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SAN JOSE, Calif. - Energous Corporation (NASDAQ: WATT), specializing in over-the-air wireless power networks (WPNs), has announced an accelerated deployment with a Fortune 10 retailer to modernize infrastructure at approximately 4,700 U.S. retail locations. The micro-cap company, currently valued at $8.27 million, has shown strong revenue growth of 62% over the last twelve months, according to InvestingPro data.
The initiative employs the Energous PowerBridge Pro transmitter, integral to the retailer’s new WPN program. Since the deployment phase began in 2024, over 4,000 units have been shipped. Installation, which started early this year, aims to cover over 500 stores and several grocery distribution centers by the end of the fiscal year 2025. While the company’s stock has declined over 80% in the past year, analysts maintain a positive outlook with a significantly higher price target, as detailed in the comprehensive InvestingPro Research Report.
This deployment is designed to enhance supply chain visibility and inventory management for perishable and dry goods by enabling real-time asset tracking and automation, with continuous data processing for insights into inventory health and operational efficiencies.
Mallorie Burak, CEO and CFO of Energous, stated, "We’re thrilled to achieve this pivotal milestone in the commercial adoption of our PowerBridge Pro transmitter technology. Our WPN technology not only achieves four times the power output of our competition, it also enables up to 99 percent visibility of tracked assets and inventory."
The success of the pilot program, which began with a Proof of Concept in 2023, led to the expansion of this partnership. The PowerBridge Pro transmitters are anticipated to transform grocery distribution by providing constant access to critical data and reducing battery reliance for more sustainable operations. Despite the company’s weak financial health score and rapid cash burn rate, InvestingPro analysts project sales growth for the current year, with 15+ additional exclusive insights available to subscribers.
Energous believes this flagship deployment will serve as an example for other enterprises, positioning their advanced technology as a key component in the retailer’s modernization strategy across their U.S. locations.
The information is based on a press release statement from Energous Corporation. The company is recognized for pioneering scalable wireless power networks that enable new levels of visibility, control, and business automation, with applications ranging from retail sensors to air quality monitors.
Forward-looking statements in the press release, such as expectations about future plans and the functionality of the technology, are based on current beliefs and assumptions of Energous and are subject to risks and uncertainties that could cause actual results to differ.
In other recent news, Energous Corporation announced it has secured $13.4 million in net proceeds through its at-the-market equity offering program. This capital infusion is intended to support the company’s operational and growth needs, aligning with its strategic goals. Energous has also expanded its common stock sales capacity, allowing for up to $80 million in additional shares. This move is part of the company’s strategy to reposition itself for growth and meet strategic objectives. Additionally, Energous reported regaining compliance with Nasdaq’s minimum stockholders’ equity requirement, following a previous notification of non-compliance. The company received formal notice from Nasdaq confirming its current compliance, based on disclosures made in a recent Current Report on Form 8-K. Energous’ CEO and CFO, Mallorie Burak, expressed confidence in the company’s financial stability and growth prospects. The company has also withdrawn its Regulation A Offering Statement, emphasizing its commitment to maximizing shareholder value through strategic cost-cutting and product sales development.
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