Energous Corporation (WATT): Business Model Canvas [Dec-2025 Updated]

You're looking at Energous Corporation (WATT) right now, trying to figure out if their pivot to enterprise wireless power networks is defintely paying off. Honestly, the numbers from late 2025 show a company doubling down on its 343 issued patents to power everything from asset trackers to large retail infrastructure, aiming for those battery-free IoT devices. With Q3 revenue hitting $1.3 million-their best quarter since 2015-and a $4.2 million order backlog, the focus is clearly on scaling those big deployments, like the one with the Fortune 10 multinational retailer. But how are they managing the cost structure while funding this R&D, especially with operating expenses down 24% year-over-year? Dive into the full Business Model Canvas below to see the exact partnerships and revenue streams driving this next phase.

Energous Corporation (WATT) - Canvas Business Model: Key Partnerships

You're looking at the structure that supports Energous Corporation's revenue growth, which hit $1.3 million in Q3 2025, the highest quarterly revenue since 2015. Here's the quick math on the relationships driving that.

Fortune 10 Multinational Retailer for Nationwide WPN Deployment

The deployment with the Fortune 10 multinational retailer is scaling up across approximately 4,700 retail locations in the United States. Installation started in early 2025, with plans to equip over 500 stores and multiple grocery distribution centers by the end of fiscal year 2025. Energous Corporation has shipped over 4,000 PowerBridge Pro units for this specific project since the deployment phase began in 2024. The initial phase of the contract involved an order of approximately $0.3 million for over 1,500 2W PowerBridge transmitter systems expected to ship by the end of 2024. This technology is designed to achieve up to 99 percent visibility of tracked assets and inventory. Shipments to two Fortune 10 customers, among others, contributed to the year-to-date revenue of approximately $2.6 million through September 30, 2025. As of October 10, 2025, the confirmed order backlog stood at approximately $4.2 million, which includes this Fortune 10 commitment.

Strategic Alliance with HaiLa Technologies for Ambient IoT Use Cases

The collaboration with HaiLa Technologies pairs HaiLa's ultra-low power communications solution for Wi-Fi with Energous Corporation's over-the-air wireless power networks. HaiLa Technologies has secured $16.8 M USD in funding. This pairing enables the HaiLa BSC2000 Passive Backscatter on Wi-Fi chip to consistently provide data by leveraging harvested energy from the PowerBridge transmitter system. The goal is to support ambient powered devices, eliminating the need for batteries in certain connected sensing applications.

AWS Enterprise Referral Program for Proof-of-Concept Deployments

Energous Corporation joined the Amazon Web Services (AWS) Partner Network (APN) in January 2025. The APN is a global community comprising 130,000 Partners. This partnership has resulted in active proofs of concept (PoCs) with customers, including Fortune 500 companies, which are expected to lead to expanded opportunities in 2026. The PowerBridge transmitters allow AWS customers to track key metrics, like temperature, in real-time, which is critical for Food Safety Modernization Act (FSMA) 204 compliance.

Global Channel Partners for Distribution

Energous Corporation expanded its ecosystem with new partners in June 2024, including Ecobyte and Peak Technologies. The company is focused on providing global solutions for supply chain, retail, and healthcare settings. The performance metrics from previous partner engagements show concrete results:

• Ecobyte, as a System Integration Partner, focuses on offering end-to-end asset tracking solutions in Europe.
• Peak Technologies acts as a System Integration Partner and Value-Added Reseller (VAR) for solutions in North America and Europe.
• A prior Proof of Concept with a Mexico-based retailer showed an improvement in asset tracking coverage exceeding 92 percent.

Technology Partners for Integrating WattUp into End-Devices

The integration focus is on delivering continuous wireless power to battery-free devices for asset and inventory tracking. Energous Corporation introduced two new products in Q1 2025 to support this: the AI driven PowerBridgeMOD and PowerBridge PRO+ with integrated gateway. The company reports it has had zero product returns since commercial production of its PowerBridge Pro began last year.

