Energous Corporation President and CEO Stephen R. Rizzone to Take Health Leave, CEO Office Formed

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Announces preliminary results for the first quarter of 2021

SAN JOSE, Calif .– (BUSINESS WIRE) –
Energetic company (Nasdaq: WATT), the developer of WattUp®, a revolutionary wireless charging 2.0 technology, today announced that the President and CEO of the Company, Stephen R. Rizzone, is taking a leave of absence for reasons of health with immediate effect. The company formed a CEO office, made up of executive officers Brian Sereda, senior vice president and chief financial officer, Cesar Johnston, chief operating officer and executive vice president of engineering, and Neeraj Sahejpal, senior vice president marketing and business development. The CEO’s office will report directly to the board of directors of the company.

“We wish Steve a speedy recovery,” said Dan Fairfax, Chairman of the Board. “Energous has developed innovative technology that is well positioned for growth through its wide range of wireless power offerings and the board has great confidence in the management of the company and its employees.

After a first review of its performance for the first quarter of 2021, Energous today announced its preliminary financial results for the first quarter ended March 31, 2021.

  • Income of approximately $ 145,000;
  • GAAP operating expenses between $ 8.7 million and $ 9.0 million;
  • Depreciation costs of approximately $ 65,000;
  • Stock-based compensation expense of between $ 2.2 million and $ 2.5 million; and
  • Cash and cash equivalents of approximately $ 44.8 million as at March 31, 2021.

The estimates presented are subject to the completion of the applicable quarter-end procedures. Energous’ actual results for the quarter ended March 31, 2021 may differ from these estimates. In addition, estimated financial information is necessarily speculative in nature and it can be expected that some or all of the assumptions underlying the estimated financial information described above will not materialize or differ materially from actual results. Therefore, one should not place undue reliance on these estimates.

About Energous Corporation

Energous Corporation (Nasdaq: WATT) is the world leader in Wireless Charging 2.0 technology. Its award-winning WattUp® solution is the only technology that supports both contact and remote charging through a fully compatible ecosystem. Built on fast, efficient and highly scalable RF charging technology, WattUp is positioned to offer improvements over older first generation coil charging technologies in terms of power, efficiency, foreign device detection, freedom. of motion and overall cost for consumer electronics, medical devices, retail, military, industrial / commercial IoT, automotive, military, retail and industrial applications. Energous develops silicon-based wireless power transfer (WPT) technologies and customizable reference designs, and provides global regulatory assistance, a reliable supply chain, quality assurance, and commercial and technical support to customers. global. The company received the world’s first FCC Part 18 certification for remote wireless charging and has so far obtained 234 US patents for its WattUp wireless charging technology.

Safe Harbor Declaration

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All other statements that the statements of historical fact included in this press release are forward-looking statements. Forward-looking statements may describe our future plans and expectations are based on Energous’ current beliefs, expectations and assumptions. These statements typically use terms such as “believe”, “expect”, “may”, “will”, “should”, “might”, “seek”, “intend”, “plan”, ” estimate ”,“ anticipate ”. or similar terms. Examples of our forward-looking statements in this release include, but are not limited to, our statements about our preliminary financial results, the future of the wireless charging industry and our technology, and statements regarding its expected functionality and business growth. Factors that could cause actual results to differ from what we expect include: the uncertain timing of necessary regulatory approvals; timing of customer product development and commercial success of customer products; our dependence on distribution partners; and intense industrial competition. We urge you to consider these factors, as well as the other risks and uncertainties described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), any subsequent Quarterly Report on Form 10-Q as well as in other documents which may subsequently be filed by Energous from time to time with the SEC, in connection with the evaluation of our forward-looking statements. Further, any forward-looking statement represents the views of Energous only as of the date of this press release and should not be construed as representing its views as of any subsequent date. Energous assumes no obligation to update any forward-looking statements, except as required by law.

Dynamic investor relations:

Bishop IR

Mike bishop

(415) 894-9633

[email protected]

Energetic public relations:

[email protected]

(408) 963-0200

Source: Energous Corporation

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