Energous Corporation (NASDAQ: WATT), the developer of WattUp, a revolutionary wireless charging 2.0 technology, announced financial results for 2Q2021, which ended on June 30, 2021. The company also provided an update on its operational progress.
Applications of the company’s charging technology
According to acting C.E.O. Cesar Johnston, the company has assembled several partners to lead an ecosystem for active harvesting, including electronic label, battery, wireless connectivity, and low power management unit companies that are moving towards adopting the company’s 5.5 watts conducted power transmitter in different applications. The company further continues making worldwide progress in regulatory certification of their 900 MHZ technology, and they now have four customers with F.C.C. Approval for near-field. Mr. Johnston added that the company is confident that their cumulative efforts bring WattUp toward broad market penetration.
Energous Corporation is the global leader in wireless charging 2.0 technology. Its WattUp solution is currently the only technology supporting contact and distance wireless charging Through a fully compatible ecosystem. Built on fast, efficient, and massively scalable RF-based charging technology, WattUp is positioned to offer improvements over older, first-generation coil-based charging technologies in efficiency, foreign device detection, freedom of movement, and overall cost for consumer electronics, retail, retail, medical devices, commercial/industrial IoT, and applications.
The company made a net loss of $0.18 per basic diluted share ($11 million). Its operating expenses of around $11.2 million (GAAP) comprised $6.1 million in research and development and $5.1 million in selling, general and administrative expenses. As a result, the company also made an adjusted EBITDA (non-GAAP financial measure) loss of $6.7 million. With no debt, it recorded $38.23 million in cash and cash equivalent assets at the end of 2Q2021.
About the company
Energous develops silicon-based wireless power transfer technologies and customizable reference designs and provides worldwide regulatory assistance, quality assurance, a reliable supply chain, and sales and technical support for global customers. The company received the world’s first F.C.C. Part 18 certification for at-a-distance wireless charging and has been awarded 240 U.S. patents for its WattUp wireless charging technology.