Price | 3.32 | EPS | -1 | |
Shares | 31 | P/E | -2 | |
MCap | 102 | P/FCF | -5 | |
Net Debt | -23 | EBIT | -41 | |
TEV | 80 | TEV/EBIT | -2 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-09 |
10-Q | 2020-06-30 | Filed 2020-08-10 |
10-Q | 2020-03-31 | Filed 2020-05-11 |
10-K | 2019-12-31 | Filed 2020-03-13 |
10-Q | 2019-09-30 | Filed 2019-11-12 |
10-Q | 2019-06-30 | Filed 2019-08-09 |
10-Q | 2019-03-31 | Filed 2019-05-10 |
10-K | 2018-12-31 | Filed 2019-02-28 |
10-Q | 2018-09-30 | Filed 2018-11-09 |
10-Q | 2018-06-30 | Filed 2018-08-09 |
10-Q | 2018-03-31 | Filed 2018-05-10 |
10-K | 2017-12-31 | Filed 2018-03-16 |
10-Q | 2017-09-30 | Filed 2017-11-09 |
10-Q | 2017-06-30 | Filed 2017-08-09 |
10-Q | 2017-03-31 | Filed 2017-05-10 |
10-K | 2016-12-31 | Filed 2017-03-16 |
10-Q | 2016-09-30 | Filed 2016-11-09 |
10-Q | 2016-06-30 | Filed 2016-08-09 |
10-Q | 2016-03-31 | Filed 2016-05-10 |
10-K | 2015-12-31 | Filed 2016-03-15 |
10-Q | 2015-09-30 | Filed 2015-11-12 |
10-Q | 2015-06-30 | Filed 2015-08-13 |
10-Q | 2015-03-31 | Filed 2015-05-13 |
10-K | 2014-12-31 | Filed 2015-03-30 |
10-Q | 2014-09-30 | Filed 2014-11-10 |
10-Q | 2014-06-30 | Filed 2014-08-13 |
10-Q | 2014-03-31 | Filed 2014-05-14 |
8-K | 2020-11-09 | Earnings, Exhibits |
8-K | 2020-10-20 | Officers, Exhibits |
8-K | 2020-09-30 | Other Events, Exhibits |
8-K | 2020-08-05 | Earnings, Exhibits |
8-K | 2020-07-24 | Amend Bylaw, Shareholder Vote, Exhibits |
8-K | 2020-05-26 | |
8-K | 2020-05-06 | |
8-K | 2020-04-21 | |
8-K | 2020-02-26 | |
8-K | 2019-11-07 | |
8-K | 2019-10-11 | |
8-K | 2019-08-28 | |
8-K | 2019-08-15 | |
8-K | 2019-08-08 | |
8-K | 2019-05-15 | |
8-K | 2019-04-30 | |
8-K | 2019-03-28 | |
8-K | 2019-03-28 | |
8-K | 2019-02-27 | |
8-K | 2019-02-27 | |
8-K | 2018-10-30 | |
8-K | 2018-08-01 | |
8-K | 2018-05-16 | |
8-K | 2018-05-01 | |
8-K | 2018-03-21 | |
8-K | 2018-02-15 | |
8-K | 2018-01-11 | |
8-K | 2018-01-10 |
Part I - Financial Information |
Item 1. Financial Statements |
Note 1 - Business Organization, Nature of Operations |
Note 2 - Liquidity and Management Plans |
Note 3 - Summary of Significant Accounting Policies |
Note 4 - Commitments and Contingencies |
Note 5 - Stockholders' Equity |
Note 6 - Stock - Based Compensation |
Note 7 - Related Party Transactions |
Note 8 - Customer Concentrations |
Note 9 - Subsequent Events |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosure About Market Risk |
Item 4. Controls and Procedures |
Part II - Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Sales of Unregistered Securities; Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-10.2 | watt-ex102_137.htm |
EX-31.1 | watt-ex311_10.htm |
EX-31.2 | watt-ex312_9.htm |
EX-32.1 | watt-ex321_8.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED
OR
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
COMMISSION FILE NUMBER
ENERGOUS CORPORATION
(Exact name of registrant as specified in its charter)
|
| |
(State of incorporation) |
| (I.R.S. Employer Identification No.) |
(Address of principal executive office) (Zip code)
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading Symbol(s) |
| Name of each exchange on which registered |
|
| |
| |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ |
| | ☑ |
Non-accelerated filer | ☐ |
| Smaller reporting company | |
Emerging growth company | |
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of November 4, 2020, there were
ENERGOUS CORPORATION
FORM 10-Q
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020
INDEX
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Energous Corporation
BALANCE SHEETS
|
| As of |
| |||||
|
| September 30, 2020 |
|
| December 31, 2019 |
| ||
|
| (unaudited) |
|
|
|
|
| |
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | |
|
| $ | |
|
At-the-market ("ATM") funds receivable |
|
| |
|
|
| – |
|
Accounts receivable |
|
| |
|
|
| |
|
Prepaid expenses and other current assets |
|
| |
|
|
| |
|
Total current assets |
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
| |
|
|
| |
|
