WATT - Earnings call transcript Q3 2020

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Operator

Good afternoon. Welcome to Energous Corporation’s Third Quarter 2020 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note that this event is being recorded. I would now like to turn the conference over to Mike Bishop with the company Investor Relations. ahead. Go

Mike Bishop

and Kate everyone. welcome you, Thank

remarks statements Commission. I Before inherent Regulation that that reflect laws, These Energous please call, Exchange Energous forward-looking publicly obligation undertaking those to as Reconciliations uncertainties disclaims risks financial to website. note measures G. Q&A with the Securities events, in contained non-GAAP prepared are which in to release press participants GAAP like today’s this during will to we herein comparable company’s company’s SEC be statements are by call, the to to in directly revisions included detailed statements. posted these any begin, measures during or filings to forward-looking regard the remind in make the Also, that would are today’s company changes subject is and otherwise release, during updates or of discussing whether session defined the elsewhere required with conditions the non-GAAP circumstances. and as and Except the securities most measures or expectations financial on federal by will or

turn of over Steve. the like Steve Rizzone, to CEO Now, would I Energous. to ahead, go Please call

Steve Rizzone

Thanks, Energous’ Mike and third welcome to call. the quarter conference

is today Vice President and our me Brian Joining Senior Sereda, Chief Financial Officer.

session. we adversely performance, pandemic-related companies, third cover includes quarter Our progress of a detailed the the followed financials of most third in future during our Q&A review a quarter and more our review, was headwinds. team Brian upcoming high-level our impacted will a by quarter driving agenda strategies performance milestones by third then toward a outlook. Like the achieved today our we quarter, growth and overview are

and of the pandemic, has forecasting. a issues. experienced in some inability specific, quarter. who we for impacted cycles company we last adapted with top-line slowdown while internally, a the to externally in be business than of anticipated complications government were and these site also pandemic are resulted are by the lower their minute negatively growth the by directly product well own interact third priority on Combined, To to for We complexities the with certain more being dealing customers, shift customers

Finally, business, being WPT to reallocated project support Energous project, we with on government government were respect available funds technology based to to funding which well-suited. made in forecasted a for These a priorities. shift was the another

this steadfast we which in situation As of view in for and reasons, detail as a we growth remain I’ll confident strategy. our look important, Equally moment. ahead, number we temporary a

about Indicative expand Here’s the NewSound the the our charging why of we’re optimistic hearing technology certification. future. of vertical variety a markets. recent the announcement to is Interest FCC progress in of aid across continues

products in three before announcements timing of announce Further of we the contact-based from of FCC. these units the anticipated made believe process the As availability. distractions these the being We are to of the made to of on least future, of WattUp-enabled near are certification the the following hold the successful the possibly being will taking call. product W the processes of of initial the FCC and year process same launch. the two mentioned two, result the than begin because but distributors take largely end this products confirmation quarter, possibly validations the anticipate All Primo may available technology we longer pandemic with in certification end change certification of WattUp-enabled before a available of signaling usual, are issues Energous in general Along the stages the final at associated additional the lines, three, earlier in the dependent customers the first certification, will in holidays phase Washington. end with

represents customer the customer As announcement and market aid Europe, hearing represent entrant Two The new first will one customer, question also such, a important product is expanding timing. internationally. hearing which the in product this market. we these new third only are regulatory launch aid the launches believe sensor medical the of is certifications into in very our

regulatory phase certification wide-scale deployment wide represents – the validation of point planned field result WattUp-enabled completed tracking tracking meaningful in subject POSCO, launch, the Energous in conjunction is announcement of This ultra-wide Another today’s of and a the product and has of scale efforts first successfully a excuse industrial SK of PiBEX band that with the device. – partnership me, product Telesys could to trial technology.

