Exhibit 99.1

 

Energous Corporation Reports Third Quarter 2018 Financial Results

 

SAN JOSE, CA – Oct. 30, 2018 – Energous Corporation (NASDAQ: WATT), the developer of WattUp®, a revolutionary wireless charging 2.0 technology, today announced financial results for the third quarter ended Sept. 30, 2018 and provided an update on its operational progress.

 

Third Quarter Highlights

 

Continued to ship chipsets to multiple customers

 

Qubercomm announced WattUp-enabled asset tracking tags

 

The Gokhale Method launched the WattUp-enabled SpineTracker

 

Increased engineering services revenue

 

Reached a milestone of securing regulatory approval for its WattUp wireless charging technology in 100 countries

 

Recent Highlights

 

Austar Hearing (AST) demonstrated a new WattUp-enabled hearing aid at the 63rd Annual International Congress of Hearing Aid Acousticians Conference

 

Selected by SK Telesys to demonstrate its WattUp wireless charging technology at the SK ICT Tech Summit

 

Invited by Deutsche Telekom to demonstrate its WattUp wireless charging technology at its Telekom Design Gallery “Trend Team” event in Bonn, Germany

 

Increased patent count to 181 (135 patents/46 allowed applications as of Oct. 30, 2018)

 

Energous continued its global regulatory campaign with the addition of 15 new country approvals. To date, WattUp technology is approved to ship in 108 countries worldwide (up from 92 countries from Aug. 1, 2018).

 

Demonstrated support for up to 15W of fast-charging power for smartphones, tablets, cordless power tools, drones and other large battery devices with updated GaAs and GaN-based ICs.

 

 

Our customers are bringing WattUp-enabled devices to market as we continue to secure regulatory certifications in some of the most important markets across the globe,” said Stephen R. Rizzone, president and CEO of Energous Corporation. “We are steadily moving forward in the build out of a WattUp-enabled ecosystem by working closely with our existing partners and customers, as well as potential new prospects, to launch next generation wireless charging electronic devices.”

 


Energous Corporation Reports Second Quarter 2018 Financial Results

 

 

 

Unaudited 2018 Third Quarter Financial Results

For the third quarter ended Sept. 30, 2018, Energous recorded:

Revenue of $228,000

Operating expenses of $12.9 million (GAAP), comprised of $8.4 million in research and development, $2.9 million in general and administrative and $1.5 million in sales and marketing expenses

Net loss of $12.6 million, or $0.49 per basic and diluted share

Adjusted EBITDA (a non-GAAP financial measure) loss of $8.6 million

$28.6 million in cash and cash equivalents at the end of the third quarter, with no debt

 

Third Quarter 2018 Conference Call

Energous will host a conference call to discuss its financial results, recent progress and prospects for the future. 

When: Tuesday, Oct. 30, 2018
Time: 1:30 p.m. PT (4:30 p.m. ET)
Phone: 888-317-6003 (domestic); 412-317-6061 (international)

Passcode: 2603894

Telephonic replay: Accessible through Nov. 13, 2018
877-344-7529 (domestic); 412-317-0088 (international); passcode 10125711

Webcast: Accessible at Energous.com; archive available for approximately one year

 

 

About Energous Corporation

Energous Corporation (NASDAQ: WATT) is leading the next generation of wireless charging – Wireless Charging 2.0 – with its award-winning WattUp® technology, which supports fast, efficient contact-based charging, as well as charging over-the-air. WattUp is a scalable, RF-based wireless charging technology that offers substantial improvements in contact-based charging efficiency, foreign object detection, orientation freedom and thermal performance compared to older, coil-based charging technologies. The technology can be designed into many different sized

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Energous Corporation Reports Second Quarter 2018 Financial Results

electronic devices for the home and office, as well as the medical, industrial, retail and automotive industries, and it ensures interoperability across products. As a systems solutions company, Energous develops silicon-based wireless power transfer (WPT) technologies and customizable reference designs. These include innovative silicon chips, antennas and software, for a large variety of applications, such as smartphones, fitness trackers, hearables, medical sensors and more. Energous received the world’s first FCC Part 18 certification for at-a-distance wireless charging, and the company has more than 150 awarded patents/allowed applications for its WattUp wireless charging technology to-date. For more information, please visit Energous.com.

 

 

Safe Harbor Statement

This press release contains forward-looking statements that describe our future plans and expectations.  These statements generally use terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or similar terms. Examples of our forward-looking statements in this release include our statements about FCC certification of our technology, regulatory approvals internationally, and customer releases of products utilizing our technology. Our forward-looking statements speak only as of this date; they are based on current expectations and we undertake no duty to update them. Factors that could cause actual results to differ from what we expect include: uncertain timing of necessary regulatory approvals; timing of customer product development and market success of customer products; our dependence on distribution partners; and intense industry competition. We urge you to consider those factors, and the other risks and uncertainties described in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, in evaluating our forward-looking statements.

