0001104659-26-061191 | 10-Q | XBRL Viewer


		For the three months ended March 31,
Revenue by product/service		2026			2025
PowerBridge sales and shipping		$	2,923		$	302
Other			159			41
Total revenue		$	3,082		$	343


		For the three months ended March 31,
Revenue by geographic region		2026			2025
United States		$	2,786		$	299
Europe			296			26
Other			—			18
Total revenue		$	3,082		$	343

Schedule of selected balance sheet line items reflecting accounts receivable and contract liabilities

Selected balance sheet line items that reflect accounts receivable and contract liabilities as of March 31, 2026, December 31, 2025 and December 31, 2024 were as follows (in thousands):


		Balances as of
		March 31, 2026			December 31, 2025			December 31, 2024
Trade receivables		$	3,201		$	2,988		$	78
Deferred revenue		$	97		$	27		$	13
Customer deposits		$	—		$	32		$	—

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) segment customer item $ / shares shares	Mar. 31, 2025 USD ($) customer item $ / shares shares	Dec. 31, 2025 USD ($) customer
Summary of Significant Accounting Policies
Revenue \| $	$ 3,082,000	$ 343,000
Product return policy period	5 days
Customer invoices payment minimum days	30 days
Product sales warranty minimum term	1 year
Accounts receivable, net of allowance for credit losses \| $	$ 0		$ 0
Research and development \| $	$ 1,014,000	$ 1,192,000
Antidilutive securities excluded from computation of earnings per share, amount	726,978	62,411
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
One supplier \| Revenues \| Supplier concentration risk
Summary of Significant Accounting Policies
Number of supplied contract manufacturer \| item		1
Two supplier \| Revenues \| Supplier concentration risk
Summary of Significant Accounting Policies
Number of supplied contract manufacturer \| item	2
One customer \| Accounts receivable \| Credit concentration risk
Summary of Significant Accounting Policies
Number of customers \| customer			1
Concentration percentage			99.00%
Two customer \| Revenues \| Customer concentration risk
Summary of Significant Accounting Policies
Number of customers \| customer	2
Concentration percentage	83.00%
Three customer \| Revenues \| Customer concentration risk
Summary of Significant Accounting Policies
Number of customers \| customer		3
Concentration percentage		86.00%
Three customer \| Accounts receivable \| Credit concentration risk
Summary of Significant Accounting Policies
Number of customers \| customer	3
Concentration percentage	92.00%
Computer hardware
Summary of Significant Accounting Policies
Estimated Useful life	3 years
Furniture and fixtures
Summary of Significant Accounting Policies
Estimated Useful life	7 years
Leasehold improvements
Summary of Significant Accounting Policies
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Minimum \| Computer software
Summary of Significant Accounting Policies
Estimated Useful life	1 year
Maximum \| Computer software
Summary of Significant Accounting Policies
Estimated Useful life	2 years
Warrants issued to investors
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount	677,428	47,764
Warrants issued to investors \| Expiring on September 10, 2030, with exercise price of 7.79
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount	633,111
Exercise price \| $ / shares	$ 7.79
Warrants issued to investors \| Expiring on September 10, 2030, with exercise price of 9.90
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount	44,317
Exercise price \| $ / shares	$ 9.9
Warrants issued to investors \| Expiring at February 20 2029
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount		34,014
Exercise price \| $ / shares		$ 55.2
Warrants issued to investors \| Expiring on March 28 2029
Summary of Significant Accounting Policies
Antidilutive securities excluded from computation of earnings per share, amount		13,750
Exercise price \| $ / shares		$ 9
Product Development Projects Revenue
Summary of Significant Accounting Policies
Revenue \| $	$ 3,100,000	$ 300,000

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Measurements
Change in fair value of warrant liability		$ (267)
2023 Warrants
Fair Value Measurements
Change in fair value of warrant liability	$ 0	$ (300)

Revenue Recognition (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Dec. 31, 2024

Revenue Recognition

Trade receivables

$ 3,201

$ 2,988

^[1]

$ 78

Deferred revenue

$ 97

$ 13

Customer deposits

$ 32

[1]	The condensed balance sheet as of December 31, 2025 was derived from the audited balance sheet as of that date.

Capital Stock and Warrants (Details)							1 Months Ended	2 Months Ended	3 Months Ended
Capital Stock and Warrants (Details)	Sep. 11, 2025 USD ($)	Sep. 10, 2025 USD ($) $ / shares shares	Mar. 11, 2025 shares	Oct. 11, 2024 USD ($) $ / shares $ / item shares	Jun. 21, 2024 USD ($)	Mar. 28, 2023 USD ($) $ / shares shares	Jan. 31, 2025 USD ($) shares	Feb. 28, 2025 USD ($) shares	Mar. 31, 2026 USD ($) Vote shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 shares	Jun. 30, 2025 $ / shares	Feb. 13, 2025 USD ($)	Jan. 06, 2025 USD ($)	Dec. 31, 2024 USD ($) $ / shares	Dec. 30, 2024 USD ($)	Dec. 31, 2023 $ / shares
Capital Stock and Warrants
Number of common stock voting entitlement per share \| Vote									1
Common stock, shares issued (in shares)									5,501,099		2,200,240
Expenses from abandoned financing transaction \| $										$ 656,000
Common stock outstanding description									The Company’s outstanding shares of common stock may occasionally include shares that are deemed delivered under U.S. GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards. There are no voting rights for shares that are deemed delivered under U.S. GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance.
Common stock, shares authorized (in shares)									200,000,000		200,000,000
Common stock, shares outstanding (in shares)									5,501,099		2,200,240
2023 Offering
Capital Stock and Warrants
Common stock, shares issued (in shares)						13,750
Securities reserved for issuance \| $						$ 2,700,000
Warrants exercisable term						6 years
Exercise price \| $ / shares						$ 240
2023 Offering \| Warrants
Capital Stock and Warrants
Exercise price \| $ / shares												$ 8.4			$ 9		$ 49.8
December 2024 Prospectus Supplement
Capital Stock and Warrants
Proceeds of securities offerings \| $							$ 7,000,000
Common stock available for sale \| $																$ 7,460,000
Stock issued during period							209,348
Issuance costs \| $							$ 400,000
January 2025 Prospectus Supplement
Capital Stock and Warrants
Proceeds of securities offerings \| $								$ 6,300,000
Common stock available for sale \| $														$ 6,600,000
Stock issued during period								343,465
Issuance costs \| $								$ 300,000
February 2025 Prospectus Supplement
Capital Stock and Warrants
Proceeds of securities offerings \| $									$ 31,900,000
Common stock available for sale \| $									$ 31,700,000				$ 80,000,000
Stock issued during period									3,299,728
Issuance costs \| $									$ 1,000,000
2025 Offering
Capital Stock and Warrants
Common stock, shares issued (in shares)		120,000
Class of warrant or right, number of securities called by warrants or rights		465,347
Warrants exercisable term		5 years
Exercise price \| $ / shares		$ 7.79
Net proceeds from a sale of common stock and warrant issuance \| $	$ 4,000,000
Regulation A offering
Capital Stock and Warrants
Maximum offering units			0
Prepaid financing expense \| $															$ 300,000
Additional offering expense \| $										400,000
Expenses from abandoned financing transaction \| $										$ 700,000
Pre Funded Warrant \| 2025 Offering
Capital Stock and Warrants
Warrants outstanding									0
Exercise price \| $ / shares		$ 0.00001
Common Stock Or Pre Funded Warrant \| 2025 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights		585,347
Maximum \| 2023 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights						13,750
Maximum \| At The Market Program
Capital Stock and Warrants
Securities sold under agreements \| $					$ 3,400,000
Maximum \| February 2025 Prospectus Supplement
Capital Stock and Warrants
Common stock available for sale \| $		$ 70,000,000
Maximum \| Regulation A offering
Capital Stock and Warrants
Maximum offering units				166,667
Maximum \| Pre Funded Warrant \| 2025 Offering
Capital Stock and Warrants
Stock price \| $ / shares		$ 7.92
Pre Funded Warrant \| 2025 Offering
Capital Stock and Warrants
Warrants outstanding									585,347
Registered Direct Offering Placement Agent Warrants \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		$ 9.9
Registered Direct Offering Placement Agent Warrants \| Maximum \| 2025 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights		40,974
Warrants 2023 and 2024 \| 2025 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights		47,764
Aggregate gross proceeds \| $		$ 400,000
2023 Warrants \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		$ 6.7595
Warrants exercise price \| $ / shares		6.8845
2024 Warrants \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		55.2
Warrants exercise price \| $ / shares		7.92
New Warrants \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		$ 7.79
Warrants and rights outstanding measurement input term		5 years
New Warrants \| Maximum \| 2025 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights		47,764
Placement Agent Warrants \| 2025 Offering
Capital Stock and Warrants
Exercise price \| $ / shares		$ 9.9
Each warrant of exercisable		1
Placement Agent Warrants \| Maximum \| 2025 Offering
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights		3,343
Series A Convertible Preferred Stock \| Regulation A offering
Capital Stock and Warrants
Shares issue per unit				1
Subordinated Business Loan Agreement
Capital Stock and Warrants
Offering price \| $ / item				45
Subordinated Business Loan Agreement \| Warrants
Capital Stock and Warrants
Stock purchase warrants				3
Subordinated Business Loan Agreement \| Maximum
Capital Stock and Warrants
Maximum offering amount \| $				$ 7,500,000
Subordinated Business Loan Agreement \| Series A Convertible Preferred Stock
Capital Stock and Warrants
Stock issued during period				166,667
Convertible preferred stock				333,333
Common Stock, Exercise Price of $45.00 Per Share \| Subordinated Business Loan Agreement
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights				333,333
Number of warrants to purchase				2
Each warrant of exercisable				1
Aggregate purchase price per share \| $ / shares				$ 45
Common Stock, Exercise Price of $60.00 Per Shar \| Subordinated Business Loan Agreement
Capital Stock and Warrants
Class of warrant or right, number of securities called by warrants or rights				166,667
Number of warrants to purchase				1
Each warrant of exercisable				1
Aggregate purchase price per share \| $ / shares				$ 60

