Energous Corporation (NASDAQ:WATT), a pioneer in wireless charging technology, has seen its stock price touch a 52-week low, dipping to $0.44. According to InvestingPro data, the company's market capitalization has shrunk to just $3.95 million, with the stock showing significant volatility. This latest price level reflects a significant downturn for the company, which has experienced a substantial 1-year change with a decline of -76.52%. The drop to the 52-week low underscores the challenges Energous has faced in the market, as investors weigh the potential of its wireless charging solutions against the backdrop of a competitive and rapidly evolving tech landscape. InvestingPro analysis reveals the company is quickly burning through cash, with a concerning negative EBITDA of -$17.92 million in the last twelve months. Despite the current lows, the company continues to innovate in its sector, aiming to rebound and deliver value to its shareholders. While analysts anticipate sales growth in the current year, InvestingPro subscribers can access 18 additional investment tips and comprehensive analysis through the Pro Research Report, helping investors make more informed decisions about WATT's future prospects.
In other recent news, Energous Corporation has announced a significant partnership with a Fortune 10 multinational retailer to upgrade infrastructure across its retail locations using Energous's wireless power technology. The initial phase of the project involves shipping over 1,500 of Energous's 2W PowerBridge transmitter systems by year-end, a major step for the deployment of wireless power networks. The project is expected to enhance supply chain operations for approximately 140 U.S. retail stores and multiple grocery distribution centers.
In leadership news, Mallorie Burak has been appointed as the permanent CEO of Energous Corporation. Burak, who has been serving as the interim CEO and CFO, will continue to fulfill her CFO duties alongside her new role. The company is relying on Burak's nearly two-decade executive experience across various industries to drive growth.
Energous has also secured FCC (BME:FCC) certification for its 2W PowerBridge transmitter system, a significant development in the creation of safer and more efficient wireless power networks. 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.
However, Energous is currently grappling with a potential delisting risk from Nasdaq due to non-compliance with the minimum bid price requirement, and has until February 2025 to regain compliance. On the analyst front, Roth/MKM maintained its Buy rating on Energous, albeit with a reduced price target, while Ladenburg Thalmann downgraded Energous from Buy to Neutral. These are among the recent developments at Energous Corporation.
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