HomeTrending StocksEnergous Corporation Inc. (WATT) stock declines during after-market. Here’s to know why?

Energous Corporation Inc. (WATT) stock declines during after-market. Here’s to know why?

Energous Corporation Inc. (WATT) stock gained by 7.05% at last close whereas the WATT stock price plunged by 7.82% in the after-hours trading session. Energous Corporation is the world’s leading innovator in Wireless Charging 2.0. WattUp, the company’s award-winning technology, is the only one that allows both contact and distance charging in a single ecosystem.

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WATT stock, Financial Highlights

Energous Corp. released its second-quarter 2021 financial results. Given below is the summary:

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  • Energous reported revenue of $184,960 for the second quarter ended June 30, 2021.
  • Operating expenses of $11.2 million (GAAP), including $6.1 million in R&D and $5.1 million in marketing, general, and administrative costs.
  • WATT calculated its net loss as $11.0 million, or $0.18 per basic and diluted share.
  • A $6.7 million loss in adjusted EBITDA (a non-GAAP financial metric).
  • At the conclusion of the second quarter, the company had $38.23 million in cash and cash equivalents, with no debt.

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Business Updates of WATT stock

Energous has released an active energy harvesting development kit that includes a 5.5 watt conducted power transmitter and supports over-the-air wireless charging.

Energous and Atmosic have established an industry first in energy harvesting interoperability, paving the framework for the growth of wireless charging applications.

Other Significant Development

Energous Corporation announced numerous changes to its board of directors and executive team, including the roles of CEO and CFO. These moves come after previous firm president and CEO Stephen R. Rizzone announced his retirement last month. Cesar Johnston will take over as interim CEO with immediate effect. Johnston joined the firm seven years ago as a chief operational officer and executive vice president of engineering.

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Bill Mannina will also take on the position of interim CFO. Mannina has worked with the firm since 2016, holding positions such as vice president of finance and controller. Mannina’s hiring comes as existing CFO Brian Sereda, who has been with the business since 2015, announces his intention to leave. Sereda will continue to advise the firm after stepping down from day-to-day responsibilities. Following Sereda’s resignation, Mannina will take over as interim CFO. Finally, Kathleen Bayless will enter Energous as a part of the company’s audit committee and board of directors.

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