Energous Corporation (WATT) saw its loss widen to $12.47 million, or $0.61 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $10.80 million, or $0.66 a share. Revenue during the quarter surged 321.94 percent to $0.58 million from $0.14 million in the previous year period.
Operating loss for the quarter was $12.48 million, compared with an operating loss of $10.80 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $8.61 million compared to negative $8.65 million in the prior year second quarter.
"Energous is making substantial headway toward the successful commercialization of power at a distance. The number of customers in the final stages of WattUp integration is growing rapidly, and consumer availability of these products is expected later this year," said Stephen R. Rizzone, president and chief executive officer. "Demand for our technology is very high, progress with our tier-one partner continues to advance, and we are moving quickly to complete formal testing of our Mid Field power-at-a-distance transmitter to secure regulatory certification. With commercialization in the near future, we firmly believe that we are well on our way to creating a meaningful wireless charging ecosystem that will disrupt the market."
Working capital declines
Energous Corporation has witnessed a decline in the working capital over the last year. It stood at $17.76 million as at Mar. 31, 2017, down 5.55 percent or $1.04 million from $18.81 million on Mar. 31, 2016. Current ratio was at 4.81 as on Mar. 31, 2017, up from 4.33 on Mar. 31, 2016.
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