Energous Corporation Reports Fourth Quarter and Full Year 2020 Financial Results
SAN JOSE, Calif.--(BUSINESS WIRE)-- 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 |
) |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225006061/en/
Energous Public Relations
PR@energous.com
(408) 963-0200
Investor Relations Contact
Bishop IR
Mike Bishop
(415) 894-9633
IR@energous.com
Source: Energous Corporation
Released February 25, 2021