Energous FY2023 revenue down 44% to $0.5M; net loss improves to $19.4M; CEO replaced

Energous Corp

Revenue $0.5M vs $0.9M in 2022; net loss $(19.4)M vs $(26.3)M; GAAP EPS $(4.15) vs $(6.78).
Costs reduced to $22.6M from $27.5M; gross margin turned positive to 41% from negative 50%.
Cash $13.9M at year-end, no debt.
CEO Cesar Johnston removed March 26; Office of the Chair (Reynette Au, Mallorie Burak) interim; Burak named PEO.
Partnerships with Velociti, WiGL, Identiv, InPlay; Japan approved 1W PowerBridge; launched 2W transmitter.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Energous Corp reported the year ended December 31, 2023 results: revenue approximately $0.5 million, net income approximately $(19.4) million, EPS $(4.15) per basic and diluted share.

Period: the year ended December 31, 2023
Revenue: approximately $0.5 million
Net income: approximately $(19.4) million
EPS: $(4.15) per basic and diluted share
Result: reported results

Exact text from the filing

results for the year ended December 31, 2023, and provided an update on recent partnerships and company highlights. 2023 Financial Results · 2023 revenue of approximately $0.5 million versus $0.9 million in 2022. · Total costs and expenses were significantly reduced in 2023 from approximately $27.5 million in 2022 to approximately $22.6 million in 2023,

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Source: SEC EDGAR

accession 0001104659-24-040509

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