Energous Corp
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
WATT$7.54+7.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-13.
0001410578-25-001229
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001410578-25-001546
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 59 previous paragraphs and 85 current paragraphs.
34 unchanged; 22 reworded; 21 added; 2 removed; 1 previous and 8 current paragraphs rearranged.
Tables are not compared: 14 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (21)
Current report
Nasdaq Market Compliance
Current report
As previously reported. on August 29, 2024, we received a notification letter from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) advising that for 30 consecutive trading days preceding the date of the notice, the bid price of our common stock had closed below the $1.00 per share minimum required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Marketplace Rule 5550(a)(2) (the “Bid Price Rule”). We were provided an initial 180 calendar days, or until February 25, 2025, to regain compliance with the Bid Price Rule. On February 27, 2025, we received a letter from the Staff granting an additional 180 calendar days, or until August 25, 2025, to regain compliance with Bid Price Rule. The Nasdaq determination to grant the second compliance period was based on our compliance with the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the Bid Price Rule, and written notice of our intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. To regain compliance with the Big Price Rule, our common stock must close at or above $1.00 per share for a minimum of ten consecutive business days at any time during the second 180-day compliance period, or August 25, 2025.
Current report
At our 2025 Annual Meeting of Stockholders held on June 11, 2025, our stockholders approved a proposal for an amendment to the our second amended and restated certificate of incorporation, as amended, to effect a reverse stock split of our common stock at a ratio ranging from any whole number between 1-for-5 and 1-for-50, as determined by the Board of Directors in its discretion.
Current report
Subject to market conditions, our Board of Directors may need to implement a reverse stock split prior to August 25, 2025 in order to regain compliance with the Bid Price Rule.
Current report
Research and development costs were $1.1 million and $2.3 million, respectively, for the three months ended June 30, 2025 and 2024. The decrease of $1.2 million is primarily due to a $0.6 million decrease in engineering components, circuit boards and software, a $0.4 million decrease in payroll costs and a $42,000 decrease in stock-based compensation.
Current report
General and administrative costs for the three months ended June 30, 2025 and 2024 were $1.3 million and $1.7 million, respectively. The decrease of $0.4 million is primarily due to a $0.2 million decrease in legal fees and a $0.2 million decrease in annual meeting-related expenses, partially offset by a $0.1 million increase in payroll costs accrued as a result of key milestones achieved in the second quarter of 2025 under the 2025 Bonus Plan.
Current report
Other income (expense), net:
Current report
Comparison of Six Months Ended June 30, 2025 and 2024
Current report
Cost of Revenue:
Current report
Research and Development Costs:
Current report
Research and development costs were $2.3 million and $4.5 million, respectively, for the six months ended June 30, 2025 and 2024. The decrease of $2.2 million is primarily due to a $1.1 million in payroll costs from a lower headcount within the department, a $0.9 million decrease in engineering components, circuit boards and software and a $0.1 million decrease in stock-based compensation.
Current report
Sales and Marketing Costs:
Current report
Sales and marketing costs for the six months ended June 30, 2025 and 2024 were $1.3 million and $1.7 million, respectively. The decrease of $0.4 million is primarily due to a $0.3 million decrease in public relations, consulting and recruiting fees and a $0.1 million decrease in marketing, promotional and tradeshow expenses.
Current report
General and Administrative Expenses:
Current report
Severance Expense:
Current report
Severance expense for the six months ended June 30, 2025 and 2024 was $0.4 million and $1.3 million, respectively. Severance expense for the six months ended June 30, 2025 was related to separation with certain non-executive employees. The severance expense for the six months ended June 30, 2024 was primarily due to the departure of our former CEO during 2024 for which $1.2 million in severance expense was recorded.
Current report
Expenses from Abandoned Financing Transaction:
Current report
Other income (expense), net:
Current report
From July 1, 2025 through July 28, 2025, we settled sales of 4,400,469 shares of common stock for net proceeds of approximately $1.7 million under the ATM Program.
