After hitting a 52-week low ($4.41) on Wednesday, shares of wireless charging company Energous Corp (Nasdaq: WATT) recovered on Thursday and opened up 30% as the company announced that it has got the first customer product approval from Federal Communications Commission (FCC).
This certification entitles Energous customer Delight, a maker of hearing aids, to market and sell WattUp-enabled personal sound amplification products in the US. WattUp is an RF-based wireless charging technology that is developed by Energous and can be used in electronic devices such as smartphones, fitness trackers, hearables and medical sensors.
Commenting on the FCC’s certification, CEO Stephen Rizzone stated, “While there have been delays in reaching this point, the customer funnel is robust, and we believe this is the first of many WattUp-enabled consumer electronic products in a number of growing vertical markets that will be going into full production in 2019.”
The company anticipates the first WattUp-enabled consumer product to be available in Q1 2019.
The San Jose, California-based firm received FCC’s certification for its WattUp near field 900 MHz wireless charging transmitter in April 2018 and WattUp midfield power-at-a-distance transmitter last December.
Related: Energous Q3 2018 earnings conference call transcript
For the third quarter ended September 30, 2018, Energous reported a loss of $12.6 million or $0.49 per share on revenue of $228,000. The stock, which underperformed throughout 2018, had plunged 48% since it reported Q3 earnings and plummeted 80% in the past year. Shares of Energous have surged more than 50% during the first hour of Thursday’s trading.
The current average price target for Energous stock stands at $22.50 with an average consensus rating of “Hold” by the analysts.