Commitments and Contingencies - Schedule of Reconciliation of Undiscounted Cash Flows to Lease Liabilities Recognized (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies
2026 (nine months remaining )	$ 417
2027	610
Total future lease payments	1,027
Present value discount (8.0% weighted average)	(66)
Total operating lease liabilities	$ 961
Weighted average (in Percentage)	8.00%

Short-term Debt - Financing For Insurance Premiums (Details)

Oct. 15, 2025

USD ($)

installment

Apr. 29, 2025

USD ($)

installment

Mar. 31, 2026

USD ($)

Dec. 31, 2025

USD ($)

^[1]

Short-term Debt

Short term borrowings outstanding

$ 35,000

$ 88,000

Financing for insurance premiums

Short-term Debt

Debt instrument face amount

$ 300,000

Number of installments | installment

Periodic repayment of debt

$ 6,000

$ 35,000

Interest rate, per year (in %)

6.09%

6.99%

6.09%

Additional debt amount

$ 100,000

Short term borrowings outstanding

$ 35,000

[1]	The condensed balance sheet as of December 31, 2025 was derived from the audited balance sheet as of that date.

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Fair Value Measurements

Note 14 – Fair Value Measurements

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):


		Balance as of March 31, 2026
		Level 1			Level 2			Level 3			Total
Assets:
Cash equivalents		$	36,605		$	—		$	—		$	36,605


		Balance as of December 31, 2025
		Level 1			Level 2			Level 3			Total
Assets:
Cash equivalents		$	10,401		$	—		$	—		$	10,401

There were no transfers among Level 1, Level 2, or Level 3 categories during the periods presented.

2023 Warrants

The Company utilized a Monte Carlo simulation model for the 2023 Warrants at each reporting period, with changes in fair value recognized in the statements of operations. The estimated fair value of the 2023 Warrant liability was determined using Level 3 inputs. Inherent in a Monte Carlo simulation model are assumptions related to expected share-price volatility, expected life, risk-free interest rate, and dividend yield.

Note 14 – Fair Value Measurements, continued

The key inputs into the Monte Carlo simulation model for the 2023 Warrants are as follows:


		As of March 31, 2025
Share price		$	8.10
Exercise price		$	8.70
Term (in years)			3.99
Volatility			100	%
Risk-free rate			3.9	%
Dividend yield			0	%

The change in the fair value of the 2023 Warrant liability was a decrease of $0.3 million during the three months ended March 31, 2025 (see Note 13 – Warrant Liability). On September 10, 2025, the 2023 Warrants were fully exercised in the Concurrent Warrant Exercise Transaction, eliminating the recorded warrant liability.


		For the three months ended March 31,
		2026			2025
Beginning value		$	—		$	358
Change in value of warrant liability			—			(267)
Ending value		$	—		$	91

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Commitments and Contingencies - Employee Bonus Plans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
2026 bonus plan
Commitments and Contingencies
Compensation expense	$ 0.2

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Expenses

Summary of accrued expenses

Below is a summary of the Company’s accrued expenses as of March 31, 2026 and December 31, 2025 (in thousands):


	Balance as of
	March 31, 2026		December 31, 2025
Accrued compensation	$	490	$	1,341
Accrued purchased inventory received		120		359
Accrued stock registration expense		—		186
Customer deposits received		—		32
Accrued legal expenses		70		30
Other accrued expenses		151		147
Total	$	831	$	2,095

Liquidity and Management Plans (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

^[1]

Liquidity And Management Plans

Revenue

$ 3,082

$ 343

Net loss

1,656

3,366

Net cash used in operating activities

5,572

4,668

Cash and cash equivalents

36,605

$ 10,401

Technology Service

Liquidity And Management Plans

Revenue

$ 3,100

$ 300

[1]	The condensed balance sheet as of December 31, 2025 was derived from the audited balance sheet as of that date.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Business Organization, Nature of Operations (Details)	Aug. 07, 2025 shares	Mar. 31, 2026 patent
Business Organization, Nature of Operations
Reverse stock split, description	1-for-30
Reverse stock split, conversion ratio	0.033
Maximum patent portfolio \| patent		300
Fractional shares distributed \| shares	0

Accrued Expenses (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Accrued Expenses

Accrued compensation

$ 490

$ 1,341

Accrued purchased inventory received

120

359

Accrued stock registration expense

186

Customer deposits received

Accrued legal expenses

Other accrued expenses

151

147

Total

$ 831

$ 2,095

^[1]

[1]	The condensed balance sheet as of December 31, 2025 was derived from the audited balance sheet as of that date.

CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
CONDENSED STATEMENTS OF OPERATIONS
Revenue	$ 3,082	$ 343
Cost of revenue	1,987	250
Gross profit	1,095	93
Operating expenses:
Research and development	1,014	1,192
Sales and marketing	539	589
General and administrative	1,388	895
Severance expense		372
Expenses from abandoned financing transaction		656
Total operating expenses	2,941	3,704
Loss from operations	(1,846)	(3,611)
Other income (expense), net:
Change in fair value of warrant liability		267
Interest income, net	190	(22)
Total other income (expense), net	190	245
Net loss	$ (1,656)	$ (3,366)
Basic loss per common share	$ (0.43)	$ (3.55)
Diluted loss per common share	$ (0.43)	$ (3.55)
Weighted average shares outstanding, basic	3,882,415	948,109
Weighted average shares outstanding, diluted	3,882,415	948,109

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies

Schedule of reconciliation of undiscounted cash flows to lease liabilities recognized

A reconciliation of undiscounted cash flows to lease liabilities recognized as of March 31, 2026 is as follows (in thousands):


As of March 31, 2026		Amount
2026 (nine months remaining)		$	417
2027			610
Total future lease payments			1,027
Present value discount (8.0% weighted average)			(66)
Total operating lease liabilities		$	961

Liquidity and Management Plans

3 Months Ended

Mar. 31, 2026

Liquidity and Management Plans

Liquidity and Management Plans

Note 2 – Liquidity and Management Plans

During the three months ended March 31, 2026 and 2025, the Company generated revenue of $3.1  million and $0.3 million, respectively, and incurred net losses of $1.7 million and $3.4 million, respectively. Net cash used in operating activities was $5.6 million and $4.7 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the Company had cash on hand of $36.6 million. Based upon its cash on hand as of March 31, 2026 and anticipated collection of accounts receivable, the Company is currently meeting its liquidity requirements.

In accordance with Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements—Going Concern, management has evaluated whether conditions or events, considered in the aggregate, raise questions about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued. Based on current operating levels and existing cash balances, management believes that the Company has sufficient liquidity to fund operations for at least the next twelve months

As the Company gains traction in the market with its new technology and continues to invest capital in transitioning and scaling the business from research and development of new technologies to commercial production, there can be no assurance that its available resources and revenue generated from its business operations will be sufficient to sustain its operations, as adoption of this emerging technology by enterprise customers may take longer than expected. Accordingly, the Company may decide to pursue additional financing, which could include offerings of equity or debt securities, bank financing, commercial agreements with customers or strategic partners, and other alternatives, depending upon market conditions. There is no assurance that such financing will be available on terms that the Company would find acceptable, or at all. If the Company is unsuccessful in implementing this plan, the Company will be required to make further cost and expense reductions or modifications to its on-going operations and strategic plans.

The market for products using the Company’s technology is broad and evolving, so the Company’s success is dependent upon many factors, including customer acceptance of its existing products, technical feasibility of future products, regulatory approvals, the development of complementary technologies, competition and global market fluctuations.

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
ATM
Issuance costs	$ 1,013	$ 940

Short-term Debt

3 Months Ended

Mar. 31, 2026

Short-term Debt.

