Energous Corporation (NASDAQ:WATT) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET

Company Participants

Matt Sullivan - Investor Relations

Cesar Johnston - Chief Executive Officer

Bill Mannina - Acting Chief Financial Officer

Conference Call Participants

Suji Desilva - ROTH Capital

Jon Hickman - Ladenburg Thalmann

Operator

Good day and welcome to the Energous Corporation Third Quarter 2022 Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Matt Sullivan, Investor Relations. Please go ahead.

Matt Sullivan

Thank you, Wisnabe and welcome everyone. Before we begin, I would like to remind participants that during 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 securities laws, Energous disclaims any obligation or undertaking to publicly release updates or revision to the forward-looking statements contained herein or elsewhere to reflect changes in expectations with regards 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.

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

Cesar Johnston

Thanks, Matt. Good afternoon and welcome to the Energous 2022 third quarter conference call. Joining me today is Bill Mannina, our acting Chief Financial Officer.

I am pleased to report that in the third quarter of 2022, Energous delivered just over 10% year-over-year quarterly revenue growth, while continuing to improve our bottom line, driven by the demand and fulfillment of orders for our WattUp PowerBridges. This is a strong indicator of the increasing demand for our wireless power network solutions as you will now hear.

In the third quarter 2022, we made substantial progress. Firstly, we announced the first two retail deployments of Energous WattUp PowerBridges through our partnership with Flagship and Wiliot. These retail deployments, both in Australia successfully demonstrate the installation of multiple WattUp PowerBridges in an active harvesting wireless power transfer network, safely energized in thousands of Wiliot IoT Pixels without the need of batteries and under the software control of Flagship. The installation provides retailers with in-store merchandise and customer dynamics tracking data. These installations perfectly showcase the suitability of the WattUp technology system capabilities for new potential adjacent markets, enabling energized rooms where power can be harvested by IoT devices, eliminating the need for batteries or power cables.