UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 12, 2021, Energous Corporation announced its unaudited financial results for the quarter ended March 31, 2021. A copy of the press release announcing the results is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number |
Description of Exhibit | |
| 99.1 | Press Release, dated May 12, 2021, issued by Energous Corporation, furnished herewith. | |
| 104 | The cover page on this Current Report on Form 8-K, formatted in Inline XBRL | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ENERGOUS CORPORATION | ||||||
| Date: May 12, 2021 | By: | /s/ Brian Sereda | ||||
| Brian Sereda | ||||||
| Senior Vice President & Chief Financial Officer, officer of the Office of the CEO | ||||||
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Exhibit 99.1
Energous Corporation Reports First Quarter 2021 Financial Results
SAN JOSE, Calif. – May 12, 2020 – Energous Corporation (NASDAQ: WATT), the developer of WattUp®, a revolutionary Wireless Charging 2.0 technology, today announced financial results for the first quarter ended March 31, 2021 and provided an update on its operational progress.
Recent Highlights
| • | Energous achieved European regulatory approval for its WattUp PowerHub with unlimited distance restrictions |
| • | Energous 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 |
“The recent European approval indicates we are making distinct progress toward expanding the number of applications for our WattUp at-a-distance charging technology,” said Brian Sereda, senior vice president and chief financial officer of Energous Corporation. “As our technology continues to make progress toward general commercial availability, we are seeing growing interest in RF charging from consumer, IoT, medical and industrial device manufacturers.”
Unaudited 2021 First Quarter Financial Results
For the first quarter ended Mar. 31, 2021, Energous recorded:
| • | Revenue of $145,065 |
| • | Operating expenses of approximately $8.7 million (GAAP), comprised of $4.6 million in research and development, and $4.1 million in selling, general and administrative expenses |
| • | Net loss of $8.5 million, or $0.14 per basic and diluted share |
| • | Adjusted EBITDA (a non-GAAP financial measure) loss of $6.3 million |
| • | $44.8 million in cash and cash equivalents at the end of the first quarter, with no debt |
2021 First Quarter Conference Call
Energous will host a conference call to discuss its financial results, recent progress and prospects for the future.
When: Wednesday, May 12, 2021
Time: 1:30 p.m. PT (4:30 p.m. ET)
Phone: 888-317-6003 (domestic); +1 412-317-6061 (international)
Passcode: 2181664
Telephonic replay: Accessible through May 19, 2021
877-344-7529 (domestic); 412-317-0088 (international); passcode 10155746
Webcast: Accessible at Energous.com; archive available for approximately one year
About Energous Corporation
Energous Corporation (Nasdaq: WATT) is the global leader of Wireless Charging 2.0 technology. Its award-winning WattUp® solution is the only technology that supports both contact and distance charging through a fully compatible ecosystem. Built atop fast, efficient, and highly scalable RF-based charging technology, WattUp is positioned to offer improvements over older, first generation coil-based charging technologies in power, efficiency, foreign device detection, freedom of movement and overall cost for consumer electronics, medical devices, retail, military, industrial/commercial IoT, automotive, military, retail and industrial applications. Energous develops silicon-based wireless power transfer (WPT) technologies and customizable reference designs, and provides worldwide regulatory assistance, a reliable supply chain, quality assurance, and sales and technical support to global customers. The company received the world’s first FCC Part 18 certification for at-a-distance wireless charging and has been awarded 236 U.S. patents for its WattUp wireless charging technology to-date.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 and are based on the current beliefs, expectations and assumptions of Energous. 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 but are not limited to our statements about Energous’ financial results, the future of the global wireless charging industry, our technology or statements about any governmental approvals we may need to operate our business, and statements with respect to its expected functionality and company growth. 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 as filed with the Securities and Exchange Commission (SEC), any subsequent quarterly reports on Form 10-Q as well as in other documents that may be subsequently filed by Energous, from time to time, with the SEC, in evaluating our forward-looking statements. In addition, any forward-looking statements represent Energous’ views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Energous does not assume any obligation to update any forward-looking statements unless required by law.
