Energous
A small U.S. company whose radio transmitters power battery-free tracking tags, sold mostly for one big retailer's pallets.
The scores
Growth3/4 ↓
Six quarters of growth from almost nothing, but under two years old, flat in Q2, and 85% one customer.
Business quality2/4 →
One of several Wiliot-certified energizers, priced above rivals only for more power, while RAIN readers do the dock-door job at vast scale.
Financial position3/4 ↑
No debt and cash for about three years of the current loss, but no profit yet and an open equity programme.
Execution record2/4 ↓
The 2026 commercial-decision target became a sales-cycle explanation, the cited AWS metric was disowned, and Q2's margin collapsed unflagged.
Per share capture1/4 →
The share count more than quadrupled in a year while revenue per share rose 14%, and the at-the-market programme stays open.
Potential2/4 →
Hundreds of millions of tags a year, but beyond one rollout nothing is signed and the next steps are buyers' decisions.
Risk profile2/4 ↑
One retailer through one platform was 85% of 2025 revenue, and its rollout is 90% installed.
Valuation2/4 →
2.1 times sales still pays for much of a tripling in revenue at a restored 40% margin, which needs programs nobody has signed.
Evidence quality3/4 →
Revenue, concentration and new shares are filed; the customers, units per site and pipeline are management's or inferred.
If it works 2.1× · if it fails you keep up to 25%.
The Verdict
We rate Energous unattractive. It makes radio transmitters that power battery-free pallet tags, sold mostly for one retailer whose store rollout is nearly installed, and in June its sales stopped growing and its margin almost vanished, so the business is weak. After a 28% fall the price still assumes much of a tripling in sales with the margin restored, from programs nobody has signed, so it is full. As a bet it is fragile: if a second customer and a federal agency order at scale, the company is worth only a little more than today; if they do not, losses continue and more new shares are likely.
The long caseIf retailers tag every pallet with battery-free sensors, those tags need radio power in stores and warehouses, and Energous sells the transmitters; buyers beyond one retailer must follow.
The evidence under this - 8 claims
The concentration is falling: five customers, not two, made up 74% of Q2 revenue, and the 10-Q credits the quarter's growth to a second Fortune 10 customer (S01).
The released counts say 'over' 25,000 and 56,000, so the true figure per unit could be lower, and any gateway or service revenue in the single revenue line would lower the hardware price further (S01, S02).
The one analyst estimate on file has 2027 revenue at $37.5M, which would put the 13 October company value near 0.6 times sales (C25).
- 2026-10-14editedThe 13 October close of $9.62 is 27.9% under the $13.34 the price claims were struck at, so company value falls from $43.0M to about $22.6M and the multiple from 4.1 to 2.1 times sales. The breakeven arithmetic is unchanged.
No order, volume or contract with this customer is filed or released, and total revenue rose $7,000 in the quarter its demand was said to drive (S01).
No contract to Energous appears in federal award data for 2024 to 2026, though an agency outside federal procurement rules, such as the Postal Service, would not show there; Energous names no agency and files no order.
The programme stays open with $31.7M of capacity (S01), and a short seller documents 21 equity raises since 2019 and promotion to retail (S13).
The company
Energous sells the PowerBridge, a box mounted at dock doors and in freezers that beams radio energy to stickers on pallets. The stickers have no battery: they collect that energy, wake up and report where they are and how cold it is.
Most of its transmitters run inside Wiliot's system, a private company that makes the stickers and the software and sells the whole package to the retailer. Energous's selling point is power: it says its transmitter is up to eight times stronger than rivals'. It has 27 staff.
The evidence under this - 4 claims
No independent test was found, and Wiliot certifies lower-power bridges such as Minew's for the same pixels (S08, S09).
How it makes money
It earns money one transmitter at a time, roughly $200 to $225 each, so sales grow only as fast as new sites are fitted. There is no subscription behind it: once a store is equipped, the order is done.
That makes the margin the whole question. It kept 36 cents of each sales dollar after making the product in 2025 and 3 cents in the June quarter, against about $3.3M of running costs every quarter.