These WattUp Besides rapidly product the emerging to powered well competitive support specific many Energous other wirelessly as over emerging and trial ideally has and successful WattUp the in applications advantages as meaningful this are that continually rechargeable sensors high technology. WattUp volume, are – unique has applications with quickly market the taking technology involving are for medical These the and target to and opportunities and RF-based suited which devices devices. for is engaged IoT positively pleased charging the opportunity, and technologies a industrial, aids, a has significant medical POSCO our important positive as markets hearing opportunity, for retail, a devices tracking medical, field including number in sensors. applications. manufacturer of that traction. Beyond wirelessly completing of sensors, has tracking markets, implanted Energous report device implications of industrial partnership had battery gaining Grepow, and the shape and opportunities devices Chinese cycles company. is Grepow share market also IoT tracking charging a with

a into of integrate spectrum general technology respective for solution cost-effective mid-XXXX will and teams battery both single, a reference the that of a solution Our common in timeframe. developing charging are hope We charging broad combine conference this design for easy advanced the to applications. engineering – availability

the are with of poised from the strong. companies for priority Regulatory Dialog the top of and both to and on the our continued certifications and continues relationship partnerships, expansion we Energous’ of to technology. operations remained WattUp a benefit sale While company. believe subject remain Dialog Energous chipsets the functions, sales support

MIIT petitioning Chinese country. significant first this regulatory of a completion in on the agency, of the is in it One of Timing successful that process product in the difficult customers the completing for WattUp-enabled process in step our but to represents cycle. China certification of the estimate, is the

We allow are employing to Korea, discussions we are the in access. potentially lead where with the regulatory the same Korean in strategy taking in petitioning facilities customers, WPT role

gain and we that We important partners, by appears assume of fact responsibility to be jurisdictions. to who Further, encouraged in these the government affairs Board our as regulatory Directors Sheryl federal and to Chairman. the is are formal company. and the considerable this highly-experienced expertise two experience Sheryl approach addition advisor willing are in legal adds certification the of to fastest FCC the this government have to advisor a to Wilkinson a

Board involvement and movement further of of report. Beyond expands is of considerable also standardization. these to our the lines to her Energous regulatory contributions, already potential direct Directors. the along issue positive There with the expertise of Related her certifications is issue

as the wireless agency First, represents of me, in the power excuse of this lots with Proposed process the of Title its formalizing FCC XX Making, Federal by has intent effort of FCC’s feedback in RPR case, Code Rule gain part and transfer industry certification to the Notice Regulations. NPRM an – which or

this a a RF or these of is the for and these is as other. Energous standard the contribute able traction foster broad to element reflects leading charging is development AirFuel Launching each our to to kind AFA. and Alliance WPT. in of in of of efforts a ecosystem the to adhering process. with commitment As establishing as announced midst A has of last continue effort assumed standards both products part we’ll in interoperate AFA Energous be will support the standard and RF charging. to role key adoption, to the standard, coexist month, gaining

revenue quarter part of in noted of priority military attributed to changes As our one earlier, delay was our opportunities. third

resource of of interest applications Energous wireless a the a Separately, field extreme in collectively the across spectrum ruggedized of caveat have mobile to Department being where batteries Energy to name be army military breaking are applications wireless the technology, competitive proposals a increasingly on wireless to combined next and distance responders, these such applications, partners process, With Initiative functional these we solutions that and the represents both requirements soldier who larger Future markets or RF-based have and the commands, heavily for the Xentris, like the efforts into that the a initiatives made the security, contact have companies generated decision markets typically the of especially of look opportunities to on charging our dedicate significant number for a range Soldier arduous few. strong the broad power. wireless distance, developed overall under of to RF-based federal of expressed opportunity to the generation and charging. long a is wide and compelling government homeland and with the are military government several that point, WPT the Energous for advantages of of Both power, rechargeable well-suited are arm wireless conditions. emergency military to power especially power empower dependent federal capitalize offers With Energous

faster product With of have interest of quickly, in that year, suitability for end its interest has engagements spectrum WattUp for transmitter, customers we the customer opportunity desire make with defined forward report our technology in We We the To note of as point of half this respect additional that the our of next to participants distance XXXX favorable with WattUp at that of a the qualified the continue increased cycles market It top the being by continuing markets. possibility our the special with excuse of timeline move associated the our top-tier of with associated well positive a the specific a decisions opportunities. contact significant prospects PowerHub with me, product with will its because product terms these distance top-tier contact-based WattUp the customer perspective – important a are cycles we revenue product driving make now, of opportunities, we cash one the our to part WattUp opportunities, of are of that will technology technology, because expect a we The several is anticipate expect goal regarding and of the their technology. and IDs. the bring expect significantly one since flows this third-tier multiple differentiation year. broad or specific of status generated them of decision into number we first coupled in first contact the is for in coupled the to to two to to the and and of as PowerHub. of quarters. respective have in least before uniqueness is validation top-tier where in three forecast with flow the than potential given lot ramping pleased technology end our result importance year. on number as point, interest are second tangible companies top-tier the see before to of and generated of coming one all highly applications, momentum to have many funnel. to design smaller the to two these progress

that trajectory and fluctuations. timing are predict and to we ability in, However, environment given subject to our limited is the

to strength, and patents Finally, Energous the the over an IP Brian, to turn will competition a a with potential contributor company the XXX value awarded I today. continues now call core you. significant to be barrier of strategic to