Operating lease right-of-use assets |
|
| |
|
|
| |
|
Other assets |
|
| |
|
|
| |
|
Total assets |
| $ | |
|
| $ | |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | |
|
| $ | |
|
Accrued expenses |
|
| |
|
|
| |
|
Operating lease liabilities, current portion |
|
| |
|
|
| |
|
Deferred revenue |
|
| |
|
|
| |
|
Total current liabilities |
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities, long-term portion |
|
| |
|
|
| |
|
Total liabilities |
|
| |
|
|
| |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
| |
|
|
| |
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred Stock, $ at September 30, 2020 and December 31, 2019; outstanding |
|
| |
|
|
| |
|
Common Stock, $ shares authorized at September 30, 2020 and December 31, 2019, respectively; outstanding at September 30, 2020 and December 31, 2019, respectively. |
|
| |
|
|
| |
|
Additional paid-in capital |
|
| |
|
|
| |
|
Accumulated deficit |
|
| ( | ) |
|
| ( | ) |
Total stockholders’ equity |
|
| |
|
|
| |
|
Total liabilities and stockholders’ equity |
| $ | |
|
| $ | |
|
The accompanying notes are an integral part of these condensed financial statements.
3
Energous Corporation
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
|
| For the Three Months Ended September 30, |
|
| For the Nine Months Ended September 30, |
| ||||||||||
|
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||
Revenue |
| $ | |
|
| $ | |
|
| $ | |
|
| $ | |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Sales and marketing |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
General and administrative |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Cost of services revenue |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
Total operating expenses |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Loss from operations |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
|
| ( | ) |
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Total other income |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
Net loss |
| $ | ( | ) |
| $ | ( | ) |
| $ | ( | ) |
| $ | ( | ) |
Basic and diluted loss per common share |
| $ | ( | ) |
| $ | ( | ) |
| $ | ( | ) |
| $ | ( | ) |
Weighted average shares outstanding, basic and diluted |
|
| |
|
|
| |
|
|
| |
|
|
| |
|
The accompanying notes are an integral part of these condensed financial statements.
4
Energous Corporation
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
|
| Common Stock |
|
| Additional Paid-in |
|
| Accumulated |
|
| Total Stockholders' |
| ||||||||
|
| Shares |
|
| Amount |
|
| Capital |
|
| Deficit |
|
| Equity |
| |||||
Balance at January 1, 2020 |
|
| |
|
| $ | |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
Stock-based compensation - restricted stock units ("RSUs") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Stock-based compensation - performance share units ("PSUs") |
|
| – |
|
|
| – |
|
|
| ( | ) |
|
| – |
|
|
| ( | ) |
Stock-based compensation - employee stock purchase plan ("ESPP") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Issuance of shares for RSUs |
|
| |
|
|
| |
|
|
| ( | ) |
|
| – |
|
|
| – |
|
Proceeds from contributions to the ESPP |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Issuance of shares in an at-the-market ("ATM") offering, net of $ |
|
| |
|
|
| |
|
|
| |
|
|
| – |
|
|
| |
|
Net loss |
|
| – |
|
|
| – |
|
|
| – |
|
|
| ( | ) |
|
| ( | ) |
Balance March 31, 2020 (unaudited) |
|
| |
|
|
| |
|
|
| |
|
|
| ( | ) |
|
| |
|
Stock-based compensation - restricted stock units ("RSUs") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Stock-based compensation - employee stock purchase plan ("ESPP") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Issuance of shares for RSUs |
|
| |
|
|
| |
|
|
| ( | ) |
|
| – |
|
|
| – |
|
Proceeds from contributions to the ESPP |
|
| |
|
|
| |
|
|
| |
|
|
| – |
|
|
| |
|
Issuance of shares in an at-the-market ("ATM") offering, net of $ |
|
| |
|
|
| |
|
|
| |
|
|
| – |
|
|
| |
|
Net loss |
|
| – |
|
|
| – |
|
|
| – |
|
|
| ( | ) |
|
| ( | ) |
