Energous Corp WATT
We have developed scalable, over-the-air Wireless Power Network ("WPN") technology that integrates advanced semiconductor chipsets, software controls, hardware designs, and antenna systems to enable radio frequency ("RF")-based charging for ambient Internet of Things ("IoT") devices, transforming supply chain capabilities from limited tracking to overall business intelligence. Our WPN technology consists of transmitter systems, receiver integrated circuits, and supporting software designed to deliver power and data to battery-free IoT devices across a range of operating distances and power levels. These capabilities support applications that require continuous operation without wired power connections or periodic battery replacement.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.6M | $768.0K | $474.0K | $851.3K | $756.8K | $327.4K | $200.1K | $514.8K | $1.2M | $1.5M |
| Cost of revenue | $3.6M | $756.0K | $279.0K | $1.3M | — | $126.5K | — | — | — | — |
| Gross profit | $2.0M | $12.0K | $195.0K | -$426.2K | — | $200.8K | — | — | — | — |
| R&D | $4.1M | $7.7M | $10.8M | $12.5M | $20.6M | $17.1M | $23.2M | $32.9M | $33.2M | $32.8M |
| SG&A | $4.5M | $6.3M | $7.3M | $8.1M | $9.0M | $9.2M | $10.4M | $12.4M | $12.1M | $11.2M |
| Total operating expenses | $12.0M | $18.4M | $22.3M | $27.5M | $42.2M | $32.2M | $39.0M | $51.4M | $50.5M | $47.3M |
| Operating income | -$10.0M | -$18.4M | -$22.1M | -$26.7M | -$41.4M | -$31.9M | -$38.8M | -$50.9M | -$49.4M | -$45.8M |
| Interest expense | $166.0K | — | $809.0K | $411.1K | $5.5K | $71.2K | $416.3K | $89.3K | $11.7K | $13.3K |
| Pre-tax income | -$9.6M | -$18.4M | -$19.4M | — | — | — | — | — | — | — |
| Income tax | — | $0 | $0 | — | — | — | — | — | — | — |
| Net income | -$9.6M | -$18.4M | -$19.4M | -$26.3M | -$41.4M | -$31.8M | -$38.4M | -$50.8M | -$49.4M | -$45.8M |
| EPS, basic | -6.46 | -77.16 | -4.15 | -6.78 | -0.64 | — | — | — | — | — |
| EPS, diluted | -6.46 | -77.16 | -4.15 | -6.78 | -0.64 | -0.76 | -1.27 | -1.99 | -2.31 | -2.60 |
| Shares, diluted (wtd. avg.) | $1.5M | $238.5K | $4.7M | $3.9M | $64.9M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.4M | $1.4M | $13.9M | $26.3M | $49.1M | $50.7M | $21.7M | $20.1M | $12.8M | $31.3M |
| Receivables | $3.0M | $78.0K | $102.0K | $143.4K | $283.6K | $75.8K | $63.1K | $44.5K | $0 | $149.5K |
| Inventory | $1.5M | $498.0K | $430.0K | $105.8K | — | — | — | — | — | — |
| Total current assets | $15.3M | $2.9M | $15.0M | $27.4M | $50.2M | $51.4M | $22.2M | $20.8M | $13.9M | $32.9M |
| Property, plant and equipment | $298.0K | $356.0K | $429.0K | $429.0K | $510.2K | $402.7K | $626.5K | $1.2M | $1.4M | $2.2M |
| Total assets | $16.7M | $3.8M | $16.7M | $29.8M | $51.4M | $53.1M | $24.9M | $22.0M | $15.4M | $35.3M |
| Accounts payable | $954.0K | $1.9M | $1.9M | $900.8K | $1.2M | $1.1M | $1.7M | $1.9M | $2.0M | $4.7M |
| Short-term debt | $88.0K | $818.0K | — | — | — | — | — | — | — | — |
| Total current liabilities | $3.7M | $4.9M | $4.6M | $3.8M | $4.3M | $3.5M | $4.5M | $3.6M | $3.6M | $6.7M |
| Total liabilities | $4.2M | $4.9M | $5.2M | $5.1M | $4.4M | $4.1M | $5.9M | $3.6M | — | — |
| Retained earnings | -$410.0M | -$400.4M | -$382.0M | -$362.7M | -$336.4M | -$295.0M | -$263.1M | -$224.7M | -$173.9M | -$124.5M |
| Total equity | $12.5M | -$1.1M | $11.5M | $24.6M | $47.0M | $49.1M | $19.0M | $18.4M | $11.8M | $28.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.4M | -$17.6M | -$19.2M | -$23.6M | -$28.7M | -$24.8M | -$26.6M | -$32.5M | -$34.4M | -$33.1M |
| Depreciation and amortisation | $139.0K | $196.0K | $187.0K | $246.2K | $258.2K | $356.3K | $781.2K | $1.1M | $1.3M | $957.8K |
| Stock-based compensation | $281.0K | $799.0K | $1.7M | $2.9M | $11.9M | $7.9M | $10.6M | $16.8M | $15.8M | $9.5M |
| Capital expenditure | $82.0K | $123.0K | $187.0K | $165.0K | $365.7K | $136.6K | $196.2K | $859.8K | $817.4K | $1.1M |
| Investing cash flow | -$82.0K | -$123.0K | -$187.0K | -$165.0K | -$365.7K | -$136.6K | -$196.2K | -$859.8K | -$814.6K | -$1.1M |
| Financing cash flow | $21.6M | $5.1M | $7.1M | $1.0M | $27.4M | $54.0M | $28.4M | $40.7M | $16.8M | $35.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-051573.
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