Brian Sereda

the in a lower the approximately to At $XX,XXX XXXX GAAP lower in headcount-related in and pure quarter of the of of and we administrative was compensation prior ongoing million $X.X to GAAP XX compared a quarter expense over the million engineering to GaN quarters approximately technologies, revenue QX same part quarter increasing Steve. Compared in customers approximately revenues quarter the lower operating than the number at for increasing $X.X period the close with which we year. work than announcing third our and expense, versus release, financial lower Thanks, total R&D the we prior We is due expect issued – Year-to-date, in prior million in quarter even today, lower versus to of area of leverageable in second earnings same expenses partnership calls tape-out and in We highly September quarter XX as the quarters year, has QX XX. as increasing number in to decrease projects. of we bring our R&D period spend believe in improvement into and $XXX,XXX $XXX,XXX on continue recognized year. XX% recognized years million of customer versus result don’t model $X.X I’ve Dialog in compared development that and to the XX the last investment of number mentioned and dropped the total same Total $XXX,XXX we of legal market last meetings, total $XX,XXX of over results CMOS. to customers fiscal third increase XXXX. XX% in cost is $X.X market for last and few projects the the costs XXXX. and and in our or year. to is of press same of in This last chip for year. the prior have our similar ended the headed to and last $X.X GaAs quarter a quarter prior costs. for the expense as is the of prior development expect of in and a heads last million, large expense lower stock at of years versus investor in GAAP

and $X.X fiscal also is increases the we discussed and shares net loss or if on CMOS-based than GAAP quarter $X.X loss to see quarter expected range lower basis will But million chip I’ve This GAAP’s overall share of share for GAAP approximately for loss per outstanding. $XX.X other only was with loss work. total loss third our prior tape-outs. an a quarter when the last in year. $X.XX chip spending third and could net million year-to-date in $X.XX the XXXX. average $XX.X compares share, we net million $X.X $X.XX As increases plan million million development again, CMOS million or on per per $X.X weighted related expenses trend million spending previously, XX.X the tape-outs of or this similar Year-to-date, for in

a quarter especially fiscal Now, a for non-GAAP the at provides operating I’d a stage comparison year, adjusted when used view GAAP company as we like our or together investors, switch of our and to believe to results for numbers non-GAAP with useful information. for

XXXX, cash area than approximately with lower million public of a $X.X increasing costs million year than quarter engineering additional approximately cash for over prior than along $X.X QX company the period our from and and million, lower ending quarter QX quarter Other non-GAAP at-the-market QX including of of headcount liabilities net operations approximately period facility lower prior projects last down remain compared lease million, million expense GAAP compensation was trend fiscal improvement same million QX of higher in million last stock expense $X.X of $X.X and million million debt-free. quarter totaled expense Non-GAAP the to year. in insurance $X in over QX our the the totaled last – to the decreased of period $X.X in customer we Excluding for shares million million, the the of outflows fiscal million the same $X.X last similar cash $X.X end just loss with and the sale than for operating $X.X our $X.X quarter’s quarter facilities, appreciation and increasing million Net $X.X SG&A last of transit XXXX. year. approximately than same prior to of the and response non-GAAP quarter. from approximately operating used million million of to million, $X total sales of number than approximately over legal. due complexity under of to non-GAAP million, revenues, approximately to from year. expense at in cash related during total total lower year-over-year to non-GAAP million $X the and lower of the approximately $XX.X $X.X million expense $X.X our engineering $X.X over below $X.X the $X.X audit, non-GAAP we was our last expect

in requirements summary, new for coming expense and customers cycles. this In CMOS minor quarters. our we our for announcing a the at levels engagements year, and working entered partnership customer During WattUp underpinned cash expectation end featuring expect at-the-market additional capital quarter, we into with with support to increasing of the remain operating before our facility rate upticks products to chip the run current by dialog the

investments our do the necessary into capital In addition, all to sustain we and anticipate work made need the for head to and not necessary major having XXXX, business we labs regulatory as R&D, any fiscal facilities growth. improvements

the many several there and highlighted, and like progress slower solutions, COVID, impacted a overhang RF with obviously progress with impacting interest Steve is now progress with With last launches is announcements nonetheless it As across I’ll back quarters. broadening months we’d customer is customers. charging of Steve. but markets. The in the coming report vertical operational technology and to additional onsite the over with of of expectations than turn the work there to ability to our heavily that, customer in

