Energous (WATT) Misses Q3 EPS by 3c

Energous (NASDAQ: WATT) reported Q3 EPS of ($0.18), $0.03 worse than the analyst estimate of ($0.15). Revenue for the quarter came in at $61.5 thousand versus the consensus estimate of $190 thousand.

Unaudited 2020 Third Quarter Financial Results

For the third quarter ended Sept. 30, 2020, Energous recorded:

• Revenue of $61,500
• Operating expenses of approximately $7.6 million (GAAP), comprised of $4.0 million in research and development, and $3.6 million in selling, general and administrative expenses
• Net loss of $(7.6) million, or $(0.18) per basic and diluted share
• Adjusted EBITDA (a non-GAAP financial measure) loss of $(5.5) million
• $17.3 million in cash and cash equivalents and $3.2 million in financing funds receivable (from our at-the-market “ATM” financing transaction) at the end of the third quarter, with no debt

“Interest in our charging solutions continues to expand across a variety of vertical markets, including military, industrial, and medical sensors and tracking applications. We continue to develop partnerships to drive the ecosystems toward the broad adoption of WattUp,” said Stephen R. Rizzone, president and CEO of Energous Corporation. “Our progress in the quarter has enabled the WattUp technology to have a smaller footprint that we believe will offer a more cost effective and appealing solution to all type of device manufacturers. We believe we are building a solid foundation for growth.”

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

You May Also Be Interested In

• Citrini flags overheating concerns as leverage, chip rally weigh on KOSPI
• Synopsys upgraded at Piper Sandler on Intel foundry momentum, Apple opportunity
• Bank First National Corp. (BFC) appoints three new directors to board