SAN JOSE, Calif. - Energous (NASDAQ:WATT) Corporation, known as Energous Wireless Power Solutions (NASDAQ:WATT), has entered the initial phase of a project with a Fortune 10 multinational retailer to modernize infrastructure across its retail locations. The company, currently valued at $4.2 million and trading near its 52-week low, announced Monday that it would begin shipping more than 1,500 of its 2W PowerBridge transmitter systems by year-end, marking a significant step in the deployment of wireless power networks (WPNs). According to InvestingPro analysis, the company shows potential despite current market challenges, with analysts projecting significant sales growth for the current year.
The project, part of a broader nationwide infrastructure optimization program, is expected to enhance supply chain operations for approximately 140 U.S. retail stores and multiple grocery distribution centers. This rollout represents the first tranche of an anticipated upgrade to around 4,700 retail locations over a three to five-year period.
Energous' technology aims to provide continuous wireless power for asset and inventory tracking, which is expected to improve visibility and control over perishable and dry goods. The initial order, valued at approximately $0.3 million, is set to be installed in the first quarter of 2025.
Mallorie Burak, CEO and CFO of Energous, expressed pride in reaching a critical milestone with the adoption of their 2W PowerBridge transmitter technology. The decision to proceed with a nationwide rollout followed a successful Proof of Concept phase in 2023, which demonstrated up to 99 percent visibility of tracked assets and inventory.
The wireless power solutions provided by Energous are designed to offer operational efficiency and sustainability by reducing the need for batteries in devices such as retail sensors, electronic shelf labels, and asset trackers.
The information in this article is based on a press release statement from Energous Corporation. As with all forward-looking statements, they reflect the company's current views and expectations and are subject to various risks and uncertainties that could cause actual results to differ materially.
In other recent news, Energous Corporation disclosed a significant shift in its leadership as it appointed Mallorie Burak as the permanent CEO. While already serving as the interim CEO and CFO, Burak will continue to fulfill her CFO duties alongside her new role. Energous is banking on Burak's nearly two-decade executive experience across various industries to drive the company's growth.
Recently, Energous has been working to meet the growing demand for supply chain management solutions with real-time tracking and smart inventory management through its wireless power technologies. The company has made notable strides in the development of its wireless power technology, securing FCC (BME:FCC) certification for its 2W PowerBridge transmitter system.
In addition, Energous has secured multiple orders for its 2W PowerBridge transmitter systems from a top Fortune 10 multinational retailer. The company has also formed strategic partnerships with Annukin, Ecobyte, and Peak Technologies to boost the adoption of its wireless power solutions, particularly in the Internet-of-Things sector.
However, Energous is also facing a potential delisting risk from Nasdaq due to non-compliance with the minimum bid price requirement and has until February 2025 to regain compliance. On the analyst front, Roth/MKM maintained its Buy rating on Energous, albeit with a reduced price target, while Ladenburg Thalmann downgraded Energous from Buy to Neutral. These are among the recent developments at Energous Corporation.
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