• Intel for wireless power delivery
• The Wi-Fi for device charging
• Dolby for over-the-air power

• WattUp® Wireless Charging Technology: This foundational technology enables over-the-air power delivery using radio frequencies to charge electronic devices without contact.
• WattUp® Transmitters (PowerBridges™): These devices emit power using WattUp technology to wirelessly charge compatible electronic devices from a distance.
• WattUp® Receivers: Small, integrated chips or modules designed to be embedded into electronic devices to receive wireless power from WattUp transmitters.

Energous (symbol: WATT) primarily operates on a business-to-business (B2B) model. The company develops and licenses its WattUp wireless power technology to manufacturers who then integrate it into their own products, such as wearables, hearables, IoT devices, and medical sensors. Therefore, Energous's major customers are other companies rather than individual consumers.

Based on public announcements and strategic partnerships, here are some of Energous's major customer companies:

• Vuzix Corporation (Symbol: VUZI)
  Vuzix is a leading supplier of smart glasses and augmented reality (AR) technology. They have integrated Energous's WattUp technology into their smart glasses, enabling convenient wireless charging for these devices, representing a key customer in the wearables segment.
• SK Telesys
  SK Telesys, part of the South Korean conglomerate SK Group, has partnered with Energous to develop and integrate WattUp wireless charging solutions into various Internet of Things (IoT) devices, particularly targeting industrial and enterprise applications.
• Ambiq
  Ambiq is a prominent developer of ultra-low power semiconductor solutions for endpoints. While often seen as a technology partner, their collaboration with Energous on joint reference designs and integrated solutions effectively positions them as a critical customer and enabler. Device manufacturers utilizing Ambiq's chips can seamlessly incorporate WattUp technology into their products, particularly in the wearables, hearables, and IoT segments.

• Renesas Electronics (TYO: 6723)
• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• Inventec (TWSE: 2326)
• Flex Ltd. (FLEX)

Mallorie Burak, Chief Executive Officer and Chief Financial Officer

Mallorie Burak was appointed Energous' Chief Financial Officer on January 15, 2024, and subsequently became the permanent Chief Executive Officer and a member of the Board on October 17, 2024. She has nearly 30 years of executive experience across various industries, including early-stage startups and multinational public corporations. Before joining Energous, Ms. Burak served as President and CFO of Knightscope, Inc., an advanced public safety technology company. She also held CFO positions at ThinFilm Electronics ASA, a solid-state lithium battery startup, and Alta Devices, Inc., a GaAs thin-film solar technology startup. Her career history further includes roles as President and CFO at FriendFinder Networks, CFO at Rainmaker Systems and FoodLink, and Interim CFO at Southwall Technologies. Ms. Burak has a proven track record of successfully revitalizing companies facing unique challenges.

Giampaolo Marino, VP of Business Development & Marketing

Giampaolo Marino is an accomplished technology business leader and entrepreneur with over 20 years of expertise in hardware and software development. He is experienced in creating successful go-to-market strategies and strategic partnerships to drive growth and scale for global technology organizations. Prior to Energous, Mr. Marino worked at NXP Semiconductors as General Manager and Head of Product Line, Audio & Voice Solution Products. He has also held senior product-related positions with Monolithic Power Systems, Texas Instruments, and Intersil. Mr. Marino holds an MBA in Corporate Entrepreneurship, Marketing and General Management from the Franklin W. Olin School of Business at Babson College and a Bachelor of Science degree in Electrical Engineering from San Jose State University.

Clear emerging threats to Energous (WATT) include:

• Ossia (Cota): A direct competitor developing highly similar radio frequency (RF) based wireless power technology. Both companies are vying for market share and standardization in the nascent over-the-air power transfer market. If Ossia secures significant strategic partnerships, achieves superior regulatory approvals, or demonstrates better performance/cost efficiency, it could significantly capture the market Energous aims to serve.

