Thu, Feb 27, 9:32 PM (58 days ago)
Energous Corporation (WATT) reported a revenue increase to $768,000 for the year ending December 31, 2024, up from $474,000 in 2023, primarily due to sales of its PowerBridge transmitters. However, the company incurred a net loss of $18.4 million, slightly improving from a $19.4 million loss in the previous year. Operating expenses totaled $18.4 million, driven by R&D costs of $8.3 million and general administrative expenses of $5.7 million. The company maintains a significant focus on its Wireless Power Network technology, which supports RF-based charging for IoT devices. As of December 31, 2024, Energous had $1.4 million in cash and raised $3.2 million through an ATM offering in 2024. The company faces liquidity challenges and anticipates seeking additional financing. Energous continues to navigate risks including reliance on a few major customers, regulatory approvals, and macroeconomic factors such as inflation and geopolitical tensions. The company's stock is currently under scrutiny for compliance with Nasdaq listing requirements. The outlook remains cautious as it strives for market acceptance of its technology and financial stability.