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Energous Corporation Reports Fourth Quarter and Full Year 2020 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, 2020 and provided an update on its operational progress.\n\nRecent Highlights \n\n\nEnergous partner American Equus successfully completed trials of its equine health tracking sensor and is on track for availability in the first quarter of 2021\n\n\nEarTechnic® selected Energous’ RF-based wireless charging for new hearing aid design\n\n\nEnergous customer Gokhale Method received FCC approval for new WattUp®-enabled PostureTracker™ wearable device\n\n\nEnergous named Dan Fairfax Chairman of its Board of Directors\n\n\nEnergous completed $40 million at-the-market equity offering\n\n\nEnerous 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“With the increasing number of announced customers, including EarTechnic®, NewSound, Gokhale, and American Equus, we see momentum building for our WattUp wireless charging solution,” said Stephen R. Rizzone, president and CEO of Energous Corporation. “We are working in a number of vertical markets to commercialize our technology, expand our global regulatory footprint, and build the WattUp based wireless charging ecosystem.”\n\nUnaudited 2020 Fourth Quarter Financial Results\n\nFor the fourth quarter ended Dec. 31, 2020, Energous recorded:\n\n\nRevenue of $90,000\n\n\nOperating expenses of approximately $7.6 million (GAAP), comprised of $4.2 million in research and development, and $3.4 million in selling, general and administrative expenses\n\n\nNet loss of $7.5 million, or $0.15 per basic and diluted share\n\n\nAdjusted EBITDA (a non-GAAP financial measure) loss of $5.8 million\n\n\n$50.7 million in cash and cash equivalents at the end of the fourth quarter, with no debt\n\n\nUnaudited 2020 Full-Year Financial Results\n\nFor the year ended December 31, 2020, Energous recorded:\n\n\nRevenue of $327,350\n\n\nOperating expenses of $32.2 million, comprised of $17.1 million in research and development, and $15.0 million in selling, general and administrative expenses, and $126,539 in cost of services revenu...