SAN JOSE, Calif., March 11, 2025--(BUSINESS WIRE)--Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT), a pioneer in scalable, over-the-air (OTA) wireless power networks, today announced an update on recent financing activities and plans for future business growth. During the first two months of 2025, the company successfully raised net proceeds of $13.4 million under its "at-the-market" common stock equity offering program (the "ATM Program"), which greatly stabilized its financial position and will provide growth capital to fulfill current and future backlog and other operational needs.
In mid-February 2025, Energous also increased the capacity for sales of common stock under the ATM Program to up to $80 million of additional shares, preserving continued access to capital, if needed, to accelerate its commitment to repositioning the company for growth and fulfilling its strategic objectives. Proceeds from the ATM Program, combined with cost reduction measures implemented during 2024 and into the first quarter of 2025, are expected to provide Energous with sufficient funds for general corporate purposes, including capital expenditures, working capital, and other business opportunities, for at least the next 12 months.
"Recent financial and operational milestones have not only stabilized the company but have also positioned us for sustainable growth," said Mallorie Burak, CEO and CFO of Energous Wireless Power Solutions. "We are anticipating an increase in orders as part of the scale-up process we began early last year with two of our leading multinational retail customers, and there’s potential for an accelerated deployment schedule due to upcoming government regulations, such as the Food Safety Modernization Act, impacting retailers in early 2026."
Given this improved financial footing, Energous will withdraw the previously announced Regulation A Offering Statement filed with the SEC and terminate the Regulation A offering. The Company has not closed on any sales of securities under the Regulation A offering.
"Our focus remains, first and foremost, to maximize shareholder value. Although there was significant interest in the Regulation A offering, we believe that strategic cost-cutting measures, increased development of product sales, and continued access to the least dilutive financing alternative at the lowest possible cost of capital will be best for both our shareholders and the company," added Burak. "The bright spot of the offering was the ability to interact with the retail investor community. We remain grateful for the support shown by the individual investors who believe that Energous’ wireless power technology is enabling the future of intelligent business automation."
About Energous Wireless Power Solutions
Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT) is pioneering scalable, over-the-air (OTA) wireless power networks that enable unprecedented levels of visibility, control, and intelligent business automation. The Company’s wireless power transmitter and receiver technologies deliver continuous access to wireless power, helping drive a new generation of battery-free devices for asset and inventory tracking and management—from retail sensors, electronic shelf labels, and asset trackers, to air quality monitors, motion detectors, and more. For more information, visit https://energous.com/ or follow on LinkedIn.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements may describe our future plans and expectations and are based on the current beliefs, expectations and assumptions of Energous. These statements generally use terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or similar terms. Examples of forward-looking statements in this release include but are not limited to statements about our financial results and projections, statements about the success of our collaborations with our partners, statements about any governmental approvals we may need to operate our business, statements about our technology and its expected functionality, and statements with respect to expected company growth. Factors that could cause actual results to differ from current expectations include: uncertain timing of necessary regulatory approvals; timing of customer product development and market success of customer products; our dependence on distribution partners; and intense industry competition. We urge you to consider those factors, and the other risks and uncertainties described in our most recent annual report on Form 10-K as filed with the Securities and Exchange Commission (SEC), any subsequently filed quarterly reports on Form 10-Q as well as in other documents that may have been subsequently filed by Energous, from time to time, with the SEC, in evaluating our forward-looking statements. In addition, any forward-looking statements represent Energous’ views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Energous does not assume any obligation to update any forward-looking statements unless required by law.
