Energous(US:WATT)2024-03-28 21:40Financial Data and Key Metrics Changes - The recognized revenue for 2023 was approximately $0.5 million, a decrease of about 44% compared to $0.9 million in 2022 [31] - The cost of revenue in 2023 was approximately $0.3 million, yielding a positive gross margin of 41%, an improvement from the negative 50% gross margin reported in 2022 [32] - The GAAP reported net loss for 2023 was $19.4 million, compared to a loss of $26.3 million in 2022, indicating a reduction in losses [35] Business Line Data and Key Metrics Changes - Energous has expanded its proof-of-concept (POC) trials from 2 in Q3 2022 to 38 by Q4 2023, indicating significant growth in customer engagement [23] - The company is moving into a deployment sales phase for several completed POC trials, focusing on real-time asset tracking and supply chain visibility [24] Market Data and Key Metrics Changes - The company reported 38 POC trials across the US, Europe, and Asia, covering various markets including retail, industrial, logistics, and supply chain applications [23] - The partnership with Velociti as a preferred system integrator is expected to enhance market penetration and expand opportunities across multiple sectors [21] Company Strategy and Development Direction - Energous is focused on capitalizing on its first-to-market advantage in wireless power networks and improving operational efficiencies [12] - The company aims to evolve its product roadmap to support a future 15 Watt regulatory certified market in the US, which will open new markets for its technology [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its mission and take advantage of the market opportunity for wire-free, low-power charging at a distance [10] - The leadership team is excited to move forward and build the next phase of growth in a strategic manner [11] Other Important Information - The company ended 2023 with $13.9 million in cash and remains debt-free, having raised approximately $4.2 million through an ATM to supplement working capital [37] - Energous is working closely with 18 technology partners and expects to engage additional partners as it progresses through 2024 [28] Summary of Q&A Session - No questions were taken during the call, and participants were invited to submit questions via email [5]