Short-term Debt

Note 9 – Short-term Debt

Financing for Insurance Premiums

On April 29, 2025, the Company financed approximately $0.3 million in business insurance premiums to be repaid in nine installments of approximately $35,000 with a borrowing rate of 6.99% per year. On October 15, 2025, the Company financed approximately $0.1 million in cyber liability and additional insurance premiums to be repaid in 11 installments of approximately $6,000 with a borrowing rate of 6.09% per year. As of March 31, 2026, the Company had an outstanding balance of approximately $35,000 on the financing for its insurance premiums with a weighted average borrowing rate of 6.09% per year.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Restricted Stock Units (Details) - RSUs $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) shares
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	39,690
Employee service share-based compensation, nonvested awards, compensation not yet recognized, share-based awards other than options \| $	$ 0.4
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition	2 years 8 months 12 days
Non-employee
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	7,290
Number of equity instruments other than options granted	250
Share-based compensation arrangement by share-based payment award, award vesting period	1 year
Employee
Stock-Based Compensation
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period	32,400
Number of equity instruments other than options granted	23,500
Share-based compensation arrangement by share-based payment award, award vesting period	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

^[1]

Current assets:

Cash and cash equivalents

$ 36,605

$ 10,401

Accounts receivable, net

3,201

2,988

Inventory

1,257

1,509

Prepaid expenses and other current assets

3,149

422

Total current assets

44,212

15,320

Property and equipment, net

302

298

Other assets

304

252

Operating lease right-of-use assets

772

872

Total assets

45,590

16,742

Current liabilities:

Accounts payable

907

954

Accrued expenses

831

2,095

Operating lease liabilities, current portion

515

491

Short-term loan payable, net

Deferred revenue

Total current liabilities

2,385

3,655

Operating lease liabilities, long-term portion

446

589

Total liabilities

2,831

4,244

Commitments and contingencies (Note 8)

Stockholders' equity:

Preferred Stock, $0.00001 par value, 10,000,000 shares authorized as of March 31, 2026 and December 31, 2025; no shares issued or outstanding as of March 31, 2026 or December 31, 2025.

Common Stock, $0.00001 par value, 200,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 5,501,099 and 2,200,240 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.

Additional paid-in capital

454,447

422,530

Accumulated deficit

(411,689)

(410,033)

Total stockholders' equity

42,759

12,498

Total liabilities and stockholders' equity

$ 45,590

$ 16,742

[1]	The condensed balance sheet as of December 31, 2025 was derived from the audited balance sheet as of that date.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies

Commitments and Contingencies

Note 8 – Commitments and Contingencies

Operating Leases

San Jose Lease

The Company leases office space for its corporate headquarters in San Jose, California under an operating lease.

On March 19, 2025, the Company entered into an amendment to the lease, which relocated the Company to a smaller suite within the same building and extended the lease term through December 31, 2027. The Company agreed to issue 2,500 shares of its common stock to the landlord upon signing the amendment as partial consideration for the amended lease and agreed to new monthly payments beginning October 2025 of approximately $37,000, escalating to approximately $46,000 during 2026 and $51,000 during 2027. As a result of the new lease amendment signed on March 19, 2025, the ROU asset and operating lease liability were both increased by approximately $0.9 million. The Company recorded lease expense of $0.1 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

Operating Lease Commitments

The Company follows ASC 842, “Leases” (“Topic 842”) and recognizes the required ROU assets and operating lease liabilities on its balance sheets. The Company anticipates having future total lease payments of $1.0 million through the fourth quarter of 2027. As of March 31, 2026, the Company has total operating lease right-of-use assets of $0.8 million, current operating lease liabilities of $0.5 million and long-term operating lease liabilities of $0.4 million. The weighted average remaining lease term is 1.75 years as of March 31, 2026.

Note 8 – Commitments and Contingencies, continued

A reconciliation of undiscounted cash flows to lease liabilities recognized as of March 31, 2026 is as follows (in thousands):


As of March 31, 2026		Amount
2026 (nine months remaining)		$	417
2027			610
Total future lease payments			1,027
Present value discount (8.0% weighted average)			(66)
Total operating lease liabilities		$	961

Litigations, Claims and Assessments

The Company is from time to time involved in various disputes, claims, liens and litigation matters arising in the normal course of business. While the outcome of these disputes, claims, liens and litigation matters cannot be predicted with certainty, after consulting with legal counsel, management does not believe that the outcome of these matters will have a material adverse effect on the Company’s combined financial position, results of operations or cash flows.

Employee Bonus Plans

On January 12, 2026, the Board, on the recommendation of the Compensation Committee, approved the 2026 Corporate Bonus Plan (the “2026 Bonus Plan”), whereby employees’ bonuses will be based upon achievement of performance objectives set by the Compensation Committee and paid annually. Employees must be continuously employed throughout the applicable performance period and payment date and achieve the performance objectives.

Under the 2026 Bonus Plan, the Compensation Committee is responsible for selecting the amounts of potential bonuses for executive officers and vice presidents and defining the annual performance metrics against which the bonus compensation will be measured. The level of achievement against pre-defined performance metrics is used to determine whether any such bonuses will be paid and whether those performance metrics have been satisfactorily achieved. The Company accrued $0.2 million in bonus expense under the 2026 Bonus Plan during the three months ended March 31, 2026, which the Company plans to pay during the first quarter of 2027.

On February 21, 2025, the Board, on the recommendation of the Compensation Committee, approved the 2025 Corporate Bonus Plan (the “2025 Bonus Plan”), whereby employees’ bonuses will be based upon achievement of performance objectives set by the Compensation Committee and paid annually. Employees must be continuously employed throughout the applicable performance period and payment date and achieve the performance objectives.

Under the 2025 Bonus Plan, the Compensation Committee is responsible for selecting the amounts of potential bonuses for executive officers and vice presidents and defining the annual performance metrics against which the bonus compensation will be measured. The level of achievement against pre-defined performance metrics is used to determine whether any such bonuses will be paid and whether those performance metrics have been satisfactorily achieved. The Company did not accrue any bonus expense under the 2025 Bonus Plan during the three months ended March 31, 2025. Based upon achievement of the performance objectives, as approved by the Compensation Committee, payments due under the 2025 Bonus Plan were paid in February of 2026.

Fair Value Measurements - Schedule of changes in fair value of liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Fair Value Measurements
Beginning value	$ 358
Change in value of warrant liability	$ (267)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants
Ending value	$ 91

Stock-Based Compensation - Summary of Stock-based Compensation Reflected within Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation
Stock-based compensation	$ 50	$ 111
Research and development
Stock-Based Compensation
Compensation-based payments	19	9
Sales and marketing
Stock-Based Compensation
Compensation-based payments	6	62
General and administrative
Stock-Based Compensation
Compensation-based payments	$ 25	23
Severance expense
Stock-Based Compensation
Compensation-based payments		16
Cost of revenue
Stock-Based Compensation
Compensation-based payments		$ 1

Fair Value Measurements - Schedule of Estimated Fair Value of the Warrant Liability (Details) - 2023 Warrants - Level 3	Mar. 31, 2025 $ / shares
Share price
Fair Value Measurements
Warrants and rights outstanding measurement input	8.1
Exercise price
Fair Value Measurements
Warrants and rights outstanding measurement input	8.7
Term (in years)
Fair Value Measurements
Warrants and rights outstanding measurement input term	3 years 11 months 26 days
Volatility
Fair Value Measurements
Warrants and rights outstanding measurement input	1
Risk-free rate
Fair Value Measurements
Warrants and rights outstanding measurement input	0.039
Dividend yield
Fair Value Measurements
Warrants and rights outstanding measurement input	0

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies

Schedule of potentially dilutive securities excluded from the computation of diluted net loss per share


		For the three months ended	For the three months ended
		March 31, 2026	March 31, 2025
Warrants issued to investors		677,428	47,764
RSUs		49,550	14,647
Total potentially dilutive securities		726,978	62,411

Business Organization, Nature of Operations

3 Months Ended

Mar. 31, 2026

Business Organization, Nature of Operations

Business Organization, Nature of Operations

Note 1 - Business Organization, Nature of Operations

Description of Business

Energous Corporation d/b/a Energous Wireless Power Solutions (the “Company”) has developed scalable, over-the-air Wireless Power Network (“WPN”) technology that integrates advanced semiconductor chipsets, software controls, hardware designs, and antenna systems to enable radio frequency (“RF”)-based charging for ambient Internet of Things (“IoT”) devices, transforming supply chain capabilities from limited tracking to overall business intelligence. The Company’s WPN technology consists of transmitter systems, receiver integrated circuits, and supporting software designed to deliver power and data to battery-free IoT devices across a range of operating distances and power levels. These capabilities support applications that require continuous operation without wired power connections or periodic battery replacement.

With a patent portfolio exceeding 300 patents, the Company’s solutions support both near-field and at-a-distance wireless power transmission and include advanced receiver technology designed for use across multiple device categories. Applications include retail sensors, electronic shelf labels (“ESLs”), asset trackers, air quality monitors, motion detectors, and other monitoring solutions.

To date, the Company has developed and released multiple transmitter and battery-free receiver products. The Company’s transmitters vary in form factors, power specifications, and operating frequencies, and our receivers are designed to support a range of wireless power-enabled device applications, including:

Device Type	Application
RF Tags	Cold Chain, Asset Tracking, Medical IoT
Ambient IoT Sensors	Cold Chain, Logistics, Asset Tracking
Electronic Shelf Labels	Retail and Industrial IoT

The first WPN-enabled product featuring the Company’s technology entered the market in 2019. In the fourth quarter of 2021, the Company commenced shipments of at-a-distance PowerBridge transmitter systems for commercial IoT applications and proof-of-concept deployments. In the second quarter of 2025, the Company introduced the battery-free e-Sense tag and the e-Compass cloud-based software platform, which together supported the first end-to-end wireless power-enabled IoT device monitoring and management solution. As the Company continues to innovate its technology applications, the Company anticipates the release of additional wireless power-enabled products.