Steve Rizzone

great returned few and generation of closing WPT company’s up they in of difficult questions. you, that complicated are elements minimizing momentum. and predict terms emphasize is to accurately of wins are second basis is unfortunate, movements believe for the operator customer Thank are control. technology beyond as delays new a core and form near-term, this it the it comments to Energous continues that a partnerships, and revenue significant the to obstacles. ultimately business, of will no regulatory A we but that fact unique. WattUp gaining based revenue will first from over the technology expectations ramp validation WPT point with to contact the while competitors. towards difficult delays we our clearly direct to the valuable number potential that business distance are with believe for long-term we for that as equally call picking magnitude which questions. of the points the be is Energous must revenue, Energous. way, or to significant generation, before our continuing hold growth temporary and charging We are that well control but certified represents technology goal customer turn can and proof Brian. It’s the revenue WattUp take sets commercialized to quarter. acquisition, be on standardization in expect It’s the technology and now accelerator The any of real leaning apart as many – trajectory of relevant will meaningful a the we certification and are there passing the become all in traction, and each building operator, we the in clear

Operator

from [Operator Roth Our Desliva ahead. Suji Instructions] first Capital. question is from Go

Suji Desliva

Brian. Hi, Steve. Hi,

[technical the large how you talk opportunity already Difficulty] customers relative Can have? about that is European So, to

Steve Rizzone

there breaking them. you’re up sorry; from I��m

launch You’re of third European correct? asking the about Is the hearing aid opportunity. that

Suji Desliva

Yes, how ones the Difficulty] Steve, and you is that to opportunity already have? [technical relative big

Steve Rizzone

larger is two is from than potentially a hearing this a has is aid equivalent Europe. announcements. manufacturer European initial a in that It based markets – this solid little the

hearing does the a with and market obviously opportunity say, but very course, also of market certification. either important third to especially because represents, a the represent, than Europe very, European larger the I opportunity. first technology, will the think, again, a represent NewSound with not or or so potential Delight should to this it’s And the And come I aid is only this important,

Suji Desliva

Stephen, maybe in where Okay. in other versus, you you – and very the of Europe That’s are say, then And talk broadly, the U.S. terms approvals more could regulatory geographies? about helpful.

Steve Rizzone

generally the both contact and the Europe. Well, in technology is U.S. approved

have certification. We EU

the with the As device. certification fact all general we of way devices, points the have that to each certification

taking EU EU to its And has as through certification. own through a WattUp Europe, in the of go device the now certification process. contact-based However, technology. regulatory matter specific have Energous we this already each case device own It’s its for in

soon. else so difficult process, that but Of as go the that’s device U.S., course, every by has will it, something reference, the to we not becomes through since be certification, first in as certification getting have beginning everything it’s as the and

Suji Desliva

you Okay. switching the start Stephen, segments. talk think and quarters how pause in how opportunities many And of might do when or then – in? you segments, the there some delay other long perhaps to could estimating come there about terms industrial government Can seeing you be

Steve Rizzone

of Well, enough, of military be really whole going I business There charging number strong are a good interestingly of Energous. distance, speak underway Energous the currently initiatives control, that to for that of the all also are government think technology. very, the and of is very mobility, to idea competitive very software elements

the with have of forth, give that well number of me have We difficult markets. in these through, I and does our positioned it’s to to partner together, an a It work indication for And these as exact military we put call, timing. in time Xentris proposals. is take mentioned specific really

get that but think in get that XXXX, think are see difficult sector once expand to that to the military number to we’ll I that and of first the It’s then. we we’ll to always begins a then it able one, coming additional first in to the most point that business opportunities be fruition. once business I happens,

market. that’s call, activity the focusing on result, just is as this that federal There is in federal resource on. other the so also have resource The much we a a market. that and a there as military lot with separate focusing market, element on is is broader I is And the dedicated now going federal combined the mentioned

certainly where in of we in XXXX, be business multiple and but our part business of our focused meaningful point the it big significant to So, we have a a part believe will that on opportunity a opportunity represents XXXX. resources the ramping

