Energous Corp Q1 FY2023 earnings call

• Energous started 2023 with 14 IoT proof-of-concept (POC) installations across retail, industrial, and healthcare markets in the US, EU, and Asia. - Launched a new 2-watt PowerBridge transmitter, enhancing performance in IoT wireless power networks. - Focused on three strategic pillars: technology partner companies (14 partners supporting SaaS, electronic shelf labels, IoT sensors), distribution partners to facilitate technology delivery, and a global network of IoT system integrators. - Japan's regulatory body approved the 1W PowerBridge for unlimited power distance transmission, adding to previous certifications.

In Q1 2023, Energous recognized revenue of approximately $97,000, a 55% decrease from Q1 2022's $216,000. Sequentially, it was down from $179,000 in Q4 2022. Cost of revenue was $139,000 in Q1, a decrease from the prior quarter and Q1 2022. On a non-GAAP basis, excluding stock compensation and depreciation, total costs and expenses were adjusted. Revenue contribution from product segments isn't explicitly broken down beyond the overall financial figures.

Energous' revenue guidance for 2023 remains unchanged at this time.

No specific operational failures or detailed risks discussed beyond the standard forward-looking statement disclaimers regarding inherent risks and uncertainties in filings with the SEC.

Q: Suji Desilva asked about the 20% guidance, POCs converting to production, and customer use of mixed wattage products.

A: Cesar Johnston stated guidance remains, POCs increase and will become production, and the 2-watt transmitter enables more applications with mix of 1W and 2W products.

Q: Suji Desilva inquired about customer investment in POCs.

A: Cesar Johnston mentioned POCs vary from single units to hundreds depending on application, deployment, and user.

Q: Suji Desilva asked about POC count and whether multiple sites for a customer count as one or multiple POCs.

A: Cesar Johnston explained POCs track deployed sites, with some customers having multiple sites, and growth from 2 to 14 POCs shows strategy traction.