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

Energous (NASDAQ:WATT) announced its quarterly earnings data on Wednesday. The industrial products company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.17, FiscalAI reports. The firm had revenue of $3.08 million for the quarter, compared to the consensus estimate of $3.15 million. Energous had a negative net margin of 0.98% and a negative return on equity of 77.99%.

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 Price Performance

Shares of WATT stock traded up $2.77 during trading on Thursday, reaching $26.39. The company had a trading volume of 820,795 shares, compared to its average volume of 474,045. The firm’s 50 day simple moving average is $19.35 and its two-hundred day simple moving average is $11.37. Energous has a one year low of $3.62 and a one year high of $36.98. The company has a market capitalization of $145.17 million, a PE ratio of -1.46 and a beta of 1.61.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Weiss Ratings lowered shares of Energous from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. Zacks Research upgraded Energous to a “hold” rating in a report on Friday, March 27th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce”.

Hedge Funds Weigh In On Energous

An institutional investor recently bought a new position in Energous stock. Armistice Capital LLC acquired a new position in shares of Energous Corporation (NASDAQ:WATT) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 155,636 shares of the industrial products company’s stock, valued at approximately $1,202,000. Armistice Capital LLC owned 8.53% of Energous at the end of the most recent quarter. 4.35% of the stock is currently owned by hedge funds and other institutional investors.

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.