Energous Corporation

Good day and welcome to the Energist Wireless Power Solutions first quarter 2026 financial results conference call. All participants will be in a listen-only mode during the prepared remarks. Following the prepared remarks, we will conduct a question and answer session. Please note, this event is being recorded. Before the call begins, Energist would like to remind participants that during today's call, the company will make forward-looking statements. These statements are subject to inherent risk and uncertainties detailed in the company's filings with the Securities and Exchange Commission. Actual results may differ materially from those anticipated, except as otherwise required by federal law. Energist disclaims any obligation to publicly release updates or revisions to any forward-looking statements to reflect changes in expectations. I would now like to turn the conference over to Mallory Burak, Chief Executive Officer and Chief Financial Officer. Mallory, please go ahead.

Thank you and welcome, everyone. I appreciate you all joining us on this conference call today, our first since 2024. On this call, we will discuss a series of firsts. In other words, new milestones we have achieved on our path to profitability and cash flow breakeven and why we believe we are positioned to continue our growth. We thank our stockholders and investors for your patience and continued belief in what we are building. I want to take the time today to properly reintroduce our company, where we came from, what we have built, why the momentum we established in 2025 is real and accelerating, and what the first quarter of 2026 is telling us about the trajectory ahead. I will then turn it over to Gianpaolo Marino, our Chief Strategy and Growth Officer, to provide context on our technology platform and the industry environment driving enterprise adoption. Greg Satikoff, our Chief Accounting Officer, will then walk through the Q1 financials in detail. Emerges was founded in 2012 with a vision to eliminate the wires and charging constraints that defined consumer electronics at the time. Our research and development produced the world's first FCC Part 18 certification for out-of-distance wireless charging and a patent portfolio that today exceeds 300 patents. In 2022, we made the strategic decision to reposition EnerGIS entirely around enterprise IoT. Specifically, the opportunity to power a new generation of battery-free sensors, tags, and monitoring devices in commercial environments where always-on maintenance-free sensing is increasingly becoming an operational requirement. The verticals we identified, including supply chain, cold chain compliance, logistics, retail inventory management, and asset tracking, share a common characteristic. The scale of deployment makes battery dependency economically and operationally prohibitive. That is the problem we now solve. We spent 2022 and 2023 building the technology, earning regulatory certifications, establishing commercial partnerships, and conducting the proof of concept trials that would allow enterprises to validate our technology. Our operations and results today reflect a company that has crossed from technology validation into volume production. Our commercial platform is built around the PowerBridge family of wireless power transmitters, purpose-built for enterprise environments requiring reliable, scalable, always-on wireless power delivery. Our flagship product, the PowerBridge Pro, is designed for deployment in retail, logistics, distribution, cold storage, and production facility environments. The PowerBridge Pro has shifted in meaningful volume, has yielded zero returns since commercial production began in 2024, and has received regulatory approval including FCC, UK, and EU market approval, enabling immediate commercialization across U.S., UK, and European markets. In 2025, the PowerBridge portfolio grew. With the launch of the PowerBridge ProPlus, featuring an integrated gateway and specifically designed to be an innovative addition to the company's wireless power network solutions. Alongside our transmitter hardware, we offer a complete end-to-end ambient IoT solution, integrating our wireless power transmitters with battery-free sensors, gateways, and our cloud-based software platform eCompass, providing customers with real-time asset and inventory visibility, environmental monitoring, and operational analytics. This end-to-end capability matters. Our customers are not just purchasing a point-in-time hardware product. They are deploying a wireless power network infrastructure that provides real-time visibility into operations and eliminates the ongoing cost and reliability risk of battery-dependent IoT systems. Our product family also includes the eSense tag, which we also introduced in 2025, broadening the range of use cases our platform addresses and increasing the value we deliver for deployment. The eSense tag provides dependability in low temperatures, is waterproof, and reusable. When paired with the power bridge transmitters, Energes can offer customers an efficient and effective solution that is ideal for complex use cases, such as cold chain monitoring, where other applications' performance often degrades when exposed to extreme temperatures. Our production infrastructure includes two contract manufacturers, Our established international manufacturing partner provides