What changed in this filing

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Item 1. Business

2026-03-26 compared with 2025-02-27 · 102 added, 112 removed, 77 unchanged (74% of the section changed)

We have developed a scalable, over-the-air Wireless Power Network (“WPN”) technology that integrates advanced semiconductor chipsets, software controls, hardware designs, and antenna systems to enable radio frequency (“RF”)-based charging for Internet of Things (“IoT”) devices.

Our WPN technology provides a comprehensive suite of capabilities designed to power the next generation of wireless energy networks, seamlessly delivering power and data across diverse, battery-free device ecosystems.

This innovation enhances operational visibility, control, and intelligent business automation.

Our solutions support both near-field and at-a-distance wireless charging, supplying power at multiple levels across varying distances.

By enabling continuous wireless power transmission, our transmitter and receiver technologies facilitate the use of battery-free IoT devices, transforming asset and inventory tracking across multiple industries.

Key applications include retail sensors, electronic shelf labels, asset trackers, air quality monitors, motion detectors, and other smart monitoring solutions.

We believe our technology represents a breakthrough in wireless power delivery, offering a differentiated approach to charging IoT devices via RF technology.

To date, we have developed and released multiple transmitter and receiver solutions, including prototypes and partner production designs.

Our transmitters vary in form factor, power specifications, and operating frequencies, while our receivers are engineered to support a wide range of wireless charging applications across multiple device categories.

We have developed scalable, over-the-air Wireless Power Network (“WPN”) technology that integrates advanced semiconductor chipsets, software controls, hardware designs, and antenna systems to enable radio frequency (“RF”)-based charging for ambient Internet of Things (“IoT”) devices, transforming supply chain capabilities from limited tracking to overall business intelligence.

Our WPN technology consists of transmitter systems, receiver integrated circuits, and supporting software designed to deliver power and data to battery-free IoT devices across a range of operating distances and power levels.

These capabilities support applications that require continuous operation without wired power connections or periodic battery replacement.

With a patent portfolio exceeding 300 patents, our solutions support both near-field and at-a-distance wireless power transmission and include advanced receiver technology designed for use across multiple device categories.

Applications include retail sensors, electronic shelf labels (“ESLs”), asset trackers, air quality monitors, motion detectors, and other monitoring solutions.

To date, we have developed and released multiple transmitter and battery-free receiver products.

Our transmitters vary in form factors, power specifications, and operating frequencies, and our receivers are designed to support a range of wireless power-enabled device applications, including:

Cold Chain, Asset Tracking, Medical IoT

Ambient IoT Sensors

Cold Chain, Logistics, Asset Tracking

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Retail and Industrial IoT

The first WPN-enabled end product featuring our technology entered the market in 2019.

In the fourth quarter of 2021, we commenced shipments of our first at-a-distance wireless PowerBridge transmitter systems for commercial IoT applications and proof-of-concept deployments.

The first WPN-enabled product featuring our technology entered the market in 2019.

In the fourth quarter of 2021, we commenced shipments of at-a-distance PowerBridge transmitter systems for commercial IoT applications and proof-of-concept deployments.

In the second quarter of 2025, we introduced the battery-free e-Sense tag and the e-Compass cloud-based software platform, which together supported the first end-to-end wireless power-enabled IoT device monitoring and management solution.

As we continue to innovate our technology applications, we anticipate the release of additional wireless power-enabled products.

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Our Business Strategy

We believe that a large market opportunity lies in wire-free, low-power charging at-a-distance, which might develop as the Wi-Fi ecosystem develops.

The goal is to ensure interoperability between transmitters and receivers that are based on our technology, regardless of who makes them, installs them into finished goods, or markets them.

The implementation of previous ubiquitous solutions, such as Wi-Fi and Bluetooth, illustrates our goal.

For example, Wi-Fi routers, regardless of their designer or manufacturer, work with Wi-Fi receivers installed in consumer electronics, regardless of manufacturer.

We endeavor to:

● Build multiple integrated circuits (“ICs”) to advance our technology;

● Develop, license, and manufacture a complete transmitter system solutions to enable wireless power network growth;

● Develop reference designs to reduce early adopter risks, enable easier integration at lower costs, and foster adoption;

● Continue to build additional value by converging networking, power, and data to provide smarter vertical solutions in the retail, industrial, healthcare, and logistic markets through our PowerBridge products designed for powering next generation IoT devices.

