Energous Shares Fall as Lack of Asian Regulatory Approvals Causes Product Delays

Energous closed down 18 percent Friday to $2.32 after more disappointing results. “We are not where we expected to be from a revenue standpoint,” said CEO Stephen Rizzone on a Thursday call, citing lack of regulatory approvals in Asia as the cause of product delays for its wireless charging technology. The company, which received FCC approval for its WattUp midfield transmitter in 2017, posted Q3 revenue of $40,500, down from $228,000 in the year-ago quarter. Rizzone said it's possible a certification in China, Japan or Korea could open opportunities to some tier 1 global requirements that have been “put on hold” until certification. The company is now targeting medical sensors, smart glasses and wearables.