Energous Corporation (WATT) saw its loss widen to $14.61 million, or $0.75 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $8.88 million, or $0.61 a share.
Operating loss for the quarter was $14.62 million, compared with an operating loss of $8.89 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $10.18 million compared to negative $7.04 million in the prior year second quarter.
"Energous is on track to develop and successfully commercialize a new technology that has never before been available, and that will have what we believe is a far-reaching impact on the consumer and enterprise markets," said Stephen R. Rizzone, president and chief executive officer. "The company is working toward shipping fully commercialized WattUp chipsets, expanding its customer base, and securing FCC approval for its longer range charging solutions. We are singularly focused on building a highly relevant and valuable company for the long-term, and firmly believe we will exit this year positioned for significant, ongoing growth."
Working capital decreases marginally
Energous Corporation has witnessed a decline in the working capital over the last year. It stood at $26.16 million as at Dec. 31, 2016, down 4.10 percent or $1.12 million from $27.27 million on Dec. 31, 2015. Current ratio was at 4.90 as on Dec. 31, 2016, down from 9.02 on Dec. 31, 2015.
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