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Earnings Call Summary | Energous(WATT.US) Q4 2023 Earnings Conference

Futu News ·  Mar 29 05:54  · Conference Call

The following is a summary of the Energous Corporation (WATT) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • Energous reported a decrease in recognized revenue to $0.5 million in 2023, down about 44% from 2022.

  • Improvements in 2023 were seen in gross margin which was at a positive 41% compared to a negative 50% in 2022.

  • The company also decreased total operating expense by around $3.5 million to $21.9 million.

  • They reported a GAAP net loss of $19.4 million, an improvement from the $26.3 million loss in the previous year.

  • Energous ended 2023 with $13.9 million in cash and remains debt-free.

Business Progress:

  • Energous engaged in 38 proof-of-concept trials globally, covering various applications.

  • The company has managed to shift some POC trials to the deployment sale phase.

  • They formed a strategic partnership with Velociti, offering potential expansion into new markets.

  • Their Smart IoT strategy is progressing with increased POC trials.

  • Energous boasts a robust intellectual property portfolio and proprietary technology for the Smart IoT strategy.

  • Further engagements with additional partners are planned for 2024.

More details: Energous IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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