Current report
On July 7, 2025, we paid off all outstanding amounts owed to the Lender. There are no further obligations under the Amended Loan Agreement.
Current report
Based on current operating levels and further cost reductions implemented during the first half of 2025, the Company believes it has sufficient cash on hand and access to capital to fund operations for the next 12 months.
Removed paragraphs (2)
Previous report
Research and development costs were $1.2 million and $2.2 million, respectively, for the three months ended March 31, 2025 and 2024. The decrease of $1.0 million is primarily due to a $0.8 million decrease in personnel-related expenses, consisting of a $0.7 million decrease in payroll costs and a $0.1 million decrease in stock-based compensation and a $0.2 million decrease in third-party software costs.
Previous report
Other income (expense):
Reworded paragraphs (22)
Previous wording
As used in this Quarterly Report on Form 10-Q (this “Report”), unless the context otherwise requires the terms “we,” “us,” “our,” and “Energous” refer to Energous Corporation d/b/a Energous Wireless Power Solutions, a Delaware corporation. This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “would,” “should,” “could,” “seek,” “intend,” “plan,” “continue,” “estimate,” “anticipate” or other comparable terms. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expectations with respect to future financings; expectations for revenues, liquidity, cash flows and financial performance; and expectations regarding the release of additional wireless power-enabled products. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking statements relate to the future and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and generally outside of our control, so actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: our ability to develop commercially feasible technology; timing of customer implementations of our technology in consumer products; timing and receipt of regulatory approvals in the United States and internationally; our ability to find and maintain contract manufacturing partners; market acceptance of our technology; competition in our industry; our ability to protect our intellectual property; our ability to maintain or improve our financial position, cash flows, and liquidity and our expected financial needs; and other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis sections of our most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q, including this …
Excerpt shortened here; the source contains the full paragraph.
Current wording
As used in this Quarterly Report on Form 10-Q (this “Report”), unless the context otherwise requires the terms “we,” “us,” “our,” and “Energous” refer to Energous Corporation d/b/a Energous Wireless Power Solutions, a Delaware corporation. This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “would,” “should,” “could,” “seek,” “intend,” “plan,” “continue,” “estimate,” “anticipate” or other comparable terms. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements we make regarding expectations with respect to future financings; expectations for revenues, liquidity, cash flows and financial performance; expectations regarding repayment of our Term Loan (defined below); and expectations regarding the release of additional wireless power-enabled products. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking statements relate to the future and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and generally outside of our control, so actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others: our ability to develop commercially feasible technology or commercialize such technology; timing of customer implementations of our technology in consumer products; timing and receipt of regulatory approvals in the United States and internationally; our ability to find and maintain contract manufacturing partners; market acceptance of our technology; competition in our industry; our ability to protect our intellectual property; our ability to maintain or improve our financial position, cash flows, and liquidity and our expected financial needs; and other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis sections of our most recently fil…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
We have developed a scalable, over-the-air Wireless Power Network (“WPN”) technology that integrates advanced semiconductor chipsets, software controls, hardware designs, and antenna systems to enable radio frequency (“RF”)-based charging for Internet of Things (“IoT”) devices. Our WPN technology provides a comprehensive suite of capabilities designed to power the next generation of wireless energy networks, seamlessly delivering power and data across diverse, battery-free device ecosystems. This innovation enhances operational visibility, control, and intelligent business automation.
Current wording
We have developed scalable, over-the-air Wireless Power Network (“WPN”) technology that integrates advanced semiconductor chipsets, software controls, hardware designs, and antenna systems to enable radio frequency (“RF”)-based charging for Internet of Things (“IoT”) devices. Our WPN technology provides a comprehensive suite of capabilities designed to power the next generation of wireless energy networks, seamlessly delivering power and data across diverse, battery-free device ecosystems. This innovation enhances operational visibility, control, and intelligent business automation.
