Energous(US:WATT)2024-05-14 20:06Financial 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]