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Dec 31, 2024
Energous Q4 2024 Earnings Report
Energous Wireless Power Solutions reported its financial results for the fourth quarter and full fiscal year ended December 31, 2024, showing significant revenue growth and reduced net losses.
Key Takeaways
Energous Wireless Power Solutions reported a 62% increase in full-year revenue to $0.8 million in 2024, primarily driven by PowerBridge transmitter sales. The company also significantly reduced its non-GAAP operating expenses by 19% year-over-year and improved its net loss.
Revenue for the full year ended December 31, 2024, increased by 62% to $0.8 million compared to $0.5 million in 2023.
88% of 2024 revenue was generated by the sale of PowerBridge transmitters, primarily PowerBridge PRO.
Non-GAAP operating expenses for the full year decreased by 19% to $16.2 million from $20.0 million in 2023.
Net loss improved to $(18.4) million, or $(2.57) per basic and diluted share, from $(19.4) million, or $(4.15) per share, in 2023.
Forward Guidance
The company expects continued growth in 2025, supported by recent capital raises and ongoing cost reduction efforts, aiming for profitability and further intellectual property enhancement.
Positive Outlook
- Raised approximately $13.4 million in capital between January 1, 2025, and February 12, 2025, to support 2025 growth initiatives and backlog execution.
- Ongoing cost reduction efforts are expected to result in over $6.8 million in annualized expense reductions.
- Secured a multi-stage project with a Fortune 10 multinational retailer to deploy PowerBridge transmitters in over 4,700 locations.
- Engaged by a global RFID leader to develop a battery-free smart tag for retail IoT applications.
- Received an order from a Fortune 10 multinational retail organization for real-time inventory tracking during transportation, following previous orders for grocery distribution centers.
Challenges Ahead
- Uncertain timing of necessary regulatory approvals could impact business operations.
- Timing of customer product development and market success of customer products remains a factor.
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