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Energous Corporation$15.33($.10)(.65%)

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 Energous Corporation Reports 2015 Fourth-Quarter and Full-YearResults; Provides Update on Progress TowardChanging the Way Consumers Charge Their Mobile Devices
   Thursday, March 10, 2016 4:05:39 PM ET

Energous Corporation ("Energous®" or "the Company") (WATT ), the developer of WattUp®, a revolutionary wire-free charging technology for mobile and IoT devices that provides over-the-air contained power at a distance, today announced financial results for the fourth quarter and full year ended December 31, 2015 and provided an update on its progress.

Recent Highlights


--  Confirmed target for partners to have WattUp-integrated products ready
    for sale to consumers in late 2016/early 2017. The first commercially
    launched products are expected to be for devices that are outside of the
    first-to-market requirements contained in the development and licensing
    agreement with the company’s key strategic partner.
--  Commenced process of seeking regulatory certification for WattUp-enabled
    products. Energous said it has a high level of confidence that the
    WattUp technology complies with existing global regulatory rules and
    regulations and that it has a clear path to approvals. It is expected
    that the first approval, for the company’s miniature WattUp transmitter,
    will be completed in the second quarter.
--  Began distributing evaluation kits to a broad spectrum of potential
    strategic partners. More than 100 companies have requested kits, which
    consist of a transmitter, receiver, and sample antenna designs, and
    Energous is currently working with more than 30 highly qualified
    potential licensees.
--  Completed a successful follow-on offering resulting in proceeds of
    approximately $19.3 million. Taking into account forecasted revenues
    from a successful commercial launch, Energous believes it has sufficient
    capital to reach cash flow break-even in the third quarter of 2017.
--  Met certain technology milestones that resulted in a $500,000 invoice to
    the company’s key strategic partner that is expected to be paid in the
    first quarter of 2016. Energous is on target to complete a number of
    additional key milestones in the second quarter of 2016 and recently
    signed an additional amendment to its development and licensing
    agreement with its key strategic partner, strengthening the relationship
    between the two companies.
--  Said it expected to see the more complicated integrations associated
    with transmitters and receivers that support greater distances and
    power, as well as more features and functionality, to be launched in
    consumer markets in mid-to-late 2017.
--  Completed the third version of its receiver ASSP (application specific
    standard product) which is now in the qualification process.
--  Reached final stages of integration and testing for WattUp-associated
    control and tracking software.
--  Added Jeff McNeil as Vice President of Operations to help lead the
    company toward its goal of becoming a qualified fabless semiconductor
    company. McNeil brings more than 30 years of operations experience, most
    recently with Cypress Semiconductor, a multi-billion dollar
    semiconductor company, where he was responsible for fabrication,
    qualification, planning and logistics for all chips and modules.
--  Applied for more than 250 patents as of December 31, 2015. The company
    has been issued five patents to date and has received notice of the
    allowance of three additional patents, bringing total patent count to
    eight. Energous expects to receive additional grants at an accelerated
    pace during 2016.


"In less than three years since our inception, Energous has developed a completely new technology platform protected by over 250 patent filings and is preparing to ship silicon and generate revenue as WattUp-integrated devices from partners become ready for sale later this year or early next year," said Stephen R. Rizzone, President and CEO.

"Our experience with strategic partners, licensees, and regulatory agencies has grown significantly and our vision has crystalized. We have a comprehensive plan and clear understanding of where we are going and how we intend to get there," said Rizzone. "Assuming we continue to execute at our current pace or better, Energous will positively change the landscape for wire-free charging and become a highly successful, relevant company."

Unaudited Fourth Quarter 2015 and Full-Year Financial Results

For the fourth quarter ended December 31, 2015:


--  No revenue generated. $8.9 million in operating expenses, comprised of
    $5.8 million in R&D, $2.4 million in G&A and $0.7 million in marketing.
--  GAAP net loss of $8.9 million, or $(0.61) per basic and diluted share.
--  Adjusted EBITDA (a non-GAAP measure) loss of $7.0 million.
--  $29.9 million in cash and cash equivalents at the end of the fourth
    quarter with no debt.


For the full year ended December 31, 2015:


--  Revenue of $2.5 million.
--  $30.1 million in operating expenses, comprised of $18.8 million in R&D,
    $8.1 million in G&A and $3.2 million in marketing.
--  GAAP net loss of $27.6 million, or $(2.07) per basic and diluted share.
--  Adjusted EBITDA (a non-GAAP measure) loss of $20.8 million.


2015 Fourth Quarter and Full-Year Conference Call

Energous will host a conference call to discuss its financial results and recent progress.

When: Thursday, March 10, 2016

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

Phone: 866-652-5200 (domestic); 412-317-6060 (international)

Replay: Accessible through March 17, 2016

877-344-7529 (domestic); 412-317-0088 (international); passcode 10080606

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

Note about Non-GAAP Financial Measures

In addition to the unaudited results presented in accordance with generally accepted accounting principles, or GAAP, in this press release, Energous presents adjusted EBITDA which is a non-GAAP measure. Adjusted EBITDA is determined by taking the net loss and adding interest, taxes, depreciation, amortization, stock-based compensation, the change in fair value of derivative liabilities and the gain on the extinguishment of debt. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of its reported GAAP results, provides useful information to investors by providing a more focused measure of operating results. This metric is an integral part of the company’s internal reporting to evaluate its operations and the performance of senior management. A reconciliation table to the comparable GAAP measure is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.

