Energous Corp. ( (WATT) ) has released its Q4 earnings. Here is a breakdown of the information Energous Corp. presented to its investors.
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Energous Corporation, operating as Energous Wireless Power Solutions, is a leader in developing scalable over-the-air wireless power networks, primarily serving the technology sector with innovative solutions for wireless power transmission.
Energous Corporation reported its financial results for the fiscal year 2024, highlighting a significant increase in revenue and strategic advancements. The company achieved a 62% year-over-year revenue growth, driven largely by the sales of its PowerBridge transmitters, marking a pivotal shift in its revenue generation strategy.
Key financial metrics for 2024 include a revenue increase to $0.8 million, primarily from PowerBridge transmitter sales, and a reduction in operating expenses to $19.2 million from $22.6 million in 2023. The company also reported a net loss of $18.4 million, an improvement from the previous year’s $19.4 million loss. Additionally, Energous raised $13.4 million through its at-the-market offering, bolstering its cash reserves to $11.7 million by February 2025.
Strategically, Energous achieved several milestones, including securing a multi-phase project with a Fortune 10 retailer and developing a battery-free smart tag for RFID applications. The company also received industry recognition with a Mobile Breakthrough Award for its PowerBridge transmitter.
Looking ahead, Energous management remains focused on optimizing operations and expanding its market presence, with continued efforts to enhance its intellectual property portfolio and drive sales momentum in the wireless power technology sector.