Energous Corporation (WATT) saw its loss widen to $10.13 million, or $0.57 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $5.61 million, or $0.43 a share. Revenue during the quarter plunged 51.62 percent to $1 million from $2.08 million in the previous year period.
Operating loss for the quarter was $10.13 million, compared with an operating loss of $5.61 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $8.01 million compared to negative $3.90 million in the prior year second quarter.
"Energous’ vision of a WattUp-enabled ecosystem that spans a broad spectrum of devices, markets and technologies remains squarely on track, and will be accelerated through our new strategic partnership with Dialog Semiconductor," said Stephen R. Rizzone, president and chief executive officer. "The partnership, which includes a $10-million investment in Energous, provides meaningful benefits and synergies to both companies and significantly validates our company and technology. Combined with the important progress we have made with our tier-one partner, new licensee signings and ongoing investment in the regulatory approval process, Energous is in a great position to fundamentally change a major consumer paradigm through a WattUp-enabled ecosystem."
Working capital increases sharply
Energous Corporation has recorded an increase in the working capital over the last year. It stood at $21.69 million as at Sep. 30, 2016, up 40.86 percent or $6.29 million from $15.40 million on Sep. 30, 2015. Current ratio was at 5.19 as on Sep. 30, 2016, down from 6.58 on Sep. 30, 2015. Days sales outstanding went down to 29 days for the quarter compared with 44 days for the same period last year.
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