Energous Wireless Power Solutions Reports Fiscal Year 2025 Results

Rhea-AI Summary

Energous (Nasdaq: WATT) reported fiscal 2025 revenue of approximately $5.6 million, a 633% year‑over‑year increase and the company’s highest annual revenue to date. GAAP net loss improved 48% to $9.6 million, gross margin rose to 36%, and >25,000 PowerBridge transmitters shipped in 2025.

Post‑year fundraising raised net proceeds of ~$31.9 million under its ATM, leaving cash of ~$39.4 million as of March 23, 2026.

Positive

• Revenue +633% year-over-year to $5.6M in 2025
• Highest recorded annual revenue in company history
• Gross margin improved to 36% for 2025
• GAAP net loss improved 48% to $9.6M
• Shipped >25,000 PowerBridge transmitters in 2025
• Raised ~$31.9M net proceeds under ATM program

Negative

• GAAP operating expenses still $12.0M in 2025
• GAAP loss per share $(6.46) remains a substantial deficit
• Non-GAAP net loss ~$8.4M for 2025

Market Reaction – WATT

-4.91% $17.22 2.4x vol

15m delay 32 alerts

-4.91% Since News

+6.1% Peak in 7 min

$17.22 Last Price

$15.77 $20.48 Day Range

-$2M Valuation Impact

$37M Market Cap

2.4x Rel. Volume

Following this news, WATT has declined 4.91%, reflecting a moderate negative market reaction. Argus tracked a peak move of +6.1% during the session. Our momentum scanner has triggered 32 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $17.22. This price movement has removed approximately $2M from the company's valuation. Trading volume is elevated at 2.4x the average, suggesting increased selling activity.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

2025 Revenue: $5.6M Q4 2025 Revenue: $3.0M 2025 Gross Margin: 36% +5 more

8 metrics

2025 Revenue $5.6M Year ended Dec 31, 2025; 633% increase vs 2024 and record high

Q4 2025 Revenue $3.0M Three months ended Dec 31, 2025; 139% increase vs Q3 2025

2025 Gross Margin 36% Year ended Dec 31, 2025; improved from ~2% in 2024

2025 GAAP Net Loss $(9.6)M Year ended Dec 31, 2025; 48% improvement vs $(18.4)M in 2024

2025 GAAP Opex $12.0M Year ended Dec 31, 2025; down from $18.4M in 2024 (35% improvement)

Non-GAAP Net Loss 2025 $(8.4)M Year ended Dec 31, 2025; improved from $(16.2)M in 2024

Cash Mar 23, 2026 $39.4M After raising $31.9M net via ATM sales through Mar 23, 2026

PowerBridge Units Shipped 25,000+ units Over 25,000 PowerBridge transmitters shipped in 2025 with zero returns

Market Reality Check

Price: $18.11 Vol: Volume 914,054 is 2.08x t...

high vol

$18.11 Last Close

Volume Volume 914,054 is 2.08x the 20-day average of 438,730, indicating elevated trading interest. high

Technical Price at $18.11 is trading above the 200-day MA $8.57, after a -3.77% move over 24 hours.

Peers on Argus

WATT fell 3.77% while peers were mixed: SVRE up 1.62%, FCUV up 0.70%, ASTC down ...

1 Up

WATT fell 3.77% while peers were mixed: SVRE up 1.62%, FCUV up 0.70%, ASTC down 1.11%, ELSE down 0.90%, SOBR down 2.79%. Only SOBR appeared in momentum scans, moving up 13.24% without news.

Previous Earnings Reports

5 past events · Latest: Jan 13 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 13	Prelim 2025 earnings	Positive	-6.2%	Preliminary 2025 revenue $5.6M and Q4 ramp with reduced net loss.
Nov 12	Q3 2025 earnings	Positive	+2.5%	Q3 2025 revenue $1.3M, 36% gross margin and narrowed net loss.
Jul 29	Q2 2025 earnings	Positive	-1.0%	Highest quarterly revenue $1M since 2016 and lowest net loss in decade.
May 13	Q1 2025 earnings	Positive	-5.6%	Revenue up 436% to $0.3M with sharply improved gross profit and lower opex.
Nov 12	Q3 2024 earnings	Positive	-3.4%	Q3 2024 revenue growth and reduced net loss with lower total costs.

Pattern Detected

Earnings releases with strong growth metrics have frequently been followed by negative one-day price reactions.

