Energous Corporation. (NASDAQ:WATT) Q1 2022 Earnings Conference Call May 11, 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

Operator

Good day and welcome to the Energous First Quarter 2022 Financial Results 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, Andrew 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 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.

Now, I would 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 first quarter conference call. Joining me this afternoon is Bill Mannina, our Acting Chief Financial Officer.

As you saw on our first quarter press release that came out this afternoon, we reported revenue of approximately $216,000 in Q1, 2022 which represents a 49% increase over the same quarter for 2021. This highlights the growing interest in our wireless power networks technology. And we are very pleased to report that for the first time in the company's history, we are shipping measurable quantities of product. The Energous vision is that wireless power is crucial to unlocking significant unrealized potential, speeding up and expanding the deployment of IoT devices.

Our wired wireless charging technology is assigned not only to enable mobility for devices as we charge them while in motion, and over the air at large distances, but also to enable freedom of placements flexibility for fixed IoT sensors, tractors and other IoT devices without the constraints of wires or the need to change batteries. We are finding that there is particularly solid customer interest in wirelessly powering RF tags and electronic shelf labels. We believe that early adoption of wireless power in these areas would lead to future IoT deployments in retail, industrial, medical, smart home and smart office market environments.