– Reports Revenue of $3.1 Million
– Posting Fifth Consecutive Quarter of Revenue Growth
– Conference Call Today at 4:30 p.m. Eastern Time
SAN JOSE, Calif., May 13, 2026 (GLOBE NEWSWIRE) -- Energous Corporation d/b/a Energous Wireless Power Solutions (Nasdaq: WATT) ("Energous," the "Company," "we," or "our"), a pioneer in scalable, over-the-air wireless power networks, today announced financial results for the first quarter ended March 31, 2026, reporting revenue of approximately $3.1 million, representing a 1% increase versus the fourth quarter of 2025, and a 799% improvement versus the same prior year period. The Company also provided an update on recent events and Company highlights.
"The first quarter of 2026 marked a defining moment in Energous' evolution," said Mallorie Burak, CEO and CFO of Energous. "Having successfully stabilized the business over the last two years and completed our transition from technology validation to commercial deployment, we are now scaling by growing our Fortune 10 customer programs and expanding our proof-of-concept pipeline – resulting in a fifth consecutive quarter of revenue growth. The foundation we built over the past two years is now producing results, and we believe the trajectory reflects the full potential of what wireless power networks can deliver at enterprise scale."
First Quarter 2026 Financial Results
•
Revenue for the quarter ended March 31, 2026 of approximately $3.1 million versus approximately $0.3 million in the same period in 2025, a 799% improvement over the same prior year period, and a 1% improvement over the fourth quarter of 2025, marking the fifth consecutive quarter of revenue growth.
•
For the quarter ended March 31, 2026, gross profit was $1.1 million, representing a 1,077% increase versus the same prior year period. Gross margin was 36% for the three months ended March 31, 2026, reflecting our first quarter of augmented capacity utilizing our new U.S.-based contract manufacturer.
•
The Company has maintained its quality performance record, with zero product returns since commercial production of its PowerBridge PRO began in 2024. Ensuring the highest level of product quality remains a key priority for the Company as we work toward widespread adoption of our technology.
•
GAAP operating expenses for the first quarter of 2026 totaled $2.9 million versus $3.7 million for the same period in 2025.
•
As a result of increased revenue and continued operational efficiencies, GAAP net loss and GAAP loss per share were approximately $1.7 million, or $0.43 per basic and diluted share, for the first quarter of 2026, a 51% improvement versus the net loss and loss per share of approximately $3.4 million, or $3.55 per basic and diluted share, for the first quarter of 2025.
•
Non-GAAP operating expenses¹ for the first quarter of 2026 were approximately $2.9 million, increasing from $2.5 million in the same prior year period, primarily due to significant non-recurring and non-cash related adjustments recorded in the first quarter of 2025.
•
Non-GAAP net loss¹ was approximately $1.6 million for the first quarter of 2026 versus non-GAAP net loss of approximately $2.5 million for the same prior year period, a 36% improvement year over year.
•
Approximately $36.6 million in cash and cash equivalents as of March 31, 2026.
Company Highlights and Updates
¹ See "Non-GAAP Financial Measures" below for additional information.
| • |
During the three months ended March 31, 2026, the Company raised $31.9 million of net proceeds under its at-the-market offering (ATM) program. Based upon our cash on hand at the end of the first quarter of $36.6 million coupled with collections of accounts receivable, the Company expects to meet its liquidity requirements and does not have plans to use the ATM program in the next twelve months. The Company has not sold any shares under its ATM program since March 19, 2026. |
| * | * |
| • |
Participation in the AWS Partner Program continues to gain momentum, with Energous earning the ISV Accelerate qualification and increasing the posted deal launches on the AWS Partner site to over fifty, as of April 30, 2026 – a launch being indicative of a customer's issuance of a purchase order. A single customer may have multiple launches, as the enterprise expands deployments and testing across multiple use cases and locations. |
| * | * |
| • |
Two Fortune 10 commercial deployments :These are active, revenue-generating programs with leading enterprises in national retail, grocery, and e-commerce fulfillment, with the retail program targeting ~4,700 U.S. locations with over 1,500 installations completed to date. |
| * | * |
| • |
International expansion: Second Fortune 10 deployment extended beyond the U.S., leveraging Energous' EU and UK certified PowerBridge Pro, with 14+ international installations completed and approximately 35 facilities targeted for 2026. |
