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Energous Corporation Reports Second Quarter 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 second quarter ended June 30, 2020 and provided an update on its operational progress.\n\n\nRecent Highlights \n\n\n\nEnergous announced a partnership with one of the world’s leading battery manufacturers in China, Grepow Battery\n\n\nEnergous announced a collaboration with E Ink Holdings, \"E Ink\" (8069.TWO), a leading innovator in electronic ink technology, to develop WattUp-enabled Electronic Paper Display (EPD) tags for IoT displays such as logistics tags, electronic shelf labels and retail signage, offering wireless charging at distances of up to 15 feet\n\n\nEnergous completed an offering of shares of its common stock, pursuant to an at-the-market equity program, raising $9.2 million in net proceeds in the second quarter\n\n\nFrost & Sullivan awarded Energous the 2020 Global Technology Innovation Award for its WattUp wireless charging technology\n\n\nEnergous announced the availability of the WattUp PowerHub developer kit, based on new low cost, small footprint wireless charging technology\n\n\nEnergous announced partnership with 28Gorilla to develop a wirelessly charged equestrian health tracking sensor for American Equus\n\n\n\n“With the announcement of our WattUp PowerHub developer kit and possible expansion of the application of our technology, we’ve seen additional prospective customer interest in our next generation wireless charging solutions,” said Stephen R. Rizzone, president and CEO of Energous Corporation. “We believe we are on track to demonstrate quarterly sequential revenue growth into 2021 and we expect to see the WattUp-enabled NewSound Primo W hearing aid reach consumers soon, after delays due to the COVID-19 pandemic impacted the anticipated earlier release to the market.”\n\n\nUnaudited 2020 Second Quarter Financial Results\n\n\nFor the second quarter ended June 30, 2020, Energous recorded:\n\n\n\nRevenue of $114,375\n\n\nOperating expenses of approximately $8.3 million (GAAP), comprised of $4.3 million in research and development, $3.9 million in selling, general and administrative expenses, and $86,995 in cost of services revenue\n\n\nNet loss of $(8.2) million, or $(0.20) per basic and diluted share\n\n\nAdjust...