Recent Company History

Across recent earnings since Nov 2024, Energous has repeatedly reported rapid revenue growth, improving gross margins, and shrinking net losses. Q1–Q3 2025 results showed sequential revenue gains and expanding order backlogs, while multiple ATM raises strengthened the cash balance. Preliminary 2025 numbers on Jan 13, 2026 already highlighted the same $5.6M annual revenue and Q4 ramp now confirmed. Today’s full-year 2025 report formalizes those trends and adds detail on profitability progress and cash raised into early 2026.

Historical Comparison

-2.7% avg move · Over the last five earnings events, WATT’s average one-day move was -2.72%, often negative despite i...

earnings

-2.7%

Average Historical Move earnings

Over the last five earnings events, WATT’s average one-day move was -2.72%, often negative despite improving results. Today’s reaction around -3.77% remains broadly consistent with that pattern.

Earnings updates show a progression from early 2025 quarterly ramps to confirming full-year 2025 revenue of $5.6M and steadily narrowing net losses.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-12-16

An effective S-3/A dated Dec 16, 2025 registers 51,107 common shares for resale tied to September 2025 warrant transactions. The filing highlights potential downward pressure from resales, dilution from future equity or convertible securities, reliance on capital markets, and an expectation of no cash dividends in the foreseeable future.

Market Pulse Summary

This announcement confirms a sharp operational turnaround: record $5.6M 2025 revenue, a 36% gross ma...

Analysis

This announcement confirms a sharp operational turnaround: record $5.6M 2025 revenue, a 36% gross margin, and GAAP net loss improving to $(9.6)M. Operating expenses fell to $12.0M, while cash reached $39.4M after $31.9M in ATM proceeds. Historically, earnings have produced mixed price responses, so investors may focus on sustainability of growth, ongoing dilution risk from registered resale shares, and execution on large proof‑of‑concept and Fortune 10 deployments.

Key Terms

gaap, non-gaap, atm program, gross margin, +2 more

6 terms

gaap financial

"GAAP operating expenses for the year ended December 31, 2025 totaled $12.0 million..."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

non-gaap financial

"Non-GAAP operating expenses(1) for 2025 were approximately $10.6 million..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

atm program financial

"the Company raised net proceeds of approximately $31.9 million from additional sales under its ATM program."

An ATM program is a plan or arrangement that allows a company to sell its shares directly to investors over time, often through automated systems like online platforms. It provides a flexible way for companies to raise money gradually without needing a full public offering each time. For investors, it can offer easier access to buying or selling shares and can help companies manage their fundraising more efficiently.

gross margin financial

"Gross margin was 36% for the year ended December 31, 2025, improving from gross margin of approximately 2%..."

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

proof-of-concept technical

"selected Energous’ end-to-end Ambient IoT solution for a large-scale proof-of-concept deployment..."

A proof-of-concept is a demonstration that shows a new idea or method can work as intended, serving as a small-scale test before full development. For investors, it signals that a concept has been successfully tested in principle, reducing uncertainty about whether it can be practically implemented. This helps determine if further investment or effort is justified to develop the idea further.

ambient iot technical

"end-to-end Ambient IoT solution for a large-scale proof-of-concept deployment..."

A network of tiny, low‑power sensors and connected devices woven into everyday surroundings that silently collect and share data about things like temperature, motion, sound, or equipment status. Think of it as a background layer of sensing—like invisible assistants monitoring a building or supply chain—whose continuous data can help companies automate processes, cut costs, create new services, or reveal competitive insights, but also introduces hardware costs, data management needs and regulatory or privacy considerations for investors.

AI-generated analysis. Not financial advice.

- Reports Revenue of $5.6 Million – Posting fourth consecutive quarter of growth and highest recorded annual revenue in the Company’s history -
- Lowest Quarterly Net Loss since 2013 – Evidencing further progress toward profitability -

SAN JOSE, Calif., March 25, 2026 (GLOBE NEWSWIRE) -- Energous Corporation d/b/a Energous Wireless Power Solutions (Nasdaq: WATT) (the “Company,” “we,” or “our”), a leader in over-the-air (OTA) wireless power networks, today announced financial results for the year ended December 31, 2025, reporting revenue of approximately $5.6 million for the year, representing a 633% increase over 2024, and a 48% improvement in net loss compared to the prior year. The Company also provided an update on recent events and Company highlights.

