Energous Corporation Reports 2017 First-Quarter Financial Results
SAN JOSE, CA -- (Marketwired) -- 05/10/17 -- Energous Corporation (NASDAQ: WATT), the developer of WattUp®, a revolutionary wire-free charging technology that provides over-the-air power at a distance, today announced financial results for the first quarter ended March 31, 2017, and provided an update on its operational progress.
Recent Highlights
Energous expects the first orders for significant quantities of its chipsets from one or more customers before the end of the second quarter; shipped and in production in the third quarter; and available for purchase from the company's customers toward the end of the third quarter/early fourth quarter.
Expanded the number of active customer engagements to 68, and doubled the size of the company's customer-facing engineering organization to help accelerate the product integration cycle and support high demand.
In testing phase for regulatory certification of the first power-at-a-distance wire-free transmitter; anticipates formal certification well before the forecasted release of Energous' Mid Field transmitter by the end of 2017.
Successfully completed key milestone projects with the company's strategic partners.
Recognized $575,000 in engineering services revenue for the 2017 first quarter.
"Energous is making substantial headway toward the successful commercialization of power at a distance. The number of customers in the final stages of WattUp integration is growing rapidly, and consumer availability of these products is expected later this year," said Stephen R. Rizzone, president and CEO. "Demand for our technology is very high, progress with strategic partners continues to advance, and we are moving quickly to complete formal testing of our Mid Field power-at-a-distance transmitter to secure regulatory certification. With commercialization in the near future, we firmly believe that we are well on our way to creating a meaningful wireless charging ecosystem that will disrupt the market."
