Energous(US:WATT)2023-05-17 20:38Revenue and Financial Performance - Revenue for the three months ended March 31, 2023, was $96,676, a decrease of 55.2% from $215,961 in the same period of 2022 [122]. - Loss from operations for the three months ended March 31, 2023, was $6,294,059, compared to a loss of $7,155,544 for the same period in 2022, reflecting a 12.1% improvement [123]. - Net loss for the three months ended March 31, 2023, was $6,652,507, compared to a net loss of $7,152,718 in the same period of 2022, indicating a 7% improvement [128]. Cost Management - Research and development costs decreased to $3,078,524 for the three months ended March 31, 2023, down 12.7% from $3,527,146 in 2022 [124]. - Sales and marketing costs for the three months ended March 31, 2023, were $1,211,938, a decrease of 24.8% from $1,613,590 in 2022 [125]. - General and administrative expenses decreased to $1,961,460 for the three months ended March 31, 2023, down 3.3% from $2,027,520 in 2022 [126]. Cash Flow and Liquidity - Net cash used in operating activities was $5,364,355 for the three months ended March 31, 2023, compared to $6,356,971 in 2022, a reduction of 15.6% [129]. - Cash flows provided by financing activities were $5,417,022 for the three months ended March 31, 2023, significantly higher than $104,217 in 2022 [134]. - The company expects its cash on hand as of March 31, 2023, to be sufficient to fund operations through May 2024 [130]. Market Opportunities - The IoT market is projected to grow to approximately $1.1 trillion in spending by 2026, presenting significant opportunities for the company's WattUp technology [113].