Reverse Stock Split

On August 7, 2025, with the prior approval of stockholders at the Company’s 2025 annual meeting of stockholders held on June 11, 2025, the Company announced that its Board of Directors (the “Board”) had approved a reverse stock split of the Company’s common stock at a ratio of 1-for-30, effective August 11, 2025 (the “Reverse Stock Split”). Upon effectiveness of the Reverse Stock Split, every thirty shares of issued and outstanding common stock held were combined into one share of common stock. No fractional shares were distributed as a result of the reverse stock split and stockholders were entitled to a cash payment in lieu of fractional shares. Additionally, the par value of the Company’s common stock did not change.

All information presented herein, unless otherwise indicated herein, reflects the Reverse Stock Split of the Company’s outstanding shares of common stock, and unless otherwise indicated, all such amounts and corresponding conversion price or exercise price data set forth herein have been adjusted to give effect to such Reverse Stock Split.

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands

Common Stock

Additional Paid-in Capital

Accumulated Deficit

Total

Beginning balance at Dec. 31, 2024

$ 1

$ 399,362

$ (400,440)

$ (1,077)

Beginning balance (in shares) at Dec. 31, 2024

452,533

Stock-based compensation - restricted stock units ("RSUs")

111

Issuance of shares for RSUs (in shares)

1,315

Shares issued to vendor for services

Shares issued to vendor for services (in shares)

2,500

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs

13,803

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)

623,440

Net loss

(3,366)

Ending balance at Mar. 31, 2025

$ 1

413,301

(403,806)

9,496

Ending balance (in shares) at Mar. 31, 2025

1,079,788

Beginning balance at Dec. 31, 2025

$ 1

422,530

(410,033)

12,498

^[1]

Beginning balance (in shares) at Dec. 31, 2025

2,200,240

Stock-based compensation - restricted stock units ("RSUs")

Issuance of shares for RSUs (in shares)

1,131

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs

31,867

Issuance of shares in an at-the-market ("ATM") placement, net of issuance costs (in shares)

3,299,728

Net loss

(1,656)

Ending balance at Mar. 31, 2026

$ 1

$ 454,447

$ (411,689)

$ 42,759

Ending balance (in shares) at Mar. 31, 2026

5,501,099

[1]	The condensed balance sheet as of December 31, 2025 was derived from the audited balance sheet as of that date.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Inventory (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Inventory

Raw materials

$ 575

$ 679

Work-in-process

109

Finished goods

604

721

Total

$ 1,257

$ 1,509

^[1]

[1]	The condensed balance sheet as of December 31, 2025 was derived from the audited balance sheet as of that date.

Employee Benefit Plan (Details) - USD ($)	3 Months Ended
Employee Benefit Plan (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Employee Benefit Plan
Matching contributions	$ 24,000	$ 51,000

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

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Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2026

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets

Below is a summary of the Company’s prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 (in thousands):


	Balance as of
	March 31, 2026		December 31, 2025
Deposit with contract manufacturer	$	2,828	$	21
Deposit for intellectual property renewals		186		106
Prepaid subscriptions		48		13
Prepaid insurance		40		152
Other deposits		47		130
Total	$	3,149	$	422

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value Measurements
Transfer of assets into (out of) level 3	$ 0	$ 0
Transfers of assets from level 2 to level 1	0	0
Transfers of assets from level 1 to level 2	0	0
Transfer of liabilities into (out of) level 3	0	0
Transfers of liabilities from level 1 to level 2	0	0
Transfers of liabilities from level 2 to level 1	0	0
Fair Value Measurements Recurring
Assets:
Cash equivalents	36,605	10,401
Level 1 \| Fair Value Measurements Recurring
Assets:
Cash equivalents	$ 36,605	$ 10,401

Property and Equipment

3 Months Ended

Mar. 31, 2026

Property and Equipment

Property and Equipment

Note 6 – Property and Equipment

Below is a summary of the Company property and equipment as of March 31, 2026 and December 31, 2025 (in thousands):


	Balance as of
	March 31, 2026		December 31, 2025
Computer hardware	$	1,600	$	1,562
Computer software		1,055		1,055
Furniture and fixtures		206		206
Leasehold improvements		424		424
		3,285		3,247
Less – accumulated depreciation		(2,983)		(2,949)
Total property and equipment, net	$	302	$	298

The Company did not have any disposals of property and equipment during the three months ended March 31, 2026 and March 31, 2025. Total depreciation and amortization expense of the Company’s property and equipment was approximately $34,000 and $45,000 for the three months ended March 31, 2026 and 2025, respectively, of which, an immaterial amount was included in cost of revenue for the three months ended March 31, 2026 and 2025.

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property and Equipment

Summary of property and equipment

Below is a summary of the Company property and equipment as of March 31, 2026 and December 31, 2025 (in thousands):


	Balance as of
	March 31, 2026		December 31, 2025
Computer hardware	$	1,600	$	1,562
Computer software		1,055		1,055
Furniture and fixtures		206		206
Leasehold improvements		424		424
		3,285		3,247
Less – accumulated depreciation		(2,983)		(2,949)
Total property and equipment, net	$	302	$	298

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory

Summary of inventory

Below is a summary of the Company’s inventory as of March 31, 2026 and December 31, 2025 (in thousands):


		Balance as of
		March 31, 2026			December 31, 2025
Raw materials		$	575		$	679
Work-in-process			78			109
Finished goods			604			721
Total		$	1,257		$	1,509

CONDENSED BALANCE SHEETS (Parenthetical)	Mar. 31, 2026 $ / shares shares	Dec. 31, 2025 $ / shares shares
CONDENSED BALANCE SHEETS
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	5,501,099	2,200,240
Common stock, shares outstanding (in shares)	5,501,099	2,200,240

CONDENSED STATEMENTS OF OPERATIONS (Parenthetical)	Aug. 07, 2025
CONDENSED STATEMENTS OF OPERATIONS
Reverse stock split, conversion ratio	0.033

Stock-Based Compensation - Equity Incentive Plan - Additional Information (Details) - shares	Mar. 31, 2026	Dec. 31, 2025	Jun. 11, 2025	Mar. 31, 2025	Jun. 12, 2024	Mar. 28, 2024	Jul. 20, 2022	Dec. 28, 2017
Stock-Based Compensation
Common stock, capital shares reserved for future issuance	765,464			73,080
RSUs
Stock-Based Compensation
Common stock, capital shares reserved for future issuance	49,550			14,647
Options granted and outstanding	49,550	10,991
2017 Equity Inducement Plan
Stock-Based Compensation
Common stock, capital shares reserved for future issuance							3,333	1,000
Common stock remain eligible to be issued						4,050
2017 Equity Inducement Plan \| RSUs
Stock-Based Compensation
Common stock remain eligible to be issued	841
2024 Equity Incentive Plan
Stock-Based Compensation
Common stock, capital shares reserved for future issuance	38,486			10,669
Common stock remain eligible to be issued	38,486
Number of shares available for grant			66,667		15,200
2024 Equity Incentive Plan \| RSUs
Stock-Based Compensation
Options granted and outstanding	48,709

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Property and Equipment (Details) - USD ($)

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Property and Equipment

Property and Equipment, Gross

$ 3,285,000

$ 3,247,000

Less - accumulated depreciation

(2,983,000)

(2,949,000)

Property and equipment, net

302,000

298,000

^[1]

Disposal of property, plant and equipment

$ 0

Depreciation and amortization expense

34,000

$ 45,000

Computer hardware

Property and Equipment

Property and Equipment, Gross

1,600,000

1,562,000

Computer software

Property and Equipment

Property and Equipment, Gross

1,055,000

Furniture and fixtures

Property and Equipment

Property and Equipment, Gross

206,000

Leasehold improvements

Property and Equipment

Property and Equipment, Gross

$ 424,000

[1]	The condensed balance sheet as of December 31, 2025 was derived from the audited balance sheet as of that date.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

Schedule of fair value of assets and liabilities measured on recurring basis


		Balance as of March 31, 2026
		Level 1			Level 2			Level 3			Total
Assets:
Cash equivalents		$	36,605		$	—		$	—		$	36,605


		Balance as of December 31, 2025
		Level 1			Level 2			Level 3			Total
Assets:
Cash equivalents		$	10,401		$	—		$	—		$	10,401

Schedule of estimated fair value of the warrant liability


		As of March 31, 2025
Share price		$	8.10
Exercise price		$	8.70
Term (in years)			3.99
Volatility			100	%
Risk-free rate			3.9	%
Dividend yield			0	%

Schedule of changes in fair value of liability


		For the three months ended March 31,
		2026			2025
Beginning value		$	—		$	358
Change in value of warrant liability			—			(267)
Ending value		$	—		$	91

Capital Stock and Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Capital Stock and Warrants

Schedule of common stock reserved for future issuance


		March 31, 2026			March 31, 2025
RSUs outstanding			49,550			14,647
Warrants outstanding			677,428			47,764
Shares available for issuance under the 2024 Equity Incentive Plan			38,486			10,669
Total			765,464			73,080

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 10, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-36379
Entity Registrant Name	ENERGOUS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-1318953
Entity Address, Address Line One	3590 North First Street
Entity Address, Address Line Two	Suite 330
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
Country Region	408
City Area Code	963
Local Phone Number	0200
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	WATT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,501,101
Entity Central Index Key	0001575793
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Amendment Flag	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,656)	$ (3,366)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). Certain information and note disclosures have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair presentation of the periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2026, or for other future periods.

These interim unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on March 26, 2026 (the “2025 Annual Report”). The accounting policies used in preparing these interim unaudited condensed financial statements are consistent with those described in the 2025 Annual Report.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reporting periods.

