Energous Corporation Reports Second Quarter 2018 Financial Results

Energours (NASDAQ:WATT), the developer of Wattup, a wire-free over the air charging technology announced financial results for the second quarter ended June 30, 2018.

The company said that it has reduced operating expenses from prior quarter by approximately US$1 million and that it has increased engineering services revenue.

As quoted in the press release:

Second Quarter Highlights

• Shipped chipsets to multiple customers, which resulted in our first royalty from partner Dialog Semiconductor.
• World’s first WattUp-enabled hearing aids launched by Energous customer Delight.
• Increased engineering services revenue.
• Announced the availability of a WattUp Near Field transmitter through Energous partner, IDT International Limited.
• Reduced operating expenses from prior quarter by approximately $1.0 million.
• Was invited to present the WattUp technology at the USPTO to patent examiners from the U.S., Canada and Mexico.

Recent Highlights

• Energous made significant headway in the global regulatory campaign with the addition of 54 new country approvals, including India and Canada. To date, Energous is approved to ship in 92 countries worldwide (up from 38 countries at the end of Q1 2018).

“Continuing to execute on moving to market with WattUp, Energous received orders and shipped chipsets to multiple customers in the quarter,” said Stephen R. Rizzone, president and CEO. “We also achieved additional certifications from 92 countries, and increased our engineering services revenue from last quarter, and increased our patent count to 167. The company’s pipeline continues to be robust as we complete engineering milestones and make advances toward a WattUp enabled ecosystem.”

Click here for the full press release.