ENERGOUS CORPORATION_MARCH 31, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER 001-36379

ENERGOUS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware		46-1318953
(State of incorporation)		(I.R.S. Employer Identification No.)

3590 North First Street, Suite 330, San Jose, CA 95134

(Address of principal executive office) (Zip code)

(408) 963-0200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 par value	WATT	The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☑
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of May 10, 2026, there were 5,501,101 shares of our Common Stock, par value $0.00001 per share, outstanding.

Table of Contents

ENERGOUS CORPORATION

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2026

INDEX


PART I - FINANCIAL INFORMATION	3

Item 1. Financial Statements (unaudited)	3

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3. Quantitative and Qualitative Disclosure About Market Risk	31

Item 4. Controls and Procedures	31

PART II – OTHER INFORMATION	32

Item 1. Legal Proceedings	32

Item 1A. Risk Factors	32

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 3. Defaults Upon Senior Securities	32

Item 4. Mine Safety Disclosures	32

Item 5. Other Information	32

Item 6. Exhibits	33

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Energous Corporation

CONDENSED BALANCE SHEETS

(in thousands, except share and per share amounts)


		As of
		March 31, 2026		December 31, 2025
		(unaudited)		(1)
ASSETS
Current assets:
Cash and cash equivalents		$	36,605	$	10,401
Accounts receivable, net			3,201		2,988
Inventory			1,257		1,509
Prepaid expenses and other current assets			3,149		422
Total current assets			44,212		15,320

Property and equipment, net			302		298
Other assets			304		252
Operating lease right-of-use assets			772		872
Total assets		$	45,590	$	16,742
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	907	$	954
Accrued expenses			831		2,095
Operating lease liabilities, current portion			515		491
Short-term loan payable, net			35		88
Deferred revenue			97		27
Total current liabilities			2,385		3,655

Operating lease liabilities, long-term portion			446		589
Total liabilities			2,831		4,244

Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued or outstanding as of March 31, 2026 or December 31, 2025.			—		—
Common Stock, $0.00001 par value, 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 5,501,099 and 2,200,240 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.			1		1
Additional paid-in capital			454,447		422,530
Accumulated deficit			(411,689)		(410,033)
Total stockholders’ equity			42,759		12,498
Total liabilities and stockholders’ equity		$	45,590	$	16,742

(1)

The condensed balance sheet as of December 31, 2025 was derived from the audited balance sheet as of that date.

The accompanying notes are an integral part of these condensed financial statements.

Table of Contents

Energous Corporation

CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except share and per share amounts)


		For the Three Months Ended March 31,
		2026			2025
Revenue		$	3,082		$	343
Cost of revenue

SEC Form 10-Q filed by Energous Corporation