Our first applications include RF tags, electronic shelf labels (“ESLs”) and IoT sensors;

● Partner with leading technology providers, systems integrators, and value-added resellers (“VARs”);

● Provide cost effective benefits to customers in terms of utility and convenience;

● Develop and execute a strategy to gain global regulatory approval for ubiquitous unlimited distance charging;

● Support the AirFuel Alliance (“AFA”), which recently announced that AirFuel RF, the radio frequency-based wireless charging technology from AFA, is now an industry standard, underpinning the compatibility of our WPN technology across a variety of vendors and development of a common user experience at the application level.

For our technology to become a ubiquitous solution for charging at-a-distance, we intend to pursue and build an ecosystem strategy, engaging not only potential customers for our transmitter, receiver, and power amplifier IC’s and solutions but also their upstream and downstream value chain partners.

We intend to capitalize on our first-to-market advantage and prioritize protection of our intellectual property portfolio, as we believe this strategy will increase the barrier to entry for a competing platform to gain a solid foothold in the RF-based wireless charging market and compete with our technology in a meaningful way.

To engage with potential customers, we offer several evaluation kits consisting of a transmitter and a receiver along with a custom software application, allowing potential strategic partners to test the technology in their labs.

The kits form a base “building block” component that is scalable to meet the needs of specific applications.

To validate our technology, we originally engaged with customers that were smaller, more nimble early adopters with relatively short product cycles, with the aim of shipping fully integrated WPN solutions to customers as quickly as possible.

As the market and our technology reaches a more mature phase, we are now engaging larger, top-tier customers able to use our WPN solutions in mass quantities.

We are also working with companies with much longer product cycles in multiple vertical markets to integrate our technology into a cost-effective strategic solution specific to their respective use cases.

Our business strategy is focused on the development, commercialization, and deployment of RF-based wireless power solutions for low-power IoT applications.

We design and deliver wireless power technology that supports interoperability between transmitters and receivers incorporating our integrated circuits, regardless of device manufacturer or system integrator.

Our approach encompasses widely adopted wireless technologies, such as Wi-Fi and Bluetooth, which rely on standardized interfaces and multi-vendor compatibility.

We have developed an end-to-end wireless power platform that includes transmitter systems, receiver integrated circuits, and supporting software.

This platform is designed to support the delivery of power and data for battery-free IoT devices across retail, industrial, healthcare, and logistics environments.

Key elements of our strategy include:

● Designing and developing multiple integrated circuits (“ICs”) to support wireless power transmission and reception across a range of applications;

● Developing, licensing, and manufacturing complete transmitter system solutions to support commercial wireless power deployments;

● Developing reference designs to reduce early adopter risks, enable easier integration at lower costs, and foster adoption;

● Offering PowerBridge transmitter systems designed to support wireless power-enabled IoT applications, such as asset tracking, environmental monitoring, and ESLs;

● Partnering with leading technology providers, systems integrators, and value-added resellers (“VARs”);

● Providing cost effective benefits to customers in terms of utility and convenience by eliminating battery powered sensors and the associated required maintenance;

● Securing and maintaining domestic and international regulatory approvals applicable to RF-based wireless power transmission;

● Participating in industry organizations to support RF-based wireless charging standards and interoperability.

We pursue an ecosystem-based approach by engaging customers for our transmitter, receiver, and power amplifier ICs and solutions, as well as their upstream and downstream value-chain partners.

We prioritize the development and protection of our intellectual property portfolio to support our competitive, first-to-market advantage in the industry.

To support customer engagement and deployment of our technologies, we offer limited deployments for proof of concept trials, consisting of transmitter and receiver components and associated software to support testing.

These limited deployments are designed as scalable building blocks that can be adapted to specific application requirements.

We believe that in the early stages of market adoption of new technologies, customer trials are essential to proving the value proposition of our wireless power technology solutions.

As we continue to commercialize our technology and product offerings, customer engagements have expanded from early-stage customers conducting proof of concept trials to much larger deployments across multiple industry verticals.

As customers experience the benefits introduced by the real-time visibility and cost efficiencies enabled by our technology, new use cases may be identified, providing expansion opportunities within our enterprise customers.

