Contacts:Investor RelationsIR@energous.comMedia Relations pr@energous.com Energous CorporationBALANCE SHEETS(Unaudited)(in thousands) As of March 31, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents$10,085 $1,353 Accounts receivable, net 312 78 Inventory 644 498 Prepaid expenses and other current assets 844 983 Total current assets 11,885 2,912 Property and equipment, net 332 356 Operating lease right-of-use lease assets 1,160 527 Total assets$13,377 $3,795 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable$1,276 $1,852 Accrued expenses 534 1,135 Accrued severance expense 101 28 Warrant liability 91 358 Operating lease liabilities, current portion 385 668 Short-term loan payable, net 523 818 Deferred revenue 11 13 Total current liabilities 2,921 4,872 Operating lease liabilities, long-term portion 960 - Total liabilities 3,881 4,872 Stockholders’ equity (deficit): Common stock 1 1 Additional paid-in capital 413,301 399,362 Accumulated deficit (403,806) (400,440)Total stockholders’ equity (deficit) 9,496 (1,077)Total liabilities and stockholders’ equity (deficit)$13,377 $3,795 Energous CorporationSTATEMENTS OF OPERATIONS(Unaudited)(in thousands, except share and per share amounts) For the Three Months Ended March 31, 2025 2024 Revenue$343 $64 Cost of revenue 250 109 Gross profit (loss) 93 (45) Operating expenses: Research and development 1,192 2,189 Sales and marketing 589 873 General and administrative 895 1,995 Severance expense 372 1,563 Expenses from abandoned financing transaction 656 – Total operating expenses 3,704 6,620 Loss from operations (3,611) (6,665) Other income (expense), net: Change in fair value of warrant liability 267 (82)Interest income (expense), net (22) 148 Total other income (expense), net 245 66 Net loss$(3,366) $(6,599) Basic and diluted net loss per common share$(0.12) $(1.11) Weighted average shares outstanding, basic and diluted 28,443,192 5,961,186 Energous CorporationReconciliation of Non-GAAP Information(Unaudited)(in thousands) For the Three Months Ended March 31, 2025 2024 Net loss (GAAP)$(3,366) $(6,599)Add (subtract) the following items: Depreciation and amortization 45 48 Stock-based compensation * 94 274 Severance expense 372 1,563 Expenses from abandoned financing transaction 656 – Change in fair value of warrant liability (267) 82 Adjusted net non-GAAP loss$(2,466) $(4,632) * Stock-based compensation excludes $16 and $130 which is included in severance expense for the three months ended March 31, 2025 and 2024, respectively.
A key strategic milestone for the Company was securing $13.8 million of net proceeds from our at-the-market offering program in the first quarter of 2025 to fund our growth as we pursue our strategic objectives.” First Quarter 2025 Financial Results Revenue for the quarter ended March 31, 2025 of $0.3 million versus approximately $0.1 million in the same period in 2024, representing a 436% increase year over year.
SAN JOSE, Calif., May 13, 2025 (GLOBE NEWSWIRE) -- Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT) (the "Company,” "we,” or "our”), a pioneer in scalable, over-the-air (OTA) wireless power networks, today announced financial results for the first quarter ended March 31, 2025 and provided an update on recent events and Company highlights.
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