Previous wording
Going Concern. Accounting Standards Codification (“ASC”) 205-40Presentation of Financial Statements - Going Concern, requires management to assess our ability to continue as a going concern. In accordance with this guidance, we have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. We have determined that there was substantial doubt about our ability to continue as a going concern, but it was alleviated based on financing received in 2025, as well as current operating levels and further cost reductions implemented in the first quarter of 2025. We anticipate cash flows generated from operations and our cash and cash equivalents will be sufficient to meet our liquidity needs for at least the next 12 months.
Current wording
Going Concern. Accounting Standards Codification (“ASC”) 205-40Presentation of Financial Statements - Going Concern, requires management to assess our ability to continue as a going concern. In accordance with this guidance, we have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. We have determined that there was substantial doubt about our ability to continue as a going concern, but it was alleviated based on financing received in 2025, as well as current operating levels and further cost reductions implemented in the first and second quarters of 2025. We anticipate cash flows generated from operations and our cash and cash equivalents will be sufficient to meet our liquidity needs for at least the next 12 months.
Previous wording
We record revenue associated with product development projects that we enter into with certain customers. In general, these product development projects are complex, and we do not have certainty about our ability to achieve the project milestones. The achievement of a milestone is dependent on our performance obligation and requires acceptance by the customer. We recognize this revenue at the point in time at which the performance obligation is met. The payment associated with achieving the performance obligation is generally commensurate with our effort or the value of the deliverable and is nonrefundable. Any deferred revenue is recognized upon achievement of the performance obligation or expiration of a support agreement.
Current wording
We record revenue associated the sales of products, such as PowerBridge transmitter systems, and with product development projects that we enter into with certain customers. For the sales of products, we generally records revenue upon shipment of the products. For product development projects that are complex, and we do not have certainty about our ability to achieve the project milestones. The achievement of a milestone is dependent on our performance obligation and requires acceptance by the customer. We recognize this revenue at the point in time at which the performance obligation is met. The payment associated with achieving the performance obligation is generally commensurate with our effort or the value of the deliverable and is nonrefundable. Any deferred revenue is recognized upon achievement of the performance obligation or expiration of a support agreement.
Previous wording
Costs and Expenses and Loss from Operations. Costs and expenses are made up of cost of revenue, research and development, sales and marketing, general and administrative, severance expense and expenses from the abandoned financing transaction. Loss from operations for the three months ended March 31, 2025 and 2024 were $3.6 million and $6.7 million, respectively.
Current wording
Costs and Expenses and Loss from Operations. Costs and expenses are made up of cost of revenue, research and development, sales and marketing, general and administrative, severance expense and expenses from the abandoned financing transaction. Loss from operations for the three months ended June 30, 2025 and 2024 were $2.8 million and $4.7 million, respectively.
Previous wording
Sales and marketing costs for the three months ended March 31, 2025 and 2024 were $0.6 million and $0.9 million, respectively. The decrease of $0.3 million is primarily due to a $0.1 million decrease in personnel related costs due to reduced headcount, a $0.1 million decrease in tradeshow, promotional expenses and engineering components used for customer demonstrations and a $0.1 million decrease in public relations and consulting fees.
Current wording
Sales and marketing costs for the three months ended June 30, 2025 and 2024 were $0.7 million and $0.8 million, respectively. The decrease of $0.1 million is primarily due to a $0.2 million decrease in public relations and consulting fees, partially offset by a $0.1 million increase in payroll costs.
Previous wording
Severance expense for the three months ended March 31, 2025 and 2024 was $0.4 million and $1.6 million, respectively. The severance expense for the three months ended March 31, 2025 was related to non-executive employees. The severance expense for the three months ended March 31, 2024 was related to the settlement of the departure by the former Chief Executive Officer.
