Energous Corporation Reports Second Quarter 2017 Financial Results
BY Market Wire
— 4:01 PM ET 08/08/2017
SAN JOSE, CA -- (Marketwired) -- 08/08/17 -- Energous Corporation ( WATT) , the developer of WattUp®, a revolutionary wire-free, over-the-air, power-at-a-distance charging technology, today announced financial results for the second quarter ended June 30, 2017, and provided an update on its operational progress.
Recent Highlights
Energous ( WATT ) received the first orders for production quantities of its chipsets from three customers in the second quarter, with anticipated shipment in the third quarter; end products from these customers are expected to reach consumers before the end of the year
In advance of Certification, Energous ( WATT) completed identified tests to demonstrate compliance with FCC rules for the first substantial power-at-a-distance transmitter, anticipates formal certification before the forecasted release of products utilizing Energous' ( WATT) Mid Field transmitter technology by the end of 2017
Received additional $15 Million investment from strategic component supplier, Dialog Semiconductor
Increased its patent count to 54, from 48 in the prior quarter
Expanded the number of active customer engagements to 76, from 68 in the prior quarter
Successfully completed key milestone projects with the company's strategic partners
Recognized approximately $300,000 in engineering services revenue for the 2017 second quarter
Reduced cash spending in the 2017 second quarter
"This quarter, Energous ( WATT ) marked a major milestone in its advancement towards commercialization: the company's first orders for WattUp chipsets. Further towards that goal, we completed previously identified tests for FCC certification for our Mid Field transmitter, and increased the number of active international customer engagements. We are driving an increasing number of customers to the final stages of WattUp integration, and we continue to expect consumer availability of these products later this year," said Stephen R. Rizzone, president and CEO. "Due to the broad appeal of truly wire-free charging and our significant company progress, we are seeing increasing interest from multiple potential partners and customers for our technology, and we are driving the global advancement of the ecosystem through conversations and demonstrations with regulators, partners and customers."
Unaudited 2017 Second Quarter Financial Results
For the second quarter ended June 30, 2017, Energous ( WATT) recorded:
Revenue of approximately $300,000
Operating expenses of $13.2 million (GAAP), comprised of $8.7 million in research and development, $3.3 million in general and administrative costs, and $1.2 million in sales and marketing expenses
Net loss of $12.9 million, or a loss of $0.63 per basic and diluted share
Adjusted EBITDA (a non-GAAP financial measure) loss of $8.2 million
$13.1 million in cash and cash equivalents at the end of the second quarter, with no debt
