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Energous Corporation Reports Third 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 third quarter ended Sept. 30, 2020 and provided an update on its operational progress.\n\nRecent Highlights \n\n\nEnergous partner NewSound received FCC approval for WattUp®-enabled hearing aid\n\n\nEnergous announced a strategic partnership with Xentris Wireless to develop ruggedized products for demanding military applications using Energous’ radio frequency (RF) based charging technology\n\n\nPOSCO, in conjunction with the partnership efforts of PiBex, SK Telesys and Energous, has successfully completed the field trial of a WattUp enabled ultra-wide band industrial tracking device\n\n\nEnergous announced the introduction of the EN7410M module, a new wireless charging transmitter module\n\n\nEnergous announced that it has received a Class II permissive change to the existing MS-550 FCC Grant, extending the charging zone up to one meter\n\n\nEnergous appointed Sheryl Wilkerson to its Board of Directors\n\n\n“Interest in our charging solutions continues to expand across a variety of vertical markets, including military, industrial, and medical sensors and tracking applications. We continue to develop partnerships to drive the ecosystems toward the broad adoption of WattUp,” said Stephen R. Rizzone, president and CEO of Energous Corporation. “Our progress in the quarter has enabled the WattUp technology to have a smaller footprint that we believe will offer a more cost effective and appealing solution to all type of device manufacturers. We believe we are building a solid foundation for growth.”\n\nUnaudited 2020 Third Quarter Financial Results\n\nFor the third quarter ended Sept. 30, 2020, Energous recorded:\n\n\nRevenue of $61,500\n\n\nOperating expenses of approximately $7.6 million (GAAP), comprised of $4.0 million in research and development, and $3.6 million in selling, general and administrative expenses\n\n\nNet loss of $(7.6) million, or $(0.18) per basic and diluted share\n\n\nAdjusted EBITDA (a non-GAAP financial measure) loss of $(5.5) million\n\n\n$17.3 million in cash and cash equivalents and $3.2 million in financing funds receivable (from our at-the-market “ATM” financing transaction) at the end of the third quarter, with no ...