Energous Stock Falls As Q2 Results Miss Estimates, Appoints Acting CEO And CFO

Energous Corp WATT reported second-quarter revenue growth of 61.7% year-over-year to $0.18 million, missing the consensus of $0.35 million.
Loss per share narrowed to $(0.18) from $(0.20) in 2Q20, missing consensus for a loss of $(0.12).
Loss from operations expanded to $(11.02) million from $(8.21) million a year ago. Adjusted EBITDA loss was $(6.73) million, compared to $(6.05) million a year ago.
Energous reported operating expenses of $11.2 million, comprised of $6.1 million in research and development and $5.1 million in selling, general and administrative expenses.
The company had $38.23 million in cash and cash equivalents at the end of the quarter, with no debt.
Energous announced management changes, including CEO and CFO positions. Cesar Johnston will assume the role of acting CEO. Former president and CEO Stephen R. Rizzone, who took a medical leave of absence in April, officially retired last month.
Bill Mannina will assume the role of acting CFO, as current finance chief Brian Sereda intends to depart the company. Kathleen Bayless will join as a member of the board.
Price action: WATT shares traded lower by 7% at $2.43 in the premarket session on the last check Friday.

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