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Energous Corporation Reports Third Quarter 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 third quarter ended Sept. 30, 2019 and provided an update on its operational progress.\n\n\nRecent Highlights \n\n\n\nEnergous and ZPower formed partnership to develop WattUp-enabled ZPower rechargeable microbatteries\n\n\nThe Oasis-RC PSAP from Energous customer, Delight, shipped to consumers, marking the first WattUp enabled device to be widely available\n\n\nAnnounced the availability of its hearable developer kits for manufacturers for fast-charging of devices that require higher power levels\n\n\nEnergous partner, NewSound, announced the launch of a next-generation WattUp-enabled hearing aid at the 64th Annual EUHA 2019 International Congress of Acousticians Conference October 16-18, 2019\n\n\nAdded deep semiconductor expertise to the Board with the addition of three new directors\n\n\n\n“In this quarter, the first fully commercialized, WattUp enabled product, the Oasis RC PSAP, shipped to consumers, tangible evidence that our technology is now entering the marketplace starting with the significant and growing hearables space,” said Stephen R. Rizzone, president and CEO of Energous Corporation. “The second product, NewSound's Primo-W hearing aid, will be available in the coming months, demonstrating the momentum we are building to launch Wireless Charging 2.0. We have made significant progress in our regulatory efforts and have significantly reduced our operating expenses as we focus on ramping revenue.”\n\n\nUnaudited 2019 Third Quarter Financial Results\n\n\nFor the third quarter ended Sept. 30, 2019, Energous recorded:\n\n\n\nRevenue of $40,500\n\n\nOperating expenses of approximately $8.3 million (GAAP), comprised of $5.2 million in research and development, and $3.2 million in selling, general and administrative expenses\n\n\nNet loss of $8.2 million, or $0.27 per basic and diluted share\n\n\nAdjusted EBITDA (a non-GAAP financial measure) loss of $6.0 million\n\n\n$22.8 million in cash and cash equivalents at the end of the third quarter, with no debt\n\n\n\nThird Quarter 2019 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: Thursd...