Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER 001-36379 ENERGOUS CORPORATION (Exact name of registrant as specified in its charter) Delaware 46-1318953 (State of incorporation) (I.R.S. Employer Identification No.) (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDE ...

Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Date of Report (Date of earliest event reported): July 8, 2025 ENERGOUS CORPORATION (Exact name of registrant as specified in its charter) Delaware 001-36379 46-1318953 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 3590 North First Street, Suite 330 San Jose, California 95134 (Address ...

Milestone quarter underscores the company’s turnaround and path to sustainable, profitable growthSAN JOSE, Calif., July 08, 2025 (GLOBE NEWSWIRE) -- Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT), a leader in over-the-air (OTA) wireless power networks, today announced preliminary results for its second quarter of 2025, reflecting significant progress in revenue growth, cost discipline, product innovation, and balance sheet strength. Energous expects to report revenue for the qua ...

INVESTOR PRESENTATION May 13, 2025 Forward Looking Statements This presentation 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, that are intended to be covered by the "safe harbor" created by those sections, including statements regarding our future performance, ability to enter into future partnerships, future portfolio and ability to obtain future regulatory approval. All ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 3590 North First Street, Suite 330, San Jose, CA 95134 (Address of principal executive of ice) (Zip code) (408) 963-0200 (Registrant's telephone number, including area cod ...

[Management's Remarks](index=1&type=section&id=Management%27s%20Remarks) Management emphasized strategic execution, infrastructure efficiency, and partner relationships for wireless power network deployment, prioritizing cash burn reduction and capital securing for growth - The company is focused on executing strategic initiatives, fortifying partner relationships, and deploying its scalable, RF-based wireless power network solutions[3](index=3&type=chunk) - Reducing cash burn is a priority, with actions taken resulting in approximately **$7.3 million** in annualized cost savings[3](index=3&type=chunk) - Secured **$13.8 million** in net proceeds from an at-the-market offering in Q1 2025 to fund growth and strategic objectives[3](index=3&type=chunk)[11](index=11&type=chunk) - Management expects continued steady revenue growth in the coming quarters[3](index=3&type=chunk) [First Quarter 2025 Financial Results](index=1&type=section&id=First%20Quarter%202025%20Financial%20Results) Energous reported significant Q1 2025 financial improvements, with revenue surging over 430%, positive gross margin, reduced operating expenses, and a lower net loss, strengthening its cash position Q1 2025 Key Financial Metrics (YoY Comparison) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $0.3 million | ~$0.1 million | +436% | | **Gross Profit (Loss)** | $0.1 million | $(45,000) | +307% | | **GAAP Operating Expenses** | $3.7 million | $6.6 million | -44% | | **Non-GAAP Operating Expenses** | $2.5 million | $4.7 million | -46% | | **GAAP Net Loss** | $(3.4) million | $(6.6) million | -49% | | **GAAP EPS** | $(0.12) | $(1.11) | +89% | | **Non-GAAP Net Loss** | $(2.5) million | $(4.6) million | -47% | - The revenue increase was primarily driven by a **483% year-over-year increase** in sales of PowerBridge transmitter systems, indicating growing commercial adoption[4](index=4&type=chunk) - After the quarter ended, the company shipped an additional **$0.3 million in products**, mainly fulfilling orders for multinational retailers and a new order from a multi-billion dollar power company[4](index=4&type=chunk) - Cash and cash equivalents were approximately **$10.1 million** as of March 31, 2025[4](index=4&type=chunk) [Company Highlights](index=2&type=section&id=Company%20Highlights) Energous achieved key Q1 2025 milestones, including securing new capital, growing enterprise order backlog, advancing a major Fortune 10 retailer deployment, and expanding its product portfolio with new asset tracking solutions - A Fortune 10 multinational retailer is accelerating a multi-stage project to deploy PowerBridge PRO transmitters in more than **4,700 locations nationwide**[11](index=11&type=chunk) - The company is experiencing a growing backlog of enterprise orders, indicating increased market adoption of its wireless power network (WPN) solutions[11](index=11&type=chunk) - Introduced two new products: the AI-driven PowerBridgeMOD and the PowerBridge PRO+ with an integrated gateway, enhancing its enterprise asset tracking solutions[11](index=11&type=chunk) - Raised **$13.8 million** in net proceeds through its at-the-market offering program to fund growth initiatives and fulfill customer orders[11](index=11&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Balance Sheets](index=5&type=section&id=Balance%20Sheets) As of March 31, 2025, the company's balance sheet significantly strengthened, with cash and cash equivalents increasing from **$1.4 million to $10.1 million**, converting a stockholders' deficit into **$9.5 million** equity while total liabilities decreased Balance Sheet Summary (in thousands) | Account | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $10,085 | $1,353 | | **Total current assets** | $11,885 | $2,912 | | **Total Assets** | $13,377 | $3,795 | | **Total Liabilities** | $3,881 | $4,872 | | **Total stockholders' equity (deficit)** | $9,496 | $(1,077) | [Statements of Operations](index=6&type=section&id=Statements%20of%20Operations) For Q1 2025, Energous reported revenue of **$343,000**, achieved a gross profit of **$93,000**, significantly reduced operating expenses to **$3.7 million**, and improved net loss to **$3.4 million** or **$0.12 per share** Statement of Operations Summary (in thousands, except per share data) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenue** | $343 | $64 | | **Gross profit (loss)** | $93 | $(45) | | **Total operating expenses** | $3,704 | $6,620 | | **Loss from operations** | $(3,611) | $(6,665) | | **Net loss** | $(3,366) | $(6,599) | | **Basic and diluted net loss per share** | $(0.12) | $(1.11) | [Reconciliation of Non-GAAP Information](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Information) The company provides non-GAAP financial measures to clarify operational performance by excluding specific items, reporting an adjusted non-GAAP net loss of **$2.5 million** and non-GAAP operating expenses of **$2.5 million** for Q1 2025 - Non-GAAP measures are used to supplement GAAP results and exclude items such as depreciation, stock-based compensation, severance, change in fair value of warrant liability, and expenses from abandoned financing transactions[10](index=10&type=chunk)[13](index=13&type=chunk) GAAP to Non-GAAP Net Loss Reconciliation (in thousands) | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net loss (GAAP)** | $(3,366) | $(6,599) | | Total Adjustments | $900 | $1,967 | | **Adjusted net non-GAAP loss** | **$(2,466)** | **$(4,632)** | GAAP to Non-GAAP Operating Expenses Reconciliation (in thousands) | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total operating expenses (GAAP)** | $3,704 | $6,620 | | Total Adjustments | $(1,167) | $(1,885) | | **Adjusted non-GAAP operating expenses** | **$2,537** | **$4,735** |

