Energous (WATT) Misses Q1 EPS by 3c

Energous (NASDAQ: WATT) reported Q1 EPS of ($0.25), $0.03 worse than the analyst estimate of ($0.22).

Unaudited 2020 First Quarter Financial Results

For the first quarter ended March 31, 2020, Energous recorded:

• Revenue of $61,475
• Operating expenses of approximately $8.7 million (GAAP), comprised of $4.6 million in research and development, and $4.1 million in selling, general and administrative expenses
• Net loss of $(8.6) million, or $(0.25) per basic and diluted share
• Adjusted EBITDA (a non-GAAP financial measure) loss of $(6.3) million
• $20.0 million in cash and cash equivalents at the end of the fourth quarter, with no debt

Recent Highlights

• Energous receives FCC certification for new groundbreaking over-the-air, power-at-a-distance wireless charging technology
• Energous announced the availability of the WattUp PowerHub developer kit, based on new low cost, small footprint wireless charging technology
• Announced partnership with 28Gorilla to develop a wirelessly charged equestrian health tracking sensor for American Equus

“The first quarter represented tangible technological progress, as evidenced by the recent FCC certification, that opens potential for our customers to launch a new category of wireless charging,” said Stephen R. Rizzone, president and CEO of Energous Corporation. “We are executing despite the obvious headwinds created by the pandemic and are seeing increased interest from consumer electronics and industrial IoT manufacturers.”

For earnings history and earnings-related data on Energous (WATT) click here.

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