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Energous Corporation Reports 2022 Third-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 third quarter ended September 30, 2022, and provided an update on its partnership, regulatory and operational highlights.\n\nUnaudited 2022 Third-Quarter Financial Results\n\nFor the third quarter ended September 30, 2022, Energous reported:\n\n\nRevenue of approximately $223,000, up nearly 11% from approximately $201,000 in the 2021 third quarter\n\n\nCosts and expenses of approximately $6.3 million, with approximately $420,000 in cost of revenue, $2.9 million in research and development, and $3.0 million in sales, marketing, general and administrative expenses\n\n\nNet loss of approximately $(6.0) million, or $(0.08) per basic and diluted share\n\n\nNet non-GAAP loss of approximately $(5.2) million\n\n\nApproximately $30.4 million in cash and cash equivalents at the end of the third quarter, with no debt\n\n\nPartnership Momentum\n\n\nEnergous and Flagship — a retail technology company that gives physical stores the ability to track their products in real time while unlocking detailed customer browsing insights — announced their second retail store deployment of Wiliot Internet of Things (IoT) Pixel smart tags. Energous and Flagship’s latest deployment is with Academy Brand, which specializes in timeless, classic clothing for men, women and kids across Australia.\n\n\nEnergous and NGK INSULATORS — one of the world’s leading battery manufacturers — announced a partnership to develop solutions that combine Energous’ WattUp technology with NGK’s lithium-ion rechargeable EnerCera® battery to enable maintenance-free IoT devices such as sensors and tracking devices supporting the growing IoT ecosystem.\n\n\nEnergous and e-peas — a global leader in ultra-low power solutions for energy harvesting — launched a new Wireless Energy Harvesting Evaluation Kit featuring two e-peas evaluation boards and Energous’ FCC-certified 1W WattUp PowerBridge.\n\n\nRegulatory Progress\n\n\nEnergous’ WattUp PowerBridge transmitter received U.S. Federal Communications Commission (FCC) Part 18 grant of equipment authorization for 15W of conducted wireless power transfer. The approval enables higher power transmission for the rapidly expanding IoT ecosystem, safely deliver...