SAN JOSE, Calif. - Energous (NASDAQ:WATT) Corporation (NASDAQ:WATT), known for its development of over-the-air wireless power networks, has announced partnerships with Annukin, Ecobyte, and Peak Technologies to bolster the adoption of its wireless power solutions globally. These strategic alliances aim to address the power needs of Internet-of-Things (IoT) devices used in supply chain, retail, and healthcare applications.
The company's wireless power transmitters are designed to provide electrical power over-the-air, enabling simultaneous charging of multiple battery-free devices, which could include retail sensors, asset trackers, and air quality monitors, among others. This technology offers a potential alternative to traditional power sources, eliminating the need for batteries, wires, or cables.
Annukin, a Latin American IT services and consulting firm specializing in IoT, recently demonstrated the benefits of Energous' technology by enhancing asset tracking coverage by over 92% for a Mexican retailer. Ecobyte, focusing on returnable packaging asset tracking in Europe, will integrate Energous' solutions into its systems to improve supply chain visibility. Peak Technologies, a major provider of end-to-end technology solutions in North America and Europe, plans to leverage Energous' offerings to enhance asset tracking solutions for its customers.
Mallorie Burak, Interim Principal Executive Officer and CFO of Energous, expressed that the partnerships are a significant move towards providing global solutions that meet the increasing demand for efficient and reliable power in connected devices and IoT applications.
Energous' advancements come at a time when the IoT market is expanding, with businesses seeking more efficient ways to manage assets and data. The collaboration with experienced partners is expected to accelerate the access to Energous' wireless power solutions, potentially transforming the way warehouses and IoT-enabled devices are powered.
The company's forward-looking statements indicate a positive outlook on the future of the wireless charging industry, although actual results may vary due to various factors including regulatory approvals, market acceptance, and industry competition.
In other recent news, Energous Corporation experienced significant developments. Roth/MKM maintained its Buy rating on Energous, albeit with a reduced price target from $4.00 to $2.50, indicating confidence in the company's growth potential and strategic direction. The firm emphasized Energous' advancements in its proof-of-concept engagements and expected benefits from the production ramp-up of its initial programs in the coming quarters.
On the other hand, Ladenburg Thalmann downgraded Energous from Buy to Neutral, setting a price target of $2.00. The firm expressed concerns about the company's short-term prospects within the wireless charging market and revised its revenue estimate for Energous in 2024 to $1.1 million, with a slight improvement projected for 2025.
In addition to these analyst adjustments, Energous 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. The Board has initiated the process to find a permanent successor. In the interim, an Office of the Chair has been established to lead operations. These are recent developments that may influence the company's trajectory in the near future.
InvestingPro Insights
Energous Corporation (NASDAQ:WATT) has recently been in the news for its strategic partnerships aimed at expanding the reach of its wireless power solutions. As the company positions itself in the growing IoT market, here are some key metrics and tips from InvestingPro that provide additional context to the financial health and market performance of Energous:
InvestingPro Data reveals a Market Cap of approximately 10.61 million USD, highlighting the company's relatively small size within the industry. Despite the innovative nature of its technology, Energous is facing significant financial challenges, with a Revenue decline of nearly 39.76% over the last twelve months as of Q1 2024. Moreover, the Operating Income Margin for the same period stands at a staggering -4657.54%, indicating substantial operational costs compared to its revenue.
InvestingPro Tips suggest that while Energous holds more cash than debt on its balance sheet, a positive sign of financial stability, analysts are not expecting the company to be profitable this year. Additionally, the stock price has been quite volatile and has performed poorly over the last month, with a 22.14% decrease.
For readers interested in deeper analysis and more InvestingPro Tips on Energous Corporation, including whether analysts anticipate sales growth in the current year or if the company's liquid assets exceed its short term obligations, visit https://www.investing.com/pro/WATT. There are 15 additional InvestingPro Tips available to help you make an informed investment decision. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for even more valuable insights.
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