Energous (WATT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $3.1M, up 217% year-over-year, with first-half revenue at $6.2M, up 368% year-over-year, driven by Fortune 10 and federal sector deployments and large-scale proof-of-concept programs.

• Achieved sixth consecutive quarter of revenue growth, with first-half 2026 revenue surpassing full-year 2025 and trailing twelve-month revenue exceeding $10M.

• Customer base diversified, with top five customers accounting for 74% of Q2 revenue, compared to 94% from two customers a year ago.

• Active deployments expanded in scope, geography, and use cases, including major programs at Fortune 10 enterprises, a federal agency, and national retail and QSR operators.

• Cash on hand as of June 30, 2026 was $31.2M, with management confident in meeting liquidity needs for at least the next 12 months.

Financial highlights

• Q2 2026 revenue: $3.1M; H1 2026 revenue: $6.2M, both significantly higher than prior year periods.

• Gross profit for H1 2026: $1.2M, up 176% year-over-year; gross margin for H1 2026: 19%, impacted by ramp-up and supply chain costs.

• Gross margin for Q2 2026 was approximately 3%, down from 35% in Q2 2025, due to higher per-unit manufacturing costs.

• GAAP net loss for Q2 2026: $2.9M ($0.53/share), slightly higher than Q2 2025; non-GAAP net loss for H1 2026: $4.3M, a 15% improvement year-over-year.

• Cash and cash equivalents at June 30, 2026: $31.2M; total assets: $45.4M; stockholders' equity: $40.1M.

Outlook and guidance

• Gross margins expected to improve in H2 2026 as supply chain normalizes and production shifts overseas; price increases implemented July 1, 2026 to support margin recovery.

• Pipeline for H2 2026 is larger and more advanced than ever, with expectations for continued progress in commercial deployments.

• No plans to utilize the ATM program in the next twelve months; current cash and receivables expected to fund operations for at least 12 months.

• Focus remains on sequential quarterly revenue growth and scaling commercial deployments.

• Continued investment in scaling from R&D to commercial production, with potential for additional financing if market adoption is slower than expected.