Benzinga | Jul 30, 2021 07:46AM EDT

Energous Stock Falls As Q2 Results Miss Estimates, Appoints Acting CEO And CFO

* Energous Corp (NASDAQ:WATT) reported second-quarter revenue growth of 61.7% year-over-year to $0.18 million, missing the consensus of $0.35 million.

* Loss per share narrowed to $(0.18) from $(0.20) in 2Q20, missing consensus for a loss of $(0.12).

* Loss from operations expanded to $(11.02) million from $(8.21) million a year ago. Adjusted EBITDA loss was $(6.73) million, compared to $(6.05) million a year ago.

* Energous reported operating expenses of $11.2 million, comprised of $6.1 million in research and development and $5.1 million in selling, general and administrative expenses.

* The company had $38.23 million in cash and cash equivalents at the end of the quarter, with no debt.

* Energous announced management changes, including CEO and CFO positions. Cesar Johnston will assume the role of acting CEO. Former president and CEO Stephen R. Rizzone, who took a medical leave of absence in April, officially retired last month.

* Bill Mannina will assume the role of acting CFO, as current finance chief Brian Sereda intends to depart the company. Kathleen Bayless will join as a member of the board.

* Price action: WATT shares traded lower by 7% at $2.43 in the premarket session on the last check Friday.