Energous Corp. Q2 2024: Net Loss and New Sales Agreement

TL;DR

Energous (WATT) Q2 loss confirmed, new sales agreement in place until Aug 9th.

AI Summary

Energous Corp. reported its Q2 2024 results, ending June 30, 2024. The company's financial statements indicate a net loss for the period. A significant event disclosed is the Sales Agreement entered into on July 1, 2024, with an expiration of August 9, 2024, which likely relates to equity financing.

Why It Matters

This filing details Energous Corp.'s financial performance and recent financing activities, providing insight into the company's operational health and funding strategies.

Risk Assessment

Risk Level: medium — The company's financial performance, including net losses, and reliance on financing agreements present moderate risk.

Key Numbers

• $6.55M — Revenue (Revenue for the period ending 12-31-2024 (likely a placeholder or error in source data, as Q2 2024 is the reporting period))
• $5.47M — Net Income/Loss (Net income/loss for the period ending 12-31-2024 (likely a placeholder or error in source data, as Q2 2024 is the reporting period))

Key Players & Entities

• Energous Corp. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• July 1, 2024 (date) — Date of Sales Agreement
• August 9, 2024 (date) — Expiration date of Sales Agreement
• MrJohnston (person) — Mentioned in relation to severance agreement

FAQ

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 par value WATT The Nasdaq Stock Mar

Filing Documents

• watt-20240630x10q.htm (10-Q) — 1531KB
• watt-20240630xex31d1.htm (EX-31.1) — 15KB
• watt-20240630xex32d1.htm (EX-32.1) — 7KB
• watt-20240630x10q001.jpg (GRAPHIC) — 21KB
• 0001410578-24-001319.txt ( ) — 7099KB
• watt-20240630.xsd (EX-101.SCH) — 59KB
• watt-20240630_cal.xml (EX-101.CAL) — 38KB
• watt-20240630_def.xml (EX-101.DEF) — 241KB
• watt-20240630_lab.xml (EX-101.LAB) — 478KB
• watt-20240630_pre.xml (EX-101.PRE) — 397KB
• watt-20240630x10q_htm.xml (XML) — 1088KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosure About Market Risk

Item 3. Quantitative and Qualitative Disclosure About Market Risk 32

Controls and Procedures

Item 4. Controls and Procedures 32

– OTHER INFORMATION

PART II – OTHER INFORMATION 33

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Energous Corporation CONDENSED BALANCE SHEETS (in thousands, except share and per share amounts) As of June 30, 2024 December 31, 2023 (unaudited) (1) ASSETS Current assets: Cash and cash equivalents $ 4,855 $ 13,876 Restricted cash — 60 Accounts receivable, net 64 102 Inventory 556 430 Prepaid expenses and other current assets 452 539 Total current assets 5,927 15,007 Property and equipment, net 389 429 Operating lease right-of-use assets 866 1,240 Total assets $ 7,182 $ 16,676 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,796 $ 1,879 Accrued expenses 991 1,254 Accrued severance expense 122 134 Warrant liability 366 620 Operating lease liabilities, current portion 703 707 Deferred revenue 10 27 Total current liabilities 3,988 4,621 Operating lease liabilities, long-term portion 186 557 Total liabilities 4,174 5,178 Commitments and contingencies (Note 6) Stockholders' equity: Preferred Stock, $ 0.00001 par value, 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023; no shares issued or outstanding as of June 30, 2024 and December 31, 2023. — — Common Stock, $ 0.00001 par value, 200,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 6,554,296 and 5,471,121 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. 1 1 Additional paid-in capital 395,906 393,539 Accumulated deficit ( 392,899 ) ( 382,042 ) Total stockholders' equity 3,008 11,498 Total liabilities and stockholders' equity $ 7,182 $ 16,676 (1) The condensed balance sheet as of December 31, 2023 was derived from the audited balance sheet as of that date. Note: Share and per share amounts have been retroactively adjusted to reflect the impact of a 1-for- 20 reverse stock split effected in August 2023, as discussed in Note 1. The accom

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View this 10-Q filing on SEC EDGAR