Exhibit 99.1



Energous Corporation Reports Fourth Quarter and

Full Year 2020 Financial Results

SAN JOSE, Calif. – Feb. 25, 2020 – 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




     As of  
     December 31, 2020     December 31, 2019  

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  







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




     For the Three Months Ended December 31,     For the Twelve Months Ended December 31,  
     2020     2019     2020     2019  


   $ 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



     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 Public Relations


(408) 963-0200

Investor Relations Contact

Bishop IR

Mike Bishop

(415) 894-9633