StockSelector.com
  Research, Select, & Monitor Wednesday, September 20, 2017 8:51:01 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Energous Corporation$11.44($.19)(1.63%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 Energous Corporation Reports Second Quarter 2017 Financial Results
   Tuesday, August 08, 2017 4:01:36 PM ET

SAN JOSE, CA--(Marketwired - August 08, 2017) - 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 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 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’ 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 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 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

2017 Second Quarter Conference Call

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

When: Tuesday, August 8, 2017 Time: 1:30 p.m. PT (4:30 p.m. ET) Phone: 866-235-9911 (domestic); 412-317-1083 (international) Replay: Accessible through August 15, 2017 877-344-7529 (domestic); 412-317-0088 (international); passcode 10110812 Webcast: Accessible at 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 financial measure. Adjusted EBITDA is determined by taking net loss and eliminating the impacts of interest, taxes, depreciation, amortization, and stock-based compensation. The company’s definition of adjusted EBITDA may not be comparable to the definitions of similarly-titled measures used by other companies. Energous believes that this non-GAAP financial 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 used as part of the company’s internal reporting to evaluate its operations and the performance of senior management. A table reconciling this measure to the comparable GAAP measure is available in the accompanying financial tables below.

About Energous Corporation

Energous Corporation is the developer of WattUp® -- an award-winning, wire-free charging technology that will transform the way consumers and industries charge and power electronic devices at home, in the office, in the car and beyond. WattUp is a revolutionary radio frequency (RF) based charging solution that delivers intelligent, scalable power via radio bands, similar to a Wi-Fi router. WattUp differs from older wireless charging systems in that it delivers contained power, at a distance, to multiple devices -- thus resulting in a wire-free experience that saves users from having to remember to plug in their devices. For more information, please visit Energous.com.

Safe Harbor Statement

This press release contains forward-looking statements that 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 our partnership with Dialog, development of market demand, production and deployment of products. 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: unexpected delays in our ability to develop commercially feasible technology; uncertain timing of necessary regulatory approvals; timing of customer orders and success of customer products; our dependence on distribution partners; market acceptance of our technology; 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                                           
                                                                                                                                            June 30, 2017         December 31, 2016  
ASSETS                                                                                                                                                                        
Current assets:                                                                                                                                                        
        Cash and cash equivalents                                                                                                           $ 13,084,360          $ 31,258,637       
        Accounts receivable                                                                                                                 250,500               149,500            
        Prepaid expenses and other current assets                                                                                           819,300               1,374,585          
        Prepaid rent, current                                                                                                               80,784                80,784             
        Total current assets                                                                                                                14,234,944            32,863,506         
                                                                                                                                                                       
Property and equipment, net                                                                                                                 1,944,157             2,209,475          
Prepaid rent, non-current                                                                                                                   97,060                137,452            
Other assets                                                                                                                                38,888                48,507             
        Total assets                                                                                                                        $ 16,315,049          $ 35,258,940       
                                                                                                                                                                       
                                                                                                                                                                       
LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                   
Current liabilities:                                                                                                                                                   
        Accounts payable                                                                                                                    $ 2,377,871           $ 4,707,763        
        Accrued expenses                                                                                                                    1,645,696             1,867,995          
        Deferred revenue                                                                                                                    29,136                131,959            
                                                Total current liabilities                                                            4,052,703             6,707,717          
                                                                                                                                                                       
Stockholders’ equity:                                                                                                                                                         
        Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at June 30, 2017 and                                                                  
                                                December 31, 2016; no shares issued or outstanding.                           -                     -                  
        Common Stock, $0.00001 par value, 50,000,000 shares authorized at June 30, 2017 and                                                                            
                                                December 31, 2016; 20,862,152 and 20,367,929 shares issued and outstanding at                            
                                                June 30, 2017 and December 31, 2016, respectively.                                   207                   202                
        Additional paid-in capital                                                                                                          162,178,863           153,075,595        
        Accumulated deficit                                                                                                                 (149,916,724        )        (124,524,574      )
                                                Total stockholders’ equity                                                           12,262,346            28,551,223         
                                                Total liabilities and stockholders’ equity                                           $ 16,315,049   $ 35,258,940       
Energous Corporation                                                                                                                                                  
STATEMENTS OF OPERATIONS                                                                                                                                       
(Unaudited)                                                                                                                                                           
                                                                                                                                                               
                                                              For the Three Months Ended June 30,     For the Six Months Ended June 30,   
                                                              2017                   2016             2017                 2016           
                                                                                                              
Revenue:                                                                                                             
         Engineering product development                      $ 299,506              $ 181,818        $ 874,874            $ 318,182      
                  Total revenue                        299,506                181,818          874,874              318,182        
                                                                                                              
Operating expenses:                                                                                           
         Research and development                             8,692,003              7,462,360        17,045,187           15,136,453     
         Sales and marketing                                  1,187,313              646,177          2,782,765            1,453,244      
         General and administrative                           3,341,563              2,360,453        6,444,314            4,816,066      
                  Total operating expenses             13,220,879             10,468,990       26,272,266           21,405,763     
                           Loss from operations (12,921,373    )              (10,287,172    )        (25,397,392   )             (21,087,581   )
                                                                                                              
Other income (expense):                                                                                       
         Loss on sales of property and equipment, net         -                      -                (726          )             -              
         Interest income                                      2,363                  2,617            5,968                6,483          
                  Total                                2,363                  2,617            5,242                6,483          
                                                                                                              
Net loss                                                      $ (12,919,010  )              $ (10,284,555  )        $ (25,392,150 )             $ (21,081,098 )
                                                                                                              
Basic and diluted net loss per common share                   $ (0.63 )              $ (0.62        )        $ (1.23       )             $ (1.27       )
                                                                                                              
Weighted average shares outstanding, basic and diluted        20,643,261             16,721,332       20,564,561           16,563,780     
Energous Corporation                                                                                                                             
Reconciliation of Non-GAAP Information                                                                                                    
(Unaudited)                                                                                                                                      
                                                                                         
                                         For the Three Months Ended June 30,     For the Six Months Ended June 30,   
                                         2017                   2016             2017                 2016           
                                                                                         
                                                                                         
Net loss (GAAP)                                 $ (12,919,010  )              $ (10,284,555  )        $ (25,392,150 )             $ (21,081,098 )
Add (subtract) the following items:                                                             
           Interest income               (2,363         )              (2,617         )        (5,968        )             (6,483        )
           Depreciation and amortization 355,422                182,468          681,985              374,572        
           Stock-based compensation      4,365,963              1,591,677        7,904,154            3,545,211      
Adjusted EBITDA (non-GAAP)                      $ (8,199,988   )              $ (8,513,027   )        $ (16,811,979 )             $ (17,167,798 )

Energous Public Relations PR@energous.com 408-963-0200 Investor Relations Contact: Bishop IR Mike Bishop (415) 894-9633 IR@energous.com



Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.