Energous Shares Fall as Lack of Asian Regulatory Approvals Causes Product Delays
Energous closed down 18 percent Friday to $2.32 after more disappointing results. “We are not where we expected to be from a revenue standpoint,” said CEO Stephen Rizzone on a Thursday call, citing lack of regulatory approvals in Asia as…
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the cause of product delays for its wireless charging technology. The company, which received FCC approval for its WattUp midfield transmitter in 2017, posted Q3 revenue of $40,500, down from $228,000 in the year-ago quarter. Rizzone said it's possible a certification in China, Japan or Korea could open opportunities to some tier 1 global requirements that have been “put on hold” until certification. The company is now targeting medical sensors, smart glasses and wearables.