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Energous (NASDAQ: WATT) announced its financial results for Q1 2024. The company reported revenue of $0.1 million, consistent with Q1 2023. Costs and expenses totaled $6.7 million, up from $6.4 million in the same period last year. Non-GAAP costs and expenses decreased by $1.0 million to $4.8 million, a 17% reduction year-over-year. The company reported a net loss of $6.6 million, or $1.11 per share, down from $6.7 million, or $1.63 per share in Q1 2023. Energous had $10.7 million in cash and equivalents as of March 31, 2024, with no debt.
Key partnerships were highlighted, including Velociti, WiGL, and Anukin, focusing on deploying Energous' Over-the-Air wireless power networks. These initiatives aim to improve asset tracking, real-time asset management, and wireless power coverage in the retail sector. Interim CFO Mallorie Burak emphasized ongoing cost reductions and transitioning key proofs of concept to deployment phases.