ENP Newswire -
Release date- 13082014 -
Signed seven separate Joint Development Agreements (JDAs) year-to-date for WattUp, including 6 agreements since the last quarterly call in May, all to develop prototypes based on the WattUp wire-free charging technologies.
65 pending U.S. patents and provisional patent applications, an increase of 15 from the Q1 Update on
Added two new executives to its leadership team
'We are on track with each of our major technology and commercialization milestones,' stated
Given our pipeline of activity, we expect to announce several additional meaningful JDAs during the balance of the year. Our execution to date is aligned with our goal to license our technology to device manufacturers, wireless service providers and other commercial partners to make wire-free charging an affordable, ubiquitous and convenient service for all consumers.'
For the second quarter ending
Net income (GAAP) of
Adjusted EBITDA (non-GAAP) loss of
Net loss (GAAP) of
Adjusted EBITDA (non-GAAP) loss of
The Company had
The Company recently added two new executives to its leadership team.
Since the Q1 Update on
Pocons, a tier-one mobile phone parts and accessories supplier based in
iPowerUp designs multi-function battery chargers and mobile electronics accessories. iPowerUp consistently provides customers with the most innovative and stylish designs available on the market.
Two additional JDAs have been signed this past quarter that we are unable to announce, due to disclosure or NDAs stipulations.
2014 Outlook and Events
The Company expects samples of its remote charging technology to be available to early adopting strategic partners in late 2014 with general availability to strategic partners in 2015. Prototypical devices from strategic partners incorporating the WattUp technology remains on track for display at the upcoming CES show in January of 2015 while general availability to the end consumer of WattUp enabled products is targeted for late 2015.
Management intends to use the proceeds from its IPO on research and development, product certifications, sales and marketing, facility relocation and fixed asset acquisition.
The result is a true wire-free experience that saves users from having to remember to plug in their devices or place them on a mat.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange and Exchange Act of 1934, as amended, that are intended to be covered by the 'safe harbor' created by those sections.
All statements in this release that are not based on historical fact are 'forward looking statements'. While management has based any forward looking statements included in this release on its current expectations, the information on which such expectations were based could change.
Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our recently filed registration statement on Form S-1. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements.
We caution readers not to place undue reliance upon any such forward -looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Use of Non-GAAP Financial Information
In addition to the results presented in accordance with generally accepted accounting principles, or GAAP, in this press release, the Company presents adjusted EBITDA which is a non-GAAP measure. The adjusted EBITDA is determined by taking the net loss and adding interest, taxes, depreciation, amortization, stock-based compensation, the change in fair value of derivative liabilities and the gain on the extinguishment of debt.
The Company believes that this non-GAAP measure, viewed in addition to and not in lieu of the Company's reported GAAP results, provides useful information to investors by providing a more focused measure of operating results.
This metric is an integral part of the Company's internal reporting to evaluate its operations and the performance of senior management. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.
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