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Energous Corporation Reports 2022 First-Quarter Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- Energous Corporation (NASDAQ: WATT), a leading developer of RF-based charging for wireless power networks, today
About this update from Energous Corporation
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nEnergous Corporation (NASDAQ: WATT), a leading developer of RF-based charging for wireless power networks, today announced financial results for its first quarter ended March 31, 2022, and provided an update on its operational, regulatory and partnership highlights.\n\nUnaudited 2022 First-Quarter Financial Results\n\nFor the first quarter ended March 31, 2022, Energous reported:\n\n\nRevenue of approximately $216,000, up significantly from approximately $145,000 in the 2021 first quarter\n\n\nCosts and expenses of approximately $7.4 million (GAAP), with approximately $203,000 in cost of revenue, $3.5 million in research and development and $3.6 million in selling, general and administrative expenses\n\n\nNet loss of $(7.2) million, or $(0.09) per basic and diluted share\n\n\nNet non-GAAP loss of $(6.3) million\n\n\n$42.8 million in cash and cash equivalents at the end of the first quarter, with no debt\n\n\nOperational Highlights\n\n\nEnergous added three industry veterans to its board of advisors as the company focuses on powering the growing industrial and retail Internet of Things (IoT) ecosystem. Bob Friday, Alessandro Piovaccari and Mark Tyndall were named to the company’s advisory board in May 2022.\n\n\nRegulatory Approvals\n\n\nEnergous’ 1W WattUp PowerBridge transmitter technology was approved by the Ministry of Industry and Information Technology (MIIT) in China for IoT applications. Energous’ WattUp PowerBridge supports multiple next-generation applications including smart tags, electronic shelf labels, sensors, asset trackers and more.\n\n\nEnergous’ 1W WattUp PowerBridge transmitter received regulatory approval from the Innovation, Science and Economic Development Canada (ISED), Canada’s technology regulatory body, for RF-based power transfer at any distance.\n\n\nPartnership Momentum\n\n\nEnergous and Atmosic Technologies, an innovator in energy harvesting wireless platforms for the IoT, released a Wirelessly-Charged Sensor Evaluation Kit featuring Atmosic’s ATM3 energy harvesting Bluetooth Low Energy System-on-Chip (SoC) solution and Energous’ FCC-certified 1W WattUp PowerBridge transmitter.\n\n\nEnergous demonstrated its advanced wireless power network technology and interoperability with WattUp-powered partner products, including Wiliot, Juniper Networks, Atmosic Technologi...