 

-- Financial Tables Follow –

 


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Energous Corporation Reports Second Quarter 2018 Financial Results

 

As of

 

 

September 30,

2018

 

 

December 31,

2017

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

$

28,551,870

 

 

$

12,795,254

 

Accounts receivable

 

208,773

 

 

 

-

 

Prepaid expenses and other current assets

 

528,626

 

 

 

1,026,310

 

Prepaid rent, current

 

76,864

 

 

 

80,784

 

Total current assets

 

29,366,133

 

 

 

13,902,348

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

1,154,996

 

 

 

1,413,917

 

Prepaid rent, non-current

 

-

 

 

 

56,668

 

Other assets

 

125,060

 

 

 

32,512

 

Total assets

$

30,646,189

 

 

$

15,405,445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Accounts payable

$

1,819,968

 

 

$

2,024,690

 

Accrued expenses

 

1,918,693

 

 

 

1,622,025

 

Deferred revenue

 

14,500

 

 

 

-

 

Total current liabilities

 

3,753,161

 

 

 

3,646,715

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at

   September 30, 2018 and

 

 

 

 

 

 

 

December 31, 2017; no shares issued or outstanding.

 

-

 

 

 

-

 

Common Stock, $0.00001 par value, 50,000,000 shares authorized at

   September 30, 2018 and

 

 

 

 

 

 

 

December 31, 2017; 26,059,350 and 22,584,588 shares issued and

   outstanding at

 

 

 

 

 

 

 

September 30, 2018 and December 31, 2017, respectively.

 

259

 

 

 

225

 

Additional paid-in capital

 

239,181,337

 

 

 

185,659,954

 

Accumulated deficit

 

(212,288,568

)

 

 

(173,901,449

)

Total stockholders’ equity

 

26,893,028

 

 

 

11,758,730

 

Total liabilities and stockholders’ equity

$

30,646,189

 

 

$

15,405,445

 

 

 

 

 

 

 

 

 

 

 

 

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Energous Corporation Reports Second Quarter 2018 Financial Results

 

 

For the Three Months Ended

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

228,000

 

 

$

250,000

 

 

$

458,773

 

 

$

1,124,874

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

8,442,698

 

 

 

8,743,434

 

 

 

24,804,224

 

 

 

25,788,621

 

Sales and marketing

 

 

1,546,227

 

 

 

1,141,852

 

 

 

4,620,760

 

 

 

3,924,617

 

General and administrative

 

 

2,891,036

 

 

 

3,116,337

 

 

 

9,439,279

 

 

 

9,560,651

 

Total operating expenses

 

 

12,879,961

 

 

 

13,001,623

 

 

 

38,864,263

 

 

 

39,273,889

 

Loss from operations

 

 

(12,651,961

)

 

 

(12,751,623

)

 

 

(38,405,490

)

 

 

(38,149,015

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on sales of property and equipment,

   net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(726

)

Interest income

 

 

6,670

 

 

 

3,375

 

 

 

18,371

 

 

 

9,343

 

Total

 

 

6,670

 

 

 

3,375

 

 

 

18,371

 

 

 

8,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(12,645,291

)

 

$

(12,748,248

)

 

$

(38,387,119

)

 

$

(38,140,398

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per common share

 

$

(0.49

)

 

$

(0.58

)

 

$

(1.50

)

 

$

(1.81

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding, basic

   and diluted

 

 

25,742,171

 

 

 

21,958,729

 

 

 

25,519,868

 

 

 

21,034,391

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months Ended

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (GAAP)

 

$

(12,645,291

)

 

$

(12,748,248

)

 

$

(38,387,119

)

 

$

(38,140,398

)

Add (subtract) the following items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    Interest income

 

 

(6,670

)

 

 

(3,375

)

 

 

(18,371

)

 

 

(9,343

)

    Income taxes

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

    Depreciation and amortization

 

 

245,899

 

 

 

317,411

 

 

 

820,714

 

 

 

999,396

 

    Stock-based compensation

 

 

3,852,656

 

 

 

4,568,716

 

 

 

12,804,744

 

 

 

12,472,870

 

Adjusted EBITDA (non-GAAP)

 

$

(8,553,406

)

 

$

(7,865,496

)

 

$

(24,780,032

)

 

$

(24,677,475

)

 

 

 

 

 

 

 

 

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Energous Corporation Reports Second Quarter 2018 Financial Results

 

 

Contact

 

Energous Public Relations

PR@energous.com

408-963-0200

 

Investor Relations Contact

Bishop IR

Mike Bishop

(415) 894-9633

IR@energous.com

 

###

 

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