Suji Desilva

about last from GaAs tape-outs between and expenses quarter run us could much Steve. question Thanks, one move the GaN, being in level expenses, Can Brian. any understand perhaps rate you expense the help given stable forward. And CMOS the Brian, expect? then Okay. how typical you’d for talked you on going the

Brian Sereda

some about that’s Sure. the about of far less all as $XXX,XXX Typical after GaAs, $XXX,XXX a quarter and tape-out, expenses to anywhere tape-out all It’s from GaN well. of expensive. that’s CMOS is tape-out all-in, – and that. is

to tape-out here, say anywhere ship a can you $XXX,XXX. between I’d GaAs, So $XX,XXX but our it’s to cringe going and GaN are engineers

So far less money. process, more more much CMOS, many complex nodes. more advanced much layers,

more So, expensive. yes, a difference. it’s there’s significant much But

a Fortunately, a our less for we is CMOS us, will not GaAs, go certainly five, we’re now of technologies. It than of expecting XXXX. in be lot as into tape-outs higher-efficiency three. maybe GaN two lot to focus

Suji Desilva

taking Brian, Okay, Steve and great. thanks question. for that

Brian Sereda

you. Thank right. All

Operator

next [Operator Investor. Patrick Instructions] Our question Dever, is ahead. from Private Go

Patrick Dever

Yes, are How today? Steve. you

Steve Rizzone

Fine. you. Thank

Patrick Dever

I a like Dialog? I’d which years XXX-or-so Steve, their mean, now, their engaged quarter been get the are with the for we is into years customers. The told with customer four been only our $XXX customers queue. that not them about every Light, where in four handle, I’m we’ve we’ve putting for quarter and to There’s that’s now million at always customers And looking accounts. company four And it’s is a the years. are

after we’re explain they by what’s figure trying are Could college gotten on? here. us actually business? now. I us I out I’m turning to mean, So, could kid a contract going years, a doing on have you helping what mean, four

Steve Rizzone

I that. and question appreciate Good

on you Dialog business on know, me let back-end the backroom great us element Dialog say both to fortunate supports And all, First and as of we fortunate the are sales – partner is very, or of that a great, have. element. the very that

because what costs are On on to those to a have speak that qualify chip, on chip, the up it we that Dialog. forth. forth, what so costs and back-end and chip, about tape-out to element, picked to don’t so inventory of about We by so speak costs so all it

Energous. new sales a a number at new has than the the and been and so a company, Dialog very, talked the a one very fruition. matching but said and a opportunities, higher really that we’ve us focus – the I much impacted that, of like also level and level, – has for has that technology. really that, to expect a rate Having come number technology credible the very really introduced that they’ve is side, they’ve opportunity high being would On a is this issue that’s is done key with think And – fashion, adopted in a about has done been technology to significant so really

it’s I calls, these existence that of I and a mentioned the stimulate so think because in to very expensive many few repeating, so many was there you As complexities our focused complex first and technology. understanding just very, worth element are these technologies. but previous And really on actually ramifications and years them, that’s There time-consuming can are in decisions to them. you have build the

it’s to match we as with of from technology understanding, then we had do so we that a the that once will on, tremendous And and down said, frequency aligned different we a And the with what extremely about And regulatory. jurisdictions. approximately complex bring XXX technology talking it on company especially had approve, on limits global basis market. spectrum we been forth, difficult within have to technology, And what ranges we’ve and single, so we’re a XX single also what them can a gigahertz regulatory so because to get to often that can megahertz. and XX

to the could more come once in need markets the align said, that those I we but to we we then technology identify now, capabilities in. break had then And fruition it right will As participate to down. that we two, think future, has we far

play. markets restrictions time, – been For to able those period considerable of have of relaxed, our Tier markets from then customers were the these done customer. has that we’ve identify cycles concentrate a Since and because excluded these we deal that relationship X been now or we with the been on that we now themselves. markets where to have have third realized, a of And we that have factor with product

