Shares of the Energous Corporation (WATT) stock continued to climb in the intraday trading session today on December 7, 2021. WATT stock price saw an uptrend of 4.20% to reach $1.49 a share at the time of this writing. The stock was also green in the previous trade and went up by 1.42% at closing. Let’s take a closer look at this stock to know the reason behind this rise.

What’s Happening?

Energous Corporation stock announced today that the company got its first regulatory approval for its 1W WattUp PowerBridge transmitter in Asia. Now the WATT stock will be able to provide solutions for RF-based power transfer at any distance in India, the world’s second-most populous country. This approval will create many opportunities for Energous stock to provide over the air power solutions. WATT stock got similar approvals in the Europe and U.S for its 1W WattUp PowerBridge before.

Recent approval in India, along with previous approvals in the Europe and U.S will enable the WATT stock to expand its power transfer technology in the three largest marketplaces of the globe. The management of the WATT stock anticipates that its 1W WattUp PowerBridge will be used by many companies in deploying wireless power networks in the three largest global regions.

Financial View of the WATT stock

In the previous month, WATT stock did announce third-quarter 2021 financial results according to which

• The company reported revenue of $201,364 in the three months ended September 30, 2021.
• Energous stock suffered a net loss of $12.5 million in the third quarter of 2021. The company reported $0.20 net loss per basic and diluted share in the recently reported quarter.
• WATT stock spent $12.7 million in operating expenses in the third quarter of 2021. These consist of research and development expenses of $4.7 million, selling, general and administrative expenses of $3.9 million, and severance expense of $4.0 million.
• By the end of the third quarter of 2021, Energous stock had $28.3 million in cash and cash equivalents.
• As of November 10, 2021, the company generated $27.9 million in gross proceeds from the offering of 12,229,433 shares of its common stock.

Conclusion

The sentiment is positive for WATT stock in the social media platforms after the recent announcement of approval in India. The management is keen to maximize the growth of this stock. In a nutshell, it can be a good bet for investors in the long run.