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, 2020 and
provided an update on its operational progress.
Recent Highlights
- Energous partner NewSound received FCC approval for
WattUp®-enabled hearing aid
- Energous announced a strategic partnership with Xentris
Wireless to develop ruggedized products for demanding military
applications using Energous’ radio frequency (RF) based charging
technology
- POSCO, in conjunction with the partnership efforts of PiBex, SK
Telesys and Energous, has successfully completed the field trial of
a WattUp enabled ultra-wide band industrial tracking device
- Energous announced the introduction of the EN7410M module, a
new wireless charging transmitter module
- Energous announced that it has received a Class II permissive
change to the existing MS-550 FCC Grant, extending the charging
zone up to one meter
- Energous appointed Sheryl Wilkerson to its Board of
Directors
“Interest in our charging solutions continues to expand across a
variety of vertical markets, including military, industrial, and
medical sensors and tracking applications. We continue to develop
partnerships to drive the ecosystems toward the broad adoption of
WattUp,” said Stephen R. Rizzone, president and CEO of Energous
Corporation. “Our progress in the quarter has enabled the WattUp
technology to have a smaller footprint that we believe will offer a
more cost effective and appealing solution to all type of device
manufacturers. We believe we are building a solid foundation for
growth.”
Unaudited 2020 Third Quarter Financial Results
For the third quarter ended Sept. 30, 2020, Energous
recorded:
- Revenue of $61,500
- Operating expenses of approximately $7.6 million (GAAP),
comprised of $4.0 million in research and development, and $3.6
million in selling, general and administrative expenses
- Net loss of $(7.6) million, or $(0.18) per basic and diluted
share
- Adjusted EBITDA (a non-GAAP financial measure) loss of $(5.5)
million
- $17.3 million in cash and cash equivalents and $3.2 million in
financing funds receivable (from our at-the-market “ATM” financing
transaction) at the end of the third quarter, with no debt
2020 Third Quarter Conference Call
Energous will host a conference call to discuss its financial
results, recent progress and prospects for the future.
When: Monday, Nov. 9, 2020
Time: 1:30 p.m. PT (4:30 p.m. ET)
Phone: 888-317-6003 (domestic); 412-317-6061
(international)
Passcode: 1177008
Telephonic replay: Accessible through Nov. 23, 2020
877-344-7529 (domestic); 412-317-0088 (international); passcode
10149394
Webcast: 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 at a distance. 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. 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 227 awarded
patents for its WattUp wireless charging technology to-date. For
more information, please visit Energous.com.
Safe Harbor Statement
This 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 technology
developments, partner product development and wireless charging
innovation. 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: the impact of the COVID-19
outbreak on the U.S. and global economies generally and on our
business, regulatory approvals, product development, employees,
partners, customers and potential user base; 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.
Energous Corporation
BALANCE SHEETS
(Unaudited)
As of
September 30, 2020
December 31, 2019
ASSETS
Current assets: Cash and cash equivalents
$
17,303,234
$
21,684,089
At-the-market ("ATM") funds receivable
3,165,868
-
Accounts receivable, net
26,350
63,144
Prepaid expenses and other current assets
781,598
450,231
Total current assets
21,277,050
22,197,464
Property and equipment, net
346,836
626,524
Right-of-use lease asset
1,487,116
2,057,576
Other assets
2,410
2,410
Total assets
$
23,113,412
$
24,883,974
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities: Accounts payable
$
1,045,466
$
1,671,519
Accrued expenses
1,403,601
2,063,097
Operating lease liabilities, current portion
845,108
722,291
Deferred revenue
12,000
12,000
Total current liabilities
3,306,175
4,468,907
Operating lease liabilities, long-term portion
765,209
1,402,193
Total liabilities
4,071,384
5,871,100
Stockholders’ equity: Preferred Stock, $0.00001 par value,
10,000,000 shares authorized at September 30, 2020 and December 31,
2019; no shares issued or outstanding.
-
-
Common Stock, $0.00001 par value, 200,000,000 and 50,000,000 shares
authorized at September 30, 2020 and December 31, 2019,
respectively; 43,062,944 and 33,203,806 shares issued and
outstanding at September 30, 2020 and December 31, 2019,
respectively.
431
333
Additional paid-in capital
306,541,496
282,153,201
Accumulated deficit
(287,499,899
)
(263,140,660
)
Total stockholders’ equity
19,042,028
19,012,874
Total liabilities and stockholders’ equity
$
23,113,412
$
24,883,974
Energous Corporation
STATEMENTS OF
OPERATIONS
(Unaudited)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2020
2019
2020
2019
Revenue
$
61,500
$
40,500
$
237,350
$
154,500
Operating expenses: Research and development
4,003,642
5,190,056
12,909,378
17,505,751
Sales and marketing
1,500,068
1,242,105
4,386,881
3,985,467
General and administrative
2,117,848
1,910,408
7,240,925
8,007,548
Cost of services revenue
-
-
126,539
-
Total operating expenses
7,621,558
8,342,569
24,663,723
29,498,766
Loss from operations
(7,560,058
)
(8,302,069
)
(24,426,373
)
(29,344,266
)
Other income (expense): Interest income
3,221
117,842
67,134
336,575
Total
3,221
117,842
67,134
336,575
Net loss
$
(7,556,837
)
$
(8,184,227
)
$
(24,359,239
)
$
(29,007,691
)
Basic and diluted net loss per common share
$
(0.18
)
$
(0.27
)
$
(0.62
)
$
(0.98
)
Weighted average shares outstanding, basic and diluted
41,861,614
30,736,736
39,116,532
29,717,361
Energous Corporation
Reconciliation of Non-GAAP
Information
(Unaudited)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2020
2019
2020
2019
Net loss (GAAP)
$
(7,556,837
)
$
(8,184,227
)
$
(24,359,239
)
$
(29,007,691
)
Add (subtract) the following items: Interest income
(3,221
)
(117,842
)
(67,134
)
(336,575
)
Depreciation and amortization
69,361
175,403
286,990
652,266
Stock-based compensation
1,972,742
2,099,675
6,318,948
8,069,000
Adjusted EBITDA (non-GAAP)
$
(5,517,955
)
$
(6,026,991
)
$
(17,820,435
)
$
(20,623,000
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201109006010/en/
Energous Public Relations PR@energous.com (408)
963-0200
Investor Relations Contact Bishop IR Mike Bishop (415)
894-9633 IR@energous.com
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