Energous Corporation Reports 2022 Fourth-Quarter Results

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[{"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 fourth quarter ended December 31, 2022, and provided an update on recent partnerships and company highlights.\n\nUnaudited 2022 Fourth-Quarter Results\n\nFor the fourth quarter ended December 31, 2022, Energous reported:\n\n\nRevenue of approximately $179,000, versus $225,000 in the 2021 fourth quarter – full-year revenue of approximately $851,000 increased 12.5% from approximately $757,000 in 2021.\n\n\nTotal costs and expenses of approximately $6.5 million, with approximately $383,000 in cost of revenue, $2.9 million in research and development (R&D) expenses, $3.1 million in sales, marketing, general and administrative (SG&A) expenses, and $165,000 in severance expenses – total costs and expenses were down significantly from approximately $9.6 million in the 2021 fourth quarter.\n\n\nNet loss of approximately $(6.1) million, or $(0.08) per basic and diluted share, versus a net loss of approximately $(9.4) million, or $(0.13) per basic and diluted share, in the 2021 fourth quarter.\n\n\nNet non-GAAP loss of approximately $(5.3) million.\n\n\nApproximately $26.3 million in cash and cash equivalents at the end of the 2022 fourth quarter, with no debt.\n\n\nPartnership Momentum\n\n\nEnergous and LIXIL, maker of pioneering water and housing products, are collaborating to develop wirelessly-powered maintenance-free smart sensors for home and office applications – working to combine Energous’ WattUp wireless power transfer technology and LIXIL’s suite of housing technology, including IoT home solutions, to deliver a joint solution that removes the need for battery maintenance via reliable and consistent power delivered wirelessly over-the-air.\n\n\nThe company and SATO Holdings Corporation, a global pioneer in auto-ID and labelling solutions, are partnering to develop joint solutions that combine Energous’ 1W WattUp PowerBridge transmitters with IoT solutions for next-generation smart store applications.\n\n\nEnergous and Catapult, the global leader in sports technology solutions for elite teams, have built the first smart American football for sports teams – creating the football of the future with an embedded tracker that can charge wirelessly, pr...

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