Energous Corp Q4 FY2023 earnings call

• Leadership Transition: Board initiated search for new CEO, with Interim PEO Mallorie Burak and Board Chair Reynette forming an Office of the Chair to handle CEO duties. - Strategic Execution: Energous is executing its Smart IoT-centric strategy. As of Q4 2023, there were 38 POC trials across multiple markets. Some POCs have moved into the deployment sale phase. - Product Roadmap: Supports 1 Watt and 2 Watt PowerBridges, and has a roadmap to support the future 15 Watt regulatory certified market in the US. - Partnerships: Partnered with Velociti as a preferred system integrator and Identiv for specific applications. - Market Progress: Gaining momentum in IoT wireless power network installation, with interest from large organizations in areas like cold-chain application for real-time asset tracking.

In 2023, Energous recognized revenue of approximately $0.5 million, a decrease of about 44% compared to the $0.9 million in 2022. The cost of revenue in 2023 was approximately $0.3 million, resulting in a gross margin of 41% versus a negative 50% gross margin in 2022. The GAAP net loss for 2023 was $19.4 million, down from $26.3 million in 2022. The adjusted net non-GAAP loss for 2023 was approximately $19.1 million, an improvement of $3.5 million from the 2022 adjusted non-GAAP loss of $22.6 million. The company ended 2023 with $13.9 million in cash, was debt-free, and in 2023 raised approximately $4.2 million through the ATM, generated about $2.8 million in net proceeds from the sale of common stock and prepaid warrants, and collected approximately $0.5 million from accounts receivable.

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