Energous Corporation Reports Third Quarter 2018 Financial Results
October 30 2018 - 4:03PM
Energous Corporation (NASDAQ: WATT), the developer of WattUp®, a
revolutionary wireless charging 2.0 technology, today announced
financial results for the third quarter ended Sept. 30, 2018 and
provided an update on its operational progress.
Third Quarter Highlights
- Continued to ship chipsets to multiple customers
- Qubercomm announced WattUp-enabled asset tracking tags
- The Gokhale Method launched the WattUp-enabled
SpineTracker™
- Increased engineering services revenue
- Reached a milestone of securing regulatory approval for its
WattUp wireless charging technology in 100 countries
Recent Highlights
- Austar Hearing (AST) demonstrated a new WattUp-enabled hearing
aid at the 63rd Annual International Congress of Hearing Aid
Acousticians Conference
- Selected by SK Telesys to demonstrate its WattUp wireless
charging technology at the SK ICT Tech Summit
- Invited by Deutsche Telekom to demonstrate its WattUp wireless
charging technology at its Telekom Design Gallery “Trend Team”
event in Bonn, Germany
- Increased patent count to 181 (135 patents/46 allowed
applications as of Oct. 30, 2018)
- Energous continued its global regulatory campaign with the
addition of 15 new country approvals. To date, WattUp technology is
approved to ship in 108 countries worldwide (up from 92 countries
from Aug. 1, 2018).
- Demonstrated support for up to 15W of fast-charging power for
smartphones, tablets, cordless power tools, drones and other large
battery devices with updated GaAs and GaN-based ICs.
“Our customers are bringing WattUp-enabled
devices to market as we continue to secure regulatory
certifications in some of the most important markets across the
globe,” said Stephen R. Rizzone, president and CEO of Energous
Corporation. “We are steadily moving forward in the build out of
a WattUp-enabled ecosystem by working closely with our
existing partners and customers, as well as potential new
prospects, to launch next generation wireless charging electronic
devices.”
Unaudited 2018 Third Quarter Financial
ResultsFor the third quarter ended Sept. 30, 2018,
Energous recorded:
- Revenue of $228,000
- Operating expenses of $12.9 million (GAAP), comprised of $8.4
million in research and development, $2.9 million in general and
administrative and $1.5 million in sales and marketing
expenses
- Net loss of $12.6 million, or $0.49 per basic and diluted
share
- Adjusted EBITDA (a non-GAAP financial measure) loss of $8.6
million
- $28.6 million in cash and cash equivalents at the end of the
third quarter, with no debt
Third Quarter 2018 Conference
CallEnergous will host a conference call to discuss its
financial results, recent progress and prospects for the
future. When: Tuesday, Oct. 30, 2018
Time: 1:30 p.m. PT (4:30 p.m. ET)
Phone: 888-317-6003 (domestic); 412-317-6061
(international)Passcode: 2603894Telephonic
replay: Accessible through Nov. 13, 2018 877-344-7529
(domestic); 412-317-0088 (international); passcode
10125711Webcast: Accessible at Energous.com;
archive available for approximately one year
About Energous Corporation
Energous Corporation (NASDAQ: WATT) is leading
the next generation of wireless charging – Wireless Charging 2.0 –
with its award-winning WattUp® technology, which supports fast,
efficient contact-based charging, as well as charging
over-the-air. WattUp is a scalable, RF-based wireless charging
technology that offers substantial improvements in contact-based
charging efficiency, foreign object detection, orientation freedom
and thermal performance compared to older, coil-based charging
technologies. The technology can be designed into many
different sized electronic devices for the home and office, as well
as the medical, industrial, retail and automotive industries, and
it ensures interoperability across products. As a systems solutions
company, Energous develops silicon-based wireless power transfer
(WPT) technologies and customizable reference designs. These
include innovative silicon chips, antennas and software, for a
large variety of applications, such as smartphones, fitness
trackers, hearables, medical sensors and more. Energous received
the world’s first FCC Part 18 certification for at-a-distance
wireless charging, and the company has more than 150 awarded
patents/allowed applications for its WattUp wireless charging
technology to-date. For more information, please
visit Energous.com.
Safe Harbor StatementThis press
release contains forward-looking statements that describe our
future plans and expectations. These statements generally use
terms such as “believe,” “expect,” “may,” “will,” “should,”
“could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or
similar terms. Examples of our forward-looking statements in this
release include our statements about FCC certification of our
technology, regulatory approvals internationally, and customer
releases of products utilizing our technology. Our forward-looking
statements speak only as of this date; they are based on current
expectations and we undertake no duty to update them. Factors that
could cause actual results to differ from what we expect 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 and subsequent quarterly reports on Form
10-Q, in evaluating our forward-looking statements.
