Energous Wireless Power Q3 revenue jumps

Reuters11-12
Energous Wireless Power Q3 revenue jumps

Overview

  • Energous Q3 revenue rises 453% yr/yr to $1.3 mln, highest since 2015

  • Net loss for Q3 improves 38% yr/yr, lowest in over a decade

  • Company highlights strategic execution and product quality as performance drivers

Outlook

  • Company expects to ship $4.1 mln in confirmed orders within the next 12 months

  • Energous sees growing market adoption of its wireless power solutions

  • Company believes it has sufficient cash to fund operations for the next 12 months

Result Drivers

  • REVENUE GROWTH - Energous reports 453% yr/yr increase in Q3 revenue, driven by commercial adoption of wireless power solutions

  • NET LOSS IMPROVEMENT - Co reports 38% yr/yr improvement in net loss for Q3, lowest in over a decade, attributed to strategic execution

  • PRODUCT QUALITY - Zero product returns since PowerBridge Pro launch, highlighting focus on quality and customer satisfaction

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

$1.27 mln

Q3 EPS

-$1.31

Q3 Net Income

-$2.11 mln

Q3 Operating Income

-$2.19 mln

Analyst Coverage

  • The one available analyst rating on the shares is "strong buy"

  • The average consensus recommendation for the electrical components & equipment peer group is "buy."

  • Wall Street's median 12-month price target for Energous Corp is $60.00, about 88.1% above its November 11 closing price of $7.13

Press Release: ID:nGNX2yqlc9

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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