During 2025, the Company demonstrated its continued focus on growth and fiscal discipline, reporting its fourth consecutive quarter of growth, with revenue of approximately $3.0 million for the three months ended December 31, 2025, representing a 139% increase from $1.3 million of revenue reported for the three months ended September 30, 2025. Improvement from the third quarter to the fourth quarter of 2025 was also evidenced by a narrowing net loss to $1.3 million for the three months ended December 31, 2025, representing a 37% improvement from a net loss of $2.1 million for the third quarter of 2025.

"We believe we have reached an inflection point investors have been waiting for—commercial deployments at scale, driving our highest recorded annual revenue to date. Our fourth consecutive quarter of revenue growth, combined with over 25,000 PowerBridge transmitters deployed with zero returns, and a Fortune 10 retailer’s planned expansion from 410 to 4,700 locations, demonstrates that wireless power networks have moved from technology validation to production infrastructure," said Mallorie Burak, CEO and CFO of Energous Corporation. "The fundamentals are increasingly being proven; enterprises are choosing wireless power networks over ambient harvesting because they need guaranteed coverage.”

2025 Financial Results

• Revenue for the year ended December 31, 2025 of approximately $5.6 million versus revenue of approximately $0.8 million in 2024, representing a 633% improvement year-over-year.
  
  
  • Revenue in 2025 marks the highest recorded annual revenue in the Company’s history.
    
    
• For the year ended December 31, 2025, gross profit was $2.0 million, representing a significant increase from gross profit of approximately $12,000 in the prior year. Gross margin was 36% for the year ended December 31, 2025, improving from gross margin of approximately 2% for the prior year. Focus on gross margin improvement remains a key operational goal for 2026 and beyond, especially as the Company introduces its end-to-end solution, which includes access to our cloud-based software platform, e-Compass.
  
  
  • Over 25,000 PowerBridge transmitters were shipped during 2025. The Company has zero product returns since commercial production of its PowerBridge Pro began in 2024, underscoring that the highest level of product quality remains a key priority for the Company during widespread adoption of our technology.
    
    
• GAAP operating expenses for the year ended December 31, 2025 totaled $12.0 million versus $18.4 million in 2024, a 35% year over year improvement.
  
  
• Non-GAAP operating expenses⁽¹⁾ for 2025 were approximately $10.6 million, decreasing from $16.2 million in the prior year, representing a reduction of approximately $5.6 million, or 35%, from the prior year.
  
  
• As a result of increased revenue and continued operational and manufacturing cost reductions, GAAP net loss and GAAP loss per share were approximately $(9.6) million, or $(6.46) per basic and diluted share, for the year ended December 31, 2025, a 48% improvement versus the net loss of approximately $(18.4) million, or $(77.16) per basic and diluted share, for 2024. The GAAP net loss reported for 2025 represents the lowest net loss for the Company since 2013 and demonstrates meaningful progress made toward reaching profitability.
  
  
• Non-GAAP net loss¹ was approximately $(8.4) million for the year ended December 31, 2025 versus non-GAAP net loss of approximately $(16.2) million for the prior year, a 48% improvement year over year.
  
  
• The Company reports approximately $10.4 million in cash and cash equivalents as of December 31, 2025.
  
  

Company Highlights

• On January 13, 2026, Energous reported highlights of 2025, a transformational year of growth and platform expansion for the Company.
  
  
• After the end of the year through March 23, 2026, the Company raised net proceeds of approximately $31.9 million from additional sales under its ATM program. As of March 23, 2026, our cash and cash equivalents were approximately $39.4 million. We intend to use our available cash to pursue strategic acquisitions and investments, to invest in research and product development, other strategic initiatives, fulfillment of customer demand, and for operational and general corporate purposes.
  
  
• A multi-billion-dollar, U.S. based subsidiary of a British parent company selected Energous’ end-to-end Ambient IoT solution for a large-scale proof-of-concept deployment that will modernize its semi-perishable inventory tracking across its production and distribution operations. Continuing its goal of optimizing its existing processes at a key facility and improving visibility, this customer chose Energous to enable real-time inventory tracking using wireless power networks, battery-free sensors, gateways, and cloud analytics. 
  
  
• Energous is currently engaged in a large-scale proof-of-concept with a Fortune 10 subsidiary focused on retail sales of bulk items. A primary use case for this deployment is cold chain compliance monitoring at dock doors, tracking pallet dwell time from point of entry through storage in freezer and cooler areas.
  
  
• Energous has achieved AWS Independent Software Vendor (ISV) Accelerate status, with its partner profile now officially listed on the AWS Partner Network website. This designation recognizes Energous as a validated AWS partner, reinforcing the enterprise credibility of its Ambient IoT and wireless power end-to-end solutions and deepening its go-to-market alignment with AWS.
  
