Energous Corporation reported its financial results for the first quarter of 2025, revealing a significant increase in revenue and a reduction in net losses compared to the same period in 2024. The company generated revenue of $343,000, a 436% increase from $64,000 in the prior year, primarily driven by the expansion of commercial sales of its PowerBridge Pro transmitters to multinational retailers. The gross profit for the quarter was $93,000, a notable turnaround from a gross loss of $45,000 in the same quarter last year.
The company's operating expenses decreased to $3.7 million from $6.6 million year-over-year, reflecting cost reductions across various departments. Research and development expenses fell by 46% to $1.2 million, while general and administrative costs decreased by 55% to $895,000. The net loss for the quarter was $3.4 million, down from $6.6 million in the first quarter of 2024, resulting in a basic and diluted loss per share of $0.12 compared to $1.11 in the previous year.
Energous has also made strategic moves to enhance its operational capabilities. The company raised approximately $13.8 million through its At the Market (ATM) offering program during the first quarter, which has bolstered its cash reserves to $10.1 million as of March 31, 2025. The company is currently focused on transitioning from research and development to commercial production, with plans to pursue additional financing options to support its growth strategy.
Operationally, Energous has seen a positive shift in its customer base, with three customers accounting for approximately 86% of its revenue in the latest quarter. The company continues to innovate its wireless power network technology, which supports a range of applications in the Internet of Things (IoT) sector. As of March 31, 2025, Energous had 34,136,303 shares of common stock outstanding, reflecting its ongoing efforts to manage its capital structure effectively.
Looking ahead, Energous remains optimistic about its market position and the potential for future product launches. The company acknowledges the inherent risks in its business model, including market acceptance and regulatory approvals, but believes that its current cash position and operational adjustments will allow it to meet its liquidity needs for at least the next 12 months.
About Energous Corp
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