Impact of Current Global Economic Conditions on Our Business

Uncertainty in the global economy presents significant risks to our business.

We are subject to continuing exposure relating to the current macroeconomic environment, including inflation and rising interest rates, geopolitical factors, including the ongoing conflict between Russia and Ukraine as well as in the Middle East and the responses thereto, and supply chain disruptions.

We are closely monitoring the impact of these factors on all aspects of our business, including their impact on our operations, financial position, cash flow, inventory, supply chains, global regulatory approvals, purchasing trends, customer payments, and the industry in general, in addition to the impact on our employees.

We are subject to ongoing exposure related to the current macroeconomic environment, including inflation, rising interest rates, tariffs, geopolitical factors such as the ongoing conflict between Russia and Ukraine, tensions between the United States and China as well as China and Taiwan, conflicts in the Middle East, and supply chain disruptions.

These conditions may affect various aspects of our business, including our operations, financial position, cash flow, inventory management, supply chains, global regulatory approvals, purchasing trends, customer payment patterns, and the broader industry environment, as well as our employees.

Our Technology

Our award-winning, RF-based, scalable WPN solutions enable wireless charging, ranging from contact-based applications to at-a-distance applications, that charge over the air, transforming the way electronic devices are charged and powered.

Figure 1 below shows the current IC product line for Energous Wireless Power Solutions:

Our small form factor antenna and one-transmitter-to-multiple receivers capabilities produce significant advantages over RF-beamforming transmitters, which are larger, and higher cost wireless power technology implementations.

Our current generation ICs have significantly reduced the size and cost of both our transmitter technology and our receiver technology, and products under development are designed to further reduce size and cost.

In addition, our ICs are designed for both lower-power and higher-power applications, efficiency and faster synchronization, while working within the constraints of multiple international regulatory environments.

Figure 2 below shows the block diagram for our Energous PowerBridge PRO Transmitter System

Our RF-based WPN technology is an end-to-end wireless power platform that combines transmitter systems, receiver components, antenna designs, and supporting software to enable at-a-distance wireless power delivery for low-power electronic devices.

The platform is designed to support deployments of battery-free IoT devices in commercial and industrial environments, subject to applicable regulatory constraints.

The WPN platform supports one-to-many power delivery, allowing a single transmitter system to deliver power to multiple receiver-enabled devices within range.

The platform supports applications including asset tracking, ESLs, and environmental monitoring.

Integrated hardware and software elements support system coordination, device operation, and monitoring, and enable the collection and transmission of device data to cloud-based systems used for device and deployment management.

Figure 1 below illustrates the primary components of the Energous WPN:

Figure 2 below illustrates a high-level architectural view of the Energous WPN:

Our Competition

Competing methods for charging battery-powered devices include wall plug-in charging, inductive charging, magnetic resonance charging and more.

To our knowledge, almost all consumer electronics equipped with a rechargeable battery come bundled with a charging method, such as a power cord.

We believe the advantages of our wireless power network technology - including size, cost, mobility, foreign object detection, and portability - coupled with the unique capability to charge devices both on contact as well as at-a-distance in a fully compatible ecosystem, will foster broad adoption of the technology over time.

A variety of wireless charging technologies are on the market or under development today.

These competitive technologies fall into the following short-range categories:

Devices that rely on rechargeable batteries are typically charged using wired power connections or short-range wireless charging technologies.

Competing approaches include wall plug-in charging, inductive charging, magnetic resonance charging, energy harvesting, and other emerging power delivery methods.

A variety of wireless charging technologies are currently available or under development.

These technologies differ in operating range, power levels, system complexity, and deployment requirements and may compete with our solutions in certain applications.

The primary alternative wireless power approaches include the following:

Inductive Coil Charging.

Inductive coil charging uses a magnetic coil to create resonance, which can transmit energy over very short distances.

Essentially this is a contact technology whereby the transmitter and receiver need to be closely aligned to charge.

Power is delivered as a function of coil size (the larger the coil, the more power), and coils must be directly paired (one receiver coil to one transmitter coil = directly coupled pair).

Products utilizing magnetic induction have been available for 10+ years in products such as rechargeable electronic toothbrushes.