The current commercial and financial standing, as of Q3 2025, shows significant operational improvements:

Energous Corporation (WATT) - Canvas Business Model: Key Activities

You're looking at the core engine driving Energous Corporation's value proposition-the things they absolutely must do well to make their wireless power vision a reality. This isn't just about making a chip; it's about creating an entire ecosystem that needs constant engineering, regulatory clearance, and large-scale customer integration.

Research and development (R&D) of next-gen wireless power technology

The R&D function is critical for maintaining the technology lead. You see this reflected directly in the spending, even as the company focuses on cost discipline. For instance, GAAP Research and Development (R&D) expenses for the first quarter ended March 31, 2025, totaled $1.2 million. This investment supports the evolution of their core platform.

Key R&D focus areas include:

• Developing new transmitter systems like the PowerBridgeMOD and PowerBridge PRO+.
• Enhancing power delivery capabilities, such as the 2W PowerBridge transmitter achieving up to 8W Effective Isotropic Radiated Power (EIRP).
• Integrating AI-backed, cloud-based software for optimizing antenna sequences.

Manufacturing and scaling production of PowerBridge transmitters

Moving from lab to large-scale deployment requires manufacturing muscle and a clear production roadmap. The commercial traction shows this activity is ramping up. The company shipped over 4,000 PowerBridge Pro units in 2024, with installations beginning in early 2025. Furthermore, plans were in place to commence commercial production of the newer PowerBridgeMOD and PowerBridge PRO+ transmitters during Q4 of 2025.

The success in this area is directly tied to revenue growth from the hardware:

Scaling production is clearly a major operational focus right now.

Securing global regulatory approvals (e.g., FCC certification)

Regulatory compliance is a non-negotiable gate for Energous Corporation's technology, especially for over-the-air power. They have secured key approvals that validate the safety and efficacy of their systems.

Key regulatory achievements include:

• Full FCC certification for the Energous 2W PowerBridge transmitter.
• Receiving a U.S. FCC Part 15 grant for its 1 W Active Energy Harvesting transmitter technology, authorizing wireless power transfer at any distance.
• Having products certified in over 110 markets globally as of late 2024.

This is the only company with regulatory approvals for any power-at-a-distance wireless charging technology.

Enterprise sales and managing large-scale customer deployments

The sales activity is shifting from proofs-of-concept to actual, large-scale deployments, which is evident in the growing order backlog and revenue figures for 2025.

Here's a look at the commercial momentum through late 2025:

• Q3 2025 revenue was $1.3 million, marking the third consecutive quarter of growth.
• Year-to-date revenue through June 30, 2025, reached approximately $1.3 million.
• The order backlog as of October 10, 2025, stood at approximately $4.2 million, including commitments from a Fortune 10 company.
• The company is executing a multi-stage project with a Fortune 10 retailer to deploy transmitters across 4,700 U.S. locations.

Managing these large deployments, like the one targeting 4,700 locations, is a core, complex activity.

Expanding and defending the intellectual property portfolio

Protecting the core technology through patents is fundamental to Energous Corporation's long-term moat. They are actively expanding this portfolio.

The intellectual property status as of late 2025 shows significant activity:

• The company holds 343 issued patents for its proprietary technology.
• In the first six months of 2025 alone, the company was granted four new U.S. patents.
• In Q3 2025, the company expanded its portfolio with five new U.S. patents.

This activity ensures the foundation of their technology remains proprietary and defensible. It's about owning the airwaves, defintely.

Energous Corporation (WATT) - Canvas Business Model: Key Resources

You're looking at the core assets Energous Corporation (WATT) relies on to execute its wireless power network strategy as of late 2025. Honestly, the value here is heavily weighted toward intellectual property and the recent financial runway those assets helped secure.

