SAN JOSE, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ:WATT) (the "Company"), a pioneer in scalable, over-the-air (OTA) wireless power networks, today announced financial results for the year ended December 31, 2024, and provided an update on recent partnerships and Company highlights.
Fiscal Year 2024 Financial Results
See "Non-GAAP Financial Measures" below for additional information.
Company Highlights
"Developing an emerging technology and driving innovation takes significant time and financial resources," said Mallorie Burak, CEO and CFO, Energous Wireless Power Solutions. "In 2024, we demonstrated solid market traction for our solutions, as evidenced by the adoption of our wireless power technologies by major multinational corporations. We remain committed to building sales momentum, maintaining our focus on optimizing our operations to better position the Company for growth, and enhancing our intellectual property portfolio."
About Energous Wireless Power Solutions
Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ:WATT) is pioneering scalable, over-the-air (OTA) wireless power networks that enable unprecedented levels of visibility, control, and intelligent business automation. The Company's wireless power transmitter and receiver technologies deliver continuous access to wireless power, helping drive a new generation of battery-free devices for asset and inventory tracking and management—from retail sensors, electronic shelf labels, and asset trackers, to air quality monitors, motion detectors, and more. For more information, visit http://www.energous.com/ or follow on LinkedIn.
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 subsequently filed quarterly reports on Form 10-Q as well as in other documents that may have been 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 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 operating 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, stock-based compensation expense, severance expense, offering costs related to warrant liability and change in fair value of warrant liability, and the loss on the extinguishment of short-term debt. Non-GAAP operating expenses excludes depreciation and amortization, stock-based compensation expense and severance 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 (in thousands, except share amounts) | ||||||||
| As of | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,353 | $ | 13,876 | ||||
| Restricted cash | - | 60 | ||||||
| Accounts receivable, net | 78 | 102 | ||||||
| Inventory | 498 | 430 | ||||||
| Prepaid expenses and other current assets | 983 | 539 | ||||||
| Total current assets | 2,912 | 15,007 | ||||||
| Property and equipment, net | 356 | 429 | ||||||
| Operating lease right-of-use assets | 527 | 1,240 | ||||||
| Total assets | $ | 3,795 | $ | 16,676 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,852 | $ | 1,879 | ||||
| Accrued expenses | 1,135 | 1,254 | ||||||
| Accrued severance expense | 28 | 134 | ||||||
| Warrant liability | 358 | 620 | ||||||
| Operating lease liabilities, current portion | 668 | 707 | ||||||
| Short-term debt, net | 818 | - | ||||||
| Deferred revenue | 13 | 27 | ||||||
| Total current liabilities | 4,872 | 4,621 | ||||||
| Operating lease liabilities, long-term portion | - | 557 | ||||||
| Total liabilities | 4,872 | 5,178 | ||||||
| Stockholders' equity (deficit): | ||||||||
| Preferred stock | - | - | ||||||
| Common stock | 1 | 1 | ||||||
| Additional paid-in capital | 399,362 | 393,539 | ||||||
| Accumulated deficit | (400,440 | ) | (382,042 | ) | ||||
| Total stockholders' equity (deficit) | (1,077 | ) | 11,498 | |||||
| Total liabilities and stockholders' equity (deficit) | $ | 3,795 | $ | 16,676 | ||||
| Energous Corporation STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) | ||||||||
| For the Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 768 | $ | 474 | ||||
| Cost of revenue | 756 | 279 | ||||||
| Gross profit | 12 | 195 | ||||||
| Operating expenses: | ||||||||
| Research and development | 8,275 | 10,811 | ||||||
| Sales and marketing | 3,066 | 3,852 | ||||||
| General and administrative | 5,704 | 7,272 | ||||||
| Severance expense | 1,377 | 359 | ||||||
| Total operating expenses | 18,422 | 22,294 | ||||||
| Loss from operations | (18,410 | ) | (22,099 | ) | ||||
| Other income (expense), net: | ||||||||
| Offering costs related to warrant liability | - | (592 | ) | |||||
| Change in fair value of warrant liability | 262 | 2,515 | ||||||
| Interest income, net | - | 809 | ||||||
| Loss on extinguishment of short-term debt | (219 | ) | - | |||||
| Other expense | (31 | ) | - | |||||
| Total other income (expense), net | 12 | 2,732 | ||||||
| Net loss | $ | (18,398 | ) | $ | (19,367 | ) | ||
| Basic and diluted net loss per common share | $ | (2.57 | ) | $ | (4.15 | ) | ||
| Weighted average shares outstanding, basic and diluted | 7,153,385 | 4,663,594 | ||||||
| Energous Corporation Reconciliation of Non-GAAP Information (in thousands) | ||||||||
| For the Year Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Net loss (GAAP) | $ | (18,398 | ) | $ | (19,367 | ) | ||
| Add (subtract) the following items: | ||||||||
| Depreciation and amortization * | 192 | 187 | ||||||
| Stock-based compensation ** | 663 | 1,678 | ||||||
| Severance expense | 1,377 | 359 | ||||||
| Offering costs related to warrant liability | - | 592 | ||||||
| Change in fair value of warrant liability | (262 | ) | (2,515 | ) | ||||
| Loss on extinguishment of short-term debt | 219 | - | ||||||
| Adjusted net non-GAAP loss | $ | (16,209 | ) | $ | (19,066 | ) | ||
| * Note: Depreciation and amortization excludes $4 which is included in cost of revenue for the year ended December 31, 2024. | ||||||||
| ** Note: Stock-based compensation excludes $130 which is included in severance expense and $6 which is included in cost of revenue for the year ended December 31, 2024. | ||||||||
| Total operating expenses (GAAP) | $ | 18,422 | $ | 22,294 | ||||
| Subtract the following items: | ||||||||
| Depreciation and amortization * | (192 | ) | (187 | ) | ||||
| Stock-based compensation ** | (663 | ) | (1,678 | ) | ||||
| Severance expense | (1,377 | ) | (359 | ) | ||||
| Adjusted non-GAAP operating expenses | $ | 16,190 | $ | 20,070 | ||||
| * Note: Depreciation and amortization excludes $4 which is included in cost of revenue for the year ended December 31, 2024. | ||||||||
| ** Note: Stock-based compensation excludes $130 which is included in severance expense and $6 which is included in cost of revenue for the year ended December 31, 2024. | ||||||||
| Total research and development expenses (GAAP) | $ | 8,275 | $ | 10,811 | ||||
| Subtract the following items: | ||||||||
| Depreciation and amortization | (170 | ) | (169 | ) | ||||
| Stock-based compensation | (213 | ) | (658 | ) | ||||
| Adjusted non-GAAP research and development expenses | $ | 7,892 | $ | 9,984 | ||||
| Total sales, marketing, general and administrative expenses (GAAP) | $ | 8,770 | $ | 11,124 | ||||
| Subtract the following items: | ||||||||
| Depreciation and amortization | (22 | ) | (18 | ) | ||||
| Stock-based compensation | (450 | ) | (1,020 | ) | ||||
| Adjusted non-GAAP sales, marketing, general and administrative expenses | $ | 8,298 | $ | 10,086 | ||||
Contacts:
Investor Relations
IR@energous.com
Media Relations
pr@energous.com