Inductive charging uses magnetic coils to transfer energy over very short distances.

This method generally requires close alignment between the transmitter and receiver coils and is typically implemented as a contact-based charging solution.

Power transfer is influenced by coil size and alignment, and systems generally support one-to-one transmitter-to-receiver pairing.

Inductive charging has been commercially deployed for many years in products such as rechargeable electronic toothbrushes and other consumer devices.

Magnetic Resonance.

Magnetic resonance is similar to magnetic induction, as it uses magnetic coils to transmit energy.

This technology uses coils that range in size depending on the power levels being transmitted.

It has the ability to transmit power at distances up to ~11 inches (30cm) which can be increased with the use of resonance repeaters It also has more flexibility of placement than magnetic induction.

Magnetic resonance charging also uses magnetic coils to transmit energy and can support greater separation distances than inductive charging.

Depending on system design and power levels, magnetic resonance systems may transmit power over distances of up to approximately 30 centimeters and may offer greater flexibility in receiver placement compared to inductive charging.

Energy Harvesting.

There are multiple companies looking at harvesting energy that may be present in certain environments.

The energy harvested may come from a variety of sources, including Solar, Kinetic and Passive RF.

Passive RF harvesting refers to using antennas and devices to harvest RF that may already be present in an environment, such as Wi-Fi, mobile phones, cordless phones and other RF emitting devices.

Laser charging technology uses very short wavelengths of light to create a collimated beam that maintains its size over distance, using what is described as distributed resonance to deliver power to an optical receiver.

Energy harvesting technologies seek to capture ambient energy from environmental sources such as solar, kinetic motion, or existing RF signals.

Passive RF energy harvesting uses antennas and associated electronics to collect RF energy already present in an environment from sources such as Wi-Fi access points, mobile devices, and other RF-emitting systems.

The amount of energy available from these sources may vary based on environmental conditions and proximity to RF emitters.

Laser-Based Power Transfer.

Laser-based power transfer uses focused light energy to deliver power to an optical receiver.

These systems typically rely on tightly collimated beams and line-of-sight operation and may incorporate distributed resonance techniques to maintain beam alignment over distance.

Our Target Markets

We categorize our target markets as transmitter markets and receiver markets.

We categorize our target markets based on deployments of our WPN platform across transmitter systems and receiver-enabled devices used in commercial and industrial IoT applications.

Transmitter System Target Markets

Transmitters are devices that broadcast RF energy that can be accessed by WPN technology-enabled receivers for IoT applications.

We believe our transmitter target market can be divided into three distinct applications for our technology:

● Stand-alone transmitters that are either sold independently or bundled as part of a pairing with wireless power technology-enabled receiver devices;

● Transmitters that are integrated into third party industrial, medical and enterprise devices;

● Transmitters that can be integrated into Bridge and Wi-Fi routers to form a single device that provides both connectivity and wire-free power for a particular area.

To date we have released stand-alone transmitters in both near field and far field applications.

Our plan in the future is to integrate our WPN technology in third party devices:

Near Field Transmitters:

Because of its advantages over other forms of contact-based wireless charging, including incorporation into multiple form factors and potential compatibility with future distance transmitters, we expect transmitters using our Near Field wireless power technology to be the first wireless transmitter products on the market.

These contact-based charging solutions are ideally suited for many electronic devices in both consumer and industrial markets such as wearables, IoT devices and other small electronics that require a small form factor receiver and a low-cost charging solution.

They are also suitable for larger, more power-hungry devices such as smart watches and tablets.

Initially these transmitters will be one-to-one (one transmitter to one receiver), with future versions being single transmitters for multiple receivers.

Far Field Transmitters:

Transmitters based on the Energous Far Field technology, which we refer to as the Wireless PowerBridge, are expected to provide low power charging for multiple devices with the capability of extending the range through the deployment of multiple Energous PowerBridge transmitters.

We expect that our PowerBridge transmitter systems will have the ability to broadcast wireless power to wireless power enabled receiving devices for charging.

Our PowerBridge transmitters may play a significant role in the charging of low power IoT devices– such as ESLs, RF tags, and IoT sensors.

Transmitters Integrated into Third Party Devices:

The “building block” core architecture developed for the wireless power network technology is suited to a broad range of third-party devices in both industrial and consumer markets.