The evidence under this - 4 claims
The released counts say 'over' 25,000 and 56,000, so the true figure per unit could be lower, and any gateway or service revenue in the single revenue line would lower the hardware price further (S01, S02).
Where the money comes from, stream by stream
| Stream | Share of sales (H1 2026) | How it earns it |
|---|---|---|
| PowerBridge transmitters | 96.3% | Radio-frequency energizers shipped to customers and partners, mostly into Wiliot's tag system; revenue booked on shipment. |
| Other (development projects and software) | 3.7% | Product development milestones and other items the filing does not break down; booked when a milestone is accepted. |
Who runs it
Mallorie Burak joined as finance chief in early 2024 and has run the company since October 2024 while keeping the finance job. She halved costs and grew sales, but paid for it by selling shares. Insiders owned under 1% this spring and about 5% after August's stock awards. Her bonus is at the board's discretion, and her stock simply vests with time; nothing she is paid depends on sales, profit or the share price.
The evidence under this - 4 claims
Why it wins, and who could beat it
Why customers come back
Energous earns about $200 to $225 a transmitter, while Minew, a rival, lists a bridge certified for the same Wiliot stickers at $45 to $50. The reason is power: its regulatory approvals let it transmit more, which management says removes blind spots in freezers.
That is a real edge but not a lock. Anyone can seek the same approvals, Wiliot certifies several makers, and the retailer and Wiliot choose which box goes on the wall.
The evidence under this - 5 claims
The released counts say 'over' 25,000 and 56,000, so the true figure per unit could be lower, and any gateway or service revenue in the single revenue line would lower the hardware price further (S01, S02).
No independent test was found, and Wiliot certifies lower-power bridges such as Minew's for the same pixels (S08, S09).
Management says the retailer chose PowerBridge Pro because its power removes blind spots in freezers and dock doors, and the 85% customer has kept buying for two years (S04, C04).
The threat
Two things can take the job. Cheaper certified bridges from private makers such as Minew can power the same stickers where strength is not needed. And RAIN RFID, the older battery-free tag system led by Impinj, already ships billions of tags a year and is read at dock doors with no energizer at all.
The evidence under this - 3 claims
The rivals: PI, and 1 more that is private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | How far along | Priced against it |
|---|---|---|---|
| Private | Minew, Fanstel, Koamtac, Taglink and other Wiliot-certified bridge makersPriced against it: Private | On sale | Private |
| PI | RAIN RFID readers and tags, led by ImpinjPriced against it: Different product | On sale | Different product |
How big it could get
How big this could get
Battery-free Bluetooth tags, the kind Energous powers, were about 121 million devices in 2024, and ABI Research expects about 795 million by 2030. Walmart alone aims to tag 90 million pallets.
What nobody publishes is how many tags one transmitter serves, so the market for transmitters cannot be sized. Energous has shipped 56,000 in total.
The evidence under this - 4 claims
The RAIN Alliance counts 42.7 billion battery-free RAIN tag chips shipped in 2025, so Bluetooth ambient IoT is under 1% of battery-free tags (S11).
Who has signed
Two customers order in volume: the retailer, through Wiliot, and a giant e-commerce company planning about 35 sites this year. Neither order's size or length is disclosed, and nobody has signed for what comes after the store rollout.
The evidence under this - 5 claims
The concentration is falling: five customers, not two, made up 74% of Q2 revenue, and the 10-Q credits the quarter's growth to a second Fortune 10 customer (S01).
Energous has not confirmed the name, and Wiliot certifies bridges from at least six other makers, so the Walmart program need not run on Energous hardware alone (S08).
Q2 revenue rose only $7,000 over Q1 while the store count went from 1,500 to about 4,200, and the 10-Q credits the quarter's growth to the e-commerce customer, not the retailer (S01).
No order, volume or contract with this customer is filed or released, and total revenue rose $7,000 in the quarter its demand was said to drive (S01).
The results
The numbers
Sales grew 431% over the twelve months to Jun 2026, slower than the 633% in the year to Dec 2025.
