# EDGAR Filing Document

**Accession Number:** 0001575793
**File Stem:** 0001104659-25-071393
**Filing Date:** 2025-7
**Character Count:** 24893
**Document Hash:** d24f222824f5b9414a97a38228080dbd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-071393.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001104659-25-071393

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Energous Corp
- **CENTRAL INDEX KEY:** 0001575793
- **STANDARD INDUSTRIAL CLASSIFICATION:** RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 461318953
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36379
- **FILM NUMBER:** 251157508

**BUSINESS ADDRESS:**
- **STREET 1:** 3590 NORTH FIRST STREET
- **STREET 2:** SUITE 210
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95134
- **BUSINESS PHONE:** (408) 963-0200

**MAIL ADDRESS:**
- **STREET 1:** 3590 NORTH FIRST STREET
- **STREET 2:** SUITE 210
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95134

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DvineWave Inc.
- **DATE OF NAME CHANGE:** 20130501

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): July 29, 2025

![](tm2521749d1_8kimg001.jpg)

**ENERGOUS CORPORATION**

*(Exact name of registrant as specified in its charter)*

---

| | | |
|:---|:---|:---|
| Delaware | 001-36379 | 46-1318953 |
| *(State or other jurisdiction*<br> *of incorporation)* | *(Commission*<br> *File Number)* | *(IRS Employer*<br> *Identification No.)* |

---

3590 North First Street, Suite 330

San Jose, California 95134

*(Address, including zip code, of principal executive offices)*

Registrant's telephone number, including area code: (408) 963-0200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

---

| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class registered | Trading symbol(s) | Name of each exchange on which <br> registered |
| Common Stock, par value $0.00001 per share | WATT | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 2.02. Results of Operations and Financial Condition.

On July 29, 2025, Energous Corporation (d/b/a Energous Wireless Power Solutions) issued a press release announcing its financial results for the three months ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

*(d) Exhibits.*

 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2521749d1_ex99-1.htm) | [Press release dated July 29, 2025](tm2521749d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded as Inline XBRL document) |

---

 

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **ENERGOUS CORPORATION** | **ENERGOUS CORPORATION** |
| Date: July 29, 2025 | By: | /s/ Mallorie Burak |
|  | Name: | Mallorie Burak |
|  | Title: | Chief Executive Officer and Chief Financial Officer (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2521749d1_ex99-1img001.jpg)

**Energous Wireless Power Solutions Reports Second Quarter 2025 Results**

*- Reports Revenue of $1 Million - Highest Quarterly Revenue Since 2016 -*

*- Accounts for Lowest Quarterly Net Loss in the Last Decade -*

*- Announces $4 million Order Backlog -*

**SAN JOSE, Calif. – July 29, 2025 –** Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT) (the "Company," "we," or "our"), a pioneer in scalable, over-the-air (OTA) wireless power networks, today announced financial results for the second quarter ended June 30, 2025, reporting both revenue of approximately $1.0 million for the second quarter, representing a 184% increase versus the first quarter of 2025, and a 35% improvement in net loss in the second quarter compared to the same prior year period. The Company also provided an update on recent events and Company highlights.

"We believe that under refreshed leadership, these second quarter financial results demonstrate that the Company's thoughtful and consistent execution of its strategy has positioned Energous for continued scalable growth in future periods. Our second quarter financial results underscore our ongoing commitment to fiscal responsibility, operational efficiency, and customer focus – all key contributors to enabling the Company to support the global adoption of wireless power driven infrastructures," said Mallorie Burak, CEO and CFO of Energous Wireless Power Solutions. "We believe our significant revenue growth year over year and quarter over quarter demonstrates increasing demand for Energous' wireless power network technology to serve as the backbone of enterprise infrastructure modernization projects and also underscores the value proposition of the solutions we offer to our customers."

