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EC

Energous Corp (WATT)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 revenue was $0.40M, up 86% q/q vs. Q3 2024’s $0.23M, driven primarily by PowerBridge PRO transmitter demand; FY 2024 revenue rose 62% y/y to $0.8M .
  • The company finished FY 2024 with GAAP net loss of $(18.4)M and non-GAAP net loss of $(16.2)M, reflecting significant operating cost reductions; cash was ~$1.4M at year-end but rose to ~$11.7M by 2/25/2025 via ATM raises, improving near-term liquidity .
  • Commercial traction strengthened with a multi-phase Fortune 10 retailer project (initial ~1,500 2W PowerBridge units, ~$0.3M order) and transportation deployments of 1W PowerBridge; active POCs increased to 56 by late October 2024, reflecting rising adoption interest .
  • Wall Street consensus EPS and revenue for Q4 2024 were unavailable from S&P Global at the time of analysis; as a result, beats/misses vs. estimates could not be determined (consensus unavailable from S&P Global). MarketBeat confirms Q4/FY results were released on 2/27/2025 .

What Went Well and What Went Wrong

What Went Well

  • Q4 revenue inflected to $0.40M (+86% q/q), with FY revenue +62% y/y; mix shifted toward transmitter sales (88% of FY 2024 revenue), notably PowerBridge PRO .
  • Strategic wins: awarded the first phase of a nationwide modernization with a Fortune 10 retailer (~4,700 locations over 3–5 years; initial ~1,500 units and ~$0.3M order) and shipped 1W units for transportation tracking, expanding use cases and validating WPN value .
  • Cost discipline: non-GAAP opex fell to $16.2M in FY 2024 (–19% y/y), with ~$(6.8)M annualized expense reductions; management emphasized continued optimization to accelerate path to profitability .
  • “Developing an emerging technology… takes significant time,” but 2024 showed “solid market traction,” with adoption by major multinationals, per CEO/CFO Mallorie Burak .

What Went Wrong

  • Absolute scale remains very small: FY 2024 revenue $0.8M vs. opex $18.4M GAAP; the business is far from breakeven, with FY GAAP net loss $(18.4)M .
  • Working capital constraints at year-end (cash ~$1.4M) necessitated ATM raises to bolster liquidity; while cash improved to ~$11.7M by 2/25/2025, dilution and warrant-related items add complexity to capital structure .
  • Quarterly profitability still deteriorated q/q earlier in 2024 (Q2 net loss $(4.26)M, EPS $(0.65)), and Q3 net loss remained heavy at $(3.41)M, EPS $(0.50), underscoring a long runway to profitability despite revenue momentum .

Financial Results

Quarterly Performance vs. Prior Periods and Estimates

MetricQ2 2024Q3 2024Q4 2024
Revenue ($USD Millions)$0.046 $0.230 $0.400
Diluted EPS ($USD)$(0.65) $(0.50) N/A (not disclosed)
q/q Revenue Growth (%)—+400% vs. Q2 +86% vs. Q3
Consensus Revenue ($USD Millions)N/A (S&P Global unavailable)N/A (S&P Global unavailable)N/A (S&P Global unavailable)
Consensus EPS ($USD)N/A (S&P Global unavailable)N/A (S&P Global unavailable)N/A (S&P Global unavailable)

Note: Wall Street consensus data unavailable from S&P Global at time of analysis; beats/misses vs. estimates cannot be determined.

Annual Comparison (Context)

MetricFY 2023FY 2024
Revenue ($USD Millions)$0.474 $0.768
GAAP Net Loss ($USD Millions)$(19.367) $(18.398)
Non-GAAP Net Loss ($USD Millions)$(19.066) $(16.209)
Non-GAAP Operating Expenses ($USD Millions)$20.070 $16.190
Cash & Equivalents ($USD Millions)$13.876 (12/31/23) $1.353 (12/31/24)

KPIs and Operating Indicators

KPIQ2 2024Q3 2024Q4 2024
Backlog ($USD Millions)$0.2 (as of 8/6/24) $0.2 (as of 11/8/24) Initial phase: ~1,500 units, ~$0.3 order value (Fortune 10 project)
Active POCs47 (as of 6/30/24) 56 (as of 10/31/24) Continued commercialization; transmitter sales 88% of FY revenue
Cash & Equivalents$4.855M (6/30/24) $1.451M (9/30/24) $1.353M (12/31/24); $11.7M by 2/25/25 via ATM

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2025 / Q1 2025None providedNone providedMaintained (no guidance)
OpEx / Non-GAAP OpExFY 2025Not quantifiedOngoing cost optimizations; ~$6.8M annualized reductions by Feb 2025 Directional improvement (no ranges)
Cash/LiquidityEarly 2025N/ARaised ~$13.4M net via ATM Jan–Feb 2025; cash ~$11.7M at 2/25/25 Improved liquidity
Other metrics (OI&E, tax rate, margins)FY/Q4 2024–2025None providedNone providedMaintained (no guidance)

No explicit numeric revenue/EPS/margin guidance ranges were provided in Q4 materials .

