Energous CorporationBALANCE SHEETS(in thousands, except share amounts) As of December 31,2024 December 31,2023 ASSETS Current assets: Cash and cash equivalents$1,353 $13,876 Restricted cash - 60 Accounts receivable, net 78 102 Inventory 498 430 Prepaid expenses and other current assets 983 539 Total current assets 2,912 15,007 Property and equipment, net 356 429 Operating lease right-of-use assets 527 1,240 Total assets$3,795 $16,676 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable$1,852 $1,879 Accrued expenses 1,135 1,254 Accrued severance expense 28 134 Warrant liability 358 620 Operating lease liabilities, current portion 668 707 Short-term debt, net 818 - Deferred revenue 13 27 Total current liabilities 4,872 4,621 Operating lease liabilities, long-term portion - 557 Total liabilities 4,872 5,178 Stockholders’ equity (deficit): Preferred stock - - Common stock 1 1 Additional paid-in capital 399,362 393,539 Accumulated deficit (400,440) (382,042) Total stockholders’ equity (deficit) (1,077) 11,498 Total liabilities and stockholders’ equity (deficit)$3,795 $16,676 Energous CorporationSTATEMENTS OF OPERATIONS(in thousands, except share and per share amounts) For the Year Ended December 31, 2024 2023 Revenue$768 $474 Cost of revenue 756 279 Gross profit 12 195 Operating expenses: Research and development 8,275 10,811 Sales and marketing 3,066 3,852 General and administrative 5,704 7,272 Severance expense 1,377 359 Total operating expenses 18,422 22,294 Loss from operations (18,410) (22,099) Other income (expense), net: Offering costs related to warrant liability - (592) Change in fair value of warrant liability 262 2,515 Interest income, net - 809 Loss on extinguishment of short-term debt (219) - Other expense (31) - Total other income (expense), net 12 2,732 Net loss$(18,398) $(19,367) Basic and diluted net loss per common share$(2.57) $(4.15) Weighted average shares outstanding, basic and diluted 7,153,385 4,663,594 Energous CorporationReconciliation of Non-GAAP Information(in thousands) For the Year EndedDecember 31, 2024 2023 Net loss (GAAP)$(18,398) $(19,367) Add (subtract) the following items: Depreciation and amortization * 192 187 Stock-based compensation ** 663 1,678 Severance expense 1,377 359 Offering costs related to warrant liability - 592 Change in fair value of warrant liability (262) (2,515) Loss on extinguishment of short-term debt 219 - Adjusted net non-GAAP loss$(16,209) $(19,066) * Note: Depreciation and amortization excludes $4 which is included in cost of revenue for the year ended December 31, 2024.** Note: Stock-based compensation excludes $130 which is included in severance expense and $6 which is included in cost of revenue for the year ended December 31, 2024. Total operating expenses (GAAP)$18,422 $22,294 Subtract the following items: Depreciation and amortization * (192) (187) Stock-based compensation ** (663) (1,678) Severance expense (1,377) (359) Adjusted non-GAAP operating expenses$16,190 $20,070 * Note: Depreciation and amortization excludes $4 which is included in cost of revenue for the year ended December 31, 2024.** Note: Stock-based compensation excludes $130 which is included in severance expense and $6 which is included in cost of revenue for the year ended December 31, 2024. Total research and development expenses (GAAP)$8,275 $10,811 Subtract the following items: Depreciation and amortization (170) (169) Stock-based compensation (213) (658) Adjusted non-GAAP research and development expenses$7,892 $9,984 Total sales, marketing, general and administrative expenses (GAAP)$8,770 $11,124 Subtract the following items: Depreciation and amortization (22) (18) Stock-based compensation (450) (1,020) Adjusted non-GAAP sales, marketing, general and administrative expenses$8,298 $10,086 Contacts:Investor RelationsIR@energous.com Media Relationspr@energous.
SAN JOSE, Calif., Feb.27, 2025 (GLOBE NEWSWIRE) -- Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT) (the "Company”), a pioneer in scalable, over-the-air (OTA) wireless power networks, today announced financial results for the year ended December 31, 2024, and provided an update on recent partnerships and Company highlights.
Fiscal Year 2024 Financial Results Revenue for the year ended December 31, 2024 of $0.8 million versus approximately $0.5 million in 2023, representing a 62% increase year over year.2024 represented a pivotal shift in revenue generation for the Company.
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