**Second Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;▪ Revenue
 for the quarter ended June 30, 2025 of approximately $1.0 million versus approximately
 $46,000 in the same period in 2024, an improvement of nearly 21 times the same prior year
 period, and a 184% improvement over first quarter of 2025 revenue of $0.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Revenue
 in the second quarter of 2025 represents the highest recorded quarterly revenue for the Company
 since 2016 and contributed to the Company's year-to-date revenue through June 30,
 2025 of approximately $1.3 million, a 72% increase over the revenue reported for the full
 fiscal year of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Gross
 margin increased by 200 percentage points during the quarter ended June 30, 2025 versus
 the same prior year period, transitioning from a negative gross margin for the three months
 ended June 30, 2024 to a gross margin of 35% for the three months ended June 30,
 2025, improving from a gross margin of 27% for the quarter ended March 31, 2025. This
 improvement in gross margin was primarily driven by increased manufacturing yields, higher
 volumes, and strategic efforts made to optimize our operations. Enhancing gross margin remains
 a key focus for the remainder of 2025 and beyond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 Company has had zero product returns since commercial production of the PowerBridge Pro began
 last year. Ensuring the highest level of product quality remains critical, as we work toward
 widespread adoption of our technology.

&nbsp;&nbsp;&nbsp;&nbsp;▪ GAAP
 operating expenses for the second quarter of 2025 totaled $3.1 million versus $4.6 million
 for the same period in 2024, a 32% improvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Total
 second quarter 2025 operating expenses consisted of $1.1 million in research and development
 (R&D) expenses and $2.0 million in sales, marketing, general and administrative (SG&A)
 expenses.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Non-GAAP
 operating expenses for the second quarter of 2025 were approximately $3.0 million, decreasing
 from $4.7 million in the same prior year period, representing a reduction of approximately
 $1.7 million, or 37%, year over year.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Due
 to increased revenue and continued operational and manufacturing cost reductions, GAAP net
 loss and GAAP loss per share was approximately $(2.8) million, or $(0.08) per basic and diluted
 share, for the second quarter of 2025, a 35% improvement versus the net loss of approximately
 $(4.3) million, or $(0.65) per basic and diluted share, for the second quarter of 2024. The
 GAAP net loss reported for the second quarter of 2025 represents the lowest net loss for
 the Company in the last ten years and signifies the significant progress made toward reaching
 profitability.

&nbsp;&nbsp;&nbsp;&nbsp;▪ Non-GAAP
 net loss was approximately $(2.6) million for the second quarter of 2025 versus non-GAAP
 net loss of approximately $(4.7) million for the same prior year period, a 44% improvement
 year over year.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 Company reports approximately $8.7 million in cash and cash equivalents as of June 30,
 2025.

See "Non-GAAP Financial Measures" below for additional information.

**Company Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;▪ During
 the six months ended June 30, 2025, the Company raised $15.8 million of net proceeds
 under its at-the-market offering program. This capital allows the Company to continue executing
 upon its growth initiatives, investing in technology innovation, and fulfilling customer
 orders.

&nbsp;&nbsp;&nbsp;&nbsp;▪ As
 of July 28, 2025, the backlog of confirmed orders, representing the preliminary phase
 of enterprise deployments, was approximately $4 million, which is expected to ship in 2025.
 The Company is experiencing a growing backlog of enterprise orders that we believe demonstrates
 increased market adoption of the Company's wireless power network (WPN) solutions.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The
 first two quarters of 2025 marked a period of unceasing innovation, leveraging and augmenting
 our deep wireless power charging and battery-free energy harvesting-focused intellectual
 property portfolio, resulting in additions to our technology portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o During the six months ended June 30,
 2025, the Company was granted four new U.S. patents, building upon our core technology. The
 new intellectual property relates to network security, e-Sense tag location tracking, and
 in-band communications for transportation related RF transmitters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Company introduced its battery-free
 e-Sense tag, establishing an end-to-end wireless power platform for ambient IoT that includes
 Energous' new waterproof, reusable e-Sense tag, wireless power transmitter systems,
 and the e-Compass cloud-based software platform. <u>(First End-To-End Wireless Power Platform for Ambient IoT)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Company introduced two new
 products: the AI driven PowerBridge MOD and PowerBridge PRO+ with integrated gateway. These
 new products exemplify Energous' mission to continue delivering innovative, adaptable,
 and versatile enterprise asset tracking solutions. (<u>Energous Introduces New Transmitter Systems Creating Adaptable and Versatile Asset Tracking Solutions</u>)

