3,869 |
|
|
67,134 |
|
||||
| Net loss | $ |
(12,464,526 |
) |
$ |
(7,556,837 |
) |
$ |
(32,006,118 |
) |
$ |
(24,359,239 |
) |
||||
| Basic and diluted net loss per common share | $ |
(0.20 |
) |
$ |
(0.18 |
) |
$ |
(0.51 |
) |
$ |
(0.62 |
) |
||||
| Weighted average shares outstanding, basic and diluted |
|
63,014,246 |
|
|
41,861,614 |
|
|
62,225,801 |
|
|
39,116,532 |
|
||||
| Reconciliation of Non-GAAP Information | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
For the Three Months Ended |
|
For the Nine Months Ended |
||||||||||||||
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||||
| Net loss (GAAP) | $ |
(12,464,526 |
) |
$ |
(7,556,837 |
) |
$ |
(32,006,118 |
) |
$ |
(24,359,239 |
) |
||||
| Add (subtract) the following items: | ||||||||||||||||
| Interest income |
|
(835 |
) |
|
(3,221 |
) |
|
(3,869 |
) |
|
(67,134 |
) |
||||
| Depreciation and amortization |
|
68,976 |
|
|
69,361 |
|
|
195,361 |
|
|
286,990 |
|
||||
| Stock-based compensation |
|
1,931,545 |
|
|
1,972,742 |
|
|
8,306,095 |
|
|
6,318,948 |
|
||||
| Severance expense * |
|
4,017,172 |
|
|
- |
|
|
4,017,172 |
|
|
- |
|
||||
| Non-GAAP loss | $ |
(6,447,668 |
) |
$ |
(5,517,955 |
) |
$ |
(19,491,359 |
) |
$ |
(17,820,435 |
) |
||||
| * Note: Severance expense includes |
||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211111006012/en/
Energous Investor Relations:
Padilla IR
IR@energous.com
Energous Public Relations :
SHIFT COMMUNICATIONS
PR@energous.com
Source:
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