SAN JOSE, Calif. - Energous (NASDAQ:WATT) Corporation (NASDAQ: WATT), specializing in wireless power network (WPN) technologies, has secured multiple orders for its 2W PowerBridge transmitter systems from a leading Fortune 10 multinational retailer.
These orders follow a successful proof of concept for a comprehensive 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.
The move to digitize the grocery distribution supply chain is a growing trend among retailers seeking to leverage Internet of Things (IoT) technologies for better visibility and control. The Energous systems will provide continuous wireless power and real-time data streaming for IoT-enabled devices, such as sensors and tags within the supply chain. This technology enables the retailer to monitor and optimize their distribution network and proactively manage shipment issues.
Mallorie Burak, Interim Principal Executive Officer and CFO of Energous, highlighted the importance of real-time data access for maintaining food quality and freshness. Energous' wireless power solutions are expected to facilitate improvements in safety, freshness, and compliance through enhanced asset and inventory visibility.
Energous PowerBridge transmitter systems form the backbone of WPNs, allowing connected devices to continuously transmit critical data to cloud networks without the need for wires, batteries, or cables. These systems are designed for enterprise IoT applications, providing power over distance, which is vital for effective asset tracking and monitoring. The technology is expected to optimize IoT device performance and contribute to the efficiency of supply chain operations.
Energous Corporation is at the forefront of OTA wireless power networks, driving a new generation of battery-free devices for asset and inventory tracking and management across various industries. The press release emphasizes the company's commitment to innovation and the potential of its technologies to transform supply chain management.
This announcement is based on a press release statement from Energous Corporation.
In other recent news, Energous Corporation has broadened its global footprint by forming partnerships with Annukin, Ecobyte, and Peak Technologies. These collaborations aim to boost the adoption of Energous' wireless power solutions, specifically in the Internet-of-Things (IoT) sector. The company's wireless power transmitters offer a potential alternative to traditional power sources, eliminating the need for batteries, wires, or cables.
In recent developments, Annukin, Ecobyte, and Peak Technologies plan to integrate Energous' technology to enhance asset tracking and supply chain visibility. 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.
Conversely, Ladenburg Thalmann downgraded Energous from Buy to Neutral, setting a price target of $2.00 and expressing concerns about the company's short-term prospects.
Furthermore, 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. An Office of the Chair has been established to lead operations in the interim. These recent developments may influence the company's trajectory in the near future.
InvestingPro Insights
In the wake of Energous Corporation's (NASDAQ: WATT) recent deal with a top retailer to enhance supply chain operations with its wireless power technologies, a glance at the company's financial health and market performance provides additional context.
According to InvestingPro data, Energous holds a market capitalization of $8.57 million USD, reflecting its position in the competitive tech industry. While analysts are optimistic about sales growth in the current year, an important InvestingPro Tip notes that the company is not expected to be profitable this year. This could be a point of consideration for investors looking at the long-term potential of Energous.
Another critical metric is the company's revenue, which for the last twelve months as of Q1 2024 stands at $0.44 million USD, indicating a significant decrease of 39.76% from the previous year. This contraction in revenue could be a concern, although the company's innovative approach to IoT and supply chain management may provide avenues for future growth.
The stock has experienced considerable volatility, with a 1-week price total return of -19.28% and a 1-month return of -20.73%, underscoring the need for investors to weigh the potential rewards against the risks inherent in a volatile market.
For those interested in deeper analysis, there are over 10 additional InvestingPro Tips available for Energous Corporation, which can be accessed by visiting https://www.investing.com/pro/WATT. These tips provide further insights into the company's financial position and market performance. Moreover, users can utilize the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering a more comprehensive understanding of Energous' potential in the evolving tech landscape.
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