On Tuesday, Energous Corporation (NASDAQ: WATT) oscillated between $15.06 and $15.92 before concluding trading period higher +4.12% at $15.91. The stock recorded total trading quantity of 591,153 shares as compared to its average volume of 802,715 shares. The firm has a total market worth of $802.72k and $404.989M shares remain outstanding.

Energous Corporation (WATT) recently reported financial results for the first quarter ended March 31, 2018 and provided an update on its operational progress.

Recent Highlights

• Received FCC certification for Near Field wireless charging transmitter operating in the 900MHz band
• Received first international Near Field certifications from the European Union and other countries. Combined with the recent FCC certification, represents a total of 38 countries in 5 regions that are now certified for Energous Near Field wireless charging transmitter and receiver technology
• Sampled high-efficiency GaAs and GaN chipsets supporting high-power Near Field charging solutions with foreign object detection and coexistence capabilities
• Expanded presence in the medical devices market by shipping pre-production quantities of chipsets to a new consumer in April
• Raised patent count to 135 (94 patents/41 allowed applications as of May 1, 2018)
• Demonstrated WattUp technology at TCB Council workshop, attended by international regulatory test labs and regulators

First Quarter Highlights

• Completed $40M at-the-market equity offering
• Booked a $50,000 order for engineering services, and completed the first milestone for revenue of $25,000
• Shipped pre-production quantities of chipsets and evaluation kits to top tier consumers in the hearable, hearing aid and wearables markets in preparation for anticipated consumer product ramps in 2018
• Designated Robert Griffin as chairman of the board
• Expanded the board with the addition of Dr. Nick Alexopoulos and Carol Lindstrom
• Demonstrated recent WattUp technology at Mobile World Congress 2018 and at the AirFuel Wireless Power Conference and Developers Forum

“Energous continues to drive toward commercialization, having received orders for pre-production products, while continuing to work with a large roster of consumer electronics companies to incorporate WattUp into future devices,” stated Stephen R. Rizzone, president and CEO. “We have made important progress with our partners, advances in regulatory clearances and have built a solid foundation from which to grow revenue as we execute a go-to-market plan.”

Unaudited 2018 First Quarter Financial Results
For the first quarter ending March 31, 2018, Energous recorded:

• Revenue of $25,000
• Operating expenses of $13.5M (GAAP), comprised of $8.7M in research and development, $3.3M in general and administrative costs and $1.5M in sales and marketing expenses
• Net loss of $13.4M, or a loss of $0.55 per basic and diluted share
• Adjusted EBITDA (a non-GAAP financial measure) loss of $8.5M
• $44.9M in cash and cash equivalents at the end of the first quarter, with no debt

The company has the institutional ownership of 28.40% while the Beta factor was 1.55. The stock’s RSI amounts to 40.07. (WATT) debt to equity ratio was 0.00 while current ratio was 11.20.