The foundation of Energous Corporation's offering is its proprietary WattUp technology. This isn't just a concept; it's protected by a substantial portfolio. As of the third quarter of 2025, the company reported having 343 issued patents covering its core technology. To be fair, they added five new U.S. patents just in the first nine months of 2025, showing continued R&D output in areas like network security and e-Sense tag location tracking.

This intellectual property underpins the technology that has achieved critical regulatory milestones. Energous Corporation holds the world's first FCC Part 18 certification for at-a-distance wireless charging. This regulatory clearance is a key resource, as it validates the technology's compliance with safety and operational requirements, paving the way for commercial deployment.

The physical and software assets are evolving rapidly to meet market demand. You've seen the introduction of new hardware solutions designed for scale. Specifically, in the second quarter of 2025, Energous Corporation introduced the AI-driven PowerBridge MOD and PowerBridge PRO+ transmitter hardware. This is paired with the e-Compass cloud-based software platform, which helps establish their end-to-end wireless power platform for ambient IoT.

Financially, the company has actively bolstered its balance sheet to fund this scaling. The capital raised in 2025 is a critical resource for working capital and growth initiatives. Here's a quick look at the recent financial inputs that provide operational flexibility:

The company believes this capital, combined with cost reductions implemented through the first quarter of 2025, provides sufficient funds for working capital requirements for at least the next twelve months. This financial cushion is essential for managing the ramp-up of customer orders, which included a backlog of approximately $4.1 million expected to ship within twelve months as of November 11, 2025.

Finally, the human capital is irreplaceable. Energous Corporation's key resources include its specialized team members. You need to factor in:

• Key engineering expertise in RF-based charging.
• Regulatory expertise to navigate global certifications.
• Experience in scaling complex semiconductor and software solutions.

This team is what turns the patents and cash into deployable products.

Finance: draft 13-week cash view by Friday.

Energous Corporation (WATT) - Canvas Business Model: Value Propositions

You're looking at the core promise Energous Corporation (WATT) is making to the market, which is fundamentally about removing the battery constraint from the Internet of Things (IoT) ecosystem. This is the value proposition that drives their current commercial traction.

Continuous, over-the-air (OTA) wireless power for IoT devices is the foundational offering. This isn't about charging a phone on a pad; it's about ambient power delivery. The market validation for this is showing up in the financials. For the quarter ended September 30, 2025, Energous Corporation reported preliminary revenue of approximately $\text{\$1.3 million}$, which is the highest quarterly revenue the company has posted since $\text{2015}$. This revenue is built on shipping their PowerBridge transmitter systems to customers who need continuous power for their deployed sensors and trackers.

This continuous power directly enables battery-free devices for asset tracking and sensing. Think about the sheer scale of the infrastructure modernization project with a Fortune 10 multinational retailer, which involves upgrading approximately $\text{4,700}$ retail locations across the United States. By eliminating the battery, you eliminate the single biggest point of failure and maintenance cost for these distributed assets. The technology is claimed to enable up to $\text{99\%}$ visibility of tracked assets, a significant leap over what competitive products deliver.

The result of this continuous power is real-time asset visibility and 24/7/365 data processing. For that same retailer deployment, the system is designed to provide continuous insights into inventory health and operational efficiencies around the clock. This level of uptime and data flow is what transforms physical inventory management into a truly connected, data-driven system, which is what CEO and CFO Mallorie Burak refers to as powering the future of Ambient IoT.

The value proposition translates directly into reduced operational costs by eliminating battery maintenance and replacement. While I don't have the specific cost-per-asset savings from a customer case study right now, the financial performance shows the company is scaling the delivery of this value. Year-to-date revenue through September 30, 2025, reached approximately $\text{\$2.6 million}$, representing a $\text{237\%}$ increase over the entire revenue for full-year $\text{2024}$. This rapid revenue growth suggests that enterprises are finding the Total Cost of Ownership (TCO) compelling enough to commit capital.

