Energous Corporation (WATT) is one of the leading and international Wireless Power Network providers. The company developed an award-winning solution WattUp that supports both contact and remote charging facility via a compatible ecosystem. The RF-based technology has an edge over the coil-based charging technologies. The products of the company have been used widely in smart homes, the automotive industry, and military offices.
The price of WATT stock during the regular trading on January 5, 2022, was $1.32. At last check in the premarket on January 5, 2022, the stock was up by 5.30%.
WATT: Events and Happenings
On January 5, 2022, WATT reported about the demonstration of its wireless power network products and WattUp-powered technology at the Consumer Electronics Show which will be held on January 5-8, 2022.
WATT: CEO Comments
Speaking at the occasion, Cesar Johnston, CEO of the company said that the use of WattUp technology is rapidly growing after some necessary monitory consent. He further added that CES 2022 recognized the company’s efforts and named its WattUp technology for Innovation Awards honoree in two different categories.
On January 5, 2022, WATT reported about entry into a definitive agreement with Syntiant for the development and implementation of company’s WattUp technology with Syntiant’s Neural Decision Processors for edge AI distribution to different consumers. On December 7, 2021, WATT reported about the receipt of initial regulatory approval in Asia for its PowerBridge transmitter for the RF-based power transfer at any distance.
On December 1, 2021, WATT reported about the receipt of Federal Communications Commission Part 18 grant of equipment authorization for its PowerHub which can conduct 10W of wireless power transfer. On November 29, 2021, WATT reported about the issuance of inducement restricted stock units to its new employees. One employee was granted 4,500 shares and the remaining two were granted remaining 27,000 shares of common stock under the Inducement Plan.
On November 17, 2021, WATT reported that it had finalized the regulatory review of the product PowerBridge with a global and qualified European Notified Body.
WATT: Key Financials
On November 11, 2021, WATT reported its financial results for third quarter ended September 30, 2021. Some of the major highlights are as follows
Revenue and Assets
The total revenue for Q3 2021 was $0.2 million as compared to the same period of 2020 when the revenue was $0.06 million. The total current assets of the company during third quarter 2021 were $29.1 million.
Net Loss per Share
Basic and diluted net loss per share for Q3 2021 was $12.4 million or $0.02 per share as compared to the same period of 2020 when it was $7.5 million or $0.18 per share.
Conclusion
Although WATT’s stock dipped 51% in comparison to the past six months, yet the company’s come back is brilliant. The current premarket surged stock price is due to major announcements by the company regarding its device showcase at CES 2022 and its collaboration with Syntiant. Analysts are suggesting these two moves to be groundbreaking for the company’s stock.
