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Energous Corporation Reports Third Quarter 2019 Financial Results
[November 07, 2019]

Energous Corporation Reports Third Quarter 2019 Financial Results


Energous Corporation (NASDAQ: WATT), the developer of WattUp®, a revolutionary Wireless Charging 2.0 technology, today announced financial results for the third quarter ended Sept. 30, 2019 and provided an update on its operational progress.

Recent Highlights

  • 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 of Acousticians Conference October 16-18, 2019
  • 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 Sept. 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

Third Quarter 2019 Conference Call

Energous will host a conference call to discuss its financial results, recent progress and prospects for the future.

When: Thursday, Nov. 7, 2019

Time: 1:30 p.m. PT (4:30 p.m. ET)

Phone (News - Alert): 888-317-6003 (domestic); 412-317-6061 (international)

Passcode: 9107820

Telephonic replay: Accessible through Nov. 21, 2019

877-344-7529 (domestic); 412-317-0088 (international); passcode 10136301

Webcast: Accessible at Energous.com; archive available for approximately one year

About Energous Corporation

Energous Corporation (NASDAQ: WATT) is leading the next generation of wireless charging - Wireless Charging 2.0 - with its award-winning WattUp® technology, which supports fast, efficient contact-based charging, as well as charging over-the-air. WattUp is a scalable, RF-based wireless charging technology that offers substantial improvements in contact-based charging efficiency, foreign object detection, orientation freedom and thermal performance compared to older, coil-based charging technologies. The technology can be designed into many different sized electronic devices for the home and office, as well as the medical, industrial, retail and automotive industries, and it ensures interoperability across products. As a systems solutions company, Energous develops silicon-based wireless power transfer (WPT) technologies and customizable reference designs. These include innovative silicon chips, antennas and software for a wide variety of applications, such as smartphones, fitness trackers, hearables, medical sensors and more. Energous received the world's first FCC (News - Alert) Part 18 certification for at-a-distance wireless charging, and it has more than 215 awarded patents/allowed applications for its WattUp wireless charging technology to-date. For more information, please visit Energous.com.

Safe Harbor Statement

This press release contains forward-looking statements that describe our future plans and expectations. These statements generally use terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or similar terms. Examples of our forward-looking statements in this release include our statements about FCC certification of our technology, regulatory approvals internationally, and customer releases of products utilizing our technology. Our forward-looking statements speak only as of this date; they are based on current expectations and we undertake no duty to update them. Factors that could cause actual results to differ from what we expect 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 and subsequent quarterly reports on Form 10-Q, in evaluating our forward-looking statements.





Energous Corporation
BALANCE SHEETS
(Unaudited)
As of
September 30, 2019 December 31, 2018
ASSETS
Current assets:
Cash and cash equivalents

$

22,800,024

 

$

20,106,485

 

Accounts receivable

 

85,500

 

 

44,550

 

Prepaid expenses and other current assets

 

596,543

 

 

637,708

 

Total current assets

 

23,482,067

 

 

20,788,743

 

 
Property and equipment, net

 

750,685

 

 

1,219,016

 

Operating lease right-of-use assets

 

2,244,336

 

 

-

 

Other assets

 

2,410

 

 

2,410

 

Total assets

$

26,479,498

 

$

22,010,169

 

 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable

$

1,305,235

 

$

1,861,385

 

Accrued expenses

 

1,603,746

 

 

1,778,349

 

Operating lease liabilities, current portion

 

682,163

 

 

-

 

Total current liabilities

 

3,591,144

 

 

3,639,734

 

 
Operating lease liabilities, long-term portion

 

1,610,319

 

 

-

 

Total liabilities

 

5,201,463

 

 

3,639,734

 

 
Stockholders' equity:
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at September 30, 2019 and December 31, 2018; no shares issued or outstanding.

 

-

 

 

-

 

Common Stock, $0.00001 par value, 50,000,000 shares authorized at September 30, 2019 and December 31, 2018; 30,844,921 and 26,526,303 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively.

 

309

 

 

265

 

Additional paid-in capital

 

275,026,988

 

 

243,111,741

 

Accumulated deficit

 

(253,749,262

)

 

(224,741,571

)

Total stockholders' equity

 

21,278,035

 

 

18,370,435

 

Total liabilities and stockholders' equity

$

26,479,498

 

$

22,010,169

 


Energous Corporation

STATEMENTS OF OPERATIONS

(Unaudited)

 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

2019

 

2018

 

2019

 

2018

 
Revenue

$

40,500

 

$

228,000

 

$

154,500

 

$

458,773

 

 
Operating expenses:
Research and development

 

5,190,056

 

 

8,442,698

 

 

17,505,751

 

 

24,804,224

 

Sales and marketing

 

1,242,105

 

 

1,546,227

 

 

3,985,467

 

 

4,620,760

 

General and administrative

 

1,910,408

 

 

2,891,036

 

 

8,007,548

 

 

9,439,279

 

Total operating expenses

 

8,342,569

 

 

12,879,961

 

 

29,498,766

 

 

38,864,263

 

Loss from operations

 

(8,302,069

)

 

(12,651,961

)

 

(29,344,266

)

 

(38,405,490

)

 
Other income:
Interest income

 

117,842

 

 

6,670

 

 

336,575

 

 

18,371

 

Total

 

117,842

 

 

6,670

 

 

336,575

 

 

18,371

 

 
Net loss

$

(8,184,227

)

$

(12,645,291

)

$

(29,007,691

)

$

(38,387,119

)

 
Basic and diluted net loss per common share

$

(0.27

)

$

(0.49

)

$

(0.98

)

$

(1.50

)

 
Weighted average shares outstanding, basic and diluted

 

30,736,736

 

 

25,742,171

 

 

29,717,361

 

 

25,519,868

 

Energous Corporation
Reconciliation of Non-GAAP Information
(Unaudited)
 

For the Three Months Ended September 30,

 

For the Nine Months Ended September 30,

2019

 

2018

 

2019

 

2018

 
 
Net loss (GAAP)

$

(8,184,227

)

$

(12,645,291

)

$

(29,007,691

)

$

(38,387,119

)

Add (subtract) the following items:
Interest income

 

(117,842

)

 

(6,670

)

 

(336,575

)

 

(18,371

)

Depreciation and amortization

 

175,403

 

 

245,899

 

 

652,266

 

 

820,714

 

Stock-based compensation

 

2,099,675

 

 

3,852,656

 

 

8,069,000

 

 

12,804,744

 

Adjusted EBITDA (non-GAAP)

$

(6,026,991

)

$

(8,553,406

)

$

(20,623,000

)

$

(24,780,032

)

 


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