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SAN JOSE, Calif. - Energous (NASDAQ:WATT) Corporation (NASDAQ: WATT), known for its over-the-air wireless power solutions, announced today the appointment of Mallorie Burak as the permanent Chief Executive Officer (CEO) and member of the Board. Burak, who has been serving as the interim CEO and Chief Financial Officer (CFO), will continue her role as CFO alongside her new responsibilities.
David Roberson, Chairman of the Board, expressed confidence in Burak's leadership and strategic vision, which have been pivotal in the company's efforts to stabilize and grow. Burak's executive experience spans nearly two decades across various industries, from start-ups to multinational corporations. Her track record includes roles such as President and CFO of Knightscope, Inc., and CFO of ThinFilm Electronics ASA.
Burak's appointment comes at a time when Energous aims to capitalize on the increasing demand for supply chain management solutions with real-time tracking and smart inventory management. The company's wireless power technologies are positioned to meet these market needs.
Burak's educational background includes a Bachelor of Science in Business Administration and a Master of Business Administration from San Jose State University. Her past roles have equipped her with a broad skillset that Energous believes will drive the company toward its ambitious goals.
Energous specializes in wireless power networks that offer enhanced visibility and control, supporting a new generation of battery-free devices essential for asset and inventory tracking. The company's technology is designed to deliver continuous wireless power access, promoting intelligent business automation.
This announcement is based on a press release statement from Energous Corporation. The forward-looking statements in the press release reflect the company's current beliefs and expectations but are subject to various risks and uncertainties that could cause actual results to differ. Energous has not provided any updates on these forward-looking statements beyond the date of the press release.
In other recent news, Energous Corporation has been grappling with a potential delisting risk from Nasdaq due to non-compliance with the minimum bid price requirement. The company has been given until February 2025 to regain compliance. Meanwhile, Energous has made strides in the development of its wireless power technology, securing FCC certification for its 2W PowerBridge transmitter system. This certification marks a significant development in the creation of safer and more efficient wireless power networks.
Energous has also secured multiple orders for its 2W PowerBridge transmitter systems from a top Fortune 10 multinational retailer, following a successful proof of concept for a comprehensive wireless power network. The company has formed strategic partnerships with Annukin, Ecobyte, and Peak Technologies to bolster the adoption of its wireless power solutions, particularly in the Internet-of-Things sector.
In analyst notes, Roth/MKM maintained its Buy rating on Energous, albeit with a reduced price target, while Ladenburg Thalmann downgraded Energous from Buy to Neutral. Energous also saw a leadership change, with Cesar Johnston stepping down as President and CEO while retaining his position on the company's Board of Directors. These are among the recent developments at Energous Corporation.
InvestingPro Insights
As Energous Corporation (NASDAQ: WATT) appoints Mallorie Burak as permanent CEO, investors should consider some key financial metrics and insights from InvestingPro that shed light on the company's current position.
According to InvestingPro data, Energous has a market capitalization of just $4 million, reflecting its status as a small-cap company in the wireless power solutions sector. The company's revenue for the last twelve months as of Q2 2024 stood at $0.37 million, with a concerning revenue growth decline of -39.94% over the same period.
Two relevant InvestingPro Tips highlight both positive and challenging aspects of Energous's financial situation. On the positive side, the company "holds more cash than debt on its balance sheet," which could provide some financial flexibility as Burak takes the helm. However, Energous is also "quickly burning through cash," a critical concern for a company in a growth-oriented technology sector.
The appointment of Burak comes at a crucial time, as the stock has experienced significant volatility. InvestingPro data shows that Energous's stock price has fallen by 67.1% over the past year and is currently trading at only 21.41% of its 52-week high. This performance underscores the challenges facing the new CEO as she works to stabilize and grow the company.
For investors seeking a more comprehensive analysis, InvestingPro offers 15 additional tips for Energous, providing a deeper understanding of the company's financial health and market position. These insights could be particularly valuable as the market assesses the potential impact of new leadership on the company's future prospects.
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