Energous(WATT) - 2025 Q1 - Quarterly Report

Revenue and Profitability - Revenue for the three months ended March 31, 2025, was $343,000, a 436% increase from $64,000 in the same period in 2024[136] - Gross profit improved to $93,000 in Q1 2025, compared to a gross loss of $45,000 in Q1 2024, marking a 307% year-over-year improvement[136] - Net loss for Q1 2025 was $3.4 million, an improvement from a net loss of $6.6 million in Q1 2024[148] Expenses - Cost of revenue increased to $250,000 in Q1 2025 from $109,000 in Q1 2024, representing a 129% increase[136] - Research and development expenses decreased by 46% to $1.2 million in Q1 2025 from $2.2 million in Q1 2024[141] - Sales and marketing expenses decreased by 33% to $589,000 in Q1 2025 from $873,000 in Q1 2024[142] - General and administrative expenses decreased by 55% to $895,000 in Q1 2025 from $1.995 million in Q1 2024[136] - Total operating expenses decreased by 44% to $3.7 million in Q1 2025 from $6.6 million in Q1 2024[136] - Loss from operations improved to $3.6 million in Q1 2025 from $6.7 million in Q1 2024, a reduction of 46%[139] - Severance expenses fell to $0.4 million in Q1 2025 from $1.6 million in Q1 2024, a decrease of $1.2 million or 76%[144] - Expenses from abandoned financing transactions were $0.7 million in Q1 2025, representing a 100% increase from $0 in Q1 2024[145] Cash Flow and Financing - Cash flows used in operating activities were $4.7 million in Q1 2025, compared to $5.1 million in Q1 2024[157] - Cash flows provided by financing activities were $13.4 million in Q1 2025, primarily from the sale of shares under the ATM Program[160] - The company sold 18,703,305 shares under the ATM Program in Q1 2025, generating net proceeds of approximately $13.8 million[154] - The company plans to pursue additional financing options to sustain operations and support business scaling[150][151] Product Development - The first WPN-enabled product was launched in 2019, with shipments of PowerBridge transmitter systems starting in Q4 2021[124] - The company anticipates the release of additional wireless power-enabled products as technology applications continue to innovate[124] Cash Position - As of March 31, 2025, the company had cash and cash equivalents of $10.1 million[149]