cost-effective high-volume production capacity that underpins our existing customer shipments. Earlier this year, we added a second contract manufacturer based entirely in the United States. The U.S. manufacturing capability we have now established has enabled us to engage the customer opportunities that would previously have been inaccessible, and it positions us well given the broader domestic supply chain priorities we are seeing across enterprise procurement. I want to be direct about why we believe EnerGIS has durable competitive advantages. First, regulatory. Our regulatory credentials and wireless power are not easily replicable. They require years of iterative development, testing, and deep regulatory expertise across multiple jurisdictions, a foundation that we have built over time and continue to apply as we expand into new markets. Second, intellectual property. Our 300-plus patent portfolio creates a commercial barrier to market entry. Any competitor seeking to operate in RSA based wireless power for IoT applications must navigate this IP position. Third, market experience. We have now conducted proof of concept deployments and commercial installations across dozens of enterprise environments. The operational knowledge embedded in those deployments, including how our networks perform in real environments with real installation requirements, is not something a new entrant can acquire quickly. Fourth, and most importantly, the ability to meet commercial needs. Enterprises are choosing wireless power networks over just ambient harvesting alternatives because they need guaranteed reliable power delivery. Our power bridge infrastructure delivers consistent, defined power within a coverage area. The dedicated power required to consistently and frequently transmit data to the cloud is what mission-critical applications require and which ambient harvesting cannot independently provide sufficiently. With respect to the current momentum, in 2025, energy is moved from validation to production. We reported revenue of approximately $5.6 million for the full year, a 633% increase over 2024, and the highest annual revenue in the company's history. We shipped more than 25,000 PowerBridge transmitters. We reported four consecutive quarters of revenue growth. with Q4 revenue of approximately $3 million representing a 139% sequential increase from Q3. Behind those financial metrics were two pivotal commercial deployments. During 2025, we began large-scale commercial deployments with two of the largest enterprises in the world. Both of these programs represent exactly what we designed our platform to do, solve a real costly operational problem at enterprise scale with infrastructure that performs reliably without battery dependency. The commercial infrastructure we built last year, including recently expanded manufacturing capacity, a strengthened balance sheet, and a growing portfolio of active deployments, is enabling us to pursue opportunities at a pace and scale that was not possible 12 months ago. John Palo, our Chief Strategy and Growth Officer, will now discuss the technology, landscape, and industry tailwinds in more depth, and he will also cover our proof-of-concept pipeline and technology differentiation. John Palo?

Thank you, Mallory. The demand environment for wireless power networks in enterprise settings is structural and strengthening. Let me identify the specific drivers we are seeing in our customer interactions. Supply chain visibility has moved from a competitive advantage to an operational and regulatory requirement. The disruption of recent years and the increasing liability exposure around cold chain compliance, food safety, and pharmaceutical logistics have made real-time always-on sensing a baseline expectation at large enterprises. The question is no longer whether to instrument a supply chain with sensing technology, but rather how to do it at scale without the ongoing cost and the failure risk of battery-dependent systems. Our RF-based WFN technology is an end-to-end platform combining transmitter systems, receiver-integrated circuits, antenna systems, and supporting software to enable at-a-distance wireless power delivery for low-power IoT devices. A key architectural advantage of our platform is one-to-many power delivery. A single power bridge transmitter can deliver power to multiple receiver-enabled devices with range simultaneously. This is what makes our technology economically scalable at enterprise level. The infrastructure cost percentage points decrease as the deployment density increases. Our platform supports interoperability between transmitters and battery-free receivers, regardless of the device manufacturer or the system integrator. An open ecosystem approach consistent with how widely adopted wireless technology like Wi-Fi and Bluetooth operate. Our semiconductor devices provide the underlying IP building blocks for our consumers and receivers technologies. These chipsets allow us to continue evolving our product family efficiently as we address new applications and market requirements. eCompass, our cloud-based analytic platform, transforms the data generated by the battery-free sensor networks into a real-time operational intelligence including asset location, environmental conditions, and compliance status, delivered through a software interface that integrates into a customer existing enterprise