SAN JOSE, Calif. - Energous (NASDAQ:WATT) Corporation (NASDAQ: WATT), known for its developments in over-the-air wireless power networks, today announced that it has received full Federal Communications Commission (FCC) certification for its 2W PowerBridge transmitter system. This milestone marks the first FCC-certified transmitter of its kind to operate at this power level, potentially enhancing supply chain visibility for enterprise customers.
The Energous 2W PowerBridge is designed to deliver power wirelessly up to 8W Effective Isotropic Radiated Power (EIRP), a significant increase from previous capabilities. Devices operating in the 900MHz frequency band, such as those used in wireless power transfer, must comply with FCC equipment authorization rules. The certification of the 2W PowerBridge ensures adherence to these standards, paving the way for safer and more efficient wireless power networks (WPNs) that provide continuous access to power and data for connected devices.
Daniel Lawless, SVP of System Operations and Regulatory Affairs at Energous, emphasized the company's commitment to advancing wireless power technology and supporting battery-free innovations. The certified PowerBridge transmitter aligns with regulatory standards, aiming to offer a reliable solution for enterprises to automate and improve supply chain operations through enhanced visibility and control.
Sanjay Gupta, President of the AirFuel Alliance, congratulated Energous on this achievement, noting the significance of the certification in promoting the adoption of wireless charging and simplifying deployment within the industry.
Energous stands as one of the first companies to secure FCC certification for its wireless power solutions, with its technology now recognized in over 110 markets globally. The company boasts a portfolio of more than 250 patents supporting its innovative approach to wireless power delivery.
The 2W PowerBridge transmitter system is integral to the operation of WPNs, allowing IoT devices such as sensors and tags to continuously communicate with cloud networks. This technology is particularly suited for large-scale industrial applications where real-time asset tracking and monitoring are crucial.
This news article is based on a press release statement from Energous Corporation.
In other recent news, Energous Corporation has secured multiple orders from a top Fortune 10 multinational retailer for its 2W PowerBridge transmitter systems. These orders follow a successful proof of concept for a comprehensive wireless power network (WPN) aimed at enhancing asset tracking for grocery and store supply chains. The implementation is set to begin with upgrades in a grocery distribution center and 170 stores.
In another recent development, Energous Corporation has formed partnerships with Annukin, Ecobyte, and Peak Technologies. These collaborations aim to boost the adoption of Energous' wireless power solutions, particularly in the Internet-of-Things (IoT) sector. Analyst firm Roth/MKM maintained its Buy rating on Energous, albeit with a reduced price target from $4.00 to $2.50, while Ladenburg Thalmann downgraded Energous from Buy to Neutral, setting a price target of $2.00.
Additionally, Energous Corporation has partnered with DigiKey, a global distributor of electronic components, to broaden the availability of Energous's wireless power solutions within the rapidly growing IoT market. The company also announced the immediate departure of Cesar Johnston from his roles as President and CEO, although he will maintain his position on the company's Board of Directors. An Office of the Chair has been established to lead operations in the interim.
InvestingPro Insights
As Energous Corporation (NASDAQ: WATT) celebrates its FCC certification, investors are looking closely at the company's financial health and market performance. According to InvestingPro data, Energous holds a market capitalization of $6.42 million, showcasing its position in the market relative to peers. Despite recent technological advancements, the company's revenue in the last twelve months as of Q2 2024 stands at $0.37 million, reflecting a decline of nearly 40% from the previous period. This downturn is mirrored in the quarterly revenue growth, with a steep decrease of over 60%.
InvestingPro Tips for Energous highlight that the company holds more cash than debt on its balance sheet, suggesting a degree of financial stability. Moreover, analysts project sales growth in the current year, indicating potential for recovery and expansion. However, it's important to note that the stock has experienced significant volatility in price movements, and analysts do not anticipate the company will be profitable this year. For investors seeking a more in-depth analysis, InvestingPro offers additional tips on Energous, providing a comprehensive understanding of the company's financial outlook.
Investors interested in the future of wireless power networks may find Energous' technological strides promising, but the InvestingPro Insights suggest a cautious approach due to the company's financial challenges. With the InvestingPro product, users can access a total of 17 detailed InvestingPro Tips, offering a broader perspective on whether Energous Corporation's current market position aligns with their investment strategy.
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