The Company’s significant estimates and assumptions include recognition of revenue, inventory valuation, fair value of warrant liabilities, accounting for lease obligations and the valuation allowance on deferred tax assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Although the Company believes that its estimates and assumptions are reasonable, they are based upon information available at the time the estimates and assumptions were made. Actual results could differ from those estimates.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and accounts receivable. As of March 31, 2026 and December 31, 2025, the Company had cash balances in various operating accounts in excess of federally insured limits. The Company maintains its cash and cash equivalents with what it considers high credit quality financial institutions.

Two customers accounted for approximately 83% of the Company’s revenue for the three months ended March 31, 2026 and three customers accounted for approximately 86% of the Company’s revenue for the three months ended March 31, 2025. Three customers accounted for approximately 92% of the Company’s accounts receivable balance as of March 31, 2026. One customer accounted for approximately 99% of the Company’s accounts receivable balance as of December 31, 2025. The Company does not require collateral or other security to support accounts receivable. To reduce risk, the Company’s management performs ongoing credit evaluations of its customers’ financial condition.

With the launch of its new U.S.-based contract manufacturer, the Company’s product sales were supplied by two contract manufacturers during the three months ended March 31, 2026 and one contract manufacturer during the three months ended March 31, 2025.

Cash and Cash Equivalents

The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents.

Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as a liability at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations. The fair value of the warrants is estimated using an appropriate valuation model. Such warrant classification is also subject to re-evaluation at each reporting period.

Offering costs associated with warrants classified as liabilities are expensed as incurred and are presented as offering costs related to warrant liability in the statement of operations. Offering costs associated with the sale of warrants classified as equity are charged against proceeds received.

Fair Value

The Company follows ASC 820, “Fair Value Measurements” (“ASC 820”), which establishes a common definition of fair value to be applied when U.S. GAAP requires the use of fair value, establishes a framework for measuring fair value, and requires certain disclosure about such fair value measurements.

ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about what market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

●

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities to which the Company has access at a measurement date.

●

Level 2: Observable inputs other than Level 1 quoted prices that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in an active market, quoted prices for identical assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3: Unobservable inputs for which little or no market data exists and for which the Company must develop its own assumptions regarding the assumptions that market participants would use in pricing the asset or liability, including assumptions regarding risk.

Because of the uncertainties inherent in the valuation of assets or liabilities for which there are no observable inputs, those estimated fair values may differ significantly from the values that may have been used had a ready market for the assets or liabilities existed.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses, are an approximate of their fair values because of the short maturity of these instruments. The carrying amounts of the Company’s short-term debt and lease liabilities approximate fair value due to the market interest rates that these obligations bear and interest rates currently available to the Company. The Company’s derivative liabilities recognized at fair value on a recurring basis are a level 3 measurement (see Note 14 – Fair Value Measurement).

Revenue Recognition

The Company follows ASC 606, “Revenue from Contracts with Customers” (“Topic 606”). In accordance with Topic 606, the Company recognizes revenue using the following five-step approach:

Identify the contract with a customer.

Identify the performance obligations in the contract.

Determine the transaction price of the contract.

Allocate the transaction price to the performance obligations in the contract.

Recognize revenue when or as the performance obligations are satisfied.

The Company’s revenue consists of its single segment of wireless charging system solutions. The wireless charging system revenue consists of revenue from product development projects and production-level systems. During the three months ended March 31, 2026 and 2025, the Company recognized $3.1 million and $0.3 million in revenue, respectively (see Note 12 – Revenue Recognition for additional information on revenue disaggregation).

The Company records a majority of its revenue based on the shipment of products that it sells. Generally, there is a five-day return policy on the Company’s shipment of products. Additionally, the Company records revenue associated with product development projects that it enters into with certain customers. In general, these product development projects are complex, and the Company does not have certainty about its ability to achieve the project milestones. The achievement of a milestone is dependent on the Company’s performance obligation and requires acceptance by the customer. The Company recognizes this revenue at the point in time at which the performance obligation is met. The payment associated with achieving the performance obligation is generally commensurate with the Company’s effort or the value of the deliverable and is nonrefundable. Any deferred revenue is recognized upon achievement of the performance obligation or expiration of a support agreement. Payment terms for most customer invoices are a minimum of net 30 days. Product sales are usually subject to a warranty of a minimum of one year.

Shipping and Handling

The Company reflects the cost of shipping its products to customers as a cost of revenue. Reimbursements received from customers for freight costs are recognized as product revenue.

Accounts Receivable

The Company reviews its receivables for collectibility based on historical loss patterns, aging of the receivables, and assessments of specific identifiable client accounts considered at risk or uncollectible and provides allowances for potential credit losses, as needed. The Company also considers any changes to the financial condition of its clients and any other external market factors that could impact the collectibility of the receivables in the determination of the allowance for credit losses. Based on these assessments, the Company did not record an allowance for credit losses on its accounts receivable as of both March 31, 2026 and December 31, 2025.

Inventory

Inventory is stated at the lower of cost, determined on a weighted average cost method, or net realizable value. Net realizable value is calculated at the end of each reporting period and adjustment, if needed, is made. At the point of loss recognition, a new lower cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in the new cost basis.

Research and Development

Research and development expenses are charged to operations as incurred. The Company incurred research and development costs of $1.0 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively.

Stock-Based Compensation

The Company accounts for equity instruments issued to employees, board members and contractors in accordance with accounting guidance that requires awards to be recorded at their fair value on the date of grant and amortized over the vesting period of the award. The Company amortizes compensation costs on a straight-line basis over the requisite service period of the award, which is typically the vesting term of the equity instrument issued. Forfeitures are recorded as they occur.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under ASC 740, “Income Taxes” (“ASC 740”). Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between consolidated financial statement carrying amounts and the tax basis of existing assets and liabilities and net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply in the years in which those tax assets and liabilities are expected to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company continues to assess the need for a valuation allowance on the deferred tax assets by evaluating both positive and negative evidence that may exist. Any adjustment to the valuation allowance on deferred tax assets would be recorded in the statements of operations for the period that the adjustment is determined to be required.

The Company accounts for uncertain tax position in accordance with ASC 740. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. The guidance from ASC 740 also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. Among other provisions, this act includes permanently extending and modifying certain expiring provisions of the 2017 Tax Cuts and Jobs Act and immediate expensing of domestic research and development expenses. The Company does not believe the impact of these provisions and the OBBBA to have a material impact on its financial statements.

Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of warrants (using the treasury stock method) and the vesting of RSUs. The computation of diluted net loss per common share excludes potentially dilutive securities of 726,978 and 62,411 for the three months ended March 31, 2026 and 2025, respectively, because their inclusion would be antidilutive.

Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.


		For the three months ended	For the three months ended
		March 31, 2026	March 31, 2025
Warrants issued to investors		677,428	47,764
RSUs		49,550	14,647
Total potentially dilutive securities		726,978	62,411

For the three months ended March 31, 2026, the table above includes 633,111 warrants expiring on September 10, 2030, which have an exercise price of $7.79 per share, and 44,317 warrants expiring on September 10, 2030, which have an exercise price of $9.90 per share. For the three months ended March 31, 2025, the table above includes 34,014 warrants expiring on February 20, 2029, which have an exercise price of $55.20 per share and 13,750 warrants expiring on March 28, 2029, which, as of March 31, 2025 had an exercise price of $9.00 per share.

Property and Equipment

Property and equipment are stated at cost and are depreciated using the straight-line method over the useful lives (in years) of the related asset. The Company currently uses the following expected life terms for depreciating property and equipment: computer software – 1-2 years, computer hardware – 3 years, furniture and fixtures – 7 years, leasehold improvements – shorter of estimated life or remaining life of the lease.

Leases

The Company determines if an arrangement is a lease at the inception of the arrangement. The Company applies the short-term lease recognition exemption and recognizes lease payments in profit or loss at lease commencement for facility or equipment leases that have a lease term of 12 months or less and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in ROU assets and operating lease liabilities.

ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the service commencement date based on the present value of lease payments over the lease term. The Company uses the implicit interest rate when readily determinable; however, most leases do not establish an implicit rate, so the Company uses an estimate of the incremental borrowing rate based on the information available at the time of measurement. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 8 – Commitments and Contingencies, Operating Leases for further discussion of the Company’s operating leases.

Segments

The Company has one operating segment and one reportable segment as its chief operating decision maker (“CODM”), who is its Chief Executive Officer and Chief Financial Officer. The CODM reviews financial information on a regular basis for purposes of allocating resources and evaluating financial performance. The CODM also reviews and utilizes functional expenses, such as cost of revenue, research and development, sales and marketing and general and administrative, to manage the Company’s operations. All long-lived assets are located in the United States and substantially all revenue is attributed to customers based in the United States.

Adopted of New Accounting Standard and Recent Accounting Pronouncements, Not Yet Adopted

Adoption of New Accounting Standard

In July 2025, the FASB issued Accounting Standards Update (“ASU”) 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The Company adopted this standard on January 1, 2026. The adoption of this standard did not have a material impact on the Company’s financial statements and related disclosures.

