Energous Corporation (NASDAQ: WATT), the developer of WattUp, a revolutionary Wireless Charging 2.0 technology today announced financial results for the first quarter ended March 31, 2020 and provided an update on its operational progress.
Recent Highlights
Energous receives FCC certification for new groundbreaking over-the-air, power-at-a-distance wireless charging technology
Energous announced the availability of the WattUp PowerHub developer kit, based on new low cost, small footprint wireless charging technology
Announced partnership with 28Gorilla to develop a wirelessly charged equestrian health tracking sensor for American Equus
'The first quarter represented tangible technological progress, as evidenced by the recent FCC certification, that opens potential for our customers to launch a new category of wireless charging,' said Stephen R. Rizzone, president and CEO of Energous Corporation. 'We are executing despite the obvious headwinds created by the pandemic and are seeing increased interest from consumer electronics and industrial IoT manufacturers.'
Unaudited 2020 First Quarter Financial Results
For the first quarter ended March 31, 2020, Energous recorded:
Revenue of $61,475
Operating expenses of approximately $8.7 million (GAAP), comprised of $4.6 million in research and development, and $4.1 million in selling, general and administrative expenses
Net loss of $(8.6) million, or $(0.25) per basic and diluted share
Adjusted EBITDA (a non-GAAP financial measure) loss of $(6.3) million
$20.0 million in cash and cash equivalents at the end of the first quarter, with no debt
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.
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.
Contact:
Tel: (408) 963-0200
ENERGOUS CORPORATION 
