[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

Financial Performance - Revenue for Q1 2024 was approximately $0.1 million, unchanged from the same period in 2023[5] - Total costs and expenses for Q1 2024 were $6.7 million, compared to $6.4 million in Q1 2023[5] - Non-GAAP costs and expenses decreased to $4.8 million in Q1 2024, down from $5.8 million in Q1 2023, representing a 17% reduction year over year[5] - Net loss for Q1 2024 was approximately $(6.6) million, or $(1.11) per share, compared to a net loss of $(6.7) million, or $(1.63) per share in Q1 2023[5] - Non-GAAP net loss improved to approximately $(4.6) million in Q1 2024 from $(5.5) million in Q1 2023, reflecting a 16% year-over-year improvement[5] - Cash and cash equivalents as of March 31, 2024, totaled approximately $10.7 million, with no debt[5] Business Development - Energous is collaborating with Velociti to build Over-the-Air wireless power network POCs for international retailers[5] - WiGL is commercializing an Energous-powered wireless power network for smart homes[5] - Energous received positive feedback for its 2 Watt PowerBridge transmitter, achieving 98% wireless power coverage[5] - Anukin's successful POC in Mexico improved asset tracking coverage by over 92% using Energous technology[5]

Financial Data and Key Metrics Changes - The recognized revenue for 2023 was approximately $0.5 million, a decrease of about 44% compared to $0.9 million in 2022 [31] - The cost of revenue in 2023 was approximately $0.3 million, yielding a positive gross margin of 41%, an improvement from the negative 50% gross margin reported in 2022 [32] - The GAAP reported net loss for 2023 was $19.4 million, compared to a loss of $26.3 million in 2022, indicating a reduction in losses [35] Business Line Data and Key Metrics Changes - Energous has expanded its proof-of-concept (POC) trials from 2 in Q3 2022 to 38 by Q4 2023, indicating significant growth in customer engagement [23] - The company is moving into a deployment sales phase for several completed POC trials, focusing on real-time asset tracking and supply chain visibility [24] Market Data and Key Metrics Changes - The company reported 38 POC trials across the US, Europe, and Asia, covering various markets including retail, industrial, logistics, and supply chain applications [23] - The partnership with Velociti as a preferred system integrator is expected to enhance market penetration and expand opportunities across multiple sectors [21] Company Strategy and Development Direction - Energous is focused on capitalizing on its first-to-market advantage in wireless power networks and improving operational efficiencies [12] - The company aims to evolve its product roadmap to support a future 15 Watt regulatory certified market in the US, which will open new markets for its technology [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its mission and take advantage of the market opportunity for wire-free, low-power charging at a distance [10] - The leadership team is excited to move forward and build the next phase of growth in a strategic manner [11] Other Important Information - The company ended 2023 with $13.9 million in cash and remains debt-free, having raised approximately $4.2 million through an ATM to supplement working capital [37] - Energous is working closely with 18 technology partners and expects to engage additional partners as it progresses through 2024 [28] Summary of Q&A Session - No questions were taken during the call, and participants were invited to submit questions via email [5]

