Energous Corp Down 23.78% To $1.88 After Earnings Beat

Energous Corp (WATT) said after close Thursday that it lost $0.89 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $168.7 thousand, missing estimates by $151.3 thousand.

In the same quarter a year ago, the company lost $1.6 per share on revenue of $223.2 thousand.

The stock is down 23.78% to $1.88 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Energous Corp a Bullish Sentiment Rank from InvestorsObserver.

Energous Corp has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 76, putting Energous Corp in the top 25% of stocks. The firm was recently trading at a 52-week low of $1.51 on October 5, 2023 and set a 52-week high on November 11, 2022 at $22.

Energous Corp is a development stage technology company. It is developing a technology named WattUp, which will enable RF (radio frequency) based wire free charging for electronic devices. The firm believes that its technology will be utilized in the internet of things devices, smartphones, tablets, e-book readers, keyboards, mice, remote controls, rechargeable lights, cylindrical batteries and other devices with similar charging requirements. Its business strategy is to become a supplier and licensor of its technology to companies who design, manufacture and market devices to consumers, military, industrial and other users.