The flexibility of the architecture in terms of size, power, distance, and cost affords Energous customers the opportunity to match our technology with specific requirements and limitations typically found with complex integrations.

For example, the wireless power transmitter technology could be integrated into a Wi-Fi router on the ceiling of a manufacturing floor or hospital ward, providing both internet connectivity and wireless power to any devices within range.

PowerBridge Transmitters:

We see the combination of wireless power routers and wireless bridges as a natural integration point and a synergistic application of both technologies.

Energous PowerBridge transmitters provide the bridge to Wi-Fi, 5G and other Wide Area network technologies while also providing wireless power to in-range receiver devices.

Our PowerBridge transmitters share a number of technical characteristics with Wi-Fi routers in that:

(1) both devices operate in the airwaves in the unlicensed industrial, scientific and medical bands, (2) both devices owe their success to the utility and convenience they bring to the consumer, (3) both devices rely on antennas, and (4) both devices “pair” or provide hand off capabilities which allow for networks to provision large sites.

Transmitter systems are designed to broadcast RF energy that can be accessed by WPN-enabled receivers to support the operation of battery-free IoT devices.

Our transmitter systems are deployed as part of wireless power networks in enterprise, retail, logistics, healthcare, and industrial environments.

We address transmitter system deployments through the following primary models:

● Stand-alone transmitter systems deployed independently or in conjunction with WPN-enabled receiver devices to provide wireless power coverage within defined areas;

● Transmitter systems integrated into third-party devices, including industrial, medical, and enterprise equipment, to provide embedded wireless power functionality;

● Transmitter systems integrated into networking infrastructure, such as bridge devices and Wi-Fi routers, to support the combined delivery of data connectivity and wire-free power within a facility.

Our primary transmitter offering is the PowerBridge transmitter platform, which supports at-a-distance wireless power delivery for multiple receiver-enabled devices.

PowerBridge transmitter systems are deployed in environments such as retail locations, warehouses, fulfillment centers, healthcare facilities, and other enterprise settings to support battery-free IoT applications.

In addition to stand-alone deployments, our transmitter technology is designed to support integration into third-party systems and infrastructure, including networking equipment and enterprise devices, based on specific customer and deployment requirements.

These integrations enable wireless power functionality to be embedded within existing environments while maintaining compatibility with applicable regulatory requirements.

Receiver Target Markets

We believe there are many potential uses for our receiver technology, including:

● IoT devices including asset trackers, sensors, retail displays, security devices

● Smart home, medical, industrial, and other sensors

● Logistics and asset tracking tags and sensors

● Peripheral devices such as computer mice and keyboards

● Remote controls

● Gaming consoles and controllers

● Hearing aids

● Rechargeable batteries

● Automotive accessories

● Smart textiles

● Medical devices

Our receiver technology is designed for use in low-power IoT devices that require continuous operation without wired power connections or periodic battery replacement.

Receiver-enabled devices are deployed as part of wireless power networks to support monitoring, tracking, and sensing applications in commercial and industrial environments.

Representative receiver-enabled applications include:

● Asset tracking tags and sensors used in retail, logistics, and supply chain environments;

● ESLs and related retail sensing devices;

● Environmental and condition-monitoring sensors, including temperature, humidity, air quality, and motion sensors;

● Cold chain monitoring sensors for food, pharmaceutical, and healthcare logistics;

● Inventory and item-level tracking tags used in warehouses, fulfillment centers, and retail locations;

● Facility and operations monitoring sensors deployed in commercial and industrial environments;

● Security, access, and presence-detection sensors used in enterprise settings;

● Other low-power, battery-free IoT devices designed for continuous operation in commercial and industrial deployments.

This list is meant to be illustrative only;

we cannot guarantee that we will address any of these markets, and we may decide to address a market that is not on the list.

We intend to continue to evaluate our target markets and identify new markets based on factors including (but not limited to) time-to-market, market size and growth, and the strength of our value proposition for a specific application.

We intend to continue to evaluate our target markets and identify new markets based on factors

including (but not limited to) time-to-market, market size and growth, and the strength of our value proposition for a specific application.

Our Intellectual Property

Our most valuable asset is our intellectual property.

This includes U.S.

and foreign patents, patent applications and know-how.