Core Insights - Energous Corporation reported a significant revenue increase of over 430% in Q1 2025 compared to Q1 2024, driven by a 483% increase in revenue from PowerBridge transmitter systems [2][5] - The company secured $13.8 million in net proceeds from its at-the-market offering program to support growth initiatives [2][11] - The company aims to reduce cash burn, achieving annualized cost savings of approximately $7.3 million [2] Financial Performance - Revenue for Q1 2025 was $0.3 million, up from approximately $0.1 million in Q1 2024, marking a 436% year-over-year increase [5] - Gross profit for Q1 2025 was approximately $0.1 million, a 307% improvement from a gross loss of $45,000 in the prior year [5] - Operating expenses decreased to $3.7 million in Q1 2025 from $6.6 million in Q1 2024, representing a 44% year-over-year improvement [5] Operational Highlights - The company shipped an additional $0.3 million in products after Q1 2025, primarily to multinational retailers and a multi-billion dollar power company [5] - Energous introduced two new products: the AI-driven PowerBridgeMOD and PowerBridge PRO+ with integrated gateway, enhancing its asset tracking solutions [11] - A major retailer is accelerating a multi-stage infrastructure modernization project, planning to deploy PowerBridge PRO transmitters in over 4,700 locations nationwide [11] Cash Position - As of March 31, 2025, the company had approximately $10.1 million in cash and cash equivalents, a significant increase from $1.4 million at the end of Q1 2024 [5][16]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-36379 ENERGOUS CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 46-1318953 (State or Other ...