Recent Accounting Pronouncements, Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires the disaggregation of certain expenses in the notes to the financial statements, to provide enhanced transparency into the expense captions presented on the face of the income statement. This ASU is effective on a prospective basis for fiscal years beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, with early adoption permitted. This ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of the new standard on the Company’s financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements,” which intends to improve the navigability of the guidance in ASC 270, “Interim Reporting” (“ASC 270”) and clarify when it applies. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, and permits prospective or full retrospective adoption. Early adoption is permitted. The Company is evaluating the impact of this guidance on its financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-12, “Codification Improvements,” which addresses suggestions received from stakeholders regarding the Accounting Standards Codification and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification that clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and apply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities are required to apply the amendments to ASC 260, “Earnings Per Share” (“ASC 260”), retrospectively. All other amendments may be applied prospectively or retrospectively. Early adoption is permitted. The Company is evaluating the impact of this guidance on its financial statements and related disclosures.

Management has reviewed other recently issued accounting pronouncements issued or proposed by the FASB and does not believe any of these accounting pronouncements have or will have a material impact on the condensed financial statements.

Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - RSUs	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Stock-Based Compensation
Number of Options, Outstanding \| shares	10,991
Shares granted \| shares	39,690
Shares vested \| shares	(1,131)
Number of Options, Outstanding \| shares	49,550
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 59.75
Weighted Average Grant Date Fair Value, Shares Granted \| $ / shares	5.53
Weighted Average Grant Date Fair Value, Shares Vested \| $ / shares	35.06
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 16.83

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events

Subsequent Events

Note 16 – Subsequent Event

On April 6, 2026, the Company financed approximately $0.4 million in business insurance premiums to be repaid in 11 installments of approximately $33,000 with a borrowing rate of 6.15% per year.

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (1,656)	$ (3,366)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	34	45
Stock-based compensation	50	111
Accrued interest		14
Amortization of short-term loan fees		17
Change in fair value of warrant liability		(267)
Changes in operating assets and liabilities:
Accounts receivable, net	(213)	(234)
Inventory	252	(146)
Prepaid expenses and other current assets	(2,727)	139
Other assets	(52)
Operating lease right-of-use assets ("ROUs")	100	288
Accounts payable	(47)	(576)
Accrued expenses	(1,264)	(545)
Accrued severance expense		73
Operating lease liabilities	(119)	(219)
Deferred revenue	70	(2)
Net cash used in operating activities	(5,572)	(4,668)
Cash flows from investing activities:
Purchases of property and equipment	(38)	(21)
Net cash used in investing activities	(38)	(21)
Cash flows from financing activities:
Repayments of short-term loan		(328)
Repayments of financed insurance	(53)	(54)
Net proceeds from an ATM offering	31,867	13,803
Net cash provided by financing activities	31,814	13,421
Net increase in cash and cash equivalents	26,204	8,732
Cash and cash equivalents - beginning	10,401	1,353
Cash and cash equivalents - ending	36,605	10,085
Supplemental disclosure of cash flow information:
Interest paid	$ 1	184
Supplemental disclosure of non-cash investing and financing activities:
Increase in ROUs and operating lease liabilities from lease modification		896
Decrease in ROUs from shares issued to landlord		25
Accrued interest in short-term loan payable		$ 70

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2026

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Note 4 – Prepaid Expenses and Other Current Assets

Below is a summary of the Company’s prepaid expenses and other current assets as of March 31, 2026 and December 31, 2025 (in thousands):


	Balance as of
	March 31, 2026		December 31, 2025
Deposit with contract manufacturer	$	2,828	$	21
Deposit for intellectual property renewals		186		106
Prepaid subscriptions		48		13
Prepaid insurance		40		152
Other deposits		47		130
Total	$	3,149	$	422

In addition to the prepaid expenses and other current assets disclosed above, the Company had $0.3 million in other assets relating to deposits for intellectual property renewals as of both March 31, 2026 and December 31, 2025.

Warrant Liability (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 28, 2023	Mar. 31, 2026	Mar. 31, 2025	Sep. 11, 2025
Warrant Liability
Change in fair value of warrant liability			$ (267)
2023 Warrants
Warrant Liability
Warrant liability	$ 3,100
Change in fair value of warrant liability		$ 0	$ (300)
Common Stock \| 2023 Warrants
Warrant Liability
Class of warrant or right, number of securities called by warrants or rights	13,750
Warrants exercisable term	6 years
Warrants of exercisable beginning	Mar. 28, 2023
Each warrant of exercisable	1
Exercise price	$ 240			$ 8.4

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue Recognition

Revenue Recognition

Note 12 – Revenue Recognition

The following tables depict the disaggregation of revenue by product or service and geographic region of the customers for the three months ended March 31, 2026 and 2025:


		For the three months ended March 31,
Revenue by product/service		2026			2025
PowerBridge sales and shipping		$	2,923		$	302
Other			159			41
Total revenue		$	3,082		$	343


		For the three months ended March 31,
Revenue by geographic region		2026			2025
United States		$	2,786		$	299
Europe			296			26
Other			—			18
Total revenue		$	3,082		$	343

Substantially all revenue recognized during the three months ended March 31, 2026 and 2025 was recognized at a point in time.

Selected balance sheet line items that reflect accounts receivable and contract liabilities as of March 31, 2026, December 31, 2025 and December 31, 2024 were as follows (in thousands):


		Balances as of
		March 31, 2026			December 31, 2025			December 31, 2024
Trade receivables		$	3,201		$	2,988		$	78
Deferred revenue		$	97		$	27		$	13
Customer deposits		$	—		$	32		$	—

The Company expects to satisfy its obligations under deferred revenue and collect all net trade receivables within one year of March 31, 2026.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Warrant Liability

3 Months Ended

Mar. 31, 2026

Warrant Liability

Warrant Liability

Note 13 – Warrant Liability

2023 Warrants

In March 2023, the Company issued warrants to purchase up to 13,750 shares of its common stock. The 2023 Warrants had a six-year term and were exercisable upon issuance on March 28, 2023. Each 2023 Warrant was initially exercisable for one share of the Company’s common stock at a price of $240.00 per share. As of September 11, 2025, the exercise price was adjusted to $8.40 per share (subject to further adjustment in certain circumstances, including in the event of stock dividends and splits; recapitalizations; change of control transactions; and issuances or sales of, or agreements to issue or sell, shares of common stock or common stock equivalents at a price per share less than the then-applicable exercise price of the 2023 Warrants, including sales under the ATM Program, the “Exercise Price”).

In the event of certain transactions such as a merger, consolidation, tender offer, reorganization, or other change in control, if holders of common stock are given any choice as to the consideration to be received, the holder of each 2023 Warrant shall be given the same choice of alternate consideration. In the event of certain transactions that are not within the Company’s control, such as a merger, consolidation, tender offer, reorganization, or other change in control of the Company, each holder of a 2023 Warrant shall be entitled to receive the same form of consideration at the Black Scholes value of the unexercised portion of the 2023 Warrant that is being offered and paid to holders of common stock, including the option to exercise the 2023 Warrants on a “cashless basis.”

Note 13 – Warrant Liability, continued

If the Company issues additional shares of common stock or equity-linked securities for a consideration per share less than the Exercise Price, then such Exercise Price will be reduced to a new lower price pursuant to the terms of the 2023 Warrants. Additionally, if the Exercise Price of any outstanding derivative securities is modified by the Company such that such security’s modified exercise price is below the Exercise Price, the Exercise Price will adjust downward pursuant to the terms of the 2023 Warrant. This provision would not apply for stock or stock equivalents which fall under shares that qualify for exempt issuance, such as if the Company adjusted the option exercise price for an option granted to an employee, officer, or director.

The Company accounted for the 2023 Warrants in accordance with the derivative guidance contained in ASC 815-40, as the warrants did not meet the criteria for equity treatment. The Company believes that the adjustments to the Exercise Price is based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under ASC 815-40, and thus the 2023 Warrants are not eligible for an exception from derivative accounting. As such, the 2023 Warrants were initially measured at fair value and recorded as a liability in the amount of $3.1 million. The Company recorded a change in fair value of the warrant liability of a decrease of $0.3 million for the three months ended March 31, 2025. There was no change in fair value of the warrant liability during the three months ended March 31, 2026. As of March 31, 2026 and December 31, 2025, the 2023 Warrants had been fully exercised in the Concurrent Warrant Exercise Transaction, eliminating the recorded warrant liability. See Note 14 - Fair Value Measurements for details on changes of fair value of the warrant liability.

Employee Benefit Plan

3 Months Ended

Mar. 31, 2026

Employee Benefit Plan

Employee Benefit Plan

Note 15 – Employee Benefit Plan

The Company administers a 401(K) retirement plan (the “401(K) Plan”) in which all employees are eligible to participate. Each eligible employee may elect to contribute to the 401(K) Plan. During the three months ended March 31, 2026 and 2025, the Company made matching contributions of $24,000 and $51,000, respectively.

