Operational cash flow remains deeply negative at -$5.6M for 2026Q1, with an OCF/NI ratio of 3.36x indicating that cash burn significantly exceeds reported net losses.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -13.32M | -12.42M | -17.57M | -19.25M | -23.64M | -28.72M | -24.79M | -26.62M | -32.53M | -34.43M | -33.06M | -20.01M | -15.61M | -3.43M | -54.04K |
| Operating CF Margin % | - | -220.6% | -2288.15% | -4059.39% | -2776.48% | -3795.01% | -7573.41% | -13301.06% | -6318.1% | -2983.54% | -2277.11% | -800.23% | - | - | - |
| Operating CF Growth % | 80.05% | 29.32% | 8.71% | 18.56% | 17.7% | -15.85% | 6.87% | 18.16% | 5.53% | -4.14% | -65.26% | -28.19% | -354.87% | -6249.43% | - |
| Net Income | -7.88M | -9.59M | -18.4M | -19.37M | -26.28M | -41.43M | -31.83M | -38.4M | -50.84M | -49.38M | -45.82M | -27.56M | -45.6M | -5.52M | -127.72K |
| Depreciation & Amortization | 128K | 139K | 196K | 187K | 246.16K | 258.25K | 1.12M | 1.57M | 1.05M | 1.31M | 957.84K | 817.73K | 371.19K | 4.72K | 0 |
| Stock-Based Compensation | 220K | 281K | 799K | 1.68M | 2.92M | 11.93M | 7.9M | 10.65M | 16.75M | 15.8M | 9.51M | 5.95M | 2.55M | 16.15K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -743.88K | 0 | 726 | 0 | 0 | 24.2M | 181.72K | 0 |
| Other Non-Cash Items | 19K | -217K | 146K | -1.77M | 771.19K | 685.16K | 25.51K | 786.34K | 80.78K | 80.78K | 80.78K | 80.78K | 985.05K | 1.43M | 73.69K |
| Working Capital Changes | -5.81M | -3.03M | -316K | 22K | -1.3M | -167.69K | -2M | -478.67K | 423.84K | -2.25M | 2.21M | 706.04K | 1.89M | 458.22K | 0 |
| Change in Receivables | -2.89M | -2.91M | 24K | 54K | 99.51K | -218.6K | -34.08K | -53.59K | -44.55K | 149.5K | -149.5K | 0 | 0 | 0 | 0 |
| Change in Inventory | -613K | -1.01M | -68K | -491K | -105.82K | 0 | 0 | -247.21K | 601.59K | 417.8K | -156.9K | 0 | 0 | 0 | 0 |
| Change in Payables | -369K | -898K | -27K | 979K | -305.19K | 109.12K | -574.68K | -189.87K | -163.31K | -2.68M | 2.38M | 608.96K | 1.35M | 359.16K | 0 |
| Cash from Investing | -99K | -82K | -123K | -187K | -164.99K | -365.74K | -136.63K | -196.2K | -859.82K | -814.65K | -1.14M | -1.03M | -1.62M | -199.05K | 0 |
| Capital Expenditures | -99K | -82K | -123K | -187K | -164.99K | -365.74K | -136.63K | -196.2K | -859.82K | -817.45K | -1.14M | -1.03M | -1.62M | -199.05K | 0 |
| CapEx % of Revenue | 1.18% | 1.46% | 16.02% | 39.44% | 19.38% | 48.33% | 41.74% | 98.03% | 167.01% | 70.84% | 78.34% | 41.31% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.8K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.8K | 0 | 0 | 0 | -4.72K | 0 |
| Cash from Financing | 39.94M | 21.55M | 5.11M | 7.08M | 1.02M | 27.43M | 53.97M | 28.39M | 40.7M | 16.78M | 35.59M | 19.42M | 46.77M | 5.58M | 60K |
| Debt Issued (Net) | -545K | -873K | 532K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.5M | 0 |
| Equity Issued (Net) | 40.83M | 22.76M | 4.92M | 7.01M | 744.79K | 27.04M | 53.56M | 27.54M | 38.85M | 14.93M | 34.48M | 19.05M | 46.77M | -29.55K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -339.37K | 0 | 0 | -312.68K | 0 | 0 | -29.55K | 0 |
| Other Financing | -337K | -338K | -342K | 73K | 272.83K | 384.13K | 417.55K | 857.47K | 1.85M | 1.85M | 1.11M | 368.05K | 1K | 112.36K | 60K |
| Net Change in Cash | 26.52M | 9.05M | -12.58M | -12.35M | -22.78M | -1.66M | 29.05M | 1.58M | 7.31M | -18.46M | 1.39M | -1.62M | 29.54M | 1.95M | 5.96K |
| Free Cash Flow | -13.42M | -12.5M | -17.7M | -19.44M | -23.8M | -29.09M | -24.93M | -26.82M | -33.39M | -35.25M | -34.2M | -21.04M | -17.23M | -3.63M | -54.04K |
