Item 1. Business
Item 1. Business
Overview
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:
Device Type
Application
RF Tags
Cold Chain, Asset Tracking, Medical IoT
Ambient IoT Sensors
Cold Chain, Logistics, Asset Tracking
Electronic Shelf Labels
Retail and Industrial IoT
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.
Our common stock is listed on the Nasdaq Capital Market under the symbol “WATT.” Incorporated in Delaware in 2012, our corporate headquarters is located at 3590 North First Street, Suite 330, San Jose, CA 95134. Additional information is available on our website at www.energous.com. The information contained on, or that may be obtained from our website, is not, and shall not be deemed to be, part of this Report.
Our Business Strategy
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;
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● 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; and
● 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 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 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.
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Figure 1 below illustrates the primary components of the Energous WPN:
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Figure 2 below illustrates a high-level architectural view of the Energous WPN:
Our Competition
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 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 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. 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 based on deployments of our WPN platform across transmitter systems and receiver-enabled devices used in commercial and industrial IoT applications.
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Transmitter System Target Markets
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; and
● 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
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; and
● 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
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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 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
Our wire-free charging technology involves the transmission of power using RF energy, which is subject to regulation by the Federal Communications Commission (“FCC”), international regulators and may be subject to regulation by other federal, state, local and international agencies. Our technology has been tested against U.S. and international safety requirements which has consistently demonstrated that our technology is safe. We continue to work with regulatory bodies to establish processes, standards and spectrum allocation to ensure devices incorporating our technology can secure required domestic and international approvals.
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 for our products and has received regulatory approvals from many international agencies.
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Current FCC Approvals for Energous Technology
FCC ID
Description
Grant Date
2ADNG-MLA1599
Digital Transmission System Bluetooth Accessory 2.4GHz
12/30/2014
2ADNG-MT100
Close Coupled 5.8 GHz Charger Pad
05/24/2016
2ADNG-NF130
RF Wireless Charger and Receiver 5.8 GHz
05/02/2017
2ADNG-NF130
Digital Transmission System for Bluetooth 2.4 GHz
05/02/2017
2ADNG-MS300
Wireless Charger 913 MHz
12/26/2017
2ADNG-MS300
Digital Transmission System for Bluetooth 2.4 GHz
12/26/2017
2ADNG-MS300A
WPT Client Device 913 MHz
01/05/2018
2ADNG-MS300A
Digital Transmission System WPT Client Device with BLE 2.4 GHz
01/05/2018
2ADNG-NF230
RF Wireless Charger 918 MHz
04/09/2018
2ADNG-NF230
Digital Transmission System for Bluetooth 2.4 GHz
04/09/2018
2ADNG-NF330
RF Wireless Charger 918MHz
07/29/2019
2ADNG-NF330
Digital Transmission System for Bluetooth 2.4 GHz
07/29/2019
2ADNG-MS550
RF Wireless Charger 918MHz
04/21/2020
2ADNG-MS550
Digital Transmission System for Bluetooth 2.4 GHz
04/21/2020
2ADNG-MS550
RF Wireless Charger 918MHz
09/30/2020
2ADNG-MS550
Digital Transmission System for Bluetooth 2.4 GHz
09/30/2020
2ADNG-VN15
RF Wireless Charger 918MHz
10/19/2021
2ADNG-VN15
Digital Transmission System for Bluetooth 2.4 GHz
10/19/2021
2ADNG-VN1810
RF Wireless Charger 918MHz
11/30/2021
2ADNG-VN1810
Digital Transmission System for Bluetooth 2.4 GHz
11/30/2021
2ADNG-VN25
RF Wireless Charger 918MHz
01/14/2022
2ADNG-VN25
Digital Transmission System for Bluetooth 2.4 GHz
01/14/2022
2ADNG-VN55
RF Wireless Charger 918MHz
06/02/2022
2ADNG-VN55
Digital Transmission System for Bluetooth/Zigbee 2.4 GHz
06/02/2022
2ADNG-VN1820
RF Wireless Charger 918MHz
08/10/2022
2ADNG-VN1820
Digital Transmission System for Bluetooth 2.4 GHz
08/10/2022
2ADNG-VN55
RF Wireless Charger 918MHz
11/14/2023
2ADNG-VN55
Digital Transmission System for Bluetooth/Zigbee 2.4 GHz
11/14/2023
2ADNG-YND1800
RF Wireless Charger 918MHz
08/21/2024
2ADNG-YND1800
Digital Transmission System for Bluetooth 2.4 GHz
08/21/2024
2ADNG-YND1800
RF Wireless Charger 918MHz
01/26/2026
2ADNG-YND1800
Digital Transmission System for Bluetooth 2.4 GHz
01/26/2026
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, we foresee our manufacturing strategy following an outsourced manufacturing process. We are engaged with contract manufacturing partners in the United States and internationally.
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Human Capital
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. We also employ consultants, including technical advisors, on an as-needed basis, for their technical expertise. Consultants and technical advisors provide us with expertise in electrical engineering, software development, market research and accounting.
We are committed to maintaining a workplace free from discrimination and harassment on the basis of color, race, gender, age, disability, sexual orientation, religion, expression, or any other status protected by applicable law. Our management and employees are expected to exhibit and promote honest, ethical and respectful conduct in the workplace.
Seasonality
The industrial markets in which we are involved have minimal 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.
Available Information
We file annual, quarterly and current reports, proxy statements and other documents with the Securities and Exchange Commission, or SEC, under the Securities Exchange Act of 1934, as amended, or Exchange Act. The SEC maintains an Internet website that contains reports, proxy and information statements, and other information regarding issuers, including us, that file electronically with the SEC. The public can obtain any documents that we file with the SEC at www.sec.gov. Copies of each of our filings with the SEC can also be viewed and downloaded free of charge at our website, https://ir.energous.com/, after the reports and amendments are electronically filed with or furnished to the SEC.