Energous Corporation (NASDAQ: WATT), a leading developer of
RF-based charging for wireless power networks, today announced
financial results for its first quarter ended March 31, 2022, and
provided an update on its operational, regulatory and partnership
highlights.
Unaudited 2022 First-Quarter Financial Results
For the first quarter ended March 31, 2022, Energous
reported:
- Revenue of approximately $216,000, up significantly from
approximately $145,000 in the 2021 first quarter
- Costs and expenses of approximately $7.4 million (GAAP), with
approximately $203,000 in cost of revenue, $3.5 million in research
and development and $3.6 million in selling, general and
administrative expenses
- Net loss of $(7.2) million, or $(0.09) per basic and diluted
share
- Net non-GAAP loss of $(6.3) million
- $42.8 million in cash and cash equivalents at the end of the
first quarter, with no debt
Operational Highlights
- Energous added three industry veterans to its board of advisors
as the company focuses on powering the growing industrial and
retail Internet of Things (IoT) ecosystem. Bob Friday, Alessandro
Piovaccari and Mark Tyndall were named to the company’s advisory
board in May 2022.
Regulatory Approvals
- Energous’ 1W WattUp PowerBridge transmitter technology was
approved by the Ministry of Industry and Information Technology
(MIIT) in China for IoT applications. Energous’ WattUp PowerBridge
supports multiple next-generation applications including smart
tags, electronic shelf labels, sensors, asset trackers and
more.
- Energous’ 1W WattUp PowerBridge transmitter received regulatory
approval from the Innovation, Science and Economic Development
Canada (ISED), Canada’s technology regulatory body, for RF-based
power transfer at any distance.
Partnership Momentum
- Energous and Atmosic Technologies, an innovator in energy
harvesting wireless platforms for the IoT, released a
Wirelessly-Charged Sensor Evaluation Kit featuring Atmosic’s ATM3
energy harvesting Bluetooth Low Energy System-on-Chip (SoC)
solution and Energous’ FCC-certified 1W WattUp PowerBridge
transmitter.
- Energous demonstrated its advanced wireless power network
technology and interoperability with WattUp-powered partner
products, including Wiliot, Juniper Networks, Atmosic Technologies,
Syntiant and e-peas at the Consumer Electronics Show (CES 2022) in
Las Vegas, NV.
- The company continued its partnership with Wiliot, a Sensing as
a Service company and Internet of Things (IoT) technology
innovator. Together, the companies have integrated Energous WattUp
1W active energy harvesting technology as a new and compelling
option to power Wiliot’s IoT Pixel tags that are designed for
retail, medical, industrial, warehousing, home and industrial
automation.
“We delivered our first shipment of 1W WattUp PowerBridge
transmitters in the 2021 fourth quarter and we are very pleased to
report that in the 2022 first quarter, we fulfilled additional
orders of WattUp PowerBridges,” said Cesar Johnston, CEO of
Energous. “We also established new partner relationships with
Atmosic Technologies, WiGL and Syntiant, as well as continued to
expand the regulatory and geographic reach for our RF-based
charging for wireless power networks, securing important regulatory
approvals in China and Canada. Approval of our WattUp technology in
these key geographies increases the global Energous ecosystem and
opens up new design options such as cordless, batteryless and fully
waterproof devices for IoT manufacturers.”
2022 First-Quarter Conference Call
Energous will host a conference call to discuss first-quarter
financial results, recent progress and prospects for the
future.
- When: Wednesday, May 11, 2022
- Time: 1:30 p.m. PT (4:30 p.m. ET)
- Phone: 888-317-6003 (domestic); +1 412-317-6061
(international)
- Passcode: 7404651
- Conference replay: Accessible through May 24, 2022
877-344-7529 (domestic); +1 412-317-0088 (international); passcode
5344261
- Webcast: Accessible at Energous.com; archive available
through May 2023
About Energous Corporation
Energous Corporation (Nasdaq:
WATT) is the Wireless Power Network global leader. Its
award-winning WattUp® solution is the only technology that supports
both contact and distance charging through a fully compatible
ecosystem. Built atop fast, efficient, and highly scalable RF-based
charging technology, WattUp is positioned to offer improvements
over older, first-generation coil-based charging technologies in
power, efficiency, foreign device detection, freedom of movement
and overall cost for industrial and retail IoT, smart homes, smart
cities and medical devices. Energous develops silicon-based
wireless power transfer (WPT) technologies and customizable
reference designs, and provides worldwide regulatory assistance, a
reliable supply chain, quality assurance, and sales and technical
support to global customers. The company received the
world’s first FCC Part 18 certification for at-a-distance wireless
charging and has been awarded over 200 patents for its WattUp
wireless charging technology to-date.