system. We believe this data is invaluable for feeding AI models, compiling compliance data, and generating real-time and predictive analytics to improve operational management. I'd like to take a few minutes to walk through our commercial agreements portfolio. We think about our pipeline in three different stages, active commercial deployment, active proof of concept programs, and our broader pipeline outlook. Our current production infrastructure deployments with Fortune 10 enterprises are generating revenue today and continuing to scale. Our first Fortune 10 commercial deployment is with a leading national retailer focused on inventory management and cold chain compliance monitoring across its retail store locations. The first phase deployment program started approximately 4,700 US locations, and as one of our most recent updates, the customer has completed installation at over 1,500 of those locations. The primary application is pallet asset tracking across operational facilities, collecting real-time data as assets travel through dock doors and freezer and cooler storage areas, preventing spoilage, product diversion, and inventory loss while addressing regulatory compliance requirements and operational cost reduction at scale. To our knowledge, Energes is the only provider capable of delivering up to 99% asset visibility in fixed enterprise environments, which is made possible by our PowerBridge Pro transmitters, which deliver 2W of conductive power or 8W EIRP, up to 8 times the power output of our nearest competition. In cold-chain environments, where a single blind spot can mean spoilage, loss, or compliance failure, the power advantage is not a feature. It is the reason why we are in this program. Our second Fortune 10 commercial deployment is with a major enterprise in the e-commerce, fulfillment, reverse logistic, and grocery sector. This customer has increased the cadence of its engagement with us and has expanded its program across multiple use cases and geographies. Importantly, this program has now extended internationally with over 14 completed installations outside of the United States to date. And we are planning to continue supporting this customer international expansion of its infrastructure modernization project to complete installation at approximately 35 facilities in 2026. This deployment validates that our platform performs at scale beyond the U.S. market and reflects the growing global demand for wireless power network infrastructure. The active proof-of-concept programs we are advancing today are designed to provide reference deployment for production-scale performance, often across multiple facilities. Several of our current programs are specifically structured to scale from initial site deployments to broader multi-location rollouts in the near term. A few sample use cases and opportunities we are addressing today include a large-scale proof-of-concept with a U.S.-based subsidiary of a multi-billion-dollar international parent company focused on modernizing semi-perishable inventory, tracking a cost across its production and distribution operations. This program is notable because it deploys our full end-to-end ambient IoT solution. Wireless power networks comprise of battery-free sensors, RF transmitters, gateways, and e-compass cloud analytics working together to deliver real-time inventory visibility at key production facilities. We have also initiated a structural proof-of-concept evaluation with a national quick service restaurant operator. The QSR vertical, in addition to grocery, is a significant market expansion for energies across several dimensions. Full safety, compliance, inventory visibility, and environmental monitoring in food preparation and storage environments are all applications where battery-free wireless sensing has a clear operational advantage. To our knowledge, we are the only provider today with a solution proven to operate efficiently In low-range temperature, battery performance degrades in cold storage. Our wireless power infrastructure does not have the constraints in lower temperature ranges, and that is what makes this application category unique, addressable by energies. The potential deployment scale in a national QSR program measured in thousands of locations per customer relationship represents a meaningful revenue opportunity. Finally, we are progressing with government and regulated sector organizations where the most important requirements are domestic manufacturing, infrastructure security, and system reliability. Our new U.S. manufacturing capability positions us to directly meet those requirements. I should also note that through Amazon Web Service, our cloud infrastructure partner, ISB Accelerated Program, we are supporting proof-of-concept evaluation with enterprise customers engaged through that co-selling relationship. It gives us access to enterprise customer conversation at a scale we can now reach independently. This channel has become a genuine commercial pipeline source, and we are advancing active evaluation through it, evidenced by the 50-plus customer launches reported on the AWS partner page. We expect several of our active programs to reach commercial diffusion during 2026. As our customers advance their timelines, we are committed to providing increasing specificity on the composition and scale of our pipeline. I will turn it back to Mallory now.