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].

Financial Performance - Energous Corporation (WATT) incurred a loss of 50 cents per share in the third quarter of 2024, an improvement from a loss of 83 cents per share in the same quarter last year [1] - The company reported net revenues of $230 thousand, reflecting a year-over-year increase of 36.1% driven by higher shipments of the commercial Power Bridge transmitter system [1] - The net loss decreased by 29.5% to $3.6 million, while the cost of sales increased over 100% year over year to $306 thousand [3] Segmental Discussion - WATT reports its revenues under a single segment named Wireless Charging System Solutions, which includes revenues from product development projects and production-level systems [2] Expense Management - General and administrative expenses decreased by 39.9% year over year to $1 million, and research and development expenses declined by 30.9% to $1.7 million [3] Balance Sheet - As of the end of the third quarter, WATT had cash and cash equivalents of $1.5 million, a significant decrease from $13.9 million at the end of the fourth quarter of 2023 [4] - Accounts payable were reported at $1.5 million, down from $1.9 billion at the end of the year-ago quarter [4] Market Position - WATT currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook in the market [5]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed financial statements for the three months ended March 31, 2024, detailing changes in assets, liabilities, equity, and cash flows [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) Total assets decreased to **$13.1 million** from **$16.7 million** due to lower cash, with liabilities increasing to **$5.9 million** from accrued severance Condensed Balance Sheet Data (in thousands) | Account | March 31, 2024 (unaudited) | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $10,655 | $13,876 | | Total current assets | $11,681 | $15,007 | | Total assets | $13,092 | $16,676 | | **Liabilities & Equity** | | | | Accrued severance expense | $1,469 | $134 | | Total current liabilities | $5,567 | $4,621 | | Total liabilities | $5,936 | $5,178 | | Total stockholders' equity | $7,156 | $11,498 | | Total liabilities and stockholders' equity | $13,092 | $16,676 | [Condensed Statements of Operations](index=4&type=section&id=Condensed%20Statements%20of%20Operations) For Q1 2024, revenue was **$64,000**, with a **$6.7 million** operating loss and **$6.6 million** net loss, impacted by **$1.6 million** severance Condensed Statement of Operations Data (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenue | $64 | $97 | | Total costs and expenses | $6,729 | $6,391 | | Severance expense | $1,563 | $0 | | Loss from operations | $(6,665) | $(6,294) | | Net loss | $(6,599) | $(6,653) | | Basic and diluted loss per common share | $(1.11) | $(1.63) | [Condensed Statements of Cash Flows](index=6&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$5.1 million**, while financing activities provided **$1.9 million**, leading to a net decrease in cash of **$3.2 million** Condensed Statement of Cash Flows Data (in thousands) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(5,073) | $(5,364) | | Net cash used in investing activities | $(1) | $0 | | Net cash provided by financing activities | $1,853 | $5,417 | | Net decrease in cash, cash equivalents and restricted cash | $(3,221) | $53 | | Cash, cash equivalents and restricted cash - ending | $10,715 | $26,340 | [Note 1 - Business Organization, Nature of Operations](index=7&type=section&id=Note%201%20-%20Business%20Organization%2C%20Nature%20of%20Operations) The company develops wireless power networks technology for IoT devices, and a 1-for-20 reverse stock split was retroactively applied in August 2023 - The company develops **wireless power networks technology (WPNT)** using **RF-based charging** for **IoT devices** in markets such as retail, industrial, and medical[21](index=21&type=chunk)[22](index=22&type=chunk) - A **1-for-20 reverse stock split** was effected on August 16, 2023 All share and per-share data have been retroactively adjusted[24](index=24&type=chunk)[25](index=25&type=chunk) [Note 2 – Liquidity and Management Plans](index=8&type=section&id=Note%202%20%E2%80%93%20Liquidity%20and%20Management%20Plans) The company, with **$10.7 million** cash as of March 31, 2024, relies on securities offerings to fund operations and expects to pursue additional financing - As of March 31, 2024, the company had **$10.7 million** in cash and cash equivalents, which is expected to fund operations through **May 2025**[27](index=27&type=chunk) - The company has a history of **net losses** and relies on securities offerings for liquidity, having raised **$1.8 million** in Q1 2024[26](index=26&type=chunk) - Management expects to pursue **additional financing** through equity or debt offerings, bank financings, or strategic partnerships to sustain operations[28](index=28&type=chunk) [Note 6 – Commitments and Contingencies](index=13&type=section&id=Note%206%20%E2%80%93%20Commitments%20and%20Contingencies) The company recorded **$1.5 million** severance for its CEO, has **$1.1 million** in lease commitments, and is winding down its Dialog alliance - Following the departure of CEO Cesar Johnston in March 2024, the company recorded **$1.5 million** in severance expense, including accelerated stock-based compensation[69](index=69&type=chunk) - The company has total future lease payments of **$1.1 million** for its San Jose headquarters, with the lease term ending in **Q3 2025**[60](index=60&type=chunk)[61](index=61&type=chunk) - The **Strategic Alliance Agreement** with Dialog (acquired by Renesas) is in a wind-down period that will conclude in **September 2024**, terminating the parties' exclusivity rights[75](index=75&type=chunk) [Note 7 – Capital Stock and Warrants](index=16&type=section&id=Note%207%20%E2%80%93%20Capital%20Stock%20and%20Warrants) In February 2024, the company raised **$1.8 million** from a registered direct offering, detailing common stock reserved for future issuance - In February 2024, the company raised approximately **$1.8 million** in net proceeds from a **registered direct offering** of common stock, pre-funded warrants, and warrants[80](index=80&type=chunk) Common Stock Reserved for Future Issuance | Category | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Stock options outstanding | 11,250 | 15,000 | | RSUs outstanding | 102,179 | 71,734 | | Warrants outstanding | 1,883,318 | 495,833 | | Total Reserved | 2,401,248 | 905,278 | [Note 8 – Stock-Based Compensation](index=18&type=section&id=Note%208%20%E2%80%93%20Stock-Based%20Compensation) Total stock-based compensation was **$404,000** in Q1 2024, with **$130,000** for CEO severance due to accelerated vesting Stock-Based Compensation Expense (in thousands) | Department | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Research and development | $107 | $209 | | Sales and marketing | $80 | $105 | | General and administrative | $87 | $208 | | Severance expense | $130 | $0 | | **Total** | **$404** | **$522** | - Accelerated vesting for the former CEO resulted in stock-based compensation expense of approximately **$53,000** for options and **$77,000** for RSUs during the quarter[93](index=93&type=chunk)[98](index=98&type=chunk) [Note 12 – Customer Concentrations](index=24&type=section&id=Note%2012%20%E2%80%93%20Customer%20Concentrations) Significant customer concentration exists, with **87%** of Q1 2024 revenue from four customers and **92%** of accounts receivable from two - For Q1 2024, **four customers** accounted for **87%** of revenue[117](index=117&type=chunk) - As of March 31, 2024, **two customers** accounted for **92%** of the accounts receivable balance[117](index=117&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial performance, noting flat revenue, increased operating loss from severance, and reliance on financing [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q1 2024 revenue was **$0.1 million**, with operating loss increasing to **$6.7 million** due to **$1.6 million** severance, despite R&D and S&M cost cuts - Revenue was **$0.1 million** for Q1 2024, a slight decrease from Q1 2023 due to lower transmitter sales volume[125](index=125&type=chunk) - Research and development costs decreased by **$0.7 million** (**24%**) YoY, primarily due to reduced employee compensation, engineering supplies, and legal fees[128](index=128&type=chunk) - Sales and marketing costs decreased by **$0.3 million** (**28%**) YoY, driven by lower payroll, stock-based compensation, and marketing/tradeshow costs[129](index=129&type=chunk) - A severance expense of **$1.6 million** was recorded in Q1 2024, mostly attributed to the departure of the former President and CEO[131](index=131&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company relies on securities offerings for liquidity, raising **$1.8 million** in Q1 2024, and anticipates additional capital for R&D and commercialization - The company is meeting liquidity requirements through securities offerings, raising net proceeds of **$1.8 million** in Q1 2024[136](index=136&type=chunk) - Management believes current cash, along with proceeds from future financing and cost reductions, will fund operations for at least the **next twelve months**[137](index=137&type=chunk) - In February 2024, the company raised approximately **$1.8 million** in net proceeds from a **registered direct offering** of common stock and warrants[141](index=141&type=chunk) Cash Flow Summary (in millions) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(5.1) | $(5.4) | | Net Cash Provided by Financing Activities | $1.9 | $5.4 | [Quantitative and Qualitative Disclosure About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company is not required to provide this information as it qualifies as a smaller reporting company - The company is not required to provide this information as it qualifies as a **smaller reporting company**[146](index=146&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2024, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were **effective** as of March 31, 2024[148](index=148&type=chunk) - There were **no changes** in **internal control over financial reporting** during Q1 2024 that have materially affected, or are reasonably likely to materially affect, internal controls[149](index=149&type=chunk) [PART II – OTHER INFORMATION](index=31&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company is **not currently a party** to any **material legal proceedings**[151](index=151&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the Annual Report on Form 10-K for fiscal year 2023 - **No material changes** have occurred to the risk factors described in the Annual Report on Form 10-K for the year ended December 31, 2023[152](index=152&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[153](index=153&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the first quarter of 2024 - **No director or officer** adopted or terminated a **Rule 10b5-1 trading arrangement** during the quarter[155](index=155&type=chunk) [Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report on Form 10-Q, including corporate governance documents and required certifications

