Energous Corp. (WATT) stock becomes bullish pre-market, gaining 5.35% at a volume of 135.55 thousand, on November 17. The stock went up from its previous close value of $1.87 to $1.97 in the pre-market trading session. On the previous day, the stock traded between a range of $1.82 and $1.90, with a change of 0.00% at the close. The previous day trading volume was 1.32 million, 51% of the the 65-day average. Over the past one month the stock lost up to 7.88% value. Currently, WATT trades at a market capital of $117.58 million and 62.87 million outstanding shares. The current incline in the stock was seen after the company announced its product’s approval for unlimited distance wireless charging in Europe.
Founded in 2012, Energous Corp. (WATT) develops wire-free charging solutions.
WATT’s Product Approval
On November 17, WATT announced that its 1W WattUp PowerBridge transmitter has been approved for unlimited distance wireless charging in Europe. Previously, the product was under review with an internationally accredited European Notified Body. According to the report, the 1W WattUp PowerBridge transmitter is in accordance with the European technical requirements for radio equipment. This approval, according to WATT, opens new market opportunities for unlimited distance wireless power networks.
Energous’ WattUp technology is capable of charging multiple devices at the same time. Hence, this enables numerous wireless charging scenarios like near field, far field, over the air and at a wide range of distances. WattUp solution is the only technology that supports both contact and distance charging through a compatible ecosystem.
Moreover, WATT has also received European regulatory approval for WattUp PowerHub previously.
Q3 Financials
Energous Corp. (WATT) announced its unaudited third quarter financial results on November 11, 2021. According to the results, the company had revenue of $201,364 for the quarter ended September 30, 2021. In addition, the (GAAP) operating expanses were $12.7 million approximately. This included $4.7 million R&D expanses, $3.9 million selling, general and administrative expanses, and $4.0 million in severance expanse.
Furthermore, the net loss for the quarter was $12.5 million and the non-GAAP net loss was $6.4 million. Accordingly, the non-GAAP net loss per basic and diluted share was $0.13 for the third quarter of 2021. While the consensus estimate of net loss per basic and diluted share was $0.15.
The company had a cash and cash equivalents of $28.3 million with no debt, as of September 30, 2021.