Current wording
Severance expense for the three months ended June 30, 2025 and 2024 was $23,000 and $(0.3) million, respectively. Severance expense for the three months ended June 30, 2025 was related to separation with certain non-executive employees. The credit during the three months ended June 30, 2024 was a result of the finalization of the negotiated settlement and payroll taxes for our former CEO.
Previous wording
Expenses related to our abandoned financing transaction were $0.7 million for the three months ended March 31, 2025, primarily attributable to our decision not to pursue the convertible preferred equity offering under Regulation A. This decision was made because the Company was able to secure less dilutive financing through its ATM Program at a lower cost of capital. There was no such expense during the three months ended March 31, 2024.
Current wording
Expenses related to our abandoned financing transaction were $5,000 for the three months ended June 30, 2025, primarily attributable to our decision to terminate the previously announced convertible preferred equity offering under Regulation A. There was no such expense during the three months ended June 30, 2024.
Previous wording
Other income resulting from the change in fair value of the warrant liability was $0.3 million for the three months ended March 31, 2025, compared to $0.1 million in expense for the three months ended March 31, 2024. The change is due to a lower market value of our common stock.
Current wording
Other income resulting from the change in fair value of the warrant liability was $0 for the three months ended June 30, 2025, compared to $0.3 million in income for the three months ended June 30, 2024. The change during the three months ended June 30, 2024 is due to a lower market value of our common stock.
Previous wording
Net Loss. As a result of the above, net loss for the three months ended March 31, 2025 was $3.4 million as compared to $6.6 million for the three months ended March 31, 2024.
Current wording
Net Loss. As a result of the above, net loss for the three months ended June 30, 2025 was $2.8 million as compared to $4.3 million for the three months ended June 30, 2024.
Previous wording
Revenue. During the three months ended March 31, 2025 and 2024, we recorded revenue of $0.3 million and $0.1 million, respectively. The 436% year over year increase is primarily due to the expansion of commercial sales of PowerBridge Pro transmitters to multinational retailers deploying our WPN technology in connection with their infrastructure modernization initiatives.
Current wording
Revenue. During the six months ended June 30, 2025 and 2024, we recorded revenue of $1.3 million and $0.1 million, respectively. The 1,098% year over year increase is primarily due to the expansion of commercial applications with multinational enterprise retailers deploying our WPN technology in connection with their infrastructure modernization initiatives.
Previous wording
Cost of revenue was $0.2 million and $0.1 million, respectively, for the three months ended March 31, 2025 and 2024. The increase is primarily due to higher sales volume of PowerBridge Pro transmitters that were shipped during the first quarter of 2025. With the ramp up of our volume manufacturing during the first quarter of 2025, product margins improved significantly, transitioning from a gross loss in 2024 of $45,000 to a gross profit in 2025 of approximately $0.1 million, representing a 307% year over year improvement in gross profit.
Current wording
Cost of revenue was $0.9 million and $0.2 million, respectively, for the six months ended June 30, 2025 and 2024. The increase is primarily due to higher sales volume of PowerBridge Pro transmitters that were shipped during the first and second quarters of 2025. With the ramp up of our volume manufacturing during the first and second quarters of 2025 and other strategic efforts made to optimize operations, product margins improved significantly, transitioning from a gross loss in 2025 of $0.1 million to a gross profit in 2025 of approximately $0.4 million, representing a 456% year over year improvement in gross profit.
Previous wording
General and administrative costs for the three months ended March 31, 2025 and 2024 were $0.9 million and $2.0 million, respectively. The decrease of $1.1 million is primarily due to a $0.5 million decrease in legal fees, a $0.2 million decrease in consulting, recruiting and third-party fees, a $0.2 million decrease in annual meeting-related expenses, a $0.1 million decrease in stock-based compensation and a $0.1 million decrease in insurance premiums.
