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: 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
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
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191107006025/en/
Energous Public Relations PR@energous.com (408)
963-0200
Investor Relations Contact Bishop IR Mike Bishop (415)
894-9633 IR@energous.com
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