-- Financial Tables Follow –
|
Energous
Corporation |
BALANCE SHEETS |
(Unaudited) |
|
|
|
|
|
As of |
|
September 30, 2018 |
|
December 31, 2017 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash
equivalents |
$ |
28,551,870 |
|
|
$ |
12,795,254 |
|
Accounts
receivable |
|
208,773 |
|
|
|
- |
|
Prepaid
expenses and other current assets |
|
528,626 |
|
|
|
1,026,310 |
|
Prepaid
rent, current |
|
76,864 |
|
|
|
80,784 |
|
Total
current assets |
|
29,366,133 |
|
|
|
13,902,348 |
|
|
|
|
|
Property and equipment,
net |
|
1,154,996 |
|
|
|
1,413,917 |
|
Prepaid rent,
non-current |
|
- |
|
|
|
56,668 |
|
Other assets |
|
125,060 |
|
|
|
32,512 |
|
Total
assets |
$ |
30,646,189 |
|
|
$ |
15,405,445 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
1,819,968 |
|
|
$ |
2,024,690 |
|
Accrued
expenses |
|
1,918,693 |
|
|
|
1,622,025 |
|
Deferred
revenue |
|
14,500 |
|
|
|
- |
|
Total
current liabilities |
|
3,753,161 |
|
|
|
3,646,715 |
|
|
|
|
|
Commitments
and contingencies |
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
Preferred
Stock, $0.00001 par value, 10,000,000 shares authorized at
September 30, 2018 and |
|
|
|
|
|
|
|
December
31, 2017; no shares issued or outstanding. |
|
- |
|
|
|
- |
|
Common
Stock, $0.00001 par value, 50,000,000 shares authorized at
September 30, 2018 and |
|
|
|
December
31, 2017; 26,059,350 and 22,584,588 shares issued and outstanding
at |
|
|
|
September
30, 2018 and December 31, 2017, respectively. |
|
259 |
|
|
|
225 |
|
Additional paid-in capital |
|
239,181,337 |
|
|
|
185,659,954 |
|
Accumulated deficit |
|
(212,288,568 |
) |
|
|
(173,901,449 |
) |
Total
stockholders’ equity |
|
26,893,028 |
|
|
|
11,758,730 |
|
Total
liabilities and stockholders’ equity |
$ |
30,646,189 |
|
|
$ |
15,405,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energous
Corporation |
STATEMENTS OF OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
228,000 |
|
|
$ |
250,000 |
|
|
$ |
458,773 |
|
|
$ |
1,124,874 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Research and development |
|
8,442,698 |
|
|
|
8,743,434 |
|
|
|
24,804,224 |
|
|
|
25,788,621 |
|
Sales and marketing |
|
1,546,227 |
|
|
|
1,141,852 |
|
|
|
4,620,760 |
|
|
|
3,924,617 |
|
General and administrative |
|
2,891,036 |
|
|
|
3,116,337 |
|
|
|
9,439,279 |
|
|
|
9,560,651 |
|
Total operating expenses |
|
12,879,961 |
|
|
|
13,001,623 |
|
|
|
38,864,263 |
|
|
|
39,273,889 |
|
Loss
from operations |
|
(12,651,961 |
) |
|
|
(12,751,623 |
) |
|
|
(38,405,490 |
) |
|
|
(38,149,015 |
) |
|
|
|
|
|
|
|
|
|
Other
income (expense): |
|
|
|
|
|
|
|
Loss on sales of property and equipment, net |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(726 |
) |
Interest income |
|
6,670 |
|
|
|
3,375 |
|
|
|
18,371 |
|
|
|
9,343 |
|
Total |
|
|
6,670 |
|
|
|
3,375 |
|
|
|
18,371 |
|
|
|
8,617 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(12,645,291 |
) |
|
$ |
(12,748,248 |
) |
|
$ |
(38,387,119 |
) |
|
$ |
(38,140,398 |
) |
|
|
|
|
|
|
|
|
|
Basic and
diluted net loss per common share |
$ |
(0.49 |
) |
|
$ |
(0.58 |
) |
|
$ |
(1.50 |
) |
|
$ |
(1.81 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding, basic and diluted |
|
25,742,171 |
|
|
|
21,958,729 |
|
|
|
25,519,868 |
|
|
|
21,034,391 |
|
|
|
|
|
|
|
|
|
|
Energous Corporation |
Reconciliation of Non-GAAP
Information |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
(GAAP) |
|
$ |
(12,645,291 |
) |
|
$ |
(12,748,248 |
) |
|
$ |
(38,387,119 |
) |
|
$ |
(38,140,398 |
) |
Add
(subtract) the following items: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
(6,670 |
) |
|
(3,375 |
) |
|
(18,371 |
) |
|
(9,343 |
) |
Income
taxes |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Depreciation and amortization |
|
245,899 |
|
|
317,411 |
|
|
820,714 |
|
|
999,396 |
|
Stock-based compensation |
|
3,852,656 |
|
|
4,568,716 |
|
|
12,804,744 |
|
|
12,472,870 |
|
Adjusted
EBITDA (non-GAAP) |
|
$ |
(8,553,406 |
) |
|
$ |
(7,865,496 |
) |
|
$ |
(24,780,032 |
) |
|
$ |
(24,677,475 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact
Energous Public
RelationsPR@energous.com408-963-0200
Investor Relations
ContactBishop IRMike Bishop(415)
894-9633IR@energous.com
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