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Energous Wireless Power Solutions Reports 2024 Third Quarter Results

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Energous (NASDAQ: WATT) reported Q3 2024 financial results with revenue of $230,000, up 36% year-over-year. The company reduced its net loss to $(3.4) million, or $(0.50) per share, compared to $(4.1) million in Q3 2023. Total costs decreased to $3.8 million from $5.3 million year-over-year.

The company achieved its highest quarter for commercial PowerBridge transmitter system shipments since Q4 2021, with $0.2 million in backlog. Active Proof of Concept trials increased 19% to 56. Notable developments include orders from a Fortune 10 retail organization and FCC certification for the 2W PowerBridge transmitter.

Energous (NASDAQ: WATT) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato di 230.000 dollari, in aumento del 36% rispetto allo scorso anno. L'azienda ha ridotto la sua perdita netta a 3,4 milioni di dollari, ossia 0,50 dollari per azione, rispetto ai 4,1 milioni di dollari del terzo trimestre 2023. I costi totali sono diminuiti a 3,8 milioni di dollari rispetto ai 5,3 milioni di dollari dello scorso anno.

L'azienda ha raggiunto il suo trimestre migliore per le spedizioni dei sistemi trasmettitori PowerBridge commerciali dal quarto trimestre 2021, con un arretrato di 0,2 milioni di dollari. I trial attivi di Proof of Concept sono aumentati del 19% fino a 56. Sviluppi notevoli includono ordini da un'organizzazione retail della Fortune 10 e la certificazione FCC per il trasmettitore PowerBridge da 2W.

Energous (NASDAQ: WATT) reportó resultados financieros del tercer trimestre de 2024 con ingresos de 230,000 dólares, un aumento del 36% en comparación con el año anterior. La compañía redujo su pérdida neta a 3.4 millones de dólares, o 0.50 dólares por acción, en comparación con 4.1 millones de dólares en el tercer trimestre de 2023. Los costos totales disminuyeron a 3.8 millones de dólares desde 5.3 millones de dólares año con año.

La empresa logró su mejor trimestre en envíos del sistema de transmisores PowerBridge comercial desde el cuarto trimestre de 2021, con un saldo de 0.2 millones de dólares. Los ensayos activos de Proof of Concept aumentaron un 19% a 56. Los desarrollos notables incluyen órdenes de una organización minorista de Fortune 10 y la certificación de la FCC para el transmisor PowerBridge de 2W.

Energous (NASDAQ: WATT)는 2024년 3분기 재무 결과를 발표하며 수익이 230,000 달러로 전년 대비 36% 증가했다고 밝혔습니다. 이 회사는 순손실을 340만 달러, 즉 주당 0.50 달러로 줄였으며, 이는 2023년 3분기에 410만 달러와 비교됩니다. 총 비용은 전년 대비 530만 달러에서 380만 달러로 감소했습니다.

회사는 2021년 4분기 이후 상업용 PowerBridge 송신기 시스템 배송에서 최고 분기를 달성했으며, 미수금이 20만 달러에 달합니다. 활성 Proof of Concept 시험이 19% 증가하여 56개에 도달했습니다. 주목할 만한 발전으로는 Fortune 10 소매업체로부터의 주문과 2W PowerBridge 송신기에 대한 FCC 인증이 포함됩니다.

Energous (NASDAQ: WATT) a annoncé les résultats financiers du troisième trimestre 2024 avec un chiffre d'affaires de 230 000 dollars, en hausse de 36 % par rapport à l'année précédente. L'entreprise a réduit sa perte nette à 3,4 millions de dollars, soit 0,50 dollars par action, contre 4,1 millions de dollars au troisième trimestre 2023. Les coûts totaux ont diminué à 3,8 millions de dollars, contre 5,3 millions de dollars l'année précédente.

L'entreprise a réalisé son meilleur trimestre pour les expéditions de systèmes de transmetteurs PowerBridge commerciaux depuis le quatrième trimestre 2021, avec un arriéré de 0,2 million de dollars. Les essais Proof of Concept actifs ont augmenté de 19 % pour atteindre 56. Parmi les développements notables, on trouve des commandes d'une organisation de vente au détail du Fortune 10 et la certification FCC pour le transmetteur PowerBridge de 2W.

Energous (NASDAQ: WATT) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht und einen Umsatz von 230.000 US-Dollar verzeichnet, der im Vergleich zum Vorjahr um 36 % gestiegen ist. Das Unternehmen hat seinen Nettoverlust auf 3,4 Millionen US-Dollar, oder 0,50 US-Dollar pro Aktie, reduziert, verglichen mit 4,1 Millionen US-Dollar im dritten Quartal 2023. Die Gesamtkosten sanken von 5,3 Millionen US-Dollar auf 3,8 Millionen US-Dollar im Jahresvergleich.

Das Unternehmen erreichte im dritten Quartal seine höchste Anzahl an Lieferungen des kommerziellen PowerBridge-Senders seit dem vierten Quartal 2021, mit einem Bestand von 200.000 US-Dollar. Die aktiven Proof of Concept-Tests stiegen um 19 % auf 56. Zu den bemerkenswerten Entwicklungen gehören Bestellungen von einem Fortune-10-Einzelhandelsunternehmen und die FCC-Zertifizierung für den 2W PowerBridge-Sender.

