Energous Corporation Reports 2024 First Quarter Results

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[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nEnergous Corporation (NASDAQ: WATT), a leading developer of RF-based intelligent wireless power networks, today announced financial results for the three months ended March 31, 2024, and provided an update on recent partnerships and company highlights.\n\n\nFirst Quarter 2024 Financial Results\n\n\n\nRevenue for the three months ended March 31, 2024 of approximately $0.1 million versus $0.1 million in the 2023 period.\n\n\n\nCosts and expenses for the three months ended March 31, 2024 totaled $6.7 million versus $6.4 million in the 2023 period. Total first quarter 2024 GAAP costs and expenses consisted of approximately $0.1 million in cost of revenue, $2.3 million in research and development (R&D) expenses, $2.7 million in sales, marketing, general and administrative (SG&A) expenses, and approximately $1.6 million in severance expenses.\n\n\n\nCost reductions continued through the first three months of 2024 with total non-GAAP costs and expenses for the three months ended March 31, 2024 of $4.8 million decreasing from $5.8 million for the same 2023 period, representing a cost reduction of approximately $1.0 million, or 17%, year over year.\n\n\n\nYear-over-year net loss of approximately $(6.6) million, or $(1.11) per basic and diluted share for the three months ended March 31, 2024, versus a net loss of approximately $(6.7) million, or $(1.63) per basic and diluted share, for the same 2023 period.\n\n\n\nNon-GAAP net loss of approximately $(4.6) million for the three months ended March 31, 2024 versus non-GAAP net loss of approximately ($5.5) million for the same 2023 period, representing a 16% improvement year over year.\n\n\n\nApproximately $10.7 million in cash and cash equivalents as of March 31, 2024, with no debt.\n\n\n\nSee “Non-GAAP Financial Measures” below for additional information.\n\n\nCompany Highlights\n\n\n\nVelociti, a global provider of technology deployment, maintenance and integration solutions, is working with multiple, international retail organizations to build Over-the-Air (OTA) wireless power network POCs powered by Energous WattUp® technology. These retailers intend to use the Energous wireless network solutions to implement real-time asset management systems to reduce losses and lower costs.\n\n\n\nWiGL, a developer of touchless wireless charging for IoT devices, i...

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