• Wi-Charge: Another competitor focused on power-at-a-distance, but utilizing infrared (IR) light technology instead of RF. If Wi-Charge's approach proves more effective, safer, or more cost-efficient for specific applications (e.g., smart home devices, sensors), it could capture a significant portion of the emerging wireless power market, thereby threatening Energous's growth potential.

Energous (WATT) develops wireless charging system solutions, primarily utilizing its WattUp® Radio Frequency (RF)-based wireless power transfer (WPT) technology. This technology enables both contact and at-a-distance charging for various applications, including consumer electronics, Internet of Things (IoT) devices, medical devices, and industrial applications such as retail sensors, electronic shelf labels, and asset trackers.

The addressable markets for Energous's main products and services are significant and include the broader global wireless power transfer/charging market, as well as more specific segments like industrial IoT applications and the overall IoT solutions market.

• Global Wireless Power Transfer (WPT) / Wireless Charging Market: This market is projected to grow substantially. Recent estimates indicate a global market size of approximately USD 9.6 billion in 2024, with projections to reach around USD 42.111 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 20.3%. Other forecasts suggest the global wireless charging market was valued at USD 30.75 billion in 2024 and is expected to reach USD 172.17 billion by 2032, with a CAGR of 24.4%. Another source predicts a market size of USD 12.22 billion in 2024, growing to USD 83.8 billion by 2035, at a CAGR of 19.12%.

• Global Wireless Power Transfer and Charge Systems for Industrial Applications Market: This specialized segment, directly relevant to Energous's industrial focus, is predicted to grow from US$ 11.86 billion in 2025 to US$ 37.71 billion in 2031, at a CAGR of 21.3%.

• Global IoT Solutions and Services Market: As Energous's technology is heavily focused on powering IoT devices, the broader IoT solutions market is also an addressable area. This global market for IoT solutions and services was estimated to reach USD 278.9 billion by 2024, growing at a CAGR of 14.9% from USD 139.3 billion in 2019.

Expected Drivers of Future Revenue Growth for Energous (WATT)

• Accelerating Customer Adoption and Demand: Energous expects continued revenue increases driven by the growing adoption of its wireless power networks and increasing demand for its solutions. This is evidenced by significant year-over-year revenue improvements and shipments to major Fortune 10 customers.
• Major Enterprise Deployments: The company has a robust order backlog, including substantial purchase commitments from a Fortune 10 customer, which is expected to translate into revenue as initial phases of major enterprise deployments progress and technology adoption becomes more widespread.
• Expansion of Strategic Partnerships: Revenue growth is expected to be fueled by an expanding opportunity pipeline and referrals, particularly through its strategic partnership with Amazon Web Services (AWS). This collaboration is accelerating market reach and customer engagement, with three active Proof of Concepts (POCs) underway, involving multiple Fortune 500 companies.
• Product Innovation and New Product Launches: The introduction of new products, such as the battery-free e-Sense Tag, is poised to contribute to revenue. This product establishes Energous's first end-to-end wireless power platform specifically designed for the Ambient IoT, addressing a growing market need.
• Growth in Key IoT Markets: The company anticipates increased demand for its wireless power solutions across critical markets, including logistics, retail, industrial, and the broader enterprise IoT sector. This expansion into diverse applications within these markets is a significant growth driver.

Share Issuance

• Energous completed a 1-for-30 reverse stock split around August 11, 2025, following stockholder approval in June 2025, to maintain compliance with Nasdaq's minimum bid price requirement.
• In the first two months of 2025, Energous raised $13.4 million in net proceeds through its "at-the-market" (ATM) common stock equity offering program, and subsequently increased the program's capacity to up to $80 million of additional shares in mid-February 2025.
• In September 2025, the company raised $5.0 million in gross proceeds through a registered direct offering of 585,347 shares and the concurrent exercise of 47,764 outstanding warrants, with the exercise price of certain February 2024 warrants notably reduced from $55.20 to $7.92 per share to incentivize conversion.