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 subsequent quarterly
reports on Form 10-Q as well as in other documents that may be
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
and stock-based compensation expense. Non-GAAP costs and expenses
excludes depreciation and amortization and stock-based compensation
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 March 31, 2022 December 31, 2021
ASSETS Current assets: Cash and cash equivalents
$
42,774,171
$
49,071,414
Accounts receivable, net
198,924
283,602
Inventory
68,480
-
Prepaid expenses and other current assets
431,670
874,886
Total current assets
43,473,245
50,229,902
Property and equipment, net
484,567
510,197
Right-of-use lease asset
432,249
618,985
Other assets
11,991
11,991
Total assets
$
44,402,052
$
51,371,075
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable
$
934,913
$
1,205,957
Accrued expenses
1,342,782
1,523,317
Accrued severance
909,873
975,439
Operating lease liabilities, current portion
438,698
628,307
Deferred revenue
16,091
13,364
Total current liabilities
3,642,357
4,346,384
Operating lease liabilities, long-term portion
27,012
40,413
Total liabilities
3,669,369
4,386,797
Stockholders’ equity: Preferred Stock, $0.00001 par value,
10,000,000 shares authorized at March 31, 2022 and December 31,
2021; no shares issued or outstanding.
-
-
Common Stock, $0.00001 par value, 200,000,000 shares authorized at
March 31, 2022 and December 31, 2021; 77,055,208 and 76,667,205
shares issued and outstanding at March 31, 2022 and December 31,
2021, respectively.
771
767
Additional paid-in capital
384,284,669
383,383,550
Accumulated deficit
(343,552,757
)
(336,400,039
)
Total stockholders’ equity
40,732,683
46,984,278
Total liabilities and stockholders’ equity
$
44,402,052
$
51,371,075
Energous Corporation STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended March
31,
2022
2021
Revenue
$
215,961
$
145,065
Costs and expenses: Cost of revenue
203,249
-
Research and development
3,527,146
4,591,244
Sales and marketing
1,613,590
1,794,212
General and administrative
2,027,520
2,287,396
Total costs and expenses
7,371,505
8,672,852
Loss from operations
(7,155,544
)
(8,527,787
)
Other income (expense): Interest income
2,826
2,024
Total
2,826
2,024
Net loss
$
(7,152,718
)
$
(8,525,763
)
Basic and diluted net loss per common share
$
(0.09
)
$
(0.14
)
Weighted average shares outstanding, basic and diluted
76,930,919
61,567,003
Energous Corporation Reconciliation of Non-GAAP
Information (Unaudited)
For the Three Months Ended March
31,
2022
2021
Net loss (GAAP)
$
(7,152,718
)
$
(8,525,763
)
Add (subtract) the following items: Depreciation and amortization
70,119
64,774
Stock-based compensation
796,906
2,146,226
Adjusted net non-GAAP loss
$
(6,285,693
)
$
(6,314,763
)
Total costs and expenses (GAAP)
$
7,371,505
$
8,672,852
Subtract the following items: Depreciation and amortization
(70,119
)
(64,774
)
Stock-based compensation
(796,906
)
(2,146,226
)
Adjusted non-GAAP costs and expenses
$
6,504,480
$
6,461,852
Total research and development expenses (GAAP)
$
3,527,146
$
4,591,244
Subtract the following items: Depreciation and amortization
(37,683
)
(45,408
)
Stock-based compensation
(353,043
)
(1,149,277
)
Adjusted non-GAAP research and development expenses
$
3,136,420
$
3,396,559
Total sales, marketing, general and administrative
expenses (GAAP)
$
3,641,110
$
4,081,608
Subtract the following items: Depreciation and amortization
(32,436
)
(19,366
)
Stock-based compensation
(443,863
)
(996,949
)
Adjusted non-GAAP sales, marketing, general and administrative
expenses
$
3,164,811
$
3,065,293
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220511005977/en/
Energous Investor Relations: Padilla IR
IR@energous.com
Energous Public Relations: SHIFT COMMUNICATIONS Darren
Weiss PR@energous.com
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