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.