  
• Made in the U.S.A. – Effective March 2026, the Company expanded its production capacity, launching a new contract manufacturer based in the United States. This strategic initiative ensures Energous is better positioned to fulfill orders for its wireless power network solutions as well as service customers requiring that products be designed and manufactured in the United States.
  
  
• Energous strengthened its intellectual property portfolio with 15 new patents granted in 2025, supporting the Company’s long-term technology leadership in wireless power networks.
  
  

“Our customers need more than 'connected' environments—they need dependable infrastructure," concluded Burak. "Wireless power networks are to battery-free IoT what WiFi was to mobile devices: necessary infrastructure that makes the ecosystem actually work, which we are demonstrating Energous can deliver.”

About Energous Wireless Power Solutions

Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT) is pioneering scalable, over-the-air (OTA) wireless power networks that enable unprecedented levels of visibility, control, and intelligent business automation. The Company’s wireless power transmitter and receiver technologies deliver continuous access to wireless power, helping drive a new generation of battery-free devices for asset and inventory tracking and management—from retail sensors, electronic shelf labels, and asset trackers to air quality monitors, motion detectors, and more. For more information, visit http://www.energous.com/ or follow on LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements may describe our future plans and expectations and are based on the current beliefs, expectations and assumptions of Energous. These statements generally use terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or similar terms. Examples of forward-looking statements in this release include but are not limited to statements about our financial results, expected company growth, and operational initiatives. Factors that could cause actual results to differ from current expectations include: uncertain timing of necessary regulatory approvals; timing of customer product development and market success of customer products; our dependence on distribution partners; and intense industry competition. We urge you to consider those factors, and the other risks and uncertainties described in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC), any subsequently filed quarterly reports on Form 10-Q as well as in other documents that may have been subsequently filed by Energous, from time to time, with the SEC, in evaluating our forward-looking statements. In addition, any forward-looking statements represent Energous’ views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Energous does not assume any obligation to update any forward-looking statements unless required by law.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). We use non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below.

Our reported results include certain non-GAAP financial measures, including non-GAAP net loss, non-GAAP operating expenses, non-GAAP sales, marketing, general and administrative expenses (SG&A) and non-GAAP research and development expenses (R&D). Non-GAAP net loss excludes depreciation and amortization, stock-based compensation expense, severance expense, change in fair value of warrant liability, loss on extinguishment of short-term debt, and expenses from abandoned financing transaction. Non-GAAP operating expenses exclude depreciation and amortization, stock-based compensation expense, expenses from abandoned financing transaction, and severance expenses. Non-GAAP SG&A excludes depreciation and amortization and stock-based compensation expense. Non-GAAP R&D excludes depreciation and amortization and stock-based compensation expense. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

Contacts:
Investor Relations
IR@energous.com

Media Relations
samantha@griffin360.com

________________________________
¹ See “Non-GAAP Financial Measures” below for additional information.

Energous Corporation
BALANCE SHEETS
(in thousands, except share amounts)
(Unaudited)
	As of
	December 31, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	10,401			$	1,353
Accounts receivable, net		2,988				78
Inventory		1,509				498
Prepaid expenses and other current assets		422				983
Total current assets		15,320				2,912
Property and equipment, net		298				356
Other assets		252				-
Operating lease right-of-use assets		872				527
Total assets	$	16,742			$	3,795
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	954			$	1,852
Accrued expenses		2,095				1,135
Accrued severance expense		-				28
Warrant liability		-				358
Operating lease liabilities, current portion		491				668
Short-term loan payable		88				818
Deferred revenue		27				13
Total current liabilities		3,655				4,872
Operating lease liabilities, long-term portion		589				-
Total liabilities		4,244				4,872
Stockholders’ equity (deficit):
Common stock		1				1
Additional paid-in capital		422,530				399,362
Accumulated deficit		(410,033	)			(400,440	)
Total stockholders’ equity (deficit)		12,498				(1,077	)
Total liabilities and stockholders’ equity (deficit)	$	16,742			$	3,795

