Energous Corporation Reports 2023 Second-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 second quarter ended June 30, 2023.\n\n\nUnaudited 2023 Second-Quarter Financial Results\n\n\nFor the second quarter ended June 30, 2023, Energous reported:\n\n\n\nRevenue of approximately $117,133, a 21% increase over Q1 2023\n\n\n\nCosts and expenses of approximately $6.2 million, with approximately $82,818 in cost of revenue, $2.9 million in research and development, and $3.2 million in sales, marketing, general and administrative expenses\n\n\n\nNet loss of approximately $(4.0) million, or $(0.04) per basic and diluted share\n\n\n\nAdjusted net non-GAAP loss of approximately $(5.3) million\n\n\n\nAdjusted non-GAAP costs and expenses of $5.6 million, a 7% reduction from Q2 2022\n\n\n\nApproximately $20.0 million in cash and cash equivalents at the end of the second quarter, with no debt\n\n\n\nPartnership Momentum\n\n\n\nEnergous and InnoTractor — On April 12, the Company announced a partnership with InnoTractor, a European provider of IoT-based solutions for logistics and supply chain applications to integrate wireless power solutions for real-time asset tracking across various industries witnessing significant IoT growth. The partnership will integrate and deploy Energous’ PowerBridge technology and Wiliot’s IoT Pixel tags, providing customers with a solution featuring lower costs, increased mobility and improved sustainability.\n\n\n\nEnergous and WiGL — On August 8, the Company announced the next phase of its partnership with WiGL, a developer of touchless wireless charging for IoT devices for wireless power networks, to develop and commercialize IoT products that will be wirelessly powered over distance (tWPT Project). The Air Force Research Lab at the U.S. Department of Defense (DoD) funded the first phase early last year to develop and design tWPT products for military and commercial use. In the project's second phase, Energous’ PowerBridges will continue to provide radio frequency-based (RF) wireless power over distance for WiGL’s tWPT networks.\n\n\n\nCompany Highlights\n\n\n\nJapan’s regulatory body has approved Energous’ 1W WattUp PowerBridge for unlimited power distance transmission. This enables Energous to deploy its active ener...

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