Home Financial Markets Energous Corp. (WATT) stock surged during pre-market trading. What’s happening?

Energous Corp. (WATT) stock surged during pre-market trading. What’s happening?

Energous Corp. (NASDAQ: WATT) stock soared by 0.36% at last close while the WATT stock price gains further by 7.12% during the pre-market session. Energous Corporation is the world’s leading innovator in Wireless Charging 2.0. WattUp, WATT’s award-winning technology, is the only one that enables both direct and distance charging in a single ecosystem.

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Upcoming Event

WATT announced today that it would give a virtual presentation at the LD Micro Invitational XI event on June 9, 2021.

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Event: Energous Presentation at the LD Micro Invitational XI.

Recent Past Development

Financial Highlights.

On May 13, 2021, Energous Corporation announced its financial results for the first quarter ended on Mar. 31, 2021.

  • WATT has generated a revenue of $145,065 in the first quarter 2021.
  • $8.7 million has been calculated for operating expenditures (GAAP), including $4.6 million in research and development and $4.1 million in marketing, general, and administrative expenditures.
  • $8.5 million, calculated as a net loss for Q1 2021, or $0.14 per basic and diluted share.
  • A $6.3 million loss in adjusted EBITDA (a non-GAAP financial metric).
  • At the completion of the first quarter, WATT had $44.8 million in cash and cash equivalents, with no liabilities.

Business Highlights

Brian Sereda, Senior vice president and Chief financial officer of Energous Corporation stated:

With the latest European certification, they’ve made significant progress in broadening the number of applications for their WattUp at-a-distance charging technology. WATT is witnessing more interest in RF charging from consumer, IoT, medical, and industrial device makers as their technology progresses toward wide commercial availability.

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