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Energous Corporation (NASDAQ:WATT), a pioneer in wireless charging technology, has seen its stock price plummet to a 52-week low of $0.28, with InvestingPro data showing the stock is currently trading at just 11% of its 52-week high of $2.70. This latest price level reflects a significant downturn for the company, with InvestingPro analysis revealing a steep -86% one-year total return and concerning financial metrics, including negative EBITDA of -$16.84M and a weak financial health score. While technical indicators suggest the stock is in oversold territory, the company faces significant challenges with a current ratio of 0.6, indicating potential liquidity concerns. InvestingPro subscribers have access to 20 additional key insights and a comprehensive Pro Research Report, offering deeper analysis of WATT’s financial position and market outlook.
In other recent news, Energous Corporation has successfully raised $13.4 million through its at-the-market equity offering program. This financial boost is intended to support the company’s operational and growth needs. Additionally, Energous has expanded its common stock sales capacity, allowing for up to $80 million in additional shares, aligning with its strategic growth objectives. The company has also withdrawn its Regulation A Offering Statement and terminated the offering, emphasizing its commitment to maximizing shareholder value through strategic cost-cutting and product sales development.
Energous has regained compliance with Nasdaq’s minimum stockholders’ equity requirement, following a previous notification of non-compliance. The company received formal notice from Nasdaq confirming its compliance based on recent disclosures. However, Energous has been advised that it must demonstrate continued compliance in its next periodic report to avoid potential delisting. CEO and CFO Mallorie Burak expressed confidence in the company’s financial stability and growth prospects, highlighting anticipated increased orders from multinational retail partnerships. These developments reflect Energous’ ongoing efforts to maintain regulatory compliance and financial stability.
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