Here's a quick look at the financial momentum supporting the scaling of these value propositions as of late 2025:

Finally, the technology is designed for scalable wireless power networks (WPNs) for large enterprise infrastructure. The commitment from the Fortune 10 retailer to upgrade $\text{4,700}$ U.S. locations is the clearest evidence of this scalability. Furthermore, the company reported an order backlog of approximately $\text{\$4.2 million}$ as of October 10, 2025, which includes large-scale purchase commitments from that Fortune 10 customer, with shipments expected later this year. You also have three active Proof-of-Concept projects currently underway via a strategic partnership with AWS, showing continued pipeline development across different enterprise sectors.

Energous Corporation (WATT) - Canvas Business Model: Customer Relationships

You're looking to understand how Energous Corporation (WATT) builds and maintains its relationships with its most important customers, which, as of late 2025, clearly centers on large-scale enterprise deployment and deep technical partnership. This isn't a simple transaction business; it's about embedding their Wireless Power Network (WPN) technology into major infrastructure upgrades.

Dedicated enterprise sales and technical support for large deployments are critical, given the complexity of over-the-air (OTA) wireless power. The relationship is anchored by multi-year, multi-stage contracts. For instance, the flagship engagement with a Fortune 10 multinational retailer involves a nationwide infrastructure optimization program targeting approximately 4,700 retail locations over three to five years. This necessitates a high degree of dedicated support to ensure seamless integration across hundreds of sites.

Co-development and proof-of-concept (POC) engagement with Fortune 10 clients is the proven pathway to securing these large deals. The relationship with the major retailer began with an initial Proof of Concept phase back in 2023. The empirical success of that pilot-which demonstrated up to 99 percent visibility of tracked assets-was the key driver for the expansion. Currently, Energous Corporation (WATT) reports having three active POCs, which include multiple Fortune 500 companies, often facilitated through strategic partnerships like the one with Amazon Web Services (AWS).

The nature of these infrastructure projects demands a high-touch, consultative service for complex infrastructure projects. This goes beyond just selling transmitters; it involves working hand-in-hand to deliver a comprehensive track and trace solution. The deployment for the major retailer, for example, is designed to improve supply chain visibility for both perishable and dry goods, requiring continuous data processing and operational alignment.

Here's a quick look at the scale of the current major enterprise commitments as of late 2025:

Regarding the Software-as-a-Service (SaaS) model for the e-Compass cloud platform, Energous Corporation (WATT) has introduced the e-Compass as part of its end-to-end solution for battery-free wireless IoT sensing and asset tracking. While the company is clearly driving revenue from hardware shipments-with year-to-date revenue through September 30, 2025, at approximately $2.6 million, generated by shipments to two Fortune 10 customers-the platform component is essential for delivering continuous insights and automation. The company has an order backlog of approximately $4.2 million as of October 10, 2025, which includes these large enterprise deployments. The recurring revenue component from the software platform is integral to the long-term value proposition, though the primary reported revenue drivers in 2025 are the initial hardware deployments.

• The technology enables 24/7/365 data processing for continuous inventory insights.
• The WPN technology achieves four times the power output of competition in certain metrics.
• The company's Q3 2025 preliminary revenue of approximately $1.3 million was the highest quarterly revenue since 2015.

If onboarding for new enterprise clients takes longer than expected, churn risk rises; that's just the reality of complex infrastructure sales.

Finance: draft 13-week cash view by Friday.

Energous Corporation (WATT) - Canvas Business Model: Channels

You're looking at how Energous Corporation gets its wireless power technology-the PowerBridge transmitters and the e-Sense tags-into the hands of its enterprise customers. The channel strategy as of late 2025 leans heavily on direct engagement for large deals, supported by strategic technology alliances.

Direct sales team focused on Fortune 500 and enterprise accounts

• Direct sales efforts target major enterprises, evidenced by expanded engagements with multiple Fortune 10 and Fortune 100 companies across the U.S. and Europe.
• This focus is driving significant product deployment, such as the ongoing rollout with a Fortune 10 multinational retailer, which involves upgrading approximately 4,700 U.S. locations.
• The company has a confirmed order backlog of approximately $4.1 million as of November 11, 2025, which is expected to ship within the next twelve months.

