Revenue has scaled to $3.1M in 2026Q1, yet the company continues to struggle with profitability, reporting a negative operating margin of -59.9% due to high fixed R&D costs.
| 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 |
|---|
| Sales/Revenue | 8.37M | 5.63M | 768K | 474.18K | 851.32K | 756.79K | 327.35K | 200.14K | 514.82K | 1.15M | 1.45M | 2.5M | 0 | 0 | 0 |
| Revenue Growth % | 699.33% | 633.07% | 61.96% | -44.3% | 12.49% | 131.19% | 63.56% | -61.12% | -55.39% | -20.52% | -41.92% | - | - | - | - |
| Cost of Goods Sold | 5.37M | 3.6M | 756K | 279.08K | 1.28M | 0 | 126.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 63.96% | 98.44% | 58.86% | 150.07% | - | 38.66% | - | - | - | - | - | - | - | - |
| Gross Profit | 3M | 2.03M | 12K | 195.1K | -426.24K | 756.79K | 200.81K | 200.14K | 514.82K | 1.15M | 1.45M | 2.5M | 0 | 0 | 0 |
| Gross Margin % | 35.79% | 36.04% | 1.56% | 41.14% | -50.07% | 100% | 61.34% | 100% | 100% | 100% | 100% | 100% | - | - | - |
| Gross Profit Growth % | - | 16808.33% | -93.85% | 145.77% | -156.32% | 276.87% | 0.33% | -61.12% | -55.39% | -20.52% | -41.92% | - | - | - | - |
| Operating Expenses | 11.25M | 10.98M | 18.42M | 22.29M | 26.26M | 42.19M | 32.1M | 39.01M | 51.44M | 50.54M | 47.28M | 30.08M | 20.37M | 3.55M | 127.72K |
| OpEx % of Revenue | - | 195.03% | 2398.7% | 4701.73% | 3084.63% | 5574.78% | 9806.01% | 19490.09% | 9992.61% | 4379.67% | 3256.51% | 1203.09% | - | - | - |
| Selling, General & Admin | 7.3M | 6.85M | 8.77M | 11.12M | 12.96M | 17.6M | 15.03M | 15.78M | 18.57M | 17.31M | 14.45M | 11.25M | 7.86M | 1.44M | 25.1K |
| SG&A % of Revenue | - | 121.74% | 1141.93% | 2346.11% | 1522.8% | 2325.58% | 4592.59% | 7883.98% | 3607.56% | 1500.09% | 995.22% | 450.09% | - | - | - |
| Research & Development | 3.95M | 4.13M | 8.28M | 10.81M | 12.5M | 20.57M | 17.07M | 23.23M | 32.87M | 33.23M | 32.83M | 18.83M | 12.51M | 2.11M | 102.62K |
| R&D % of Revenue | - | 73.29% | 1077.47% | 2279.83% | 1468.05% | 2718.39% | 5213.42% | 11606.11% | 6385.05% | 2879.58% | 2261.3% | 753% | - | - | - |
| Other Operating Expenses | 100 | 0 | 1.38M | 359.42K | 798.39K | 4.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -8.25M | -8.95M | -18.41M | -22.1M | -26.69M | -41.43M | -31.9M | -38.81M | -50.93M | -49.39M | -45.83M | -27.58M | -20.37M | -4.44M | -127.72K |
| Operating Margin % | -98.58% | -158.99% | -2397.14% | -4660.58% | -3134.7% | -5474.78% | -9744.67% | -19390.09% | -9892.61% | -4279.67% | -3156.51% | -1103.09% | - | - | - |
| Operating Income Growth % | - | 51.38% | 16.7% | 17.19% | 35.59% | -29.89% | 17.8% | 23.8% | -3.12% | -7.76% | -66.19% | -35.35% | -359.36% | -3372.75% | - |
| EBITDA | -8.16M | -8.81M | -18.21M | -21.91M | -26.44M | -41.17M | -30.78M | -38.03M | -49.87M | -48.08M | -44.87M | -26.76M | -20M | -4.43M | 0 |
| EBITDA Margin % | -97.45% | -156.52% | -2371.61% | -4621.1% | -3105.78% | -5440.66% | -9402.34% | -18999.75% | -9687.74% | -4166.16% | -3090.54% | -1070.38% | - | - | - |
| EBITDA Growth % | 44.42% | 51.62% | 16.88% | 17.12% | 35.79% | -33.78% | 19.06% | 23.76% | -3.74% | -7.14% | -67.69% | -33.77% | -351.47% | - | - |
| D&A (Non-Cash Add-back) | 94K | 139K | 196K | 187.21K | 246.16K | 258.25K | 1.12M | 781.23K | 1.05M | 1.31M | 957.84K | 817.73K | 371.19K | 4.72K | 127.72K |
| EBIT | -8.17M | -8.95M | -17.03M | -21.74M | -25.89M | -37.42M | -31.9M | -38.81M | -50.93M | -49.39M | -45.83M | -27.58M | -20.37M | -4.61M | 0 |
| Net Interest Income | -2K | 166K | 0 | 809.23K | 411.06K | 5.49K | 71.21K | 416.27K | 89.29K | 11.68K | 13.33K | 15.64K | -1.02M | -908.61K | 0 |
| Interest Income | 195K | 166K | 0 | 809.23K | 411.06K | 5.49K | 71.21K | 416.27K | 89.29K | 11.68K | 13.33K | 15.64K | 0 | 0 | 0 |
| Interest Expense | 197K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.02M | 908.61K | 0 |
| Other Income/Expense | 367K | -642K | 12K | 2.73M | 411.06K | 5.49K | 67.08K | 408.81K | 89.29K | 10.95K | 13.33K | 15.64K | -25.23M | -1.09M | 0 |
| Pretax 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 |
| Pretax Margin % | -94.19% | -170.39% | -2395.57% | -4084.23% | -3086.41% | -5474.06% | -9724.17% | -19185.83% | -9875.26% | -4278.73% | -3155.6% | -1102.47% | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 89.29K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.18% | 0% | 0% | 0% | 0% | 0% | 0% |
| 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 |
