Energous' Q3 Loss Narrows Year Over Year, Revenues Increase

Financial Performance - Energous Corporation (WATT) incurred a loss of 50 cents per share in the third quarter of 2024, an improvement from a loss of 83 cents per share in the same quarter last year [1] - The company reported net revenues of $230 thousand, reflecting a year-over-year increase of 36.1% driven by higher shipments of the commercial Power Bridge transmitter system [1] - The net loss decreased by 29.5% to $3.6 million, while the cost of sales increased over 100% year over year to $306 thousand [3] Segmental Discussion - WATT reports its revenues under a single segment named Wireless Charging System Solutions, which includes revenues from product development projects and production-level systems [2] Expense Management - General and administrative expenses decreased by 39.9% year over year to $1 million, and research and development expenses declined by 30.9% to $1.7 million [3] Balance Sheet - As of the end of the third quarter, WATT had cash and cash equivalents of $1.5 million, a significant decrease from $13.9 million at the end of the fourth quarter of 2023 [4] - Accounts payable were reported at $1.5 million, down from $1.9 billion at the end of the year-ago quarter [4] Market Position - WATT currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook in the market [5]