WATT - Energous: Some Revenue Growth Expected In 2022 Along With Significant Cash Burn

• Energous expects to have some revenue growth in 2022, although this probably means revenues at around $1 million for the full year.
• It should not need another equity raise until early-to-mid 2023.
• However, there is no sightline to escaping the cycle of significant cash burn followed by equity raises to fund further operations.
• Thus, I'd value Energous at a discount to its current cash balance.
• It needs to generate at least several million per year in consumer product revenues for its prospects to look better.

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