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Energous Corporation Reports Fourth Quarter and Full Year 2019 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 fourth quarter and full year ended December 31, 2019 and provided an update on its operational progress.\n\n\nRecent Highlights \n\n\n\nJapan regulatory approval received for its WattUp wireless charging technology\n\n\nEnergous announced that its partners PiBEX and SK Telesys are developing an ultra-wideband (UWB) tracking tag for POSCO, which will include integration with the WattUp RF wireless charging technology\n\n\nAnnounced the availability of its smart glasses developer kits\n\n\n\n“With the Japan certification, combined with both the technological and customer progress, we have increasing confidence in a revenue ramp in 2020,” said Stephen R. Rizzone, president and CEO of Energous Corporation. “We are on track to forge ahead with several partnerships and other opportunities, including ZPower and POSCO, to help broaden the installed base of WattUp.”\n\n\nUnaudited 2019 Fourth Quarter Financial Results\n\n\nFor the fourth quarter ended Dec. 31, 2019, Energous recorded:\n\n\n\nRevenue of $45,643\n\n\nOperating expenses of approximately $9.5 million (GAAP), comprised of $5.7 million in research and development, and $3.8 million in selling, general and administrative expenses\n\n\nNet loss of $9.4 million, or $0.29 per basic and diluted share\n\n\nAdjusted EBITDA (a non-GAAP financial measure) loss of $6.8 million\n\n\n$21.7 million in cash and cash equivalents at the end of the fourth quarter, with no debt\n\n\n\nUnaudited 2019 Full-Year Financial Results\n\n\nFor the year ended December 31, 2019, Energous recorded:\n\n\n\nRevenue of approximately $200,000\n\n\nOperating expenses of $39.0 million, comprised of $23.2 million in research and development, and $15.8 million in selling, general and administrative costs\n\n\nNet loss of $38.4 million, or a loss of $1.27 per basic and diluted share.\n\n\nAdjusted EBITDA (a non-GAAP financial measure) loss of $27.4 million.\n\n\n\n2019 Fourth Quarter and Year End Conference Call\n\n\nEnergous will host a conference call to discuss its financial results, recent progress and prospects for the future.\n\n\nWhen: Wednesday, Feb. 26, 2020\n\n\nTime: 1:30 p.m. PT (4:30 p.m. ET)\n\n\nPhone: 888-317-...