Technology Development - The company has developed wireless power networks technology (WPNT) for RF-based charging of IoT devices, targeting a market expected to grow to 29.4 billion connected devices by 2030[13]. - The first end product featuring the technology was launched in 2019, with commercial shipments of PowerBridges starting in Q4 2021[15]. - The company aims to build an ecosystem for interoperability among transmitters and receivers, similar to the Wi-Fi model, to enhance market adoption[17][18]. - In 2023, the company showcased innovative products, including the world's first smart football and a battery-free CO2 sensor, at CES 2023[24]. - The company holds over 250 issued patents as of March 1, 2024, with a focus on processing algorithms, antenna designs, and ASICs[36]. - The technology has received FCC Part 15 and Part 18 approvals, ensuring compliance with U.S. safety standards[38]. - The company plans to integrate its WPNT technology into third-party devices, enhancing its market reach and application versatility[33]. - The company is committed to pursuing regulatory approvals globally to facilitate the widespread adoption of its wireless charging technology[37]. Financial Performance - As of December 31, 2023, the company had an accumulated deficit of approximately $382 million[56]. - Revenue for 2023 was $474,184, a decrease of 44.1% compared to $851,321 in 2022, primarily due to a decrease in production-level systems sales volume[165]. - Operating expenses for 2023 were $22,573,929, down from $27,537,646 in 2022, reflecting a reduction in costs across various departments[166]. - The net loss for 2023 was $19,366,763, an improvement from a net loss of $26,275,260 in 2022[173]. - Cash flows used in operating activities were $19,248,510 in 2023, compared to $23,636,747 in 2022, indicating improved cash management despite ongoing losses[174]. - Cash flows provided by financing activities in 2023 totaled $7,084,345, significantly higher than $1,017,620 in 2022, reflecting successful capital raising efforts[179]. - Total revenue for the year ended December 31, 2023, was $474,184, a decrease of 44.2% compared to $851,321 in 2022[196]. - The company incurred operating losses and negative cash flows, raising concerns about its ability to continue as a going concern[189]. Market and Competition - The company is targeting multiple markets for its receiver technology, including smart home devices, medical sensors, and logistics applications[35]. - The company is subject to intense competition and rapid technological change, which may affect its operating results[49]. - The company faces intense competition and rapid technological changes, which may render its products less useful or obsolete if it fails to keep pace with market demands[74]. - The commercial success of the company's products depends on achieving widespread market acceptance, which is crucial for generating necessary revenue[65]. - The market for the company's technology remains nascent and unproven, with success dependent on various factors including customer acceptance and regulatory approvals[212]. Regulatory and Compliance - The company announced the completion of the regulatory process for its PowerBridge wireless charging technology in multiple countries, including the US, Canada, and Europe, for unlimited distance wireless charging[40]. - As of March 1, 2024, products integrating the PowerBridge technology had received international regulatory approvals in over 110 countries[40]. - Regulatory approvals for the company's technology are costly and time-consuming, and delays could materially affect business results[111]. - Safety concerns or legal actions related to the technology could adversely affect the company's business and market perception[72]. Operational Risks - Current global economic conditions, including inflation and geopolitical factors, pose risks to the company's operations and financial position[21]. - Inflation has significantly increased since 2022, leading to higher costs in supply chain, labor, and shipping, which may adversely affect the company's financial condition and results of operations[59]. - The company relies on third-party components, and the unavailability of these components could disrupt its ability to manufacture products[52]. - The company relies on a limited number of suppliers for critical components, with potential supply disruptions impacting manufacturing and revenue[84]. - The company may incur substantial costs related to product recalls or corrective actions due to quality issues, which could also damage its reputation and future orders[80]. Human Resources - The company employs 37 full-time employees, with 30 being engineers, and has a good relationship with its employees[42]. - The company is highly dependent on key executives, and losing them could impede business plans and growth strategies[112]. - Attracting and retaining high-level engineering talent is critical, and competition for such personnel is intense[113]. Stock and Securities - The company received a notice from Nasdaq on January 20, 2023, indicating that its stock price had closed below the minimum $1.00 per share requirement for 30 consecutive trading days[131]. - On August 15, 2023, the company executed a reverse stock split at a ratio of 1-for-20 to regain compliance with Nasdaq's minimum bid price requirement[132]. - The company's stock price has been volatile since its IPO in 2014, and this volatility is expected to continue[123]. - The company has never paid cash dividends and does not anticipate doing so in the foreseeable future, intending to retain future earnings for reinvestment[151]. Future Outlook - The company anticipates needing additional financing to achieve its long-term business plans, with no guarantee that it will be available on acceptable terms[58]. - The company expects its current cash on hand and anticipated revenues to be sufficient to fund operations through March 2025[175]. - The company plans to pursue additional cost and expense reductions and financing options to sustain operations, given the unpredictable nature of research and development[211].

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 ...

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, 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 No. ...