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:
- Revenue of approximately $117,133, a 21% increase over Q1
2023
- Costs and expenses of approximately $6.2 million, with
approximately $82,818 in cost of revenue, $2.9 million in research
and development, and $3.2 million in sales, marketing, general and
administrative expenses
- Net loss of approximately $(4.0) million, or $(0.04) per basic
and diluted share
- Adjusted net non-GAAP loss of approximately $(5.3) million
- Adjusted non-GAAP costs and expenses of $5.6 million, a 7%
reduction from Q2 2022
- Approximately $20.0 million in cash and cash equivalents at the
end of the second quarter, with no debt
Partnership Momentum
- Energous and InnoTractor — On April 12, the Company announced a
partnership with InnoTractor, a European provider of IoT-based
solutions for logistics and supply chain applications to integrate
wireless power solutions for real-time asset tracking across
various industries witnessing significant IoT growth. The
partnership will integrate and deploy Energous’ PowerBridge
technology and Wiliot’s IoT Pixel tags, providing customers with a
solution featuring lower costs, increased mobility and improved
sustainability.
- Energous and WiGL — On August 8, the Company announced the next
phase of its partnership with WiGL, a developer of touchless
wireless charging for IoT devices for wireless power networks, to
develop and commercialize IoT products that will be wirelessly
powered over distance (tWPT Project). The Air Force Research Lab at
the U.S. Department of Defense (DoD) funded the first phase early
last year to develop and design tWPT products for military and
commercial use. In the project's second phase, Energous’
PowerBridges will continue to provide radio frequency-based (RF)
wireless power over distance for WiGL’s tWPT networks.
Company Highlights
- Japan’s regulatory body has approved Energous’ 1W WattUp
PowerBridge for unlimited power distance transmission. This enables
Energous to deploy its active energy harvesting technology
throughout the technologically advanced Japanese market.
- On May 9, the Company announced the launch of its 2 Watt
PowerBridge transmitter, which doubles the energizing capability of
Energous’ 1W transmitter currently deployed in the field,
continuing towards Energous’ goal of freeing IoT devices from the
constraints of replaceable batteries and charging cords and
extending power and range.
“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.
- When: Thursday, August 10, 2023
- Time: 1:30 p.m. PT (4:30 p.m. ET)
- Phone: 888-317-6003 (domestic); +1 412-317-6061
(international)
- Participant entry #: 8033977
- Conference replay: Accessible through August 24, 2023
877-344-7529 (domestic); +1 412-317-0088 (international); passcode
1026451
- Webcast: Accessible at Energous.com; archive available
through August 2024
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
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