Energous(US:WATT)2021-05-13 01:40Financial Data and Key Metrics Changes - Revenue for Q1 2021 was $145,000, an increase from $90,000 in the previous quarter and $61,500 in the same quarter last year [7][23]. - Net loss for Q1 2021 was approximately $8.5 million, or $0.14 loss per share, compared to a net loss of $7.5 million in the prior quarter and $8.6 million in Q1 of last year [25]. - Total GAAP spending increased to $8.7 million, approximately $1.1 million higher than the prior quarter, primarily due to stock compensation costs [23][24]. Business Line Data and Key Metrics Changes - The company reported strong demand for mid-range and longer-distance charging solutions, driven by the evolving Powerhub technology and regulatory progress [23]. - Non-GAAP operating loss for Q1 was $6.3 million, or $0.10 per share, which is approximately $0.5 million higher than the prior quarter [27]. Market Data and Key Metrics Changes - Interest in true wireless power, particularly RF-based charging, is growing, with notable demonstrations from companies like Xiaomi, Oppo, and Motorola Mobility [10]. - The company has received European regulatory approval for its Wattup Powerhub, allowing for RF wireless power transmission at distances beyond one meter [17][18]. Company Strategy and Development Direction - The company aims to create an ecosystem where partners can enable its transmitter technology, expanding the reach of wireless power transfer [13]. - The strategy includes increasing transmission power levels and distances while developing advanced semiconductors and systems [17]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about upcoming product releases and the potential for higher volume commercial opportunities in medical devices, logistics, and other markets [14][13]. - The company anticipates sharing additional partnerships and technology progress in the coming quarters [23]. Other Important Information - The company has a patent portfolio that includes 236 patents, with three patents allowed in Q1 [19]. - The company ended the quarter with approximately $44.8 million in cash and remains debt-free [27]. Q&A Session Summary Question: What opportunities does the European approval open up? - The approval allows for charging at distances beyond one meter, enabling multiple diverse markets where distance is essential [32]. Question: Can you highlight specific applications for the new technology? - Applications include sensors, electronic labels in retail, and potentially audio and video surveillance [34][35]. Question: What has the developer kit enabled customers to do? - The developer kit allows customers to see the technology's capabilities and how to integrate it into their devices [39]. Question: Update on top-tier customers in the pipeline? - There is acceleration in customer interest, with expectations for notable customers to introduce power at distance later in 2021 [42]. Question: Can you define active harvesting? - Active harvesting involves deploying transmitters to provide reliable power to receivers, unlike passive harvesting which relies on ambient RF power [46]. Question: Examples of medical wearables? - Medical wearables can include devices that monitor bodily functions continuously, such as wrist-worn devices [47].