Current wording
General and administrative costs for the six months ended June 30, 2025 and 2024 were $2.2 million and $3.7 million, respectively. The decrease of $1.5 million is primarily due to a $0.7 million decrease in legal fees, a $0.3 million decrease in annual meeting-related expenses, a $0.3 million decrease in consulting, investor relations, recruiting and third-party services, a $0.1 million decrease in insurance premiums and a $0.1 million decrease in stock-based compensation, partially offset by a $0.1 million increase in payroll costs accrued as a result of key milestones achieved in the second quarter of 2025 under the 2025 Bonus Plan.
Previous wording
Net interest expense for the three months ended March 31, 2025 was $22,000, as we incurred $187,000 in interest expense from a short-term loan, partially offset by $165,000 in interest earned from our money market account. Interest income for the three months ended March 31, 2024 was $148,000 from interest earned on our money market account.
Current wording
Net interest expense for the six months ended June 30, 2025 was $29,000, as we incurred $284,000 in interest expense from a short-term loan, partially offset by $255,000 in interest earned from our money market account. Interest income for the six months ended June 30, 2024 was $209,000 from interest earned on our money market account, offset by $4,000 in interest expense.
Previous wording
During the three months ended March 31, 2025, we sold 18,703,305 shares of our common stock under the ATM Program for net proceeds of approximately $13.8 million (net of commissions and other related offering expenses of approximately $0.9 million). As of March 31, 2025, approximately $79.3 million in shares of common stock remained available for issuance under the ATM Program, subject to availability of authorized shares.
Current wording
During the three months ended June 30, 2025, we sold 6,793,371 shares of our common stock under the ATM Program for net proceeds of approximately $2.0 million (net of commissions and other related offering expenses of approximately $0.1 million). During the six months ended June 30, 2025, we sold 25,496,676 shares of our common stock under the ATM Program for net proceeds of approximately $15.8 million (net of commissions and other related offering expenses of approximately $1.0 million). As of June 30, 2025, approximately $77.2 million in shares of common stock remained available for issuance under the ATM Program, subject to availability of authorized shares.
Previous wording
Effective November 5, 2024, we entered into an amended subordinated business loan agreement with the Lender (the “Amended Loan Agreement”) to refinance the Original Term Loan. The Amended Loan Agreement provides for a new term loan of $997,000, with the ability to receive additional term loans of up to $1.6 million, subject to certain conditions (such new loans, the “New Term Loan”). Principal and interest on the New Term Loan in the aggregate amount of $1,415,740 will be repaid in weekly payments of approximately $39,000 and fully repaid on or before the maturity date of July 17, 2025. The proceeds of the New Term Loan were used to repay in full the Original Term Loan, which had a settlement value of $648,000 on November 5, 2024. The New Term Loan is expressly subordinated to our obligations on certain senior indebtedness of the Company as provided in the Amended Loan Agreement.
Current wording
Effective November 5, 2024, we entered into an amended subordinated business loan agreement with the Lender (the “Amended Loan Agreement”) to refinance the Original Term Loan. The Amended Loan Agreement provided for a new term loan of $997,000, with the ability to receive additional term loans of up to $1.6 million, subject to certain conditions (such new loans, the “New Term Loan”). Principal and interest on the New Term Loan in the aggregate amount of $1,415,740 was repaid in weekly payments of approximately $39,000 and was fully repaid before the maturity date of July 17, 2025 on July 7, 2025. The proceeds of the New Term Loan were used to repay in full the Original Term Loan, which had a settlement value of $648,000 on November 5, 2024. The New Term Loan was expressly subordinated to our obligations on certain senior indebtedness of the Company as provided in the Amended Loan Agreement. As of June 30, 2025, we owed approximately $0.1 million on the “Amended Loan Agreement.”
Previous wording
During the three months ended March 31, 2025 and 2024, we recorded revenue of $0.3 million and $0.1 million, respectively. We incurred net losses of $3.4 million and $6.6 million for the three months ended March 31, 2025 and 2024, respectively. Net cash used in operating activities was $4.7 million and $5.1 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had cash and cash equivalents of $10.1 million. We are currently meeting our liquidity requirements through the proceeds of securities offerings that raised net proceeds of $13.8 million during the first quarter of 2025.