See "Non-GAAP Financial Measures" below for additional information. Company Highlights Exhibit 99.1 Energous Corporation Reports First Quarter 2024 Results SAN JOSE, Calif. – May 14, 2024 – Energous Corporation (NASDAQ: WATT), a leading developer of RF-based intelligent wireless power networks, today announced financial results for the three months ended March 31, 2024, and provided an update on recent partnerships and company highlights. First Quarter 2024 Financial Results · Revenue for the three months e ...

Energous Corporation (NASDAQ:WATT) Q4 2023 Earnings Conference Call March 28, 2024 4:30 PM ET Company Participants Craig MacPhail - Investor Relations Mallorie Burak - Chief Financial Officer and Principal Executive Officer Giampaolo Marino - Vice President of Business Development & Marketing Operator Good day and welcome to the Energous Corporation Full Year 2023 Financial Results. All participants will be in listen-only mode. Please note this event is being recorded. I would now like to turn the conferenc ...

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 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 3590 North First Street, Suite 210, San Jose, CA 95134 (Address of Principal Executive Offices) (Zip Code) (408) 963-0200 For the Fiscal Year Ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURIT ...

Exhibit 99.1 Energous Corporation Reports 2023 Results SAN JOSE, Calif. – March 28, 2024 – Energous Corporation (NASDAQ: WATT), a leading developer of RF-based charging for wireless power networks, today announced financial results for the year ended December 31, 2023, and provided an update on recent partnerships and company highlights. 2023 Financial Results Recent Partnership Momentum · 2023 revenue of approximately $0.5 million versus $0.9 million in 2022. · Total costs and expenses were significantly r ...