Operating margin is −83%, up from −47× in the year to Dec 2023.
Running costs take 109¢ of each sales dollar, down from 3085¢ in the year to Dec 2022.
Shareholders' money lost 33% a year, up from −86% in the year to Dec 2021.
It used $16.0M of cash over the last twelve months, so the $31.2M it holds lasts about 1.9 years at that pace.
It holds $31.2M of cash against $307K of debt, $30.9M more cash than it owes.
Yearly sales growth has ranged from −44% to +633% over the last 5 years, with sales falling in 1 of them.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-04. Fiscal years end in December.
| Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 | 12 mo to Jun 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $757K | $851K | $474K | $768K | $5.63M | $10.5M |
| Sales growth | +131% | +12% | −44% | +62% | +633% | +431% |
| Profit | ||||||
| Gross margin | - | −50% | 41% | 1.6% | 36% | 27% |
| Operating margin | −55× | −31× | −47× | −24× | −178% | −83% |
| Net margin | −55× | −31× | −41× | −24× | −170% | −76% |
| What growth costs, per sales dollar | ||||||
| Research and development | 27× | 15× | 23× | 10× | 73% | 38% |
| Sales and marketing | 11× | 574% | 813% | 399% | 42% | 21% |
| General and admin | 12× | 949% | 15× | 819% | 80% | 49% |
| Pay in shares | 16× | 343% | 354% | 104% | 5.0% | 1.8% |
| Capital spending | 48% | 19% | 39% | 16% | 1.5% | 3.0% |
| Cash | ||||||
| Cash from operations | −$28.7M | −$23.6M | −$19.2M | −$17.6M | −$12.4M | −$15.7M |
| Free cash flow | −$29.1M | −$23.8M | −$19.4M | −$17.7M | −$12.5M | −$16.0M |
| Balance sheet | ||||||
| Cash and short-term investments | $49.1M | $26.3M | $13.9M | $1.35M | $10.4M | $31.2M |
| Debt | - | - | - | $818K | $88.0K | $307K |
| Net cash | - | - | - | $535K | $10.3M | $30.9M |
| Returns and shares | ||||||
| Shares (diluted) | - | - | - | 238K | 1.49M | 5.51M |
What growth costs
Energous's office and research costs barely move with sales, and it has cut them hard, so each new sale carries far less overhead. The problem is the transmitters themselves: lately they have cost almost as much to make as they sell for, which wiped out the gain from spreading the fixed costs.
The evidence under this - 2 claims
- Gross margin went the other way: 36% in 2025 and 3% in Q2 2026 (C02, C03), so the cost that grows with sales rose faster than sales.
- The cuts came with severance of $1.4M in 2024 and $0.4M in 2025 (S05), and the August 2026 awards (C38) will add stock pay that 2025 barely carried.
The last report (12 Aug)
Quarter ended June 2026, filed figures.
On the surface it was a sixth quarter of growth. In fact sales rose by $7,000 over March, and the filing credits the gain to the e-commerce customer, not the retailer whose stores were being fitted.
The margin was worse. Energous kept 3 cents of each sales dollar after making its products, blaming one-off retooling at a factory and scarce parts; it raised prices on 1 July and still aims for 40 cents. It gave no forecast for sales.
What it did to the thesisIt confirmed the worry: sales stopped growing as the store rollout neared its end, and the margin collapsed. It left open whether the second big customer can carry growth and whether the margin returns, with no guidance to judge either by.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $-0.50 against $-0.22 expected; $-0.53 as filed, the gap being what the company adds back.
The evidence under this - 5 claims
- 2024's gross margin was 2% and Q2 2026's 3%: the 36% of 2025 is the only full year above 20% (S06, S01).
- The overseas contract manufacturer was still retooling in August, and $6.3M sat prepaid with contract manufacturers at 30 June (S01, S03).
Q2 revenue rose only $7,000 over Q1 while the store count went from 1,500 to about 4,200, and the 10-Q credits the quarter's growth to the e-commerce customer, not the retailer (S01).