Current wording
During the six months ended June 30, 2025 and 2024, we recorded revenue of $1.3 million and $0.1 million, respectively. We incurred net losses of $6.2 million and $10.9 million for the six months ended June 30, 2025 and 2024, respectively. Net cash used in operating activities was $7.5 million and $10.8 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the Company had cash and cash equivalents of $8.7 million. We are currently meeting our liquidity requirements through the proceeds of the ATM Program (as defined above) that raised net proceeds of $15.8 million during the six months ended June 30, 2025.
Previous wording
Accordingly, we expect to pursue additional financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing will be available on terms that we would find acceptable, or at all. If we are unsuccessful in
Current wording
Accordingly, we expect to pursue additional financing, which could include offerings of equity or debt securities, bank financings, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing will be available on terms that we would find acceptable, or at all. If we are unsuccessful in implementing this plan, we will be required to make further cost and expense reductions or modifications to our on-going and strategic plans.
Previous wording
*Operating Activities -During the three months ended March 31, 2025, cash flows used in operating activities were $4.7 million, consisting of a net loss of $3.4 million, plus adjustments to reconcile net loss to net cash used in operating activities aggregating $0.1 million (principally change in fair value of warrant liability of $0.3 million, partially offset by stock-based compensation of $0.1 million and depreciation and amortization and amortization of short-term loan fees totaling approximately $0.1 million), a $0.6 million decrease in accounts payable, a $0.5 million decrease in accrued expenses, a $0.2 million increase in accounts receivable, a $0.2 million decrease in operating lease liabilities and a $0.1 million increase in inventory, partially offset by a $0.3 million decrease in operating lease right-of-use assets, a $0.1 million decrease in prepaid expenses and other current assets and a $0.1 million increase in accrued severance. *
Current wording
*Operating Activities -*During the six months ended June 30, 2025, cash flows used in operating activities were $7.5 million, consisting of a net loss of $6.2 million, less adjustments to reconcile net loss to net cash used in operating activities aggregating $0.1 million (principally stock-based compensation of $0.2 million and depreciation and amortization and amortization of short-term loan fees totaling approximately $0.1 million, partially offset by a change in fair value of warrant liability of $0.3 million), a $1.1 million decrease in accounts payable, a $0.6 million increase in accounts receivable, a $0.3 million decrease in operating lease liabilities and a $0.2 million increase in inventory, partially offset by a $0.4 million decrease in operating lease right-of-use assets and a $0.3 million decrease in prepaid expenses and other current assets.
Previous wording
During the three months ended March 31, 2024, cash flows used in operating activities were $5.1 million, consisting of a net loss of $6.6 million, less adjustments to reconcile net loss to net cash used in operating activities aggregating $0.5 million (principally stock-based compensation of $0.4 million and change in fair value of warrant liability of $0.1 million), a $0.3 million decrease in accounts payable, a $0.2 million increase in inventory and a $0.1 million decrease in accrued expenses, partially offset by a $1.3 million increase in accrued severance expense, a $0.2 decrease in prepaid expenses and other current assets and a $0.1 decrease in accounts receivable.
Current wording
During the six months ended June 30, 2024, cash flows used in operating activities were $10.8 million, consisting of a net loss of $10.9 million, less adjustments to reconcile net loss to net cash used in operating activities aggregating $0.4 million (principally stock-based compensation of $0.5 million, depreciation and amortization of $0.1 million, partially offset by a change in fair value of warrant liability of $0.3 million), a $0.3 million decrease in accrued expenses, a $0.1 million increase in inventory and a $0.1 million decrease in accounts payable, partially offset by a $0.1 million decrease in prepaid expenses and other current assets.