[Fiscal Year 2024 Financial Results](index=1&type=section&id=Fiscal%20Year%202024%20Financial%20Results) Energous reported a 62% year-over-year revenue increase to $0.8 million for fiscal year 2024, driven by a significant shift towards PowerBridge transmitter sales, which constituted 88% of the revenue FY 2024 Key Financial Metrics (vs. FY 2023) | Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $0.8 million | $0.5 million | +62% YoY | | **Total OpEx (GAAP)** | $19.2 million | $22.6 million | -15% YoY | | **Non-GAAP OpEx** | $16.2 million | $20.0 million | -19% YoY | | **Net Loss (GAAP)** | $(18.4) million | $(19.4) million | 5% improvement | | **Net Loss per Share (GAAP)** | $(2.57) | $(4.15) | 38% improvement | | **Non-GAAP Net Loss** | $(16.2) million | $(19.1) million | 15% improvement | - A significant shift in revenue composition occurred in 2024, with **88% of revenue** generated from PowerBridge transmitter sales, compared to 2023 when 80% of revenue came from non-recurring engineering services and micro-chip sales[6](index=6&type=chunk) - Cash and cash equivalents were approximately **$1.4 million** at year-end 2024, but increased to approximately **$11.7 million** as of February 25, 2025, following a capital raise[6](index=6&type=chunk)[8](index=8&type=chunk) [Company Highlights and Strategic Developments](index=1&type=section&id=Company%20Highlights) In 2024, Energous achieved significant commercial traction, with PowerBridge transmitter revenue surpassing all cumulative sales since its 2021 launch, securing a major contract with a Fortune 10 retailer and strengthening its IP portfolio - Revenue from PowerBridge transmitter shipments in 2024 alone surpassed all cumulative revenue for the product since its introduction in Q4 2021, marking a significant adoption milestone[5](index=5&type=chunk) - Awarded the first phase of a multi-stage project by a Fortune 10 multinational retailer to deploy PowerBridge transmitters in more than **4,700 locations**[8](index=8&type=chunk) - Engaged by a global leader in RFID solutions to develop a battery-free smart tag for retail IoT applications[8](index=8&type=chunk) - Strengthened its intellectual property portfolio by being granted **13 new patents** in 2024[8](index=8&type=chunk) - Raised approximately **$13.4 million**, net of costs, between January 1 and February 12, 2025, to fund growth initiatives[8](index=8&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The financial statements provide a detailed view of Energous' financial position and performance for the year ended December 31, 2024, including Balance Sheets, Statements of Operations, and non-GAAP reconciliations [Balance Sheets](index=4&type=section&id=BALANCE%20SHEETS) As of December 31, 2024, Energous reported total assets of **$3.8 million**, a significant decrease from **$16.7 million** in 2023, primarily due to reduced cash and a stockholders' deficit of **$(1.1) million** Balance Sheet Summary (in thousands) | Account | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $1,353 | $13,876 | | **Total current assets** | $2,912 | $15,007 | | **Total assets** | $3,795 | $16,676 | | **Total current liabilities** | $4,872 | $4,621 | | **Total liabilities** | $4,872 | $5,178 | | **Total stockholders' equity (deficit)** | $(1,077) | $11,498 | [Statements of Operations](index=5&type=section&id=STATEMENTS%20OF%20OPERATIONS) For FY 2024, Energous generated revenue of **$768 thousand** with a gross profit of **$12 thousand**, recording a GAAP net loss of **$(18.4) million**, an improvement from **$(19.4) million** in 2023 due to reduced operating expenses Statement of Operations Summary (in thousands, except per share data) | Account | FY 2024 | FY 2023 | | :--- | :--- | :--- | | **Revenue** | $768 | $474 | | **Gross profit** | $12 | $195 | | **Total operating expenses** | $18,422 | $22,294 | | **Loss from operations** | $(18,410) | $(22,099) | | **Net loss** | $(18,398) | $(19,367) | | **Basic and diluted net loss per share** | $(2.57) | $(4.15) | [Reconciliation of Non-GAAP Information](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Information) The company provides a reconciliation from GAAP to non-GAAP figures, adjusting for items like stock-based compensation, resulting in a non-GAAP net loss of **$(16.2) million** for 2024 GAAP to Non-GAAP Net Loss Reconciliation (in thousands) | Description | FY 2024 | FY 2023 | | :--- | :--- | :--- | | **Net loss (GAAP)** | $(18,398) | $(19,367) | | Adjustments (Stock-based comp, severance, etc.) | $2,189 | $(686) | | **Adjusted non-GAAP net loss** | $(16,209) | $(19,066) | GAAP to Non-GAAP Operating Expenses Reconciliation (in thousands) | Description | FY 2024 | FY 2023 | | :--- | :--- | :--- | | **Total operating expenses (GAAP)** | $18,422 | $22,294 | | Adjustments (Depreciation, stock-comp, severance) | $(2,232) | $(2,224) | | **Adjusted non-GAAP operating expenses** | $16,190 | $20,070 | [Non-GAAP Financial Measures Explanation](index=3&type=section&id=Non-GAAP%20Financial%20Measures) Energous utilizes non-GAAP financial measures to supplement GAAP results, providing investors with a clearer evaluation of ongoing operational performance by excluding specific non-cash and non-recurring items - The company uses non-GAAP financial measures internally to analyze financial results and believes they are a useful supplement for investors to evaluate ongoing operational performance and trends[11](index=11&type=chunk) - Key adjustments to derive non-GAAP figures include excluding depreciation and amortization, stock-based compensation expense, severance expense, offering costs related to warrant liability, change in fair value of warrant liability, and the loss on the extinguishment of short-term debt[13](index=13&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains standard safe harbor language, cautioning that forward-looking statements are subject to various risks and uncertainties, including regulatory approvals and market competition, which could cause actual results to differ - The press release contains forward-looking statements regarding future plans, financial projections, partner collaborations, and technology functionality[10](index=10&type=chunk) - Key risk factors that could cause actual results to differ from expectations include timing of regulatory approvals, timing of customer product development, dependence on distribution partners, and intense industry competition[10](index=10&type=chunk)

