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Energous Corporation Reports Fourth Quarter and Full Year 2020 Financial Results

Nachrichtenquelle: Business Wire (engl.)
25.02.2021, 22:01  |  124   |   |   

Energous Corporation (NASDAQ: WATT), the developer of WattUp, a revolutionary Wireless Charging 2.0 technology, today announced financial results for the fourth quarter and full year ended December 31, 2020 and provided an update on its operational progress.

Recent Highlights

  • Energous partner American Equus successfully completed trials of its equine health tracking sensor and is on track for availability in the first quarter of 2021
  • EarTechnic selected Energous’ RF-based wireless charging for new hearing aid design
  • Energous customer Gokhale Method received FCC approval for new WattUp-enabled PostureTracker wearable device
  • Energous named Dan Fairfax Chairman of its Board of Directors
  • Energous completed $40 million at-the-market equity offering
  • Enerous partnered with e-peas to advance at-a-distance wireless charging applications greater than one meter
  • Energous partnered with Thinfilm to enable ultrathin, reliable, wirelessly rechargeable devices

“With the increasing number of announced customers, including EarTechnic, NewSound, Gokhale, and American Equus, we see momentum building for our WattUp wireless charging solution,” said Stephen R. Rizzone, president and CEO of Energous Corporation. “We are working in a number of vertical markets to commercialize our technology, expand our global regulatory footprint, and build the WattUp based wireless charging ecosystem.”

Unaudited 2020 Fourth Quarter Financial Results

For the fourth quarter ended Dec. 31, 2020, Energous recorded:

  • Revenue of $90,000
  • Operating expenses of approximately $7.6 million (GAAP), comprised of $4.2 million in research and development, and $3.4 million in selling, general and administrative expenses
  • Net loss of $7.5 million, or $0.15 per basic and diluted share
  • Adjusted EBITDA (a non-GAAP financial measure) loss of $5.8 million
  • $50.7 million in cash and cash equivalents at the end of the fourth quarter, with no debt

Unaudited 2020 Full-Year Financial Results

For the year ended December 31, 2020, Energous recorded:

  • Revenue of $327,350
  • Operating expenses of $32.2 million, comprised of $17.1 million in research and development, and $15.0 million in selling, general and administrative expenses, and $126,539 in cost of services revenue.
  • Net loss of $31.8 million, or a loss of $0.76 per basic and diluted share.
  • Adjusted EBITDA (a non-GAAP financial measure) loss of $23.6 million.

2020 Fourth Quarter and Year End Conference Call

Energous will host a conference call to discuss its financial results, recent progress and prospects for the future.

When: Thursday, Feb. 25, 2021

Time: 1:30 p.m. PT (4:30 p.m. ET)

Phone: 888-317-6003 (domestic); 412-317-6061 (international)

Passcode: 3110307

Telephonic replay: Accessible through Mar. 11, 2021

877-344-7529 (domestic); 412-317-0088 (international); passcode 10152108

Webcast: Accessible at Energous.com; archive available for approximately one year

About Energous Corporation

Energous Corporation (Nasdaq: WATT) is leading the next generation of wireless charging – wireless charging 2.0 – with its award-winning WattUp technology, which supports fast, efficient contact-based charging, as well as charging at a distance. WattUp is a scalable, RF-based wireless charging technology that offers substantial improvements in contact-based charging efficiency, foreign object detection, orientation freedom and thermal performance compared to older, coil-based charging technologies. The technology can be designed into many different sized electronic devices for the home and office, as well as the medical, industrial, retail and automotive industries, and it ensures interoperability across products. Energous develops silicon-based wireless power transfer (WPT) technologies and customizable reference designs. These include innovative silicon chips, antennas and software, for a large variety of applications, such as smartphones, fitness trackers, hearables, medical sensors and more. Energous received the world’s first FCC Part 18 certification for at-a-distance wireless charging, and the company has 231 awarded patents for its WattUp wireless charging technology to-date. For more information, please visit Energous.com.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements may describe our future plans and expectations. These statements generally use terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or similar terms. Examples of our forward-looking statements in this release include our statements about the future of the wireless charging industry and our technology, the anticipated establishment and success of the evaluation board, and statements with respect to its expected functionality. Our forward-looking statements speak only as of this date; they are based on current expectations and we undertake no duty to update them. Factors that could cause actual results to differ from what we expect include: uncertain timing of necessary regulatory approvals; timing of customer product development and market success of customer products; our dependence on distribution partners; and intense industry competition. We urge you to consider those factors, and the other risks and uncertainties described in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, in evaluating our forward-looking statements.

