Energous Corp

Pre-commercial wireless-power micro-cap with deep losses and ongoing cash burn.

Strengths

• Liquidity cushion relative to size — current ratio 4.19 (71st)

Risks

• Severe negative returns — ROE -76.8%, ROA -57.3% (7th)
• Cash burn — FCF -$12.5M
• Negligible commercial traction — per 10-K

Notable findings

• Going concernIn accordance with this guidance, we have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, FMR LLC
• Cash burnNegative free cash flow (-12.5M)
• Exec changeRecent 8-K item 5.02 8-K ↗
• Buying back stockNet buyback — share count -85%/yr over 3y
• New fund positionNotable fund(s) opened this quarter: STATE STREET CORP
• Notable holderHeld by 1 notable fund(s): STATE STREET CORP (as of 2026-03-31)
• Revenue declineRevenue -14.2% YoY