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Mar 31, 2023
Energous Q1 2023 Earnings Report
Energous reported a decrease in revenue and a net loss, but also highlighted several new partnerships and regulatory progress.
Key Takeaways
Energous Corporation reported first-quarter 2023 financial results with a revenue of approximately $96,676 and a net loss of approximately $(6.7) million, or $(0.08) per basic and diluted share. The company highlighted new partnerships with InnoTractor, Thinaer, LIXIL, SATO, Catapult, and amsOSRAM, and regulatory progress with approval from Japan's regulatory body for its 1W WattUp PowerBridge.
Revenue for the first quarter was approximately $96,676, compared to $215,961 in the first quarter of 2022.
Net loss for the first quarter was approximately $(6.7) million, or $(0.08) per basic and diluted share.
Adjusted net non-GAAP loss was approximately $(5.5) million.
Cash and cash equivalents totaled approximately $26.3 million at the end of the first quarter.
Forward Guidance
Energous continues to gain momentum for its solutions with a number of new partnerships and proof of concept deployments as its solutions are recognized as supporting the rapid deployment of IoT devices.
Positive Outlook
- Solutions are recognized as supporting the rapid deployment of IoT devices
- New partnerships
- Proof of concept deployments
- Adoption of the AirFuel RF standard
- Increased international certification of our devices
Challenges Ahead
- Uncertain timing of necessary regulatory approvals
- Timing of customer product development
- Market success of customer products
- Dependence on distribution partners
- Intense industry competition
Historical Earnings Impact
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Avg. Return Before/After Earnings
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