Energous Corporation (NASDAQ: WATT), the developer of WattUp, a Wireless Charging 2.0 technology, announced financial results for the third quarter ended September 30, 2019 and provided an update on its operational progress.
- Energous and ZPower formed partnership to develop WattUp-enabled ZPower rechargeable microbatteries
- The Oasis-RC PSAP from Energous customer, Delight, shipped to consumers, marking the first WattUp enabled device to be widely available
- Announced the availability of its hearable developer kits for manufacturers for fast charging of devices that require higher power levels
- Energous partner, NewSound, announced the launch of a next-generation WattUp-enabled hearing aid at the 64th Annual EUHA 2019 International Congress
- Added deep semiconductor expertise to the Board with the addition of three new directors
“In this quarter, the first fully commercialized, WattUp-enabled product, the Oasis RC PSAP, shipped to consumers, tangible evidence that our technology is now entering the marketplace starting with the significant and growing hearables space,” said Stephen R. Rizzone, President and CEO of Energous Corporation. “The second product, NewSound’s Primo-W hearing aid, will be available in the coming months, demonstrating the momentum we are building to launch Wireless Charging 2.0. We have made significant progress in our regulatory efforts and have significantly reduced our operating expenses as we focus on ramping revenue.”
Unaudited 2019 Third Quarter Financial Results
For the third quarter ended September 30, 2019, Energous recorded:
- Revenue of $40,500
- Operating expenses of approximately $8.3 million (GAAP), comprised of $5.2 million in research and development and $3.2 million in selling, general, and administrative expenses
- Net loss of $8.2 million, or $0.27 per basic and diluted share
- Adjusted EBITDA (a non-GAAP financial measure) loss of $6.0 million
- $22.8 million in cash and cash equivalents at the end of the third quarter, with no debt
A webcast of Energous’ November 7, 2019 conference call to discuss financial results is accessible at Energous.com; an archive is available for approximately one year.