Capital Stock and Warrants - Shares of common stock reserved for future issuance (Details) - shares	Mar. 31, 2026	Mar. 31, 2025
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	765,464	73,080
RSUs outstanding
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	49,550	14,647
Warrants
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	677,428	47,764
2024 Equity Incentive Plan
Capital Stock and Warrants
Total shares of common stock reserved for future issuance	38,486	10,669

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

Commitments and Contingencies - Operating Leases (Details) - USD ($)

3 Months Ended

Mar. 19, 2025

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

^[1]

Commitments and Contingencies

Operating lease liability

$ 961,000

ROU lease assets

772,000

$ 872,000

Lease expenses

100,000

$ 200,000

Total operating lease payments

1,027,000

Current operating lease liabilities

515,000

491,000

Long-term operating lease liabilities

446,000

$ 589,000

Accounting Standards Update 2016-02

Commitments and Contingencies

ROU lease assets

800,000

Total operating lease payments

1,000,000

Current operating lease liabilities

500,000

Long-term operating lease liabilities

$ 400,000

Weighted average remaining lease term

1 year 9 months

San Jose, California

Commitments and Contingencies

Number of shares issued

2,500

Monthly lease payments

$ 37,000

2026

46,000

2027

51,000

Operating lease liability

900,000

ROU lease assets

$ 900,000

[1]	The condensed balance sheet as of December 31, 2025 was derived from the audited balance sheet as of that date.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Stock-Based Compensation

Note 11 – Stock-Based Compensation

Equity Incentive Plans

2017 Equity Inducement Plan

On December 28, 2017, the Board approved the 2017 Equity Inducement Plan. Under the 2017 Equity Inducement Plan, the Board reserved 1,000 shares for the grant of RSUs. These grants will be administered by the Board or a committee of the Board. Under the 2017 Equity Inducement Plan, awards could be granted to individuals who (a) were being hired as an employee by the Company or any subsidiary and such award is a material inducement to such person being hired; (b) were being rehired as an employee following a bona fide period of interruption of employment with the Company or any subsidiary; or (c) would become an employee of the Company or any subsidiary in connection with a merger or acquisition.

Note 11 – Stock-Based Compensation, continued

On July 20, 2022, the Board increased the number of shares of common stock reserved and available for issuance under the 2017 Equity Inducement Plan by 3,333 shares. On March 28, 2024, the Board increased the number of shares of common stock reserved and available for issuance under the 2017 Equity Inducement Plan by 4,050 shares. As of March 31, 2026, there are 841 RSUs granted and outstanding under the 2017 Equity Inducement Plan. No new equity award grants are to be issued from the 2017 Equity Inducement Plan.

2024 Equity Incentive Plan

On June 12, 2024, the Energous Corporation 2024 Equity Incentive Plan (the “2024 Equity Incentive Plan”) was approved by stockholders for the issuance of equity incentive awards to eligible participants, which replaced the following equity plans of the Company: (i) the 2013 Equity Incentive Plan, (ii) 2014 Non-Employee Equity Compensation Plan, (iii) the Performance Share Unit Plan and (iv) the 2017 Equity Inducement Plan (collectively, the “Prior Equity Plans”). All existing outstanding awards remain outstanding under the Prior Equity Plans, and an additional 15,200 shares of common stock were approved for issuance under the 2024 Equity Incentive Plan. On June 11, 2025, the Company’s stockholders approved an increase of the available share reserve under the 2024 Equity Incentive Plan by 66,667 shares.

As of March 31, 2026, there are 48,709 RSUs granted and outstanding under the 2024 Equity Incentive Plan. As of March 31, 2026, 38,486 shares of common stock remain available for issuance under the 2024 Equity Incentive Plan.

Restricted Stock Units (“RSUs”)

During the three months ended March 31, 2026, the Compensation Committee granted directors an aggregate of 7,290 RSUs for service on the Board, of which 250 RSUs are subject to approval at the next annual meeting of stockholders. These RSU awards vest on the one-year anniversary of the grant date.

During the three months ended March 31, 2026, the Board granted employees an aggregate of 32,400 RSUs, of which 23,500 RSUs are subject to approval at the next annual meeting of stockholders. These RSU awards vest over four years.

As of March 31, 2026, the unamortized fair value of outstanding RSUs was $0.4 million. The unamortized amount will be expensed over a weighted average period of 2.7 years. A summary of the activity related to RSUs for the three months ended March 31, 2026 is presented below:


				Weighted
				Average
				Grant
				Date Fair
		Total		Value
Outstanding as of January 1, 2026		10,991		$	59.75
RSUs granted		39,690			5.53
RSUs forfeited		—			—
RSUs vested		(1,131)			35.06
Outstanding as of March 31, 2026		49,550		$	16.83

Stock-Based Compensation Expense

The total amount of stock-based compensation was reflected within the statements of operations as (in thousands):


		For the three months ended March 31,
		2026			2025
Research and development		$	19		$	9
Sales and marketing			6			62
General and administrative			25			23
Severance expense			—			16
Cost of revenue			—			1
Total		$	50		$	111

Capital Stock and Warrants

3 Months Ended

Mar. 31, 2026

Capital Stock and Warrants

Capital Stock and Warrants

Note 10 – Capital Stock and Warrants

Authorized Capital

The holders of the Company’s common stock are entitled to one vote per share. Holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board out of legally available funds. Upon the liquidation, dissolution or winding up of the Company, holders of common stock are entitled to share ratably in all assets of the Company that are legally available for distribution.

Financing

2023 Offering

On March 28, 2023, the Company completed an underwritten offering pursuant to which it issued and sold an aggregate of (i) 13,750 shares of its common stock and (ii) warrants to purchase up to 13,750 shares of its common stock (the “2023 Warrants”), for net proceeds of $2.7 million, after deducting underwriting discounts, commission and expenses payable by the Company. The 2023 Warrants were immediately exercisable upon issuance and had a term of six years and an initial exercise price of $240.00.

The Company allocated the proceeds received first to the 2023 Warrants based on the fair value of the 2023 Warrants as determined at initial measurement, with the remaining proceeds allocated to the shares of common stock (see Note 14 – Warrant Liability and Note 15 – Fair Value Measurements). Pursuant to the terms of the 2023 Warrants, the exercise price was adjusted to $49.80 and $9.00 during 2023 and 2024, respectively, and was further adjusted to $8.40 as of June 30, 2025. As of December 31, 2025, the 2023 Warrants had been fully exercised.

At-the-Market Offering Program

On June 21, 2024, the Company filed a prospectus supplement covering the offering, issuance and sale of up to $3.4 million in shares of the Company’s common stock pursuant to an At the Market Offering Agreement, dated June 21, 2024, between the Company and H.C. Wainwright & Co., LLC (the “ATM Program”).

On December 30, 2024, the Company filed a prospectus supplement for the issuance and sale of an additional $7.46 million in shares of common stock under the ATM Program. During January 2025, the Company sold 209,348 shares of its common stock under the ATM Program for net proceeds of approximately $7.0 million (net of commissions and other related offering expenses of approximately $0.4 million).

On January 6, 2025, the Company filed a prospectus supplement for the issuance and sale of an additional $6.6 million in shares of common stock under the ATM Program. During January and February 2025, the Company sold 343,465 shares of its common stock under the ATM Program for net proceeds of approximately $6.3 million (net of commissions and other related offering expenses of approximately $0.3 million).

On February 13, 2025, the Company filed a prospectus supplement for the issuance and sale of an additional $80.0 million in shares of common stock under the ATM Program. On September 10, 2025, the ATM Program was reduced to up to $70.0 million in shares of common stock. During the three months ended March 31, 2026, the Company sold 3,299,728 shares of its common stock for net proceeds of $31.9 million (net of commissions and other related offering expenses of $1.0 million). As of March 31, 2026, approximately $31.7 million in shares of common stock remained available for issuance under the ATM Program, subject to availability of authorized shares.

Note 10 – Capital Stock and Warrants, continued

2025 Offering

On September 10, 2025, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with an institutional investor (the “Investor”), providing for the issuance and sale by the Company, in a registered direct offering (the “2025 Offering”), of (i) 120,000 shares of the Company’s common stock, (ii) pre-funded warrants to purchase up to 465,347 shares of common stock (the “2025 Pre-Funded Warrants”), and (iii) warrants to purchase up to an aggregate of 585,347 shares of common stock (the “2025 Warrants”). Each share of common stock and 2025 Pre-Funded Warrant was offered and sold together with an accompanying 2025 Warrant at a combined price of $7.92 per share of common stock or 2025 Pre-Funded Warrant and accompanying 2025 Warrant, as applicable. Each 2025 Pre-Funded Warrant and 2025 Warrant is exercisable at any time on or after the date of issuance to purchase one share of common stock at a price of either $0.00001 per share, in the case of the 2025 Pre-Funded Warrants, or $7.79 per share, in the case of the 2025 Warrants. The 2025 Pre-Funded Warrants expire when they are exercised in full and the 2025 Warrants expire five years from the date of issuance. As of March 31, 2026, no 2025 Pre-Funded Warrants and 585,347 2025 Warrants were outstanding.

The 2025 Offering closed on September 11, 2025. The Company received net proceeds of approximately $4.0 million from the 2025 Offering, after deducting placement agent fees and estimated offering expenses payable by the Company.

Pursuant to the Engagement Letter, dated as of July 9, 2024, as amended to date (the “Original Engagement Letter”), between the Company and H.C. Wainwright & Co., LLC (“Wainwright”), and the Engagement Letter Joinder Agreement, dated as of September 10, 2025 (the “Joinder Agreement” and, together with the Original Engagement Letter, the “Engagement Letter”), by and among the Company, Wainwright and Rodman & Renshaw LLC (“Rodman & Renshaw” and, together with Wainwright, the “Placement Agents”), the Company, in connection with the closing of the 2025 Offering, agreed to issue to the Placement Agents or their respective designees warrants (the “Registered Direct Offering Placement Agent Warrants”) to purchase up to an aggregate of 40,974 shares of common stock. The Registered Direct Offering Placement Agent Warrants have substantially the same terms as the 2025 Warrants, except the Registered Direct Offering Placement Agent Warrants are exercisable at any time on or after the date of issuance to purchase one share of common stock at a price of $9.90 per share and the Registered Direct Offering Placement Agent Warrants expire on September 10, 2030. As of March 31, 2026, the Registered Direct Offering Placement Agent Warrants were still outstanding.