Earnings Call Themes & Trends

Note: No Q4 2024 earnings call transcript was found; the company posted an earnings release and 10-K on 2/27/2025 without a transcript link .

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
Commercial traction with large retailersPOCs transitioning to deployments; backlog $0.2M Highest quarter of PowerBridge shipments; multiple Fortune 10 orders Multi-phase Fortune 10 project initiated; ~1,500 units, ~$0.3M Improving
Transportation use casesEarly partner distribution and VAR progress Orders for transportation efficiency (1W) Shipped 1W units for real-time inventory tracking in transportation Expanding
Product certification & rebrandingWPN positioning; partners added 2W PowerBridge received full FCC certification Rebranded to PowerBridge PRO/LITE; PRO with 8W EIRP, IP67 Solidified
Cost reductionsNon-GAAP costs down; severance reversal Q2 Non-GAAP costs down 22% y/y in Q3 Non-GAAP opex $16.2M (–19% y/y); ~$6.8M annualized reductions Improving
Capital & liquidityNo debt; cash $4.9M (6/30/24) Cash $1.5M (9/30/24) Cash $1.35M (12/31/24); $11.7M by 2/25/25 after ATM raises Stabilizing via raises
Partnerships & awardsNew VARs (Peak Technologies), distribution via DigiKey Mobile Breakthrough IoT Innovation award; shipments to Fortune 100 tech Award affirmed; continued commercialization narrative Reinforcing

Management Commentary

  • “Developing an emerging technology and driving innovation takes significant time and financial resources… In 2024, we demonstrated solid market traction… adoption by major multinational corporations… We remain committed to building sales momentum [and] optimizing our operations” — Mallorie Burak, CEO & CFO .
  • On Fortune 10 rollout: proof-of-concept delivered “up to 99 percent visibility of all tracked assets… expanded relationship to include dry goods… nationwide rollout… 4,700 US locations,” positioning Energous for multi-phase participation .
  • On transportation deployments: 1W transmitters enable “24/7/365” digital monitoring of distribution networks; improving efficiency and sustainability through battery-free, always-on data streams .
  • On product capabilities: PowerBridge PRO delivers up to 8W EIRP with dual polarization and IP67, enabling higher radiated power and visibility across zones .

Q&A Highlights

No Q4 2024 earnings call transcript was found; the company primarily communicated results and strategic updates via the press release and SEC filing on 2/27/2025 .

Estimates Context

  • Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was unavailable at time of analysis due to access limits, so we cannot assess beats/misses vs. estimates. MarketBeat confirms the reporting date (2/27/2025) but does not provide consensus detail .
  • Implication: Given small absolute revenue and improving mix, incremental estimate revisions—if available—would likely focus on FY 2025 commercialization pacing, PowerBridge unit trajectories, and the timing of Fortune 10 multi-phase deployments (no ranges provided) .

Key Takeaways for Investors

  • Commercial momentum is real but nascent: Q4 revenue accelerated to $0.40M (+86% q/q), and FY revenue grew 62% y/y; transmitter sales now dominate revenue (88%), validating the PowerBridge strategy .
  • Multi-phase Fortune 10 program is a material validator; the initial ~$0.3M order is small, but the 4,700-location ambition over 3–5 years suggests a significant TAM if deployments scale as planned (watch unit volumes and cadence) .
  • Liquidity improved post-year-end via ~$13.4M ATM proceeds (cash ~$11.7M at 2/25/25), reducing near-term financing risk but implying dilution sensitivity; monitor additional capital actions and warrant impacts .
  • Cost controls are working (non-GAAP opex down 19% y/y), but breakeven requires multi-quarter revenue scaling; watch backlog conversion, recurring orders, and partner-led channel throughput .
  • Absence of explicit revenue/EPS guidance increases execution risk around deployment timing; focus on disclosed milestones (shipment starts, locations installed, new phases awarded) .
  • Technical differentiation and certifications (FCC for 2W, 8W EIRP, IP67) plus awards bolster credibility; continue to track regulatory and customer-specific performance metrics (e.g., “up to 99% visibility”) translating to orders .
  • Trading lens: Stock likely reacts to concrete deployment updates and backlog-to-revenue conversion pace; near-term catalysts include evidence of phase rollouts, additional Fortune 10 or Fortune 100 wins, and cash runway clarity .