Energous(US:WATT)2025-11-13 21:16Revenue Performance - Revenue for the three months ended September 30, 2025, was $1.3 million, a 453% increase from $0.2 million in the same period in 2024, driven by expansion with multinational enterprise retailers[148] - Revenue for the nine months ended September 30, 2025, was $2.6 million, a substantial increase of 662% compared to $0.3 million in the same period of 2024[158] - The company recorded revenue of $2.6 million for the nine months ended September 30, 2025, compared to $0.3 million for the same period in 2024, representing a significant increase of 766.67%[181] Cost and Expenses - Cost of revenue increased to $0.8 million in Q3 2025 from $0.3 million in Q3 2024, representing a 166% increase, primarily due to higher sales volume of PowerBridge Pro transmitters[150] - Cost of revenue for the nine months ended September 30, 2025, was $1.7 million, a 217% increase from $0.5 million in 2024, driven by higher sales volume[160] - Research and development expenses decreased to $0.9 million in Q3 2025 from $1.5 million in Q3 2024, a reduction of 39% attributed to lower payroll costs from a reduced headcount[151] - Research and development costs decreased by 46% to $3.2 million in the nine months ended September 30, 2025, from $6.0 million in 2024[162] - Sales and marketing expenses were $0.5 million in Q3 2025, down 29% from $0.7 million in Q3 2024, primarily due to decreases in stock-based compensation and consulting fees[152] - General and administrative expenses for Q3 2025 were $1.2 million, a slight decrease of 1% from $1.3 million in Q3 2024[153] - General and administrative costs for the nine months ended September 30, 2025, were $3.4 million, down 31% from $5.0 million in 2024[164] - Total operating expenses decreased to $2.6 million in Q3 2025 from $3.5 million in Q3 2024, a reduction of 24%[148] - Severance expense for Q3 2025 was $8,000, a significant decrease of 90% from $0.1 million in Q3 2024[154] - Total other income for Q3 2025 was $78,000, down 54% from $169,000 in Q3 2024, primarily due to a change in fair value of warrant liability[155] - Expenses from abandoned financing transactions were $0.7 million for the nine months ended September 30, 2025, with no such expenses in 2024[166] Profitability and Loss - Gross profit improved significantly to approximately $0.5 million in Q3 2025, compared to a gross loss of $76,000 in Q3 2024, marking a 703% year-over-year improvement[150] - Loss from operations improved to $2.2 million in Q3 2025, compared to a loss of $3.6 million in Q3 2024, reflecting a 39% reduction in losses[149] - Net loss for Q3 2025 was $2.1 million, a 38% improvement from a net loss of $3.4 million in Q3 2024[148] - Net loss for the nine months ended September 30, 2025, was $8.3 million, a reduction of 42% from $14.3 million in the same period of 2024[169] - The net loss for the nine months ended September 30, 2025, was $8.3 million, an improvement from a net loss of $14.3 million in the same period of 2024, indicating a reduction of 42.0%[181] Cash Flow and Financing - Cash flows used in operating activities were $10.0 million for the nine months ended September 30, 2025, compared to $14.9 million for the same period in 2024, reflecting a decrease of 32.9%[185][186] - The company had cash and cash equivalents of $12.9 million as of September 30, 2025[181] - The company raised net proceeds of $4.5 million from a registered direct offering on September 11, 2025, issuing 120,000 shares of common stock and warrants[135] - The company raised net proceeds of $18.2 million during the nine months ended September 30, 2025, through the ATM Program, along with $4.1 million from the 2025 Offering[181][188] - The 2025 Offering included the issuance of 120,000 shares of common stock and warrants to purchase up to 585,347 shares at a combined price of $7.92 per share[172] - The company fully repaid the Amended Loan Agreement of $1.415 million on July 7, 2025, with no further obligations remaining[180] - The company expects to pursue additional financing options, including equity or debt securities, to sustain operations[183] - The company issued new unregistered warrants to purchase 47,764 shares at an exercise price of $7.79 per share as part of the Concurrent Warrant Exercise Transaction[176] - Cash flows provided by financing activities were $21.6 million for the nine months ended September 30, 2025, compared to $2.5 million for the same period in 2024, indicating a substantial increase[188][189] Product Development - The first WPN-enabled end product featuring the company's technology was launched in 2019, with further innovations anticipated, including the introduction of the battery-free e-Sense tag and e-Compass software platform in Q2 2025[134]