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Jun 30, 2020
Energous Q2 2020 Earnings Report
Energous recorded revenue of $114,375 and a net loss of $(8.2) million for the second quarter ended June 30, 2020.
Key Takeaways
Energous Corporation reported financial results for the second quarter ended June 30, 2020. The company announced several partnerships and collaborations, including with Grepow Battery and E Ink Holdings. They also completed an offering of shares, raising $9.2 million in net proceeds. Energous recorded revenue of $114,375 and a net loss of $(8.2) million, or $(0.20) per basic and diluted share. Cash and cash equivalents totaled $23.4 million at the end of the quarter.
Announced partnership with Grepow Battery.
Announced collaboration with E Ink Holdings to develop WattUp-enabled Electronic Paper Display (EPD) tags.
Completed an offering of shares, raising $9.2 million in net proceeds.
WattUp PowerHub developer kit based on new low cost, small footprint wireless charging technology was available.
Energous
Energous
Forward Guidance
Energous expects to demonstrate quarterly sequential revenue growth into 2021 and anticipates the WattUp-enabled NewSound Primo W hearing aid to reach consumers soon, after delays due to the COVID-19 pandemic.
Positive Outlook
- Expected quarterly sequential revenue growth into 2021
- WattUp-enabled NewSound Primo W hearing aid is anticipated to reach consumers soon
- Announcement of WattUp PowerHub developer kit
- Possible expansion of the application of our technology
- Additional prospective customer interest in our next generation wireless charging solutions
Challenges Ahead
- COVID-19 pandemic impacted the anticipated earlier release to the market of WattUp-enabled NewSound Primo W hearing aid
- 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
- Dependence on distribution partners and intense industry competition