Energous Corporation
BALANCE SHEETS
(Unaudited)
| As of | ||||||||
| March 31, 2021 | December 31, 2020 | |||||||
| ASSETS | ||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 44,758,397 | $ | 50,729,661 | ||||
| Accounts receivable, net |
156,775 | 75,850 | ||||||
| Prepaid expenses and other current assets |
742,193 | 636,702 | ||||||
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| Total current assets |
45,657,365 | 51,442,213 | ||||||
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| Property and equipment, net |
449,664 | 402,711 | ||||||
| Right-of-use lease asset |
1,097,377 | 1,293,291 | ||||||
| Other assets |
1,610 | 1,610 | ||||||
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| Total assets |
$ | 47,206,016 | $ | 53,139,825 | ||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: |
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| Accounts payable |
$ | 1,450,767 | $ | 1,096,839 | ||||
| Accrued expenses |
1,756,286 | 1,576,287 | ||||||
| Operating lease liabilities, current portion |
805,557 | 825,431 | ||||||
| Deferred revenue |
17,000 | 12,000 | ||||||
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| Total current liabilities |
4,029,610 | 3,510,557 | ||||||
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| Operating lease liabilities, long-term portion |
386,424 | 576,762 | ||||||
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| Total liabilities |
4,416,034 | 4,087,319 | ||||||
| Stockholders’ equity: |
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| Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at March 31, 2021 and December 31, 2020; no shares issued or outstanding. |
— | — | ||||||
| Common Stock, $0.00001 par value, 200,000,000 shares authorized at March 31, 2021 and December 31, 2020; 61,919,824 and 61,292,412 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively. |
620 | 614 | ||||||
| Additional paid-in capital |
346,287,871 | 344,024,638 | ||||||
| Accumulated deficit |
(303,498,509 | ) | (294,972,746 | ) | ||||
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| Total stockholders’ equity |
42,789,982 | 49,052,506 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 47,206,016 | $ | 53,139,825 | ||||
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1
Energous Corporation
STATEMENTS OF OPERATIONS
(Unaudited)
| For the Three Months Ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Revenue |
$ | 145,065 | $ | 61,475 | ||||
| Operating expenses: |
||||||||
| Research and development |
4,591,244 | 4,575,303 | ||||||
| Sales and marketing |
1,794,212 | 1,447,909 | ||||||
| General and administrative |
2,287,396 | 2,652,394 | ||||||
| Cost of services revenue |
— | 39,544 | ||||||
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| Total operating expenses |
8,672,852 | 8,715,150 | ||||||
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| Loss from operations |
(8,527,787 | ) | (8,653,675 | ) | ||||
| Other income (expense): |
||||||||
| Interest income |
2,024 | 55,939 | ||||||
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| Total |
2,024 | 55,939 | ||||||
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| Net loss |
$ | (8,525,763 | ) | $ | (8,597,736 | ) | ||
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| Basic and diluted net loss per common share |
$ | (0.14 | ) | $ | (0.25 | ) | ||
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| Weighted average shares outstanding, basic and diluted |
61,567,003 | 34,816,553 | ||||||
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Energous Corporation
Reconciliation of Non-GAAP Information
(Unaudited)
| For the Three Months Ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Net loss (GAAP) |
$ | (8,525,763 | ) | $ | (8,597,736 | ) | ||
| Add (subtract) the following items: |
||||||||
| Interest income |
(2,024 | ) | (55,939 | ) | ||||
| Depreciation and amortization |
64,774 | 121,699 | ||||||
| Stock-based compensation |
2,146,226 | 2,276,299 | ||||||
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| Adjusted EBITDA (non-GAAP) |
$ | (6,316,787 | ) | $ | (6,255,677 | ) | ||
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Contact
Energous Public Relations
PR@energous.com
(408) 963-0200
Investor Relations Contact
Bishop IR
Mike Bishop
(415) 894-9633
IR@energous.com
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