About Energous Corporation

Energous Corporation is developing WattUp®, an award-winning wire-free charging technology that will transform the way people and industries charge and power their electronic devices at home, in the office, in the car and beyond. WattUp is a revolutionary, patent-pending solution that delivers intelligent, scalable power via the same radio bands as a Wi-Fi router. WattUp differs from current wireless charging systems in that it will deliver contained, useable power, at a distance, to multiple devices, resulting in a wire-free experience that saves users from having to remember to plug in their devices or place them on a mat. For more information, please visit www.energous.com, or follow Energous on Twitter or Facebook.

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, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or other comparable terms. All statements in this release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.



                           Energous Corporation
                              BALANCE SHEETS
                                (Unaudited)

                                                           As of
                                               -----------------------------
                                                December 31,   December 31,
                                                    2015           2014
                                               -------------- --------------
ASSETS
Current assets:
    Cash and cash equivalents                  $  29,872,564  $  31,494,592
    Prepaid expenses and other current assets        722,249        416,580
    Prepaid rent, current                             80,784         80,784
                                               -------------- --------------
    Total current assets                          30,675,597     31,991,956
                                               -------------- --------------

Property and equipment, net                        1,730,365      1,515,299
Prepaid rent, non-current                            218,236        299,020
Other assets                                          51,330         22,648
                                               -------------- --------------
    Total assets                               $  32,675,528  $  33,828,923
                                               ============== ==============


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
  Accounts payable                             $   2,324,973  $   1,716,011
  Accrued expenses                                 1,075,879        792,349
                                               -------------- --------------
    Total current liabilities                      3,400,852      2,508,360
                                               -------------- --------------

Stockholders’ equity:
  Preferred Stock, $0.00001 par value,
   10,000,000 shares authorized at December
   31, 2015 and 2014; no shares issued or
   outstanding.                                            -              -
  Common Stock, $0.00001 par value, 50,000,000
   shares authorized at December 31, 2015 and
   2014; 16,298,208 and 12,781,502 shares
   issued and outstanding at December 31, 2015
   and December 31, 2014, respectively.                  161            127
  Additional paid-in capital                     107,981,695     82,465,914
  Accumulated deficit                            (78,707,180)   (51,145,478)
                                               -------------- --------------
    Total stockholders’ equity                    29,274,676     31,320,563
                                               -------------- --------------
    Total liabilities and stockholders’ equity $  32,675,528  $  33,828,923
                                               ============== ==============





                           Energous Corporation
                         STATEMENTS OF OPERATIONS
                             (Unaudited)

                     For the Three Months Ended      For the Year Ended
                            December 31,                December 31,
                     --------------------------- ---------------------------
                         2015          2014          2015          2014
                     ------------- ------------- ------------- -------------

Revenue:
  Engineering
   product
   development       $          -  $          -  $  2,500,000  $          -
                     ------------- ------------- ------------- -------------
    Total revenue               -             -     2,500,000             -

Operating expenses:
  Research and
   development          5,816,851     6,326,885    18,825,041    12,511,647
  Sales and
   marketing              703,189       766,566     3,221,303     2,803,359
  General and
   administrative       2,367,412     1,935,264     8,030,995     5,059,703
                     ------------- ------------- ------------- -------------
    Total operating
     expenses           8,887,452     9,028,715    30,077,339    20,374,709
                     ------------- ------------- ------------- -------------
      Loss from
       operations      (8,887,452)   (9,028,715)  (27,577,339)  (20,374,709)

Other income
 (expense):
  Change in fair
   value of
   derivative
   liabilities                  -             -             -   (26,265,177)
  Interest income
   (expense), net           3,272         4,705        15,637    (1,024,774)
  Loss on retirement
   of fixed assets              -             -             -       (22,818)
  Gain on debt
   extinguishment               -             -             -     2,084,368
                     ------------- ------------- ------------- -------------
    Total                   3,272         4,705        15,637   (25,228,401)
                     ------------- ------------- ------------- -------------

Net loss             $ (8,884,180) $ (9,024,010) $(27,561,702) $(45,603,110)
                     ============= ============= ============= =============

Basic and diluted
 net loss per common
 share               $      (0.61) $      (0.89) $      (2.07) $      (5.75)
                     ============= ============= ============= =============

Weighted average
 shares outstanding,
 basic and diluted     14,478,221    10,100,429    13,303,715     7,933,791
                     ============= ============= ============= =============





                           Energous Corporation
                  Reconciliation of Non-GAAP Information
                                 (Unaudited)

                     For the Three Months Ended      For the Year Ended
                            December 31,                December 31,
                     --------------------------  --------------------------
                         2015          2014          2015          2014
                     ------------  ------------  ------------  ------------


Net loss (GAAP)      $ (8,884,180) $ (9,024,010) $(27,561,702) $(45,603,110)
Add (subtract) the
 following items:
  Interest (income)
   expense, net            (3,272)       (4,705)      (15,637)    1,024,774
  Depreciation and
   amortization           200,212       174,291       817,729       371,189
  Stock-based
   compensation         1,644,979       888,574     5,951,414     2,547,978
  Gain on debt
   extinguishment               -             -             -    (2,084,368)
  Change in fair
   value of
   derivative
   liabilities                  -             -             -    26,265,177
                     ------------  ------------  ------------  ------------
Adjusted EBITDA
 (non-GAAP)          $ (7,042,261) $ (7,965,850) $(20,808,196) $(17,478,360)
                     ============  ============  ============  ============





    <strong>IR Contact:
</strong>PondelWilkinson
Laurie Berman
Phone: 310-279-5962
Email: IR@energous.com


SOURCE: Energous Corporation

mailto:IR@energous.com


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