Energous (WATT) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $5.6 million for 2025, a 633% increase year-over-year, with four consecutive quarters of growth.

• Net loss narrowed to $9.6 million, a 48% improvement from 2024, marking the lowest net loss since 2013.

• Over 25,000 PowerBridge transmitters shipped in 2025 with zero product returns, highlighting product quality.

• Secured large-scale deployments with a Fortune 10 retailer and a major U.S. subsidiary for IoT solutions.

Financial highlights

• Revenue for Q4 2025 was $3.0 million, up 139% sequentially from Q3 2025.

• Gross profit for 2025 was $2.0 million, up from $12,000 in 2024; gross margin improved to 36% from 2% year-over-year.

• GAAP operating expenses decreased 35% to $12.0 million; non-GAAP operating expenses fell to $10.6 million.

• Non-GAAP net loss improved 48% to $8.4 million from $16.2 million in 2024.

• Cash and cash equivalents were $10.4 million at year-end 2025, rising to $39.4 million by March 2026 after ATM program proceeds.

Outlook and guidance

• Focus remains on gross margin improvement and scaling end-to-end solutions, including cloud-based e-Compass platform.

• Available cash will be used for strategic acquisitions, R&D, and operational initiatives.