What management did with the money
It sold 3.3 million new shares between January and March for $31.8M, and now holds $31.2M of cash and no real debt. It has promised not to sell more shares this way until August 2027.
Insiders in 2026Q3: 7 purchases and 0 sales, from their Form 4 filings.
The evidence under this - 3 claims
The programme stays open with $31.7M of capacity (S01), and a short seller documents 21 equity raises since 2019 and promotion to retail (S13).
The price, and where we disagree
In short. Full. After a 28% fall the price still pays for much of sales roughly tripling and the margin recovering, from programs that have not signed, before any new shares.
The shares ran from under $4 in December to about $37 in April on the retail rollout, then lost most of it as growth stalled. The rollout is now 90% installed, so the September-quarter results due 11 November are the first test of what replaces it.
Management had said several programs would reach a buying decision in 2026. In August it said contract timing is not the right way to judge progress. Analysts expect about $3.8M of sales for the quarter.
The evidence under this - 4 claims
- 2026-10-14editedAdded the 13 October close of $9.62, 27.9% under 2 October's; nothing else in the series moved.
Q2 revenue rose only $7,000 over Q1 while the store count went from 1,500 to about 4,200, and the 10-Q credits the quarter's growth to the e-commerce customer, not the retailer (S01).
The August framing is itself the counter: a dated commitment was replaced by a sales-cycle explanation of six to nine months, and no program was announced as decided (S03).
How we read the multiple
Counting its cash, the whole company is valued at about $23M, 2.1 times the last year's sales of $10.5M.
For the price to work:
- Running costs are about $12.8M a year.
- At the 40 cents of each sales dollar management targets, covering them takes about $32M of sales.
- That is three times today's sales.
- Its $31.2M of cash covers about three years of losses at today's pace, so the tripling has to come first.
Against its own history. What buyers used to pay for each dollar of its sales was far higher, but there were almost no sales then, so today's lower figure is not a bargain.
The evidence under this - 4 claims
The one analyst estimate on file has 2027 revenue at $37.5M, which would put the 13 October company value near 0.6 times sales (C25).
- 2026-10-14editedThe 13 October close of $9.62 is 27.9% under the $13.34 the price claims were struck at, so company value falls from $43.0M to about $22.6M and the multiple from 4.1 to 2.1 times sales. The breakeven arithmetic is unchanged.
- 2024's gross margin was 2% and Q2 2026's 3%: the 36% of 2025 is the only full year above 20% (S06, S01).
- The overseas contract manufacturer was still retooling in August, and $6.3M sat prepaid with contract manufacturers at 30 June (S01, S03).
Priced against its rivals
None of the listed rivals above sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
The bet: what it pays if it works
This is a bet that Energous finds growth beyond one retailer: the e-commerce customer's sites, the warehouse expansion and the federal agency's first sites together doubling today's sales. Even then, valued like a hardware supplier near break-even, the company would be worth only a little more than today.
If no second program orders at scale, losses continue and more shares may be sold; what is left is cash and stock on the shelves, a small part of today's price.
| Revenue in two to three years | PowerBridge transmitters shipped a year needed | At the stated multiple |
|---|---|---|
| $10.00M | about 47.6K at 100% kept | 1.0× |
| $20.00M (the big win) | about 95.2K at 100% kept | 2.1× |
| $37.50M | about 178.6K at 100% kept | 3.9× |
To pay 2× (a Fair bet) it would need about $19.30M of revenue (about 91.9K PowerBridge transmitters shipped a year); to pay 5× (a Cheap bet), about $48.25M of revenue (about 229.8K PowerBridge transmitters shipped a year), at the same multiple.
The steps it has to take
- Done Sixth consecutive quarter of revenue growth
- Done $31.8M raised and the at-the-market programme paused
- In progress Retailer's 4,700-store rollout installed due 2026-12-31
- In progress Gross margin back above 30% due 2026-12-31
- In progress E-commerce customer at about 35 facilities due 2026-12-31
- In progress Federal agency at about 15 sites due 2026-12-31
- Not started Membership warehouses expanded to about 550 due 2027-03-31
- Slipped A second program disclosed as a multi-site order due 2027-06-30
The detail behind the label
The evidence under this - 7 claims
No order, volume or contract with this customer is filed or released, and total revenue rose $7,000 in the quarter its demand was said to drive (S01).