Technology distributors and system integrators (e.g., Peak Technologies)

Energous Corporation uses system integrators to scale solutions, especially for asset tracking in supply chain and retail environments. Peak Technologies acts as an Energous System Integration Partner and Value-Added Reseller (VAR), covering North America and Europe. This channel helps deliver complete asset tracking solutions to their existing customer base.

Here's a quick look at the key integration partners mentioned:

AWS enterprise referral network for new customer leads

Joining the Amazon Web Services (AWS) Partner Network (APN) in January of 2025 was a key move to expand sales momentum. The APN itself is a global community comprising over 130,000 Partners. This channel has already contributed to several referrals that resulted in active Proofs of Concept (PoCs) with major customers, including Fortune 500 companies. Furthermore, the company's e-Compass cloud-based software platform is built on AWS IoT Core.

Direct shipment of PowerBridge and e-Sense Tag products

The final step involves the direct fulfillment of hardware orders, which is ramping up significantly in 2025. For the major retailer deployment, Energous shipped over 4,000 PowerBridge Pro units since the deployment phase started in 2024, with installation beginning in early 2025. The plan is to equip over 500 stores and multiple grocery distribution centers by the end of fiscal year 2025 for this single customer. The product portfolio driving this includes the PowerBridge Pro+ and the newly launched battery-free e-Sense tag, which has a compact 4 x 5-cm waterproof form factor.

Energous Corporation (WATT) - Canvas Business Model: Customer Segments

Large multinational retailers and grocery distributors represent a core segment, evidenced by the accelerated deployment timeline with a Fortune 10 multinational retailer for infrastructure modernization across approximately 4,700 U.S. locations.

This retailer's rollout, which began installation in early 2025, plans to equip over 500 stores and multiple grocery distribution centers by the end of fiscal year 2025. The technology deployed, featuring the PowerBridge Pro transmitter, is designed to improve supply chain visibility for both perishable and dry goods assets.

Enterprise logistics and supply chain management companies are directly served through the large-scale retail deployment, which aims for real-time asset tracking and automation. The PowerBridge Pro technology in this deployment enables up to 99 percent visibility of tracked assets and inventory, compared to lower values from competitive products. Shipments of over 4,000 PowerBridge Pro units were completed for this project in 2024 alone.

Industrial and manufacturing facilities requiring asset tracking are targeted by the broader enterprise adoption, as evidenced by Q3 2025 revenue being generated by shipments to two Fortune 10 customers, among others. The company's technology is positioned to serve as the backbone for infrastructure modernization projects in these environments.

Technology companies for reverse logistics and device integration include strategic partners like AWS, which has driven referrals leading to active proofs of concept (PoC's). Energous Wireless Power Solutions reported three active PoCs via the AWS partnership as of October 2025, engaging with multiple Fortune 500 companies.

Ambient IoT device manufacturers and developers are a key segment, supported by the introduction of the battery-free e-Sense tag, establishing an end-to-end wireless power platform. The company's solutions are designed to power a new generation of battery-free devices for asset tracking, electronic shelf labels, and sensors. The company won the "IoT Connected Retail Innovation of the Year" in the 2025 IoT Breakthrough Awards Program.

Here's a quick look at the financial and deployment scale supporting these customer segments as of late 2025:

The confirmed backlog of ~$4.1M is expected to ship within the next 12 months, providing near-term revenue visibility tied to these enterprise deployments. The Q3 2025 revenue of $1.3M marked the highest quarterly revenue since 2015.

• Revenue growth was 453% year-over-year in Q3 2025 compared to Q3 2024.
• Gross margin improved to 36% in Q3 2025.
• GAAP operating expenses fell to $2.649M in Q3 2025, down 24% year-over-year.
• The company raised approximately $22.7M in net proceeds year-to-date 2025 through various offerings.