Energous Corporation
STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
		For the Year Ended December 31,
			2025				2024
Revenue		$	5,630			$	768
Cost of revenue			3,601				756
Gross profit			2,029				12
Operating expenses:
Research and development			4,126				7,686
Sales and marketing			2,359				3,066
General and administrative			4,495				6,293
Severance expense			403				1,377
Expenses from abandoned financing transaction			661				-
Total operating expenses			12,044				18,422
Loss from operations			(10,015	)			(18,410	)
Other income (expense), net:
Change in fair value of warrant liability			257				262
Interest income, net			166				-
Loss on extinguishment of short-term debt			-				(219	)
Loss on retirement of property and equipment			(1	)			-
Discount fees from accounts receivable factoring agreements			-				(31	)
Total other income (expense), net			422				12
Net loss		$	(9,593	)		$	(18,398	)
Basic and diluted net loss per common share		$	(6.46	)		$	(77.16	)
Weighted average shares outstanding, basic and diluted			1,485,101				238,453

Energous Corporation
Reconciliation of Non-GAAP Information
(in thousands)
(Unaudited)
		For the Year Ended December 31,
			2025				2024
Net loss (GAAP)		$	(9,593	)		$	(18,398	)
Add (subtract) the following items:
Depreciation and amortization *			139				196
Stock-based compensation **			265				669
Severance expense			403				1,377
Change in fair value of warrant liability			(257	)			(262	)
Expenses from abandoned financing transaction			661				-
Loss on extinguishment of short-term debt			-				219
Adjusted net non-GAAP loss		$	(8,382	)		$	(16,199	)
* Note: Depreciation and amortization includes $1 and $4 which is included in cost of revenue for the years ended December 31, 2025 and 2024, respectively.
** Note: Stock-based compensation includes $1 and $6 which is included in cost of revenue for the years ended December 31, 2025 and 2024, respectively.
Stock-based compensation excludes $16 and $130 which is included in severance expense for the years ended December 31, 2025 and 2024, respectively.
Total operating expenses (GAAP)		$	12,044			$	18,422
Subtract the following items:
Depreciation and amortization *			(138	)			(196	)
Stock-based compensation **			(264	)			(669	)
Severance expense			(403	)			(1,377	)
Expenses from abandoned financing transaction			(661	)			-
Adjusted non-GAAP operating expenses		$	10,578			$	16,180
* Note: Depreciation and amortization excludes $1 and $4 which is included in cost of revenue for the years ended December 31, 2025 and 2024, respectively.
** Note: Stock-based compensation excludes $1 and $6 which is included in cost of revenue for the years ended December 31, 2025 and 2024, respectively.
Stock-based compensation excludes $16 and $130 which is included in severance expense for the years ended December 31, 2025 and 2024, respectively.
Total research and development expenses (GAAP)		$	4,126			$	7,686
Subtract the following items:
Depreciation and amortization			(128	)			(170	)
Stock-based compensation			(51	)			(213	)
Adjusted non-GAAP research and development expenses		$	3,947			$	7,303
Total sales, marketing, general and administrative expenses (GAAP)		$	6,854			$	9,359
Subtract the following items:
Depreciation and amortization			(10	)			(26	)
Stock-based compensation			(213	)			(456	)
Adjusted non-GAAP sales, marketing, general and administrative expenses		$	6,631			$	8,877

FAQ

What were Energous (WATT) fiscal 2025 revenue and profit metrics?

Energous reported approximately $5.6 million revenue for 2025, its highest annual figure to date. According to the company, GAAP net loss improved 48% to about $9.6 million, with gross margin of 36% and non‑GAAP net loss near $8.4 million.

How much cash did Energous (WATT) have after its March 2026 ATM raises?

After ATM sales, Energous reported approximately $39.4 million in cash and equivalents as of March 23, 2026. According to the company, net proceeds of about $31.9 million were raised post‑year to support acquisitions, R&D, and operations.

How many PowerBridge transmitters did Energous (WATT) ship in 2025 and were there returns?

Energous shipped over 25,000 PowerBridge transmitters during 2025 with zero product returns reported. According to the company, this indicates production quality stability amid broader commercial deployments and scale.

What commercial customer expansion did Energous (WATT) report for 2025 deployments?

A Fortune 10 retailer plans to expand from 410 to 4,700 locations for planned deployments. According to the company, this expansion reflects a move from validation to production for its wireless power network solutions.

Did Energous (WATT) reduce operating expenses in 2025?

Yes. GAAP operating expenses fell to about $12.0 million in 2025, a ~35% reduction year over year. According to the company, non‑GAAP operating expenses decreased to roughly $10.6 million, reflecting cost and manufacturing reductions.

What strategic initiatives will Energous (WATT) pursue with available cash?

Energous intends to use available cash for strategic acquisitions, R&D, customer fulfillment, and general corporate purposes. According to the company, funds raised under the ATM will support investments and potential acquisition opportunities to scale the business.