Energous Corporation

Revenue for the three and six months ended June 30, 2026 was approximately $3.1 million and $6.2 million, versus approximately $1 million and $1.3 million in the same periods of 2025, up 217% and 368% year over year. For the six months ended June 30, 2026, gross profit was $1.2 million, up 176% year over year, and gross margin was 19%. Q2 GAAP operating expenses were $3.3 million versus $3.1 million a year ago, and GAAP net loss was approximately $2.9 million, or $0.53 per share, versus approximately $2.8 million, or $2.35 per share, last year. Management did not give formal revenue guidance, but said it expects Q3 and Q4 gross margin recovery as production normalizes, overseas manufacturing comes back online, supply costs ease, and a July 1 price increase flows through; it also said revenue growth remains the focus and reiterated confidence it can execute without additional equity financing, with $31.2 million of cash at quarter end.

Mallorie Burak framed the quarter as a transition quarter where the company made deliberate operating choices to support long-term growth rather than protect near-term margin. She emphasized that active deployments are expanding in geography, scope, and use cases, and highlighted that the business has moved from pre-revenue to serving two of the world’s largest enterprises across thousands of locations. Her tone was confident and execution-focused, with repeated emphasis on the pipeline being larger and higher quality than a year ago.

Gregory Sadikoff reviewed the hard numbers: $3.1 million quarterly revenue, $6.2 million first-half revenue, $1.2 million gross profit for the first half, 19% first-half gross margin, $3.3 million of Q2 operating expenses, and $2.9 million of Q2 GAAP net loss. He also noted $6.3 million of prepaid expenses to contract manufacturers as of June 30, 2026, and said the company has had zero product returns since commercial production of PowerBridge Pro began in 2024. Management said gross margin was pressured by U.S. retooling costs, higher component sourcing costs, and deliberate prioritization of strategic customer shipments, but expects margins to improve as overseas production restarts in limited volume in Q3 and expands in Q4.

Analysts pressed on whether supply chain issues pushed shipments into later quarters, and management said no backlog was fully delivered in Q2; the issue was higher sourcing cost, not delayed delivery. Questions also focused on pipeline size, but management declined to give specific counts and said they would disclose more as programs become meaningful commercial discussions. On the British Tobacco program, management said it is a large-scale proof-of-concept with several use cases at one facility and expects to share more next quarter as it progresses toward expansion. An analyst also asked about revenue trajectory, and management said it is still focused on quarterly revenue growth rather than issuing formal guidance.