"As ambient IoT technology becomes increasingly accessible for real-time, item-level tracking across the supply chain, achieving true real-time visibility and automation depends on a scalable and dependable power infrastructure," said Mallorie Burak, CEO and CFO of Energous Wireless Power Solutions. "Enterprises upgrading their operations with large-scale, battery-free sensor networks are choosing our wireless power solutions to enable fully wireless track-and-trace systems."

**About Energous Wireless Power Solutions**

Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT) is pioneering scalable, over-the-air (OTA) wireless power networks that enable unprecedented levels of visibility, control, and intelligent business automation. The Company's wireless power transmitter and receiver technologies deliver continuous access to wireless power, helping drive a new generation of battery-free devices for asset and inventory tracking and management—from retail sensors, electronic shelf labels, and asset trackers, to air quality monitors, motion detectors, and more. For more information, visit <u>http://www.energous.com/</u> or follow on <u>LinkedIn</u>.

**Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements may describe our future plans and expectations and are based on the current beliefs, expectations and assumptions of Energous. These statements generally use terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "estimate," "anticipate" or similar terms. Examples of forward-looking statements in this release include but are not limited to statements about our financial results, expected company growth, and operational initiatives. Factors that could cause actual results to differ from current expectations include: uncertain timing of necessary regulatory approvals; timing of customer product development and market success of customer products; our dependence on distribution partners; and intense industry competition. We urge you to consider those factors, and the other risks and uncertainties described in our most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC), any subsequently filed quarterly reports on Form 10-Q as well as in other documents that may have been subsequently filed by Energous, from time to time, with the SEC, in evaluating our forward-looking statements. In addition, any forward-looking statements represent Energous' views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Energous does not assume any obligation to update any forward-looking statements unless required by law.

**Non-GAAP Financial Measures**

We have provided in this release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). We use non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures below.

Our reported results include certain non-GAAP financial measures, including non-GAAP net loss, non-GAAP operating expenses, non-GAAP sales, marketing, general and administrative expenses (SG&A) and non-GAAP research and development expenses (R&D). Non-GAAP net loss and non-GAAP operating expenses exclude depreciation and amortization, stock-based compensation expense, severance expense, change in fair value of warrant liability, and expenses related to the abandonment of financing transactions. Non-GAAP operating expenses exclude depreciation and amortization, stock-based compensation expense, expenses related to the abandonment of financing transactions, and severance expenses. Non-GAAP SG&A excludes depreciation and amortization and stock-based compensation expense. Non-GAAP R&D excludes depreciation and amortization and stock-based compensation expense. A reconciliation of our non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release.

###

**Contacts:**

Investor Relations

<u>IR@energous.com</u>

Media Relations

<u>samantha@griffin360.com</u>

 **Energous Corporation** 

**BALANCE SHEETS**

**(Unaudited)**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | As of | As of |
|  | June 30, 2025 | December 31, 2024 |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $8662 | $1353 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 663 | 78 |
| &nbsp;&nbsp;&nbsp;Inventory | 687 | 498 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 953 | 983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 10965 | 2912 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 306 | 356 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use lease assets | 1066 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $12337 | $3795 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $772 | $1852 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1071 | 1135 |
| &nbsp;&nbsp;&nbsp;Accrued severance expense | 10 | 28 |
| &nbsp;&nbsp;&nbsp;Warrant liability | 91 | 358 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 420 | 668 |
| &nbsp;&nbsp;&nbsp;Short-term loan payable, net | 350 | 818 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 10 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2724 | 4872 |
| Operating lease liabilities, long-term portion | 839 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3563 | 4872 |
| Stockholders' equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 415367 | 399362 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (406594) | (400440) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficit) | 8774 | (1077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity (deficit) | $12337 | $3795 |

---

The accompanying notes are an integral part of these condensed financial statements.