has so of not aligning taken hearing that product is now product markets come us. The cycles offices technology has with those have hold. a that’s out. the then is hoped, communicate this for driving this make had issue. is very has to we’ve about all been completing got We’ve tremendous Yes, the coming cycles. us. Delight all a and and Dialog had obviously And expanding with most NewSound. sense that and those good partner starting we the Dialog regulatory, really specific been This on this but made about, take really the This and able markets than it’s is, more we and hopefully, another with time that is to we’ve news good aid

more a that we’ll sensor and we and live European that. I all think explored. say the products me, year, couple uncertainties well the But have we additional the – that opportunities end also in world it’s in now, continuing to coming assume you’ll hopefully I being for momentum of certifications that customer absolutely and given again, of can’t this but think excuse products as new as commercialization reasonable full to expanded hear FCC markets before

the really doing And has the confident but business I never in taken that been in and and we so of what time, keeping are done that And before. comfortable mind inflection are future it’s at understand an we again, we’re point.

real viable address think be our business. to we to of that uncertainties build collective self-sustaining but goal and to building and we’ll leading continues a come partnerships have experience way, and our obstacles and able and of to I support So the be obstacles there that any continue value,

Patrick Dever

Okay.

design and wins actually we’re to saying is now the that all product waiting have cycle So, you take hold? are doing some for you

Steve Rizzone

stages think, that. product that saying clear that. saying rollout. and I that, of are in I that am I Yes, additional the we I’m have final pretty products productization made

more We on, and that given be the little additional States. will United be has is are ones expect we’re Again, one all then will that’s timing in And follow-on are Europe All close. the in a that available murky, two in that three stages. that cycles. have available product we to announce – but going in

said, impact this, but a elements product our that position speak announce to that and beyond – I be so And timing, specific continuing are so so flow available believe we as so the there’s in because real. on can’t on that forth, I the I are products consumer. being are identifiable. to that again, a of will made there’s They’re cycles control many

Our good with not forward in of move than longer typical product mind, that the question for XX cycles. a to drive them it, Also to technology that. it’s cycle want are these product it’s and for a continuing months commercialized them. keep Customers cycles, is through fit federal short is a XX to opportunity months

to of so considerable fruition. significant, number accounts as been these And cycles a of we’ve starting all time that to for working of with period now they’re these come which means are a

Patrick Dever

Right.

already if this excuse in you Now, the call. me said

any some are wins and of design these Tier Xs Xs, them? So of Tier

Steve Rizzone

like opportunities. said top-tier in chipsets I course, respective in being that, As share tier. they question share qualifies the in we X That customer to define the – units. engaged number a – we participate. in in terms number or the end market of be that are way the volumes two terms is for X call, in significant of opportunity in of in the And Tier a mind three the significant a with represents And opportunities and market top Tier of our as it top markets

resource both fact is very half one we distance end the and under opportunity of really We that stated goal is and company our as contact, only said, enough really – is are the getting And that exciting the interest is Energous has of designations in is of excuse X a of in engaged hold. are always in is This substantial cycles it taking and solid those design and PowerHub we’re the engaged that that – year lot we – a and me, the in. there thing the a of these of achieve believe before that technology engaged happen, year. this taken that is number issue differentiates positioned that that And compatible there. a classification would is we is and momentum really design A with the the PowerHub caveat, I’ve those the Tier And There a umbrella. in as common considerable but a – of have WPT often chance are with in a competitors, and the from this there’s technology distance have of to that next are a unique. there’s interesting this we them, in things markets a other in uniquely these and is design to ability in our see also product believe of us engaged a both Energous the and lot for that has win amount the hold and are also to we because and additional here, is Tier – number has of to a lot number a participate gaining I driving engagements. X mentioned, first

soon in this ramping it contact-based other want than comes to some play, don’t to how cases, really our than it’s is quickly. to faster say I And comment all now that customers. Now ramping

Operator

Steve back question-and-answer our now like over to session. for concludes I would Rizzone turn remarks. This to conference the closing

Steve Rizzone

update. you Thank quarter additional forward future to our you in the to very forward in in speaking again announcements look company’s to and three of right. Thank for everyone progress We All much. look participating the you months. third

Operator

is Thank conference for concluded. you now presentation. today’s attending The

disconnect. now may You

Energous (WATT) 9 Nov 202020 Q3 Earnings call transcript