Energous Corporation Reports 2016 Fourth-Quarter and Full-Year Financial Results
SAN JOSE, CA -- (Marketwired) -- 03/08/17 -- 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 fourth quarter and full year ended December 31, 2016, and provided an update on its operational progress.
Recent HighlightsIn recent months, Energous has:
?Announced that a number of early-stage customers are in various phases of integrating WattUp technology into their consumer products. Energous chose these customers from 100 current active sales engagements because of their focus on innovation, high quality products, ability to quickly integrate the WattUp technology and short product cycles.
?Made significant integration progress with Dialog Semiconductor(XETRA: DLG), whereby all WattUp chipsets will be ordered through Dialog, carry the Dialog brand and be shipped and supported by Dialog.
?Said that the company expects to receive orders for WattUp chipsets in the second and third quarters of 2017, which will be filled by Dialog. Energous anticipates recognizing revenues in the quarter during which these chipsets are shipped from Dialog to its customers.
?Successfully completed milestone projects with the company's tier-one strategic partner, resulting in the recognition of $130,000 in engineering services revenue in the fourth quarter of 2016, and anticipated recognition of an additional $500,000 in revenue during the first quarter of 2017.
?Said it was on track to complete FCC certification of its mid field transmitter, with a goal of completing certification by the end the second quarter of 2017, in time for the currently scheduled first release of mid field WattUp transmitters in late 2017.
"Energous is on track to develop and successfully commercialize a new technology that has never before been available, and that will have what we believe is a far-reaching impact on the consumer and enterprise markets," said Stephen R. Rizzone, President and CEO. "The company is working toward shipping fully commercialized WattUp chipsets, expanding its customer base, and securing FCC approval for its longer range charging solutions. We are singularly focused on building a highly relevant and valuable company for the long-term, and firmly believe we will exit this year positioned for significant, ongoing growth."
Unaudited 2016 Fourth-Quarter Financial ResultsFor the fourth quarter ended December 31, 2016, Energous recorded:
?Revenue of approximately $130,000.
?Operating expenses of $14.7 million, comprised of $9.7 million in research and development, $4.0 million in general and administrative costs, and $1.0 million in sales and marketing.
?Net loss of $14.6 million, or a loss of $0.75 per basic and diluted share.
?Adjusted EBITDA (a non-GAAP financial measure) loss of $10.2 million.
?$31.3 million in cash and cash equivalents at the end of the fourth quarter, with no debt.
Unaudited 2016 Full-Year Financial ResultsFor the twelve months ended December 31, 2016, Energous recorded:
?Revenue of approximately $1.5 million.
?Operating expenses of $47.3 million, comprised of $32.8 million in research and development, $11.2 million in general and administrative costs, and $3.2 million in sales and marketing.
?Net loss of $45.8 million, or a loss of $2.60 per basic and diluted share.
?Adjusted EBITDA (a non-GAAP financial measure) loss of $35.4 million.