Warrant Inducement Offering

On September 10, 2025, in connection with the 2025 Offering, the Company entered into a letter agreement (the “Letter Agreement”) with the Investor for the immediate exercise of the outstanding 2023 Warrants and 2024 Warrants (the “Original Warrants”) to purchase an aggregate of 47,764 shares of common stock and having exercise prices of $6.7595 and $55.20 per share, respectively (the “Concurrent Warrant Exercise Transaction”). The 2023 Warrants were exercised at the exercise price of $6.8845 and the 2024 Warrants were exercised at a reduced exercise price of $7.92 per share for aggregate gross proceeds to the Company of approximately $0.4 million.

As consideration for the exercise of the 2023 Warrants and 2024 Warrants for cash, the Company issued new unregistered warrants (the “New Warrants”) to purchase up to an aggregate of 47,764 shares of common stock at a fixed exercise price of $7.79 per share (the “New Warrant Shares”). The New Warrants are exercisable immediately upon issuance and will expire five years following the initial issuance date. The New Warrants are classified as equity warrants. Except as described herein, the New Warrants are substantially similar to the Original Warrants. The closing of the Concurrent Warrant Exercise Transaction occurred on September 11, 2025. As of March 31, 2026, the New Warrant Shares are still outstanding.

Also pursuant to the Engagement Letter, the Company, in connection with the closing of the Concurrent Warrant Exercise Transaction, agreed to issue to the Placement Agents or their respective designees warrants (the “Concurrent Warrant Exercise Transaction Placement Agent Warrants”) to purchase up to an aggregate of 3,343 shares of common stock. The Concurrent Warrant Exercise Transaction Placement Agent Warrants have substantially the same terms as the New Warrants, except the Concurrent Warrant Exercise Transaction Placement Agent Warrants are immediately exercisable to purchase one share of common stock at a price of $9.90 per share and the Concurrent Warrant Exercise Transaction Placement Agent Warrants expire on September 10, 2030. As of March 31, 2026, the Concurrent Warrant Exercise Transaction Placement Agent Warrants were still outstanding.

Note 10 – Capital Stock and Warrants, continued

Regulation A Offering

On October 11, 2024, the Company filed a Regulation A Offering Statement on Form 1-A with an offering of a maximum of 166,667 Units (the “Regulation A Offering”), with each Unit consisting of one share of Series A Convertible Preferred Stock (initially convertible into two shares of common stock) and three common stock purchase warrants, two to each purchase one share of common stock at an exercise price of $45.00 per share and one to purchase one share of common stock at $60.00 per share, for an aggregate of 166,667 shares of Series A Convertible Preferred Stock (and 333,333 shares of common stock underlying the shares of Series A Convertible Preferred Stock) and warrants to purchase up to an aggregate of 333,333 shares of common stock at an exercise price of $45.00 per share and 166,667 shares of common stock at an exercise price of $60.00 per share, at an offering price of $45.00 per Unit, for a maximum offering amount of $7,500,000. The Regulation A Offering was qualified by the SEC on November 22, 2024.

On March 11, 2025, the Company withdrew the Regulation A Offering. No sales of Units were made pursuant to the Regulation A Offering. The Company’s prepaid expenses and other current assets as of December 31, 2024 included approximately $0.3 million in prepaid financing expenses related to the Regulation A Offering. An additional $0.4 million in expenses related to the Regulation A Offering was recorded during the three months ended March 31, 2025. Upon termination of the Regulation A Offering, the Company recorded a one-time total write-off of $0.7 million as expenses related to an abandoned financing transaction during the three months ended March 31, 2025.

Common Stock Outstanding

The Company’s outstanding shares of common stock may occasionally include shares that are deemed delivered under U.S. GAAP. Shares that are deemed delivered currently include shares that have vested, but have not yet been delivered, under tax-deferred equity awards. There are no voting rights for shares that are deemed delivered under U.S. GAAP until the actual delivery of shares takes place. There are currently 200,000,000 shares of common stock authorized for issuance. As of March 31, 2026, there were 5,501,099 shares of the Company’s common stock outstanding.

Common Stock Reserved for Future Issuance

The Company has reserved the following shares of common stock for future issuance:


		March 31, 2026			March 31, 2025
RSUs outstanding			49,550			14,647
Warrants outstanding			677,428			47,764
Shares available for issuance under the 2024 Equity Incentive Plan			38,486			10,669
Total			765,464			73,080

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Revenue Recognition - Schedule of disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue Recognition
Revenue	$ 3,082	$ 343
United States
Revenue Recognition
Revenue	2,786	299
Europe
Revenue Recognition
Revenue	296	26
Other
Revenue Recognition
Revenue		18
PowerBridge sales and shipping
Revenue Recognition
Revenue	2,923	302
Other
Revenue Recognition
Revenue	$ 159	$ 41

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Prepaid Expenses and Other Current Assets - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Prepaid Expenses and Other Current Assets
Other assets relating to deposits for intellectual property renewals	$ 0.3	$ 0.3

Accrued Expenses

3 Months Ended

Mar. 31, 2026

Accrued Expenses

Accrued Expenses

Note 7 – Accrued Expenses

Below is a summary of the Company’s accrued expenses as of March 31, 2026 and December 31, 2025 (in thousands):


	Balance as of
	March 31, 2026		December 31, 2025
Accrued compensation	$	490	$	1,341
Accrued purchased inventory received		120		359
Accrued stock registration expense		—		186
Customer deposits received		—		32
Accrued legal expenses		70		30
Other accrued expenses		151		147
Total	$	831	$	2,095

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Summary of Significant Accounting Policies
Total potentially dilutive securities	726,978	62,411
Warrants issued to investors
Summary of Significant Accounting Policies
Total potentially dilutive securities	677,428	47,764
RSUs
Summary of Significant Accounting Policies
Total potentially dilutive securities	49,550	14,647

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 3 – Summary of Significant Accounting Policies

Basis of Presentation

Note 3 – Summary of Significant Accounting Policies, continued

Use of Estimates

Concentration of Credit Risk

Cash and Cash Equivalents

The Company considers all short-term, highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents.

Warrants

Note 3 – Summary of Significant Accounting Policies, continued

Fair Value

●

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities to which the Company has access at a measurement date.

●

Revenue Recognition

The Company follows ASC 606, “Revenue from Contracts with Customers” (“Topic 606”). In accordance with Topic 606, the Company recognizes revenue using the following five-step approach:

Identify the contract with a customer.

Identify the performance obligations in the contract.

Determine the transaction price of the contract.

Allocate the transaction price to the performance obligations in the contract.

Recognize revenue when or as the performance obligations are satisfied.

Note 3 – Summary of Significant Accounting Policies, continued

Shipping and Handling

The Company reflects the cost of shipping its products to customers as a cost of revenue. Reimbursements received from customers for freight costs are recognized as product revenue.

Accounts Receivable

Inventory

Research and Development

Stock-Based Compensation

Note 3 – Summary of Significant Accounting Policies, continued

Income Taxes

Net Loss Per Common Share

Potentially dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.


		For the three months ended	For the three months ended
		March 31, 2026	March 31, 2025
Warrants issued to investors		677,428	47,764
RSUs		49,550	14,647
Total potentially dilutive securities		726,978	62,411

Note 3 – Summary of Significant Accounting Policies, continued

Property and Equipment

Leases

Segments

Adoption of New Accounting Standard

Recent Accounting Pronouncements, Not Yet Adopted

Note 3 – Summary of Significant Accounting Policies, continued

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Stock-Based Compensation

Summary of the activity related to Restricted Stock Units


				Weighted
				Average
				Grant
				Date Fair
		Total		Value
Outstanding as of January 1, 2026		10,991		$	59.75
RSUs granted		39,690			5.53
RSUs forfeited		—			—
RSUs vested		(1,131)			35.06
Outstanding as of March 31, 2026		49,550		$	16.83

Schedule of stock-based compensation was reflected within the statements of operations

The total amount of stock-based compensation was reflected within the statements of operations as (in thousands):


		For the three months ended March 31,
		2026			2025
Research and development		$	19		$	9
Sales and marketing			6			62
General and administrative			25			23
Severance expense			—			16
Cost of revenue			—			1
Total		$	50		$	111

Subsequent Event (Details) - Financing for insurance premiums	Apr. 06, 2026 USD ($) installment	Oct. 15, 2025 USD ($) installment	Apr. 29, 2025 USD ($) installment	Mar. 31, 2026
Subsequent Events
Debt instrument face amount			$ 300,000
Number of installments \| installment		11	9
Periodic repayment of debt		$ 6,000	$ 35,000
Interest rate, per year (in %)		6.09%	6.99%	6.09%
Subsequent event
Subsequent Events
Debt instrument face amount	$ 400,000
Number of installments \| installment	11
Periodic repayment of debt	$ 33,000
Interest rate, per year (in %)	6.15%