 **Energous Corporation** 

**STATEMENTS OF OPERATIONS**

**(Unaudited)**

**(in thousands, except share and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Three Months Ended June 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Six Months Ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Revenue | $975 | $46 | $1318 | $110 |
| Cost of revenue | 637 | 122 | 887 | 231 |
| Gross profit (loss) | 338 | (76) | 431 | (121) |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 1100 | 2299 | 2292 | 4488 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 704 | 819 | 1293 | 1692 |
| &nbsp;&nbsp;&nbsp;General and administrative | 1286 | 1726 | 2181 | 3721 |
| &nbsp;&nbsp;&nbsp;Severance expense | 23 | (269) | 395 | 1294 |
| &nbsp;&nbsp;&nbsp;Expenses from abandoned financing transaction | 5 | – | 661 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 3118 | 4575 | 6822 | 11195 |
| Loss from operations | (2780) | (4651) | (6391) | (11316) |
| Other income (expense), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liability |  | 336 | 267 | 254 |
| &nbsp;&nbsp;&nbsp;Interest income (expense), net | (7) | 57 | (29) | 205 |
| &nbsp;&nbsp;&nbsp;Loss on retirement of property and equipment | (1) | – | (1) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (8) | 393 | 237 | 459 |
| Net loss | $(2788) | $(4258) | $(6154) | $(10857) |
| Basic and diluted net loss per common share | $(0.08) | $(0.65) | $(0.19) | $(1.74) |
| Weighted average shares outstanding, basic and diluted | 35638362 | 6539202 | 32060653 | 6250194 |

---

The accompanying notes are an integral part of these condensed financial statements.

 **Energous Corporation** 

**Reconciliation of Non-GAAP Information**

**(Unaudited)**

**(in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the Three Months Ended June 30, | For the Three Months Ended June 30, | For the Six Months Ended June 30, | For the Six Months Ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Net loss (GAAP) | $(2788) | $(4258) | $(6154) | $(10857) |
| Add (subtract) the following items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 41 | 50 | 86 | 98 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation \* | 97 | 143 | 191 | 417 |
| &nbsp;&nbsp;&nbsp;Severance expense | 23 | (269) | 395 | 1294 |
| &nbsp;&nbsp;&nbsp;Expenses from abandoned financing transaction | 5 |  | 661 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | – | (336) | (267) | (254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted non-GAAP net loss | $(2622) | $(4670) | $(5088) | $(9302) |

---

\* Stock-based compensation excludes $16 and $130 which is included in severance expense for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation excludes $1 which is included in cost of revenue for the six months ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Total operating expenses (GAAP) | $3118 | $4575 | $6822 | $11195 |
| Subtract the following items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | (41) | (50) | (86) | (98) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation \* | (97) | (143) | (191) | (417) |
| &nbsp;&nbsp;&nbsp;Severance expense | (23) | 269 | (395) | (1294) |
| &nbsp;&nbsp;&nbsp;Expenses from abandoned financing transaction | (5) | – | (661) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted non-GAAP operating expenses | $2952 | $4651 | $5489 | $9386 |

---

\* Stock-based compensation excludes $16 and $130 which is included in severance expense for the six months ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation excludes $1 which is included in cost of revenue for the six months ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Total research and development expenses (GAAP) | $1100 | $2299 | $2292 | $4488 |
| Subtract the following items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | (39) | (42) | (82) | (83) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | (10) | (52) | (19) | (159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted non-GAAP research and development expenses | $1051 | $2205 | $2191 | $4246 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Total sales, marketing, general and administrative expenses (GAAP) | $1990 | $2545 | $3474 | $5413 |
| Subtract the following items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | (2) | (8) | (4) | (15) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | (87) | (91) | (172) | (258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted non-GAAP sales, marketing, general and administrative expenses | $1901 | $2446 | $3298 | $5140 |

---

The accompanying notes are an integral part of these condensed financial statements.