Energous Corp. ( (WATT) ) has released its Q3 earnings. Here is a breakdown of the information Energous Corp. presented to its investors.
Energous Corporation, operating as Energous Wireless Power Solutions, is a leader in over-the-air (OTA) wireless power networks, focusing on enabling wireless power for a range of devices in various industries. The company has announced its financial results for the third quarter of 2024, showcasing a notable increase in revenue and a reduction in costs, alongside strategic developments in its wireless power solutions.
Energous reported a 36% increase in revenue year-over-year, reaching $230 thousand for the third quarter of 2024. The company also achieved a reduction in GAAP costs and expenses from $5.3 million in the previous year to $3.8 million. This resulted in an improved net loss of $3.4 million compared to $4.1 million the previous year. The company highlighted significant accomplishments in reducing operational costs, which contributed to a 22% improvement in non-GAAP net loss.
Strategically, Energous has made significant strides, including the transition of Proof of Concept trials to commercial deployments and an increase in active trials. The company has secured orders from notable clients, including a Fortune 10 multinational retail organization, and received FCC certification for its 2W PowerBridge transmitter. Furthermore, Energous’ technology earned recognition with an IoT Innovation Award, indicating growing market acceptance and innovation leadership.
Looking ahead, Energous Corporation is optimistic about its strategic direction, with a clear focus on expanding its commercial accounts and demonstrating the value of its wireless power technologies. The company’s efforts to optimize operations and reduce infrastructure costs are seen as positive steps towards achieving profitability in the future.