Balance, June 30, 2020 (unaudited) |
|
| |
|
| $ | |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
Stock-based compensation - restricted stock units ("RSUs") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Stock-based compensation - employee stock purchase plan ("ESPP") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Issuance of shares for RSUs |
|
| |
|
|
| |
|
|
| ( | ) |
|
| – |
|
|
| – |
|
Proceeds from contributions to the ESPP |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Issuance of shares in an at-the-market ("ATM") offering, net of $ |
|
| |
|
|
| |
|
|
| |
|
|
| – |
|
|
| |
|
Net loss |
|
| – |
|
|
| – |
|
|
| – |
|
|
| ( | ) |
|
| ( | ) |
Balance, September 30, 2020 (unaudited) |
|
| |
|
| $ | |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
5
Energous Corporation
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (CONTINUED)
|
| Common Stock |
|
| Additional Paid-in |
|
| Accumulated |
|
| Total Stockholders' |
| ||||||||
|
| Shares |
|
| Amount |
|
| Capital |
|
| Deficit |
|
| Equity |
| |||||
Balance at January 1, 2019 |
|
| |
|
| $ | |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
Stock-based compensation - restricted stock units ("RSUs") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Stock-based compensation - employee stock purchase plan ("ESPP") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Issuance of shares for RSUs |
|
| |
|
|
| |
|
|
| ( | ) |
|
| – |
|
|
| – |
|
Shares withheld for payroll tax on RSUs |
|
| ( | ) |
|
| – |
|
|
| ( | ) |
|
| – |
|
|
| ( | ) |
Shares withheld for payroll tax on performance share units ("PSUs") |
|
| ( | ) |
|
| – |
|
|
| ( | ) |
|
| – |
|
|
| ( | ) |
Exercise of stock options |
|
| |
|
|
| |
|
|
| |
|
|
| – |
|
|
| |
|
Proceeds from contributions to the ESPP |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Issuance of shares and warrant in a private placement, net of $ |
|
| |
|
|
| |
|
|
| |
|
|
| – |
|
|
| |
|
Net loss |
|
| – |
|
|
| – |
|
|
| – |
|
|
| ( | ) |
|
| ( | ) |
Balance, March 31, 2019 (unaudited) |
|
| |
|
| $ | |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
Stock-based compensation - restricted stock units ("RSUs") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Stock-based compensation - employee stock purchase plan ("ESPP") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Issuance of shares for RSUs |
|
| |
|
|
| |
|
|
| ( | ) |
|
| – |
|
|
| – |
|
Proceeds from contributions to the ESPP |
|
| |
|
|
| |
|
|
| |
|
|
| – |
|
|
| |
|
Net loss |
|
| – |
|
|
| – |
|
|
| – |
|
|
| ( | ) |
|
| ( | ) |
Balance, June 30, 2019 (unaudited) |
|
| |
|
| $ | |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
Stock-based compensation - restricted stock units ("RSUs") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Stock-based compensation - employee stock purchase plan ("ESPP") |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Issuance of shares for RSUs |
|
| |
|
|
| |
|
|
| ( | ) |
|
| – |
|
|
| – |
|
Shares returned |
|
| ( | ) |
|
| – |
|
|
| – |
|
|
| – |
|
|
| - |
|
Proceeds from contributions to the ESPP |
|
| – |
|
|
| – |
|
|
| |
|
|
| – |
|
|
| |
|
Net loss |
|
| – |
|
|
| – |
|
|
| – |
|
|
| ( | ) |
|
| ( | ) |
Balance, September 30, 2019 (unaudited) |
|
| |
|
| $ | |
|
| $ | |
|
| $ | ( | ) |
| $ | |
|
The accompanying notes are an integral part of these condensed financial statements.
6
Energous Corporation
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
|
| For the Nine Months Ended September 30, |
| |||||
|
| 2020 |
|
| 2019 |
| ||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
| $ | ( | ) |
| $ | ( | ) |
Adjustments to reconcile net loss to: |
|
|
|
|
|
|
|
|
Net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| |
|
|
| |
|
Stock based compensation |
|
| |
|
|
| |
|
Changes in operating lease right-of-use assets |
|
| |
|
|
| |
|
Bad debt expense |
|
| |
|
|
| – |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
| |
|
|
| ( | ) |
Prepaid expenses and other current assets |
|
| ( | ) |
|
|