No contract to Energous appears in federal award data for 2024 to 2026, though an agency outside federal procurement rules, such as the Postal Service, would not show there; Energous names no agency and files no order.
Q2 revenue rose only $7,000 over Q1 while the store count went from 1,500 to about 4,200, and the 10-Q credits the quarter's growth to the e-commerce customer, not the retailer (S01).
The programme stays open with $31.7M of capacity (S01), and a short seller documents 21 equity raises since 2019 and promotion to retail (S13).
Where we disagree with the market
A wireless-power company breaking out, with two of America's biggest companies and a federal agency as customers and margins heading to 40%.
One retailer's rollout made the sales, it is nearly installed, and nothing signed replaces it yet.
The coverage counts customers; the filings count dollars, and one retailer was 85% of them last year. A second giant customer is real and growing, which is the best evidence against us.
We would be wrong if the September quarter beats the $3.8M forecast with the margin back above 30 cents and a federal or e-commerce order announced. About an eighth of the shares available are already sold short.
What analysts say, and the evidence
The evidence under this - 6 claims
The concentration is falling: five customers, not two, made up 74% of Q2 revenue, and the 10-Q credits the quarter's growth to a second Fortune 10 customer (S01).
Energous has not confirmed the name, and Wiliot certifies bridges from at least six other makers, so the Walmart program need not run on Energous hardware alone (S08).
Q2 revenue rose only $7,000 over Q1 while the store count went from 1,500 to about 4,200, and the 10-Q credits the quarter's growth to the e-commerce customer, not the retailer (S01).
The one analyst estimate on file has 2027 revenue at $37.5M, which would put the 13 October company value near 0.6 times sales (C25).
- 2026-10-14editedThe 13 October close of $9.62 is 27.9% under the $13.34 the price claims were struck at, so company value falls from $43.0M to about $22.6M and the multiple from 4.1 to 2.1 times sales. The breakeven arithmetic is unchanged.
What could go wrong, and how we would know
The risks
- The rollout ends With the retailer's stores 90% fitted, its orders may fall to a trickle unless its warehouses and depots follow.
- One customer The retailer was 85% of 2025 sales and orders through Wiliot, which decides which transmitters its system uses.
- The margin Only one full year has kept more than 20 cents per sales dollar; June's 3 cents could be the norm, not the exception.
- New shares The share count quadrupled in a year, and the programme that sold them stays open with $31.7M of room.
- Cheaper rivals Wiliot certifies bridges selling for about a quarter of Energous's price; if power stops mattering, so does the edge.
- A short seller Fugazi Research has accused the company of relying on new shares and promotion to retail buyers.
The evidence under this - 7 claims
Management says expansion talks with the retailer are under way and its membership warehouses go from about 50 to about 550 in early 2027 (S03).
The concentration is falling: five customers, not two, made up 74% of Q2 revenue, and the 10-Q credits the quarter's growth to a second Fortune 10 customer (S01).
- 2024's gross margin was 2% and Q2 2026's 3%: the 36% of 2025 is the only full year above 20% (S06, S01).
- The overseas contract manufacturer was still retooling in August, and $6.3M sat prepaid with contract manufacturers at 30 June (S01, S03).
The programme stays open with $31.7M of capacity (S01), and a short seller documents 21 equity raises since 2019 and promotion to retail (S13).
Management says the retailer chose PowerBridge Pro because its power removes blind spots in freezers and dock doors, and the 85% customer has kept buying for two years (S04, C04).
What we still do not know
- How many transmitters each store takes, and so how many are left to ship once the rollout ends.
- Which federal agency is testing it, and whether any contract stands behind its 15 planned sites.
- What Wiliot's license lets Energous charge, since its terms are not published.
- Whether rival bridges can match its power, since nobody has tested them side by side in public.
