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Energous Corporation Reports First Quarter 2021 Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- Energous Corporation (NASDAQ: WATT), the developer of WattUp®, a revolutionary Wireless Charging 2.0 technology, today
About this update from Energous Corporation
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nEnergous Corporation (NASDAQ: WATT), the developer of WattUp®, a revolutionary Wireless Charging 2.0 technology, today announced financial results for the first quarter ended March 31, 2021 and provided an update on its operational progress.\n\nRecent Highlights \n\n\nEnergous achieved European regulatory approval for its WattUp PowerHub with unlimited distance restrictions\n\n\nEnergous partnered with e-peas to advance at-a-distance wireless charging applications greater than one meter\n\n\nEnergous partnered with Thinfilm to enable ultrathin, reliable, wirelessly rechargeable devices\n\n\n“The recent European approval indicates we are making distinct progress toward expanding the number of applications for our WattUp at-a-distance charging technology,” said Brian Sereda, senior vice president and chief financial officer of Energous Corporation. “As our technology continues to make progress toward general commercial availability, we are seeing growing interest in RF charging from consumer, IoT, medical and industrial device manufacturers.”\n\nUnaudited 2021 First Quarter Financial Results\n\nFor the first quarter ended Mar. 31, 2021, Energous recorded:\n\n\nRevenue of $145,065\n\n\nOperating expenses of approximately $8.7 million (GAAP), comprised of $4.6 million in research and development, and $4.1 million in selling, general and administrative expenses\n\n\nNet loss of $8.5 million, or $0.14 per basic and diluted share\n\n\nAdjusted EBITDA (a non-GAAP financial measure) loss of $6.3 million\n\n\n$44.8 million in cash and cash equivalents at the end of the first quarter, with no debt\n\n\n2021 First Quarter Conference Call\n\nEnergous will host a conference call to discuss its financial results, recent progress and prospects for the future.\n\nWhen: Wednesday, May 12, 2021\n\nTime: 1:30 p.m. PT (4:30 p.m. ET)\n\nPhone: 888-317-6003 (domestic); +1 412-317-6061 (international)\n\nPasscode: 2181664\n\nTelephonic replay: Accessible through May 19, 2021\n\n877-344-7529 (domestic); 412-317-0088 (international); passcode 10155746\n\nWebcast: Accessible at Energous.com; archive available for approximately one year\n\nAbout Energous Corporation\n\nEnergous Corporation (Nasdaq: WATT) is the global leader of Wireless Charging 2.0 technology. Its award-winning WattUp® solution is the only technology ...