Energous Corporation President and CEO, Stephen R. Rizzone, to Take a Leave of Absence for Health Reasons, Office of CEO Formed
April 23 2021 - 4:01PM
Business Wire
Announces Preliminary Results for the First
Quarter 2021
Energous Corporation (Nasdaq: WATT), the developer of WattUp®, a
revolutionary wireless charging 2.0 technology, today announced
that the company’s president, and chief executive officer, Stephen
R. Rizzone is taking a leave of absence due to health reasons
effective immediately. The company has formed an Office of the CEO,
comprised of executive officers Brian Sereda, Senior Vice President
and Chief Financial Officer, Cesar Johnston, Chief Operating
Officer and Executive Vice President of Engineering, and Neeraj
Sahejpal, Senior Vice President of Marketing and Business
Development. The Office of CEO will report directly to the
company’s board of directors.
“We wish Steve a speedy recovery,” said Dan Fairfax, chairman of
the board. “Energous has developed innovative technology that’s
well-positioned for growth with its broad range of wireless power
offerings and the Board has tremendous faith in the company’s
executive leadership and its employees.”
After an initial review of its first quarter 2021 performance,
Energous today announced its preliminary financial results for the
first quarter ended March 31, 2021.
- Revenue of approximately $145,000;
- GAAP operating expenses between $8.7 million and $9.0
million;
- Depreciation and amortization expenses of approximately
$65,000;
- Stock-based compensation expense between $2.2 million and $2.5
million; and
- Cash and cash equivalents of approximately $44.8 million as of
March 31, 2021.
The estimates presented are subject to completion of the
applicable quarter-end closing procedures. Energous’s actual
results for the quarter ended March 31, 2021 may vary from these
estimates. In addition, estimated financial information is
necessarily speculative in nature, and it can be expected that some
or all of the assumptions underlying the estimated financial
information described above will not materialize or will vary
significantly from actual results. Accordingly, undue reliance
should not be placed on these estimates.
About Energous Corporation
Energous Corporation (Nasdaq: WATT) is the global leader of
Wireless Charging 2.0 technology. 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
consumer electronics, medical devices, retail, military,
industrial/commercial IoT, automotive, military, retail and
industrial applications. 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 234 U.S. patents for its WattUp wireless charging
technology to-date.
Safe Harbor Statement
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 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 our
forward-looking statements in this release include but are not
limited to our statements about our preliminary financial results,
the future of the wireless charging industry and our technology,
and statements with respect to its expected functionality and
company growth. 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 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’s 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210423005554/en/
Energous Investor Relations: Bishop IR Mike Bishop (415)
894-9633 IR@energous.com Energous Public Relations:
PR@energous.com (408) 963-0200
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