Positive
  • Revenue increased 36% year-over-year to $230,000
  • Operating costs reduced by 22% year-over-year
  • Net loss improved by 22% to $(3.4) million
  • Secured orders from Fortune 10 retail organization
  • Active Proof of Concept trials increased 19% to 56
  • Achieved FCC certification for 2W PowerBridge transmitter
Negative
  • Significant net loss of $(3.4) million continues
  • Low cash position of $1.5 million as of September 30, 2024
  • Revenue remains at relatively low levels despite growth

Insights

The Q3 2024 results show mixed signals for Energous. While revenue grew 36% year-over-year to $230,000, the company still posted a significant net loss of $3.4 million. However, cost reduction efforts are showing results, with operating expenses down 22% YoY.

The $1.5 million cash position is concerning given the current burn rate, though the $0.2 million backlog and increasing commercial deployments offer some optimism. The company's transition from POC trials to commercial deployments with Fortune 10/100 clients marks progress in market validation, but revenue generation remains substantially below operating costs.

The improved loss per share of $0.50 versus $0.86 last year reflects better operational efficiency, but sustained growth in commercial revenue is important for long-term viability.

SAN JOSE, Calif.--(BUSINESS WIRE)-- 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

  • Revenue for the three months ended September 30, 2024 of $230 thousand versus approximately $169 thousand in the same 2023 period, representing a 36% increase year over year.
  • Costs and expenses for the three months ended September 30, 2024 totaled $3.8 million versus $5.3 million in the same 2023 period. Total third quarter 2024 GAAP costs and expenses consisted of approximately $0.3 million in cost of revenue, $1.7 million in research and development (R&D) expenses, $1.7 million in sales, marketing, general and administrative (SG&A) expenses, and approximately $0.1 million in severance expenses.
  • Non-GAAP costs and expenses for the three months ended September 30, 2024 were $3.5 million, decreasing from $4.6 million for the same 2023 period, representing a reduction of approximately $1.0 million, or 22%, year over year.
  • Continued operational cost reductions and increased commercial revenue yielded improved year over year net loss and loss per share of approximately $(3.4) million, or $(0.50) per basic and diluted share for the three months ended September 30, 2024, versus a net loss of approximately $(4.1) million, or $(0.86) per basic and diluted share, for the same 2023 period.
  • Non-GAAP net loss of approximately $(3.3) million for the three months ended September 30, 2024 versus non-GAAP net loss of approximately ($4.2) million for the same 2023 period, representing a 22% improvement year over year.
  • Approximately $1.5 million in cash and cash equivalents as of September 30, 2024.

See “Non-GAAP Financial Measures” below for additional information.

Company Highlights

  • As of November 8, 2024, the Company had $0.2 million in backlog, representing confirmed new and follow-on PowerBridge transmitter system orders from large retail customers, as well as engineering services. This backlog signifies growing market adoption of Energous wireless power solutions.
  • The third quarter of 2024 represented the highest quarter for commercial PowerBridge transmitter system shipments since introducing the product to the market in the fourth quarter of 2021.
  • In addition to transitioning a portion of active Proof of Concept (POCs) trials as of the end of the second quarter of 2024 to commercial deployments, the Company increased its active POCs from 47 to 56 as of October 31, 2024, representing a 19% increase and demonstrating increased interest in deploying the technology across a myriad of use cases.
  • The Company received multiple orders for its PowerBridge transmitters from a Fortune 10 multinational retail organization. The retailer will use 2W PowerBridge transmitters for improved grocery and store supply chain visibility and control and will use 1W PowerBridge transmitters to help improve transportation efficiency.
  • The 2W PowerBridge transmitter received full Federal Communications Commission (FCC) certification, making it the industry’s first certified transmitter available at this power level.
  • Energous shipped the first orders of its 2W PowerBridge transmitters to a Fortune 100 technology company. The transmitters will be used for reverse logistics processes at the company’s distribution centers.
  • The 2W PowerBridge transmitter system won a Mobile Breakthrough Award for “IoT Innovation of the Year.”
  • Energous was engaged by a global leader in RFID-based source-to-shopper solutions to develop a battery-free smart tag designed to enhance visibility and asset tracking for retail IoT applications.

“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

 

 

Investor Relations

IR@energous.com

Media Relations

pr@energous.com

Source: Energous Corporation

FAQ

What was Energous (WATT) revenue in Q3 2024?

Energous reported revenue of $230,000 in Q3 2024, representing a 36% increase from $169,000 in Q3 2023.

How much cash does Energous (WATT) have as of Q3 2024?

Energous had approximately $1.5 million in cash and cash equivalents as of September 30, 2024.

What was Energous (WATT) net loss per share in Q3 2024?

Energous reported a net loss of $(0.50) per basic and diluted share for Q3 2024, improved from $(0.86) per share in Q3 2023.

How many active Proof of Concept trials does Energous (WATT) have?

Energous increased its active Proof of Concept (POC) trials from 47 to 56 as of October 31, 2024, representing a 19% increase.

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