-- Financial Tables Follow –

Energous Corporation

BALANCE SHEETS

(Unaudited)

 

 

 

 

 

As of

 

December 31, 2020

 

December 31, 2019

ASSETS
Current assets:
Cash and cash equivalents

$

50,729,661

 

$

21,684,089

 

Accounts receivable, net

 

75,850

 

 

63,144

 

Prepaid expenses and other current assets

 

636,702

 

 

450,231

 

Total current assets

 

51,442,213

 

 

22,197,464

 

 
Property and equipment, net

 

402,711

 

 

626,524

 

Right-of-use lease assets

 

1,293,291

 

 

2,057,576

 

Other assets

 

1,610

 

 

2,410

 

Total assets

$

53,139,825

 

$

24,883,974

 

 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable

$

1,096,839

 

$

1,671,519

 

Accrued expenses

 

1,576,287

 

 

2,063,097

 

Operating lease liabilities, current portion

 

825,431

 

 

722,291

 

Deferred revenue

 

12,000

 

 

12,000

 

Total current liabilities

 

3,510,557

 

 

4,468,907

 

 
Operating lease liabilites, long-term portion

 

576,762

 

 

1,402,193

 

Total liabilities

 

4,087,319

 

 

5,871,100

 

 
Commitments and contingencies
 
Stockholders’ equity:

Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at December 31, 2020 and

December 31, 2019; no shares issued or outstanding.

 

-

 

 

-

 

Common Stock, $0.00001 par value, 200,000,000 and 50,000,000 shares authorized

at December 31, 2020 and December 31, 2019, respectively; 61,292,412 and 33,203,806 shares

issued and outstanding at December 31, 2020 and December 31, 2019, respectively.

 

614

 

 

333

 

Additional paid-in capital

 

344,024,638

 

 

282,153,201

 

Accumulated deficit

 

(294,972,746

)

 

(263,140,660

)

Total stockholders’ equity

 

49,052,506

 

 

19,012,874

 

Total liabilities and stockholders’ equity

$

53,139,825

 

$

24,883,974

 

 

Energous Corporation

STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31,

 

For the Twelve Months Ended December 31,

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

 
 
Revenue

$

90,000

 

$

45,643

 

$

327,350

 

$

200,143

 

 
Operating expenses:
Research and development

 

4,156,744

 

 

5,723,059

 

 

17,066,122

 

 

23,228,810

 

Sales and marketing

 

1,493,469

 

 

1,433,500

 

 

5,880,350

 

 

5,418,967

 

General and administrative

 

1,912,578

 

 

2,352,718

 

 

9,153,503

 

 

10,360,266

 

Cost of services revenue

 

-

 

 

-

 

 

126,539

 

 

-

 

Total operating expenses

 

7,562,791

 

 

9,509,277

 

 

32,226,514

 

 

39,008,043

 

Loss from operations

 

(7,472,791

)

 

(9,463,634

)

 

(31,899,164

)

 

(38,807,900

)

 
Other income (expense):
Interest income

 

4,078

 

 

79,699

 

 

71,212

 

 

416,274

 

Loss on retirement of property and equipment

 

(4,134

)

 

(7,463

)

 

(4,134

)

 

(7,463

)

Total other income (expense)

 

(56

)

 

72,236

 

 

67,078

 

 

408,811

 

 
Net loss

$

(7,472,847

)

$

(9,391,398

)

$

(31,832,086

)

$

(38,399,089

)

 
Basic and diluted net loss per common share

$

(0.15

)

$

(0.29

)

$

(0.76

)

$

(1.27

)

 
Weighted average shares outstanding, basic and diluted

 

49,155,212

 

 

31,880,706

 

 

41,639,916

 

 

30,262,642

 

 

Energous Corporation

Reconciliation of Non-GAAP Information

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended December 31,

 

For the Twelve Months Ended December 31,

 

 

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

 
 
Net loss (GAAP)

$

(7,472,847

)

$

(9,391,398

)

$

(31,832,086

)

$

(38,399,089

)

Add (subtract) the following items:
Interest income

 

(4,078

)

 

(79,699

)

 

(71,212

)

 

(416,274

)

Depreciation and amortization

 

69,320

 

 

128,963

 

 

356,310

 

 

781,228

 

Stock-based compensation

 

1,579,022

 

 

2,577,580

 

 

7,897,970

 

 

10,646,580

 

Adjusted EBITDA (non-GAAP)

$

(5,828,583

)

$

(6,764,554

)

$

(23,649,018

)

$

(27,387,555

)

 

Energous Aktie jetzt über den Testsieger (Finanztest 11/2020) handeln, ab 0 € auf Smartbroker.de



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Disclaimer

Energous Corporation Reports Fourth Quarter and Full Year 2020 Financial Results Energous Corporation (NASDAQ: WATT), the developer of WattUp, a revolutionary Wireless Charging 2.0 technology, today announced financial results for the fourth quarter and full year ended December 31, 2020 and provided an update on its operational …

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