Energous Corp Q3 FY2023 earnings call

• Energous is executing a smart IoT-centric strategy, focusing on IoT power charging products using wireless power networks. - There are 31 POCs across the U.S., Europe, and Asia in multiple markets like retail, industrial, medical, and smart office. - Partnerships include with Veea, InPlay, and progress in a POC with Ecobyte in Germany related to logistics and real-time asset tracking. - Q3 revenue was $169,000, a 44% increase from prior quarter. - OpEx was reduced by 15% compared to Q3 2022 in non-GAAP costs and expenses.

In Q3 2023, Energous recognized revenue of approximately $169,000, a 44% increase from the prior quarter but a 24% decline compared to Q3 2022. For the first nine months of 2023, total revenue was $383,000, a 43% decrease from the same period in 2022. Cost of revenue in Q3 was $48,000, a decrease from prior periods. GAAP net loss for Q3 was approximately $4.1 million. Non-GAAP net loss excluded certain items, resulting in adjusted net non-GAAP cost and expenses of $4.6 million. Cash burn rate decreased to $3.9 million in Q3 2023 from $5.7 million a year ago.

• The 20% revenue growth target for 2023 is dependent on the POC conversion rate of 31 POCs into purchase orders in Q4 2023 and 2024. - They will update on conversion rates at the next earnings call.

Q: Of the 31 POCs, how many customers have multiple POCs?

A: Mostly single POCs per customer, though some customers may have more.

Q: Which end markets' POCs are closest to volume?

A: Logistics and real-time asset tracking, exemplified by the German POC with Ecobyte.

Q: What's the mechanics of bulk sales mentioned?

A: Early last year, investments with partners to get technology out there, which helped in POC growth.

Q: Still holding guidance for year-over-year revenue growth?

A: Yes, dependent on POC conversion rates into purchase orders in Q4 2023 and 2024, with an update planned at the next earnings call.