Energous Corp
NASDAQ:WATT
Energous Corp
Energous Corp. engages in the development of wireless charging technology. The company is headquartered in San Jose, California and currently employs 48 full-time employees. The company went IPO on 2014-03-28. The Company’s products and solutions include DA2210 and DA2223 receivers, DA3210 power amplifier, DA4100 transmitter system on a chip (SoC), EN3913M power amplifier module, EN3921 power amplifier controller and EN7410M transmit module. The Company’s WattUp technology can be utilized in a range of devices, including building and home automation, electronic shelf labels, industrial Internet of Things (IoT) sensors, surface and implanted medical devices, tracking devices, hearables, wearables, consumer electronics, public safety and military applications. The firm also provides contract services for Dialog Semiconductor plc (Dialog).
Energous Corp. engages in the development of wireless charging technology. The company is headquartered in San Jose, California and currently employs 48 full-time employees. The company went IPO on 2014-03-28. The Company’s products and solutions include DA2210 and DA2223 receivers, DA3210 power amplifier, DA4100 transmitter system on a chip (SoC), EN3913M power amplifier module, EN3921 power amplifier controller and EN7410M transmit module. The Company’s WattUp technology can be utilized in a range of devices, including building and home automation, electronic shelf labels, industrial Internet of Things (IoT) sensors, surface and implanted medical devices, tracking devices, hearables, wearables, consumer electronics, public safety and military applications. The firm also provides contract services for Dialog Semiconductor plc (Dialog).
Revenue Growth QoQ: Q3 2023 revenue was $169,000, up 44% from the prior quarter, driven by more proof-of-concept (POC) customers.
Revenue Down YoY: Revenue declined 24% compared to Q3 2022, which had a one-time bulk sale to a partner.
POC Expansion: Number of POC deployments grew to 31, a 15x increase in one year, signaling rising customer interest.
Operating Expense Reductions: Quarterly operating expenses dropped 15% YoY, reflecting continued cost control.
Net Loss Improvement: Net loss shrank to $4.1 million in Q3 2023 from $6 million a year ago.
Cash Burn Reduced: Quarterly cash burn reduced to $3.9 million, down more than 30% from last year.
Guidance Maintained: Management is maintaining its 20% revenue growth target for 2023, dependent on POC conversions.
