Energous Corporation WATT incurred a loss of 50 cents per share in third-quarter 2024. The company had reported a loss of 83 cents per share in the year-ago quarter.

Energous reported net revenues of $230 thousand. The top line increased 36.1% year over year, driven by higher commercial Power Bridge transmitter system shipments. As of Nov. 8, 2024, the company had $0.2 million in backlog.

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WATT’s Segmental Discussion

WATT reports its revenues under a single segment named Wireless Charging System Solutions. Revenues from the segment consist of revenues from product development projects and production-level systems.

Energous’ Margin Profile

WATT’s cost of sales increased more than 100% year over year to $306 thousand. The net loss decreased 29.5% to $3.6 million.

General and administrative expenses decreased 39.9% year over year to $1 million. Research and development expenses declined 30.9% to $1.7 million.

WATT’s Balance Sheet

While exiting the third quarter, the company had cash and cash equivalents of $1.5 million compared with $13.9 million reported at the end of fourth-quarter 2023. Accounts payable were $1.5 million, lower than $1.9 billion reported at the end of the year-ago quarter.

WATT’s Zacks Rank

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Industrial Companies

Avery Dennison Corporation AVY delivered third-quarter adjusted earnings of $2.33 per share, which beat the Zacks Consensus Estimate of $2.32. The bottom line increased 9% year over year, driven by higher volume and productivity gains.

Total revenues grew 4.1% year over year to $2.18 billion and missed the Zacks Consensus Estimate of $2.2 billion.

John Bean Technologies Corporation JBT reported adjusted earnings of $1.50 per share in third-quarter 2024, 35.1% higher than the prior-year quarter. The figure beat the consensus estimate of $1.41.

Revenues of $454 million increased 12.4% from the year-ago quarter. The top line surpassed the consensus estimate of $445 million.

A. O. Smith Corporation’s AOS third-quarter adjusted earnings of 82 cents per share matched the Zacks Consensus Estimate. The bottom line decreased 8.9% on a year-over-year basis.

Net sales of $902.6 million missed the consensus estimate of $913 million. The top line decreased 4% year over year due to lower sales in China and decreased volumes of water heaters in North America.

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