The evidence under this - 4 claims
Q2 revenue rose only $7,000 over Q1 while the store count went from 1,500 to about 4,200, and the 10-Q credits the quarter's growth to the e-commerce customer, not the retailer (S01).
No contract to Energous appears in federal award data for 2024 to 2026, though an agency outside federal procurement rules, such as the Postal Service, would not show there; Energous names no agency and files no order.
The released counts say 'over' 25,000 and 56,000, so the true figure per unit could be lower, and any gateway or service revenue in the single revenue line would lower the hardware price further (S01, S02).
What would change our view
- Unattractive→NeutralRevenue past $5M a quarter at a restored margin, with no new shares
It needs all of:
- ○Quarterly sales reach $5M, keeping 35 cents or more of each sales dollar after making the product.checked at the next results, due by 11 Nov
- ○No new shares are sold through the company's share-sale programme in that quarter or the one before.watched as it happens
- Unattractive→AttractiveA second customer at scale and revenue past breakeven
It needs all of:
- ○No single customer is more than half of a year's sales.checked at the next results, due by 11 Nov
- ○Sales over a year reach $32M and the company makes an operating profit.checked at the next results, due by 11 Nov
We would also be wrong if
- Quarterly sales fall below $2.5M once the store rollout is finished.
- Wiliot certifies a rival transmitter as strong as Energous's.
What is coming
- 11 November 2026 Q3 2026 results: Whether revenue holds above Q2 as the retailer's rollout ends, and whether gross margin recovers toward the 40% target after the July price rise.
Every dated event ahead
- 11 November 2026 Q3 2026 results: Whether revenue holds above Q2 as the retailer's rollout ends, and whether gross margin recovers toward the 40% target after the July price rise.
- December 2026 Federal agency deployment reaches about 15 sites: Whether the second-largest growth story becomes a signed multi-site order, or the 2026 commercial-decision target slips again.
- January 2027 Retailer's membership warehouses expand to about 550: Whether the main customer's next wave replaces the finished store rollout, or orders fall away as C34 expects.
- March 2027 FY2026 results and 10-K: Customer concentration for the full year, whether the at-the-market pledge held, and how much of the cash the losses used.
Since we wrote this
- 14 OctPrice moveShares fell 28% with no news; price claims re-struckAt $9.62 the company is valued at about 2.1 times sales, not 4.1. The business facts did not move, so the view held.
- 13 OctBet moveBet re-struck: Priced for success to SpeculationRe-priced at the 12 October close; the rating moved from Expensive bet to Fair bet.
- 5 OctThesis reviewThe bet now names what it ridesThe owner asked that every bet name the macro trend behind it, after BWXT's bet was missing its chief executive's case for nuclear over gas.
- 4 OctThesis writtenUnattractive, medium convictionWritten seven weeks after the June-quarter print, with the retailer's rollout 90% installed, revenue flat and the gross margin at 3%.
- 4 OctThesis reviewOwner's checklist: revenue streams, cost of growth, management, catalystsThe owner's checklist found the method silent on who runs the company, what growth costs, where the money comes from and what is dated ahead; this pass fills those four blocks from the proxy and filings.
Also checked 1 time with nothing new to act on.
Sources 17
Sources - 17
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-08-13revenue, cost of revenue and gross profit by quarter and half, operating expenses, the balance sheet including prepaid deposits with contract manufacturers, customer concentration for revenue and receivables, the at-the-market sales, the warrants, the reverse split, the going-concern conclusion and the MD&A's account of what drove revenue and costbacksC01C03C04C12C13C18C19C20C21C23C37C40C41
- S02primarycompany release2026-08-12the sixth consecutive quarter of growth, 56,000 transmitters shipped since 2024, the at-the-market statement and the PowerBridge Pro+ certificationbacksC03C22C31C33
- S03primarytranscript2026-08-12Energous Q2 2026 earnings call transcriptthe retailer's rollout at about 90%, the membership-warehouse expansion, the e-commerce, federal, restaurant and grocery programs, the margin explanation and the 40% target, the 1 July price increase, the reframing of contract timing and of the AWS launch count; and two analysts' questions, including the unanswered one on revenue trajectory
This program targets approximately 4,700 U.S. retail locations, and we have delivered thousands of PowerBridge Pro units to ensure that the project remains on track to complete installations across those retail stores based on the customer's schedule.
