Core Viewpoint - Energous Corporation reported significant financial growth in 2024, with a shift towards increased revenue from its PowerBridge transmitters, indicating a positive trend in market adoption of its wireless power solutions [1][5][7]. Financial Results - Revenue for the year ended December 31, 2024, was $0.8 million, a 62% increase from approximately $0.5 million in 2023 [5]. - In 2024, 88% of revenue was generated from PowerBridge transmitters, compared to 80% of 2023 revenue from non-recurring engineering services and micro-chip sales [5]. - Fourth quarter revenue for 2024 was $0.4 million, an 86% increase from approximately $0.2 million in the third quarter of 2024 [5]. - Total GAAP cost of revenue and operating expenses for 2024 was $19.2 million, down from $22.6 million in 2023 [5]. - Non-GAAP operating expenses decreased by approximately $4.0 million, or 19%, year over year, totaling $16.2 million in 2024 [5]. - The net loss for 2024 was approximately $(18.4) million, or $(2.57) per share, an improvement from a net loss of $(19.4) million, or $(4.15) per share, in 2023 [5][17]. - Cash and cash equivalents as of December 31, 2024, were approximately $1.4 million, increasing to approximately $11.7 million by February 25, 2025 [5]. Company Highlights - The company was granted 13 new patents in 2024, enhancing its intellectual property portfolio [5]. - Energous rebranded its PowerBridge transmitters, with the PowerBridge PRO offering 8W EIRP capabilities and the PowerBridge LITE providing 4W EIRP capabilities [5]. - A significant contract was awarded by a Fortune 10 multinational retailer to deploy PowerBridge transmitters in over 4,700 locations [5]. - The company is developing a battery-free smart tag for a global leader in RFID-based solutions, aimed at enhancing visibility and asset tracking for retail IoT applications [5][7].