Core Viewpoint - Energous Corporation reported significant financial growth in 2024, with a shift towards increased revenue from its PowerBridge transmitters, indicating a positive trend in market adoption of its wireless power solutions [1][5][7]. Financial Results - Revenue for the year ended December 31, 2024, was $0.8 million, a 62% increase from approximately $0.5 million in 2023 [5]. - In 2024, 88% of revenue was generated from PowerBridge transmitters, compared to 80% of 2023 revenue from non-recurring engineering services and micro-chip sales [5]. - Fourth quarter revenue for 2024 was $0.4 million, an 86% increase from approximately $0.2 million in the third quarter of 2024 [5]. - Total GAAP cost of revenue and operating expenses for 2024 was $19.2 million, down from $22.6 million in 2023 [5]. - Non-GAAP operating expenses decreased by approximately $4.0 million, or 19%, year over year, totaling $16.2 million in 2024 [5]. - The net loss for 2024 was approximately $(18.4) million, or $(2.57) per share, an improvement from a net loss of $(19.4) million, or $(4.15) per share, in 2023 [5][17]. - Cash and cash equivalents as of December 31, 2024, were approximately $1.4 million, increasing to approximately $11.7 million by February 25, 2025 [5]. Company Highlights - The company was granted 13 new patents in 2024, enhancing its intellectual property portfolio [5]. - Energous rebranded its PowerBridge transmitters, with the PowerBridge PRO offering 8W EIRP capabilities and the PowerBridge LITE providing 4W EIRP capabilities [5]. - A significant contract was awarded by a Fortune 10 multinational retailer to deploy PowerBridge transmitters in over 4,700 locations [5]. - The company is developing a battery-free smart tag for a global leader in RFID-based solutions, aimed at enhancing visibility and asset tracking for retail IoT applications [5][7].