Energous (WATT) Q3 2025 earnings summary

Executive summary

• Achieved $1.3M in Q3 2025 revenue, up 453% year-over-year and 30% sequentially, driven by commercial deployments with major enterprise retailers and AWS Partner Network engagement.

• Net loss for Q3 2025 was $2.1M, a 38% improvement year-over-year, marking the lowest quarterly net loss in over a decade.

• Gross profit turned positive at $0.5M for Q3 2025, a 703% year-over-year increase, with gross margin at 36%.

• Continued innovation with new product launches, including the battery-free e-Sense tag and e-Compass software, and expansion of the intellectual property portfolio.

• Raised $4.1M in a registered direct offering, $18.2M through an ATM program, and $0.4M from early warrant exercises during the first nine months of 2025.

Financial highlights

• Revenue for the nine months ended September 30, 2025 was $2.6M, up 662% year-over-year and over three times FY 2024 revenue.

• Net loss for the nine months ended September 30, 2025 was $8.3M, a 42% improvement from the prior year period.

• Operating expenses for the nine months ended September 30, 2025 were $9.5M, down 36% year-over-year; Q3 2025 GAAP operating expenses decreased 24% year-over-year to $2.6M.

• Cash and cash equivalents as of September 30, 2025 were $12.9M.

• Net cash used in operating activities for the nine months ended September 30, 2025 was $10.0M, down from $14.9M in the prior year period.

Outlook and guidance

• Management believes current cash and access to capital are sufficient to fund operations for at least the next 12 months, based on current operating levels and recent cost reductions.

• Backlog of confirmed orders as of November 11, 2025, was approximately $4.1M, expected to ship within twelve months.

• Plans to pursue additional financing as needed, including equity or debt offerings, depending on market conditions.