We have implemented an aggressive intellectual property strategy and are continuing to pursue patent protection for new innovations.

As of February 15, 2025, the Energous IP portfolio contained over 250 issued patents organized along five (5) critical paths to implementation that we believe a competitor may have to navigate to commercialize wireless power technology.

The paths are:

Processing Algorithms, Antenna Designs, Transmitter and Receiver ASICs, Other Software Controls (e.g., Bluetooth â Management and Hardware (e.g., Board Layout).

Further, we have additional pending patent applications in the U.S.

We intend to file for patent protection for the most valuable of our inventions, as well as for other new inventions that we expect to develop.

This is a significant annual expense and we continually monitor the costs and benefits of each patent application and issued patent to ensure we pursue those that we believe are most protective for our business and expand our core value.

So long as we make the business decision to continue paying maintenance and/or annuity fees, our issued patents have terms that would not expire earlier than 2030.

Our intellectual property portfolio includes U.S.

and foreign patents, patent applications, and associated know-how related to wireless power technology.

We pursue patent protection for innovations that support the development and commercialization of our wireless power platform.

As of January 26, 2026, our intellectual property portfolio consisted of over 300 issued patents.

These patents are organized across multiple technical areas related to wireless power implementation, including processing algorithms, antenna designs, transmitter and receiver application-specific integrated circuits (“ASICs”), software controls, and hardware design.

We also maintain additional pending patent applications in the United States and internationally.

We continue to evaluate and pursue patent protection for inventions that we determine to be relevant to our business and technology roadmap.

Maintaining and defending our patent portfolio represents a significant ongoing cost, and we regularly assess the costs and benefits associated with individual patent filings, issued patents, and related maintenance or annuity fees.

Subject to our continued payment of applicable maintenance and annuity fees, our issued patents have terms that do not expire earlier than 2030.

Government Regulation

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As part of the regulatory approval process, devices incorporating our technology must obtain approvals under FCC Part 15 and/or FCC Part 18 in the U.S., depending on the specific application.

Energous has received Part 15 and Part 18 FCC approvals our products and has received regulatory approvals from many international agencies.

Energous has received Part 15 and Part 18 FCC approvals for our products and has received regulatory approvals from many international agencies.

Current FCC Approvals for Energous Technology

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Digital Transmission System for Bluetooth 2.4 GHz

As of December 31, 2024, we announced completion of the regulatory process for our PowerBridge wireless charging technology in the U.S., Canada, Europe, India, China, UK, Korea, Australia and New Zealand, for unlimited distance wireless charging.

As of February 15, 2025, products integrating this technology had received international regulatory approvals in over 110 countries.

2ADNG-YND1800

RF Wireless Charger 918MHz

2ADNG-YND1800

Digital Transmission System for Bluetooth 2.4 GHz

As of December 31, 2025, we announced completion of the regulatory process for our PowerBridge LITE [formerly known as the 1W transmitter] wireless charging technology in the U.S., Canada, Europe, India, China, UK, Korea, Australia and New Zealand.

In addition, on December 16, 2025, we announced completion of the regulatory process for our PowerBridge Pro across all EU member states and the UK, enabling commercialization there.

As of March 15, 2026, products integrating our WPT technology had received international regulatory approvals in over 110 countries.

Manufacturing

As a fabless semiconductor company in the research and development stage, we foresee our manufacturing strategy to follow an outsourced manufacturing process.

As a fabless semiconductor company, we foresee our manufacturing strategy following an outsourced manufacturing process.

We are engaged with contract manufacturing partners in the United States and internationally.

Human Capital

As of February 15, 2025, we had 26 full-time employees, 14 of whom are engineers.

As of January 26, 2026, we had 27 full-time employees, 12 of whom are engineers.

None of these employees are covered by a collective bargaining agreement, and we believe our relationship with our employees is good.

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The industrial markets in which we are involved have minimal seasonal impact.

The consumer markets for the commercial products that we anticipate our technology can be used in, including the markets in which we currently have proof of concept deployments, vary in their seasonal impact.

The markets for commercial products, in which we anticipate our technology may be adopted, including the markets in which we currently have proof of concept deployments, vary in their seasonal impact.

Overall, we do not foresee a material seasonal impact to our revenue at this time.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business