Previous wording
*Investing Activities -*During the three months ended March 31, 2025 and 2024, cash flows used in investing activities were not material. A small amount of hardware and equipment was purchased during each period.
Current wording
*Investing Activities -*During the six months ended June 30, 2025 and 2024, cash flows used in investing activities were $37,000 and $58,000, respectively. A small amount of hardware and equipment was purchased during each period.
Previous wording
*Financing Activities -*During the three months ended March 31, 2025, cash flows provided by financing activities were $13.4 million, which primarily consisted of $13.8 million in net proceeds from the sale of shares of our common stock under the ATM Program, partially offset by $0.3 million in repayments of a short-term loan and $0.1 million in repayments of financed insurance. During the three months ended March 31, 2024, cash flows provided by financing activities were $1.9 million, which primarily consisted of $1.8 million in net proceeds from a registered direct offering that included the sale of common stock, pre-funded warrants and warrants.
Current wording
*Financing Activities -*During the six months ended June 30, 2025, cash flows provided by financing activities were $14.9 million, which primarily consisted of $15.8 million in net proceeds from the sale of shares of our common stock under the ATM Program, partially offset by $0.8 million in repayments of a short-term loan and $0.1 million in repayments of financed insurance. During the six months ended June 30, 2024, cash flows provided by financing activities were $1.8 million, which primarily consisted of $1.8 million in net proceeds from a registered direct offering that included the sale of common stock, pre-funded warrants and warrants.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
Revenue. During the three months ended June 30, 2025 and 2024, we recorded revenue of $1.0 million and $46,000, respectively. The 2,020% year over year increase is primarily due to the expansion of commercial applications with multinational enterprise retailers deploying our WPN technology in connection with their infrastructure modernization initiatives.
Current report — wording carried from elsewhere
Cost of revenue was $0.6 million and $0.1 million, respectively, for the three months ended June 30, 2025 and 2024. The increase is primarily due to higher sales volume of PowerBridge Pro transmitters that were shipped during the second quarter of 2025. With the ramp up of our volume manufacturing during the first and second quarters of 2025 and other strategic efforts made to optimize operations, product margins improved significantly, transitioning from a gross loss in 2024 of $76,000 to a gross profit in 2025 of approximately $0.3 million, representing a 545% year over year improvement in gross profit for the same quarter last year.
Current report — wording carried from elsewhere
Net interest expense for the three months ended June 30, 2025 was $7,000, as we incurred $97,000 in interest expense from a short-term loan, partially offset by $89,000 in interest earned from our money market account. Interest income for the three months ended June 30, 2024 was $62,000 from interest earned on our money market account, and we had approximately $5,000 in interest expense from a short-term loan.
Current report — wording carried from elsewhere
The following table sets forth selected Condensed Statements of Operations data (in thousands):
Current report — wording carried from elsewhere
Costs and Expenses and Loss from Operations. Costs and expenses are made up of cost of revenue, research and development, sales and marketing, general and administrative, severance expense and expenses from the abandoned financing transaction. Loss from operations for the six months ended June 30, 2025 and 2024 were $6.4 million and $11.3 million, respectively.
Current report — wording carried from elsewhere
Expenses related to our abandoned financing transaction were $0.7 million for the six months ended June 30, 2025, primarily attributable to our decision to terminate the previously announced convertible preferred equity offering under Regulation A. There was no such expense during the six months ended June 30, 2024.
Current report — wording carried from elsewhere
Other income resulting from the change in fair value of the warrant liability was $0.3 million for the six months ended June 30, 2025, consistent with $0.3 million for the six months ended June 30, 2024.
Current report — wording carried from elsewhere
Net Loss. As a result of the above, net loss for the six months ended June 30, 2025 was $6.2 million as compared to $10.9 million for the six months ended June 30, 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
implementing this plan, we will be required to make further cost and expense reductions or modifications to our on-going and strategic plans.