backsC05C06C12C14C15C16C17C22C31 - S04primarytranscript2026-05-13Energous Q1 2026 earnings call transcriptthe first call since 2024: 39,000 transmitters deployed, the retailer at 1,500 of 4,700 locations, the e-commerce customer's 14 international installations and 35 planned, the power-output claim, the AWS launch count and the at-the-market raise
We expect several of our active programs to reach commercial decision during 2026.
backsC05C06C10C14C16 - S05primarycompany filing2026-03-26Item 1's description of the wireless power network, the patents, the FCC authorizations, the Competition section, the contract manufacturers and employees; the top customer at 85% of 2025 revenue; the risk factors on sole-source components and few customersbacksC01C02C04C11C39C40C41
- S06primarycompany release2026-03-252025 revenue, gross margin and loss, and 25,000 transmitters shipped in 2025backsC02
- S07primarycompany release2025-10-02Walmart's rollout of Wiliot pixels, its store count and the 90 million pallet goal, with a Walmart executive quoted
The collaborative solution is currently deployed across 500 Walmart locations, with plans for national expansion in 2026. The rollout will cover 4,600 Walmart Supercenters, Neighborhood Markets, and over 40 distribution centers
backsC05C28 - S08primarycompany release2026-10-04that energizers are off-the-shelf certified bridges under a Wiliot partner license, and the list of certified devices: three Energous bridges beside Minew, Fanstel, Koamtac, Taglink, ERM and Syncromesh devices
IoT Pixels cannot be used independently of the Wiliot Physical AI platform
backsC05C08C09 - S09primaryother2026-10-04a rival's Wiliot-certified energizer and its list price
Price range: $45.00 through $50.00 … It features a Sub-1 GHz antenna for energizing Pixels
backsC08 - S10primaryindustry data2025ambient IoT device shipments by protocol in 2024 and the 2030 forecast
Bluetooth® Low Energy (LE) is currently the dominant connectivity protocol, accounting for 80% of Ambient IoT shipments in 2024-or 121 million devices.
backsC29 - S11primaryindustry data2026-04-02the size of the battery-free RFID tag market the trade body measures
In 2025, those four companies shipped 42.7 billion RAIN tag chips globally.
backsC30 - S12primarycompany filing2026-02-09that RAIN readers wirelessly power battery-free endpoint chips at about 30 feet, and Impinj's 150 billion items connectedbacksC30
- S13secondarynews2026-04-02the short seller's case: about 3.3 million shares sold under the at-the-market programme between 2 January and 23 March, and promotion to retail
Fugazi Research published a follow-up bearish report that renewed concerns about the company's reliance on dilution, stock promotion and broader questions around how the WATT story has been distributed to retail investors.
backsC32 - S14secondaryvendor data2026-10-04Research pack (FMP market data, FINRA short interest, Form 4 rows), fetched 2026-10-04price history and the 2 October close, market and company value, the trailing multiples, the price decomposition, the analyst split and estimates, short interest at the 15 September settlement and insider transactionsbacksC21C23C24C25C26
- S15primarycompany filing2026-04-29the directors and executive officers with their start dates and backgrounds, beneficial ownership at 16 April 2026, the 2025 summary compensation table, the 2025 bonus plan, the RSU awards and the chief executive's offer letter and severance termsbacksC36C37C38
- S16primarycompany filing2026-08-18each officer's and director's award, its vesting terms and the shares each reports owning afterwards: the chief executive 146,266 RSUs to 173,265, the chief sales and growth officer, general counsel and chief accounting officer refresher grants, and the three non-employee directors' quarterly-vesting awardsbacksC36C37C38
- S17primarycompany filing2025-02-272023 and 2024 operating expenses and cash flows as first filed, and the 1-for-20 reverse split of August 2023backsC39C40