| Net Margin % | -94.19% | -170.39% | -2395.57% | -4084.23% | -3086.41% | -5474.06% | -9724.17% | -19185.83% | -9875.26% | -4278.73% | -3155.6% | -1102.47% | - | - | - |
| Net Income Growth % | 48.02% | 47.86% | 5% | 26.29% | 36.58% | -30.14% | 17.1% | 24.47% | -2.96% | -7.77% | -66.24% | 39.56% | -725.98% | -4222.73% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.31 | -6.46 | -77.24 | -124.71 | -203.66 | -383.22 | -459.14 | -762.08 | -1198.08 | -1389.49 | -1559.18 | -1244.28 | -3452.23 | -1213.16 | -39.85 |
| EPS Growth % | 87.99% | 91.64% | 38.06% | 38.77% | 46.86% | 16.54% | 39.75% | 36.39% | 13.78% | 10.88% | -25.31% | 63.96% | -184.57% | -2944.32% | - |
| EPS (Basic) | - | -6.46 | -77.24 | -124.71 | -203.66 | -383.22 | -459.14 | -762.08 | -1198.08 | -1389.49 | -1559.18 | -1244.28 | -3452.23 | -1213.16 | -39.85 |
| Diluted Shares Outstanding | 1.49M | 1.49M | 238.21K | 155.3K | 129.01K | 108.1K | 69.33K | 50.39K | 42.44K | 35.54K | 29.39K | 22.15K | 13.21K | 14.69K | 3.21K |
| Basic Shares Outstanding | 1.49M | 1.49M | 238.21K | 155.3K | 129.01K | 108.1K | 69.33K | 50.39K | 42.44K | 35.54K | 29.39K | 22.15K | 13.21K | 14.69K | 3.21K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital structure dilution risk
According to the provided quarterly data, Energous has achieved a notable revenue expansion, moving from $0.09M in 2023Q4 to $3.1M by 2026Q1, which suggests that the company is finally transitioning from pure research and development activities toward initial commercial product shipments and integration projects.
The recent revenue growth appears to be driven by early-stage adoption of its proprietary RF-charging technology, though the absolute scale remains insufficient to cover the company's fixed cost base. Investors should monitor whether this trajectory represents sustainable commercial traction or merely the recognition of one-time engineering fees from a limited set of pilot partners.
As reported in financial statements, the company's gross margin has fluctuated significantly, reaching 35.5% in 2026Q1, which highlights the inherent challenges of a low-volume hardware business that has yet to achieve the economies of scale necessary to stabilize production costs against its specialized chipset fabrication requirements.
The inconsistency in gross margins suggests that the company's pricing power is currently constrained by its need to subsidize early adoption. Until the company can shift toward a higher-margin IP licensing model, these margins will likely remain sensitive to the specific mix of engineering services versus hardware sales in any given quarter.
Based on the income statement data, Energous continues to operate with a significant disconnect between its revenue growth and operating expenses, as evidenced by a persistent negative operating margin that reached -59.9% in 2026Q1 despite the recent uptick in top-line performance.
The company's inability to scale operating income faster than gross profit indicates that the current cost structure is heavily burdened by fixed R&D and SG&A requirements. This suggests that the firm is essentially trading equity for time, as it attempts to reach a critical mass of design wins before its liquidity is exhausted.
Analysis of the cost structure reveals that R&D and SG&A expenses remain the primary drivers of the company's ongoing losses, with quarterly R&D spending consistently hovering near $1M, which underscores the high cost of maintaining a global patent and regulatory footprint for its RF-charging technology.
The company's expense discipline appears to be focused on preserving its intellectual property moat rather than achieving immediate operational efficiency. This strategy warrants further investigation into whether the current R&D spend is sufficient to maintain a competitive lead or if it is merely a necessary expense to keep the business viable.
Quick answers to the most common questions about buying WATT stock.
For fiscal year 2025, Energous Corporation (WATT) reported total revenue of $5.6M.
Energous Corporation (WATT) reported a net loss of $9.6M for the fiscal year ending 2025.
Energous Corporation (WATT) reported an operating income of $-9.0M, resulting in an operating profit margin of -159.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Energous Corporation (WATT) generated $2.0M in gross profit for the year, representing a gross profit margin of 36.0%. This demonstrates the company's core pricing power and production efficiency.