| * | * |
| • |
Unmatched technology performance: In fixed enterprise environments, we are the only provider capable of delivering up to 99% asset visibility, powered by the PowerBridge PRO – the only FCC, EU, and UK certified technology at 2W conducted power. The PowerBridge PRO is uniquely rated for operation in temperatures down to -30°C, enabling reliable wireless power delivery in cold chain environments, where battery-dependent alternatives fail and regulatory compliance is mandatory. |
| * | * |
| • |
Expanding proof-of-concept pipeline: Active structured evaluations in Quick Service Restaurant (QSR), grocery, manufacturing, and government sectors, with several programs expected to reach commercial deployment decisions in 2026. |
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U.S. manufacturing expansion: Our second contract manufacturer based entirely in the United States went live in the first quarter of 2026, increasing capacity and unlocking access to enterprise customers with domestic procurement requirements and positioning Energous to pursue government and regulated-sector opportunities. |
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Energous will be participating in a fireside chat at Planet MicroCap Las Vegas 2026 Powered by MicroCapClub on Wednesday, June 17, 2026 at 12:30pm (Pacific Time). The live presentation may be viewed via the following link: ENERGOUS WEBCAST
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Energous Corporation
CONDENSED BALANCE SHEETS
(Unaudited)
(in thousands)
As of
March 31, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
36,605
$
10,401
Accounts receivable, net
3,201
2,988
Inventory
1,257
1,509
Prepaid expenses and other current assets
3,149
422
Total current assets
44,212
15,320
Property and equipment, net
302
298
Other assets
304
252
Operating lease right-of-use assets
772
872
Total assets
$
45,590
$
16,742
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
907
$
954
Accrued expenses
831
2,095
Operating lease liabilities, current portion
515
491
Short-term loan payable
35
88
Deferred revenue
97
27
Total current liabilities
2,385
3,655
Operating lease liabilities, long-term portion
446
589
Total liabilities
2,831
4,244
Stockholders' equity:
Common stock
1
1
Additional paid-in capital
454,447
422,530
Accumulated deficit
(411,689
)
(410,033
)
Total stockholders' equity
42,759
12,498
Total liabilities and stockholders' equity
$
45,590
$
16,742
Energous Corporation
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per share amounts)
For the Three Months Ended March 31,
2026
2025
Revenue
$
3,082
$
343
Cost of revenue
1,987
250
Gross profit (loss)
1,095
93
Operating expenses:
Research and development
1,014
1,192
Sales and marketing
539
589
General and administrative
1,388
895
Severance expense
-
372
Expenses from abandoned financing transaction
-
656
Total operating expenses
2,941
3,704
Loss from operations
(1,846
)
(3,611
)
Other income (expense), net:
Change in fair value of warrant liability
-
267
Interest income (expense), net
190
(22
)
Total other income (expense), net
190
245
Net loss
$
(1,656
)
$
(3,366
)
Basic and diluted net loss per common share
$
(0.43
)
$
(3.55
)
Weighted average shares outstanding, basic and diluted
3,882,415
948,109
Energous Corporation
Reconciliation of Non-GAAP Information
(Unaudited)
(in thousands)
For the Three Months Ended March 31,
2026
2025
Net loss (GAAP)
$
(1,656
)
$
(3,366
)
Add (subtract) the following items:
Depreciation and amortization
34
45
Stock-based compensation *
50
95
Severance expense
-
372
Expenses from abandoned financing transaction
-
656
Change in fair value of warrant liability
-
(267
)
Adjusted net non-GAAP loss
$
(1,572
)
$
(2,465
)
* Stock-based compensation excludes $16 which is included in severance expense for the three months ended March 31, 2025.
Total operating expenses (GAAP)
$
2,941
$
3,704
Subtract the following items:
Depreciation and amortization
(34
)
(45
)
Stock-based compensation *
(50
)
(95
)
Severance expense
-
(372
)
Expenses from abandoned financing transaction
-
(656
)
Adjusted non-GAAP operating expenses
$
2,857
$
2,536
* Stock-based compensation excludes $16 which is included in severance expense for the three months ended March 31, 2025. Stock-based compensation excludes $1 which is included in cost of revenue for the three months ended March 31, 2025.
Total research and development expenses (GAAP)
$
1,014
$
1,192
Subtract the following items:
Depreciation and amortization
(32
)
(43
)
Stock-based compensation
(19
)
(9
)
Adjusted non-GAAP research and development expenses
$
963
$
1,140
Total sales, marketing, general and administrative expenses (GAAP)
$
1,927
$
1,484
Subtract the following items:
Depreciation and amortization
(2
)
(2
)
Stock-based compensation
(31
)
(86
)
Adjusted non-GAAP sales, marketing, general and administrative expenses
$
1,894
$
1,396
