Energous Corporation (NASDAQ:WATT) Q1 2023 Earnings Conference Call May 10, 2023 4:30 PM ET

Company Participants

Cesar Johnston - Chief Executive Officer

Bill Mannina - Acting Chief Financial Officer

Conference Call Participants

Suji Desilva - ROTH Capital

Operator

Good day, and welcome to the Energous Corporation First Quarter 2023 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask question. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Craig McFall [ph], Investor Relations. Please go ahead.

Unidentified Company Representative

Thank you, and welcome everyone. Before we begin, I would like to remind participants that today’s call, the company will make forward-looking statements. These statements whether in prepared remarks or during the Q&A session are subject to inherent risks and uncertainties that are detailed in the company’s filings with the Securities and Exchange Commission. Except as otherwise required by federal laws, Energous disclaims any obligation or undertaking to publicly release updates or revisions to the forward-looking statements contained herein or elsewhere to reflect changes in expectations with regard to those events, conditions and circumstances. Also, please note that during this call, Energous will be discussing non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in today’s press release, which is posted on the company’s website and SEC filings.

Now, I would like to turn the call over to Cesar Johnston, CEO of Energous. Please go ahead, Cesar.

Cesar Johnston

Thanks, Craig. Good afternoon, and welcome to the Energous 2023 first quarter conference call. Joining me is Bill Mannina, our Acting Chief Financial Officer. Energous started this year 2023 with a solid foundation based on partnerships and initial business momentum as we reported our first 10 IoT proof-of-concept installations or what we refer to as POC installations using our WattUp technology.

Our focus on increasing the number of Energy's technology installations continues to show promising results and we are glad to announce that we have now expanded that number to a total of 14 in Q1 2023 across the retail, industrial and healthcare markets in three different regions, including the US, the European Union and in Asia. We believe that the increase in POCs is a strong product indicator in the adoption of our technologies and solutions. We will continue to report on POC status in the coming quarters as we feel it is the best metric to track the growth of our business.