Energous (NASDAQ:WATT) Issues Earnings Results, Beats Estimates By $0.17 EPS

Energous (NASDAQ:WATT) issued its earnings results on Wednesday. The industrial products company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.17, FiscalAI reports. Energous had a negative return on equity of 77.99% and a negative net margin of 0.98%.The company had revenue of $3.08 million for the quarter, compared to the consensus estimate of $3.15 million.

Here are the key takeaways from Energous’ conference call:

• Energous reported $3.1 million in Q1 revenue, up from $0.3 million a year ago, marking its fifth consecutive quarter of revenue growth.
• Gross margin improved to 36% from 27% last year, while operating expenses fell 21% year over year, helping reduce the GAAP net loss to $1.7 million from $3.4 million.
• Management said the company has moved from technology validation to commercial production, with more than 39,000 PowerBridge transmitters deployed and two large Fortune 10 deployments scaling further.
• The company highlighted strong demand from AWS co-selling and said the number of launches on AWS’s partner page rose from 5+ to 50+, which it views as evidence of accelerating enterprise interest in its platform.
• Energous ended Q1 with about $37 million in cash after ATM proceeds and said it does not plan additional ATM usage this year, though execution on POCs and customer conversions remains critical to its path to profitability.

Energous Trading Up 11.7%

NASDAQ WATT traded up $2.77 on Thursday, reaching $26.39. The company’s stock had a trading volume of 836,743 shares, compared to its average volume of 474,219. The firm has a market cap of $145.17 million, a PE ratio of -1.46 and a beta of 1.61. The business has a 50-day moving average price of $19.35 and a 200 day moving average price of $11.37. Energous has a 52 week low of $3.62 and a 52 week high of $36.98.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Zacks Research upgraded shares of Energous to a “hold” rating in a report on Friday, March 27th. Weiss Ratings lowered Energous from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, April 29th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Energous presently has an average rating of “Reduce”.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Energous stock. Geode Capital Management LLC lifted its holdings in shares of Energous Corporation (NASDAQ:WATT) by 85.4% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 18,713 shares of the industrial products company’s stock after purchasing an additional 8,619 shares during the period. Geode Capital Management LLC owned 0.86% of Energous worth $75,000 at the end of the most recent reporting period. Institutional investors own 4.35% of the company’s stock.

About Energous

Energous Corporation develops and commercializes radio frequency (RF)–based wireless charging technology designed to deliver power over the air to compatible devices. Its WattUp platform includes near?field and far?field transmitters that emit targeted RF energy and receiver modules that convert that energy into electrical power. The company’s solutions aim to eliminate the need for cables and charging pads by enabling contactless power delivery to a range of products, from wearables and IoT sensors to medical devices and consumer electronics.