| FCF Margin % | -160.39% | -222.06% | -2304.17% | -4098.83% | -2795.86% | -3843.34% | -7615.14% | -13399.09% | -6485.11% | -3054.37% | -2355.45% | -841.54% | - | - | - |
| FCF Growth % | 22.46% | 29.35% | 8.95% | 18.34% | 18.17% | -16.68% | 7.04% | 19.68% | 5.28% | -3.06% | -62.56% | -22.13% | -374.54% | -6617.8% | - |
| FCF per Share | -9.04 | -8.42 | -74.29 | -125.15 | -184.49 | -269.06 | -359.56 | -532.22 | -786.78 | -991.89 | -1163.83 | -949.79 | -1304.05 | -247.15 | -16.86 |
| FCF Conversion (FCF/Net Income) | 1.70x | 1.29x | 0.96x | 0.99x | 0.90x | 0.69x | 0.78x | 0.69x | 0.64x | 0.70x | 0.72x | 0.73x | 0.34x | 0.62x | 0.42x |
| Interest Paid | 83K | 0 | 140K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dilutive financing dependency
According to the reported quarterly data, Energous consistently exhibits an OCF/NI ratio exceeding 1.0, with 2026Q1 showing a 3.36x multiple, which suggests that the company's cash burn is significantly outpacing its reported net losses due to ongoing working capital requirements and non-cash adjustments.
The consistent divergence between net income and operating cash flow indicates that the company's accounting losses do not fully capture the cash-intensive nature of its operations. Investors should monitor this gap, as it implies that the firm's cash requirements are structurally higher than the headline net loss figures suggest.
As reported in financial statements, Energous has maintained a negative free cash flow trajectory over the last ten quarters, with 2026Q1 cash outflows reaching $5.6M, highlighting the company's inability to self-fund its operations through its current revenue-generating activities or product shipments.
The persistent negative FCF margins, which reached -182% in 2026Q1, underscore the company's reliance on external capital to sustain its R&D and regulatory efforts. This trend suggests that the business model remains in a pre-commercial phase where cash consumption is a prerequisite for survival rather than a byproduct of growth.
Based on the provided figures, working capital changes have been a significant drag on cash flow, with a $4.0M outflow in 2026Q1 alone, indicating that the company's efforts to scale operations are creating substantial pressure on its limited cash reserves through inventory or receivable management.
The erratic nature of working capital swings suggests that the company lacks a stable cash conversion cycle, likely due to the project-based nature of its engineering services. This volatility warrants further investigation into whether these outflows represent temporary timing differences or structural inefficiencies in the company's supply chain.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $404K in 2024Q1, serves as a non-cash expense that masks the true economic cost of talent acquisition, potentially leading to an understatement of the company's actual operational cash requirements over time.
While SBC is a standard tool for preserving cash in early-stage firms, it effectively dilutes existing shareholders to cover the high cost of specialized engineering talent. Analysts should adjust for these non-cash charges to better understand the true cash-burn rate required to maintain the company's intellectual property moat.
Quick answers to the most common questions about buying WATT stock.
Energous Corporation (WATT) generated $-12.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Energous Corporation (WATT) reported negative free cash flow of $12.5M in 2025, indicating capital requirements exceeded cash from operations.
Energous Corporation (WATT) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.