Energous (NASDAQ:WATT) Posts Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Energous (NASDAQ:WATT) issued its quarterly earnings results on Wednesday. The industrial products company reported ($0.43) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.17, FiscalAI reports. Energous had a negative return on equity of 77.99% and a negative net margin of 0.98%.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%

Energous stock traded up $2.77 on Thursday, hitting $26.39. The company’s stock had a trading volume of 820,795 shares, compared to its average volume of 474,045. Energous has a one year low of $3.62 and a one year high of $36.98. The firm has a market cap of $145.17 million, a P/E ratio of -1.46 and a beta of 1.61. The company has a fifty day moving average price of $19.35 and a 200-day moving average price of $11.37.

Institutional Trading of Energous

An institutional investor recently bought a new position in Energous stock. Armistice Capital LLC bought a new stake in Energous Corporation (NASDAQ:WATT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 155,636 shares of the industrial products company’s stock, valued at approximately $1,202,000. Armistice Capital LLC owned 8.53% of Energous as of its most recent SEC filing. 4.35% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on WATT. Zacks Research raised 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 note on Wednesday, April 29th. One research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Energous Company Profile

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.