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 ...

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 SEPTEMBER 30, 2023 OR ☐ 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 ...

Energous Corporation (NASDAQ:WATT) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET Company Participants Craig MacPhail - Investor Relations Cesar Johnston - President and Chief Executive Officer Susan Kim Van Dongen - Interim Chief Financial Officer Conference Call Participants Suji Desilva - ROTH Capital Partners, LLC Jon Hickman - Ladenburg Thalmann Operator Hello. Good day, and welcome to the Energous Corporation Third Quarter 2023 Financial Results. At this time, all participants are in a l ...

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 JUNE 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER 001-36379 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: ENERGOUS CORPORATION (Exact name of registra ...

Energous Corporation (NASDAQ:WATT) Q2 2023 Earnings Conference Call August 10, 2023 4:30 PM ET Company Participants Craig MacPhail - Investor Relations Cesar Johnston - Chief Executive Officer Susan Kim Van Dongen - Interim Chief Financial Officer Conference Call Participants Suji Desilva - ROTH MKM Jon Hickman - Ladenburg Operator Good afternoon and welcome to the Energous Corporation Second Quarter 2023 Financial Results Earnings Conference Call. All participants will be in listen-only mode. [Operator Ins ...