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Energous Wireless Power Solutions Reports 2024 Second Quarter Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT), a pioneer in scalable, over-the-air (OTA)
About this update from Energous Corporation
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nEnergous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT), a pioneer in scalable, over-the-air (OTA) wireless power networks, today announced financial results for the three months ended June 30, 2024, and provided an update on recent partnerships and company highlights.\n\n\nSecond Quarter 2024 Financial Results\n\n\n\nRevenue for the three months ended June 30, 2024 of approximately $46,000 versus $0.1 million in the same 2023 period.\n\n\n\nAs of June 30, 2024, the Company had $0.2 million in backlog, or confirmed orders, of which approximately $0.1 million has shipped subsequent to the end of the second quarter. This backlog represents a significant milestone and validates growing market adoption of Energous OTA wireless power solutions. As of August 6, 2024, the Company’s backlog is $0.2 million, with the majority comprising follow-on orders for additional deployment phases for large retail customers.\n\n\n\nCosts and expenses for the three months ended June 30, 2024 totaled $4.7 million versus $6.2 million in the same 2023 period. Total second quarter 2024 GAAP costs and expenses consisted of approximately $0.1 million in cost of revenue, $2.4 million in research and development (R&D) expenses, $2.4 million in sales, marketing, general and administrative (SG&A) expenses, and a reversal of approximately $0.3 million in severance expenses.\n\n\n\nCost reductions continued through the second quarter of 2024 with total non-GAAP costs and expenses for the three months ended June 30, 2024 of $4.8 million decreasing from $5.6 million for the same 2023 period, representing a cost reduction of approximately $0.8 million, or 15%, year over year.\n\n\n\nYear-over-year net loss of approximately $(4.3) million, or $(0.65) per basic and diluted share for the three months ended June 30, 2024, versus a net loss of approximately $(4.0) million, or $(0.88) per basic and diluted share, for the same 2023 period.\n\n\n\nNon-GAAP net loss of approximately $(4.7) million for the three months ended June 30, 2024 versus non-GAAP net loss of approximately ($5.3) million for the same 2023 period, representing an 11% improvement year over year.\n\n\n\nApproximately $4.9 million in cash and cash equivalents as of June 30, 2024, with no debt.\n\n\n\nSee “Non-GAAP Financial Measures” below for addi...