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SEC filingExplosive revenue growth from PowerBridge Pro shipments marked a commercial breakthrough, driving gross profit expansion and narrowing operating and net losses despite higher cash burn from operations.
Net cash used in operating activities increased to -$5.6 million from -$4.7 million, driving free cash flow to -$5.6 million after minor $38 thousand capital expenditures. This reflects the working capital needs of ramping production and shipments. Management notes securing less dilutive financing through the ATM Program at lower cost of capital, supporting ongoing operations amid economic conditions affecting supply chains, customer payments, and regulatory approvals.
These results validate Energous' transition to scalable wireless power solutions for IoT applications. Investors should watch for sustained PowerBridge Pro demand and cost discipline, as broader conditions may impact operations, financial position, and strategic plans. Further expense reductions could be needed if growth plans falter.