To be fair, the revenue for Q1 2025 was only $0.3 million, showing the ramp-up is recent. Still, the year-to-date revenue through September 30, 2025, at $2.6 million, was over three times the revenue reported for the full fiscal year of 2024.

Energous Corporation (WATT) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Energous Corporation's operational burn rate as they scale commercial deployment. Honestly, the focus on fiscal discipline is showing up clearly in the latest reports.

Operating expenses reduced by 24% year-over-year due to cost discipline, with GAAP operating expenses for the third quarter of 2025 totaling approximately $2.6 million, down from $3.5 million for the same period in 2024. This reflects a concerted effort to manage the cost base while revenue accelerates.

The cost structure is heavily weighted toward innovation and market penetration. Here's a breakdown of the components, using the most granular data available from the second quarter of 2025:

Cost of Goods Sold (COGS) for PowerBridge and tag hardware is directly tied to revenue generation. For the third quarter of 2025, revenue was approximately $1.3 million and gross profit was $0.5 million, resulting in a gross margin of 36%.

Here is the implied COGS calculation for Q3 2025:

• Cost of Goods Sold (COGS) for PowerBridge and tag hardware: Revenue of $1.3 million minus Gross Profit of $0.5 million equals implied COGS of $0.8 million.

Patent maintenance and legal fees for IP defense are embedded within the operating expenses, primarily SG&A. The commitment to protecting the technology is evident in the IP expansion, with Energous Corporation adding five new U.S. patents year-to-date through the third quarter of 2025.

The company's focus on operational efficiency is a key cost management lever. For instance, Non-GAAP operating expenses in Q2 2025 were approximately $3.0 million, a reduction of approximately $1.7 million, or 37%, year-over-year.

Energous Corporation (WATT) - Canvas Business Model: Revenue Streams

You're looking at the core ways Energous Corporation (WATT) brings in money right now, late in 2025. Honestly, the story here is about the transition from early-stage tech sales to scalable infrastructure revenue.

The primary revenue sources for Energous Corporation (WATT) center on the deployment of their over-the-air (OTA) wireless power technology. This breaks down into a few key areas, though specific dollar breakdowns for each segment aren't always public.

The main streams are:

• Sales of PowerBridge transmitter systems (hardware)
• Sales of e-Sense Tags and other receiver components
• Revenue from confirmed order backlog of approximately $4.2 million (as of Oct 2025)
• Licensing and royalty fees from technology integration partners
• Q3 2025 revenue was $1.3 million, the highest quarterly revenue since 2015

That Q3 2025 revenue figure of $1.3 million is important; it represents the third consecutive quarter of growth and is the highest quarterly revenue for Energous Corporation (WATT) since 2015. This growth is driven by accelerating adoption of their wireless power networks, particularly in enterprise modernization projects.

The confirmed order backlog provides a near-term revenue visibility that you need to watch closely. As of October 10, 2025, this backlog stood at approximately $4.2 million, which included large-scale purchase commitments tied to Fortune 10 customer deployments. By November 11, the confirmed backlog was reported at $4.1 million, expected to ship within twelve months.

To give you a clearer picture of the recent financial performance underpinning these streams, here's a look at the preliminary Q3 2025 results:

The company is also actively strengthening its financial position to support these revenue-generating activities. They raised approximately $22.7 million year-to-date through various offerings and warrant exercises. This capital supports scaling operations to meet that growing demand.

You should also track these operational metrics that directly influence the revenue recognition cadence:

• Year-to-date revenue through September 30, 2025, reached approximately $2.6 million.
• Gross margin improvement to 36% reflects better manufacturing yields and operational optimization.
• GAAP operating expenses fell to $2.649 million year-over-year in Q3 2025.

The shift in revenue is clearly tied to commercial traction, including active Proofs of Concept (PoCs) being driven by their partnership with Amazon Web Services (AWS). That's where the licensing or integration fee component of the revenue stream is likely starting to materialize from, moving beyond just hardware sales.