Energous Corporation (NASDAQ: WATT), the developer of WattUp®, a
revolutionary Wireless Charging 2.0 technology, today announced
financial results for the fourth quarter and full year ended
December 31, 2020 and provided an update on its operational
progress.
Recent Highlights
- Energous partner American Equus successfully completed trials
of its equine health tracking sensor and is on track for
availability in the first quarter of 2021
- EarTechnic® selected Energous’ RF-based wireless charging for
new hearing aid design
- Energous customer Gokhale Method received FCC approval for new
WattUp®-enabled PostureTracker™ wearable device
- Energous named Dan Fairfax Chairman of its Board of
Directors
- Energous completed $40 million at-the-market equity
offering
- Enerous partnered with e-peas to advance at-a-distance wireless
charging applications greater than one meter
- Energous partnered with Thinfilm to enable ultrathin, reliable,
wirelessly rechargeable devices
“With the increasing number of announced customers, including
EarTechnic®, NewSound, Gokhale, and American Equus, we see momentum
building for our WattUp wireless charging solution,” said Stephen
R. Rizzone, president and CEO of Energous Corporation. “We are
working in a number of vertical markets to commercialize our
technology, expand our global regulatory footprint, and build the
WattUp based wireless charging ecosystem.”
Unaudited 2020 Fourth Quarter Financial Results
For the fourth quarter ended Dec. 31, 2020, Energous
recorded:
- Revenue of $90,000
- Operating expenses of approximately $7.6 million (GAAP),
comprised of $4.2 million in research and development, and $3.4
million in selling, general and administrative expenses
- Net loss of $7.5 million, or $0.15 per basic and diluted
share
- Adjusted EBITDA (a non-GAAP financial measure) loss of $5.8
million
- $50.7 million in cash and cash equivalents at the end of the
fourth quarter, with no debt
Unaudited 2020 Full-Year Financial Results
For the year ended December 31, 2020, Energous recorded:
- Revenue of $327,350
- Operating expenses of $32.2 million, comprised of $17.1 million
in research and development, and $15.0 million in selling, general
and administrative expenses, and $126,539 in cost of services
revenue.
- Net loss of $31.8 million, or a loss of $0.76 per basic and
diluted share.
- Adjusted EBITDA (a non-GAAP financial measure) loss of $23.6
million.
2020 Fourth Quarter and Year End Conference Call
Energous will host a conference call to discuss its financial
results, recent progress and prospects for the future.
When: Thursday, Feb. 25, 2021
Time: 1:30 p.m. PT (4:30 p.m. ET)
Phone: 888-317-6003 (domestic); 412-317-6061
(international)
Passcode: 3110307
Telephonic replay: Accessible through Mar. 11, 2021
877-344-7529 (domestic); 412-317-0088 (international); passcode
10152108
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 231 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” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. 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. 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 the future of the wireless charging industry
and our technology, the anticipated establishment and success of
the evaluation board, and statements with respect to its expected
functionality. 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
December 31, 2020
December 31, 2019
ASSETS Current assets: Cash and cash equivalents
$
50,729,661
$
21,684,089
Accounts receivable, net
75,850
63,144
Prepaid expenses and other current assets
636,702
450,231
Total current assets
51,442,213
22,197,464
Property and equipment, net
402,711
626,524
Right-of-use lease assets
1,293,291
2,057,576
Other assets
1,610
2,410
Total assets
$
53,139,825
$
24,883,974
LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable
$
1,096,839
$
1,671,519
Accrued expenses
1,576,287
2,063,097
Operating lease liabilities, current portion
825,431
722,291
Deferred revenue
12,000
12,000
Total current liabilities
3,510,557
4,468,907
Operating lease liabilites, long-term portion
576,762
1,402,193
Total liabilities
4,087,319
5,871,100
Commitments and contingencies Stockholders’ equity:
Preferred Stock, $0.00001 par value,
10,000,000 shares authorized at December 31, 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 December 31, 2020 and December 31,
2019, respectively; 61,292,412 and 33,203,806 shares
issued and outstanding at December 31,
2020 and December 31, 2019, respectively.
614
333
Additional paid-in capital
344,024,638
282,153,201
Accumulated deficit
(294,972,746
)
(263,140,660
)
Total stockholders’ equity
49,052,506
19,012,874
Total liabilities and stockholders’ equity
$
53,139,825
$
24,883,974
Energous Corporation
STATEMENTS OF
OPERATIONS
(Unaudited)
For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
2020
2019
2020
2019
Revenue
$
90,000
$
45,643
$
327,350
$
200,143
Operating expenses: Research and development
4,156,744
5,723,059
17,066,122
23,228,810
Sales and marketing
1,493,469
1,433,500
5,880,350
5,418,967
General and administrative
1,912,578
2,352,718
9,153,503
10,360,266
Cost of services revenue
-
-
126,539
-
Total operating expenses
7,562,791
9,509,277
32,226,514
39,008,043
Loss from operations
(7,472,791
)
(9,463,634
)
(31,899,164
)
(38,807,900
)
Other income (expense): Interest income
4,078
79,699
71,212
416,274
Loss on retirement of property and equipment
(4,134
)
(7,463
)
(4,134
)
(7,463
)
Total other income (expense)
(56
)
72,236
67,078
408,811
Net loss
$
(7,472,847
)
$
(9,391,398
)
$
(31,832,086
)
$
(38,399,089
)
Basic and diluted net loss per common share
$
(0.15
)
$
(0.29
)
$
(0.76
)
$
(1.27
)
Weighted average shares outstanding, basic and diluted
49,155,212
31,880,706
41,639,916
30,262,642
Energous Corporation
Reconciliation of Non-GAAP
Information
(Unaudited)
For the Three Months Ended
December 31,
For the Twelve Months Ended
December 31,
2020
2019
2020
2019
Net loss (GAAP)
$
(7,472,847
)
$
(9,391,398
)
$
(31,832,086
)
$
(38,399,089
)
Add (subtract) the following items: Interest income
(4,078
)
(79,699
)
(71,212
)
(416,274
)
Depreciation and amortization
69,320
128,963
356,310
781,228
Stock-based compensation
1,579,022
2,577,580
7,897,970
10,646,580
Adjusted EBITDA (non-GAAP)
$
(5,828,583
)
$
(6,764,554
)
$
(23,649,018
)
$
(27,387,555
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210225006061/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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