Energous (NASDAQ:WATT – Get Free Report) released its earnings results on Wednesday. The industrial products company reported ($0.43) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.17, FiscalAI reports. Energous had a negative net margin of 0.98% and a negative return on equity of 77.99%. The company had revenue of $3.08 million for the quarter, compared to the consensus estimate of $3.15 million.
Here are the key takeaways from Energous’ conference call:
- Energous reported $3.1 million in Q1 revenue, up from $0.3 million a year ago, marking its fifth consecutive quarter of revenue growth.
- Gross margin improved to 36% from 27% last year, while operating expenses fell 21% year over year, helping reduce the GAAP net loss to $1.7 million from $3.4 million.
- Management said the company has moved from technology validation to commercial production, with more than 39,000 PowerBridge transmitters deployed and two large Fortune 10 deployments scaling further.
- The company highlighted strong demand from AWS co-selling and said the number of launches on AWS’s partner page rose from 5+ to 50+, which it views as evidence of accelerating enterprise interest in its platform.
- Energous ended Q1 with about $37 million in cash after ATM proceeds and said it does not plan additional ATM usage this year, though execution on POCs and customer conversions remains critical to its path to profitability.
Energous Stock Up 11.7%
WATT stock traded up $2.77 during midday trading on Thursday, reaching $26.39. 836,743 shares of the company’s stock traded hands, compared to its average volume of 474,219. The company has a market cap of $145.17 million, a price-to-earnings ratio of -1.46 and a beta of 1.61. The firm’s fifty day moving average price is $19.35 and its 200-day moving average price is $11.37. Energous has a 52 week low of $3.62 and a 52 week high of $36.98.
Institutional Trading of Energous
Wall Street Analysts Forecast Growth
WATT has been the topic of a number of research reports. Zacks Research upgraded shares of Energous to a “hold” rating in a research report on Friday, March 27th. Weiss Ratings downgraded shares of Energous from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.
Read Our Latest Research Report on Energous
About Energous
Energous Corporation develops and commercializes radio frequency (RF)–based wireless charging technology designed to deliver power over the air to compatible devices. Its WattUp platform includes near‐field and far‐field transmitters that emit targeted RF energy and receiver modules that convert that energy into electrical power. The company’s solutions aim to eliminate the need for cables and charging pads by enabling contactless power delivery to a range of products, from wearables and IoT sensors to medical devices and consumer electronics.
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