Energous (WATT) Misses Q4 EPS by 3c, Revenues Miss

February 25, 2021 5:09 PM EST
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Price: $3.28 +2.18%

EPS Growth %: +48.3%

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Energous (NASDAQ: WATT) reported Q4 EPS of ($0.15), $0.03 worse than the analyst estimate of ($0.12). Revenue for the quarter came in at $90 thousand versus the consensus estimate of $170 thousand.

For the fourth quarter ended Dec. 31, 2020, Energous recorded:

  • Revenue of $90,000
  • Operating expenses of approximately $7.6 million (GAAP), comprised of $4.2 million in research and development, and $3.4 million in selling, general and administrative expenses
  • Net loss of $7.5 million, or $0.15 per basic and diluted share
  • Adjusted EBITDA (a non-GAAP financial measure) loss of $5.8 million
  • $50.7 million in cash and cash equivalents at the end of the fourth quarter, with no debt

Recent Highlights

  • Energous partner American Equus successfully completed trials of its equine health tracking sensor and is on track for availability in the first quarter of 2021
  • EarTechnic® selected Energous’ RF-based wireless charging for new hearing aid design
  • Energous customer Gokhale Method received FCC approval for new WattUp®-enabled PostureTracker™ wearable device
  • Energous named Dan Fairfax Chairman of its Board of Directors
  • Energous completed $40 million at-the-market equity offering
  • Enerous partnered with e-peas to advance at-a-distance wireless charging applications greater than one meter
  • Energous partnered with Thinfilm to enable ultrathin, reliable, wirelessly rechargeable devices

“With the increasing number of announced customers, including EarTechnic®, NewSound, Gokhale, and American Equus, we see momentum building for our WattUp wireless charging solution,” said Stephen R. Rizzone, president and CEO of Energous Corporation. “We are working in a number of vertical markets to commercialize our technology, expand our global regulatory footprint, and build the WattUp based wireless charging ecosystem.”

For earnings history and earnings-related data on Energous (WATT) click here.

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