MARKET WIREStockInvest.us • 23h ago
Energous Stock Price Forecast. Should You Buy WATT?StockInvest.us report covering Energous Corporation (WATT) market action, institutional positioning, and fundamental catalysts.
Why WATT Stock dropped -6.00% Today — RQD Quant Desk Flash
$8.61 -6.00% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot)
EXT / AFTER-HRS: $8.50
Energous Corporation (WATT) carries a Roarable Rating of E (Strong Sell) with 23/100 RQD Confidence due to weak cash-flow efficiency and sensitivity to current interest rates. Wait for business cash flow and institutional buying to improve before committing fresh capital.
ROARABLE E • RED ALERT
Cap $50.6M
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Is WATT stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
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As of 2026-11-03, Energous Corporation (NASDAQ: WATT) is rated E (Strong Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 23/100 at a spot price of $8.61 (-6.00% 1D, market cap $50.6M). Pillar breakdown: Fundamental Cash Engine 4/20, Institutional 13F & Options Flow 3/20, SEC Balance-Sheet Forensics 8/20, FRED Macro Regime Fit 5/20, and Executive Insider Alignment 3/20. Across 715 tracked Technology issuers, WATT ranks #680 in composite RQD confidence.
✓ Pre-computed one-to-many AI Quant brief
🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief)
How does WATT compare to AIRG and CMTL in the Technology sector?
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Within the Technology sector (Radio And Television Broadcasting And Communications Equipment), WATT carries a Roarable E (23/100 RQD), trailing P/E of N/A, gross margin of 36.0%, and ROIC of -35.0%. By comparison, AIRG (Airgain Inc.) holds a E grade (19/100 RQD, P/E N/A, ROIC -32.0%, cap $54.8M) and CMTL (Comtech Telecommunications Corp.) posts a E grade (17/100 RQD, P/E N/A, ROIC -16.8%, cap $38.3M). Among the 5-stock peer group, WATT leads on earnings multiple (N/A) while CRNT leads on capital efficiency (4.3% ROIC).
✓ Pre-computed one-to-many AI Quant brief
🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief)
What are the biggest fundamental strengths and SEC risk factors for WATT?
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Per WATT's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001575793), Energous Corporation generated $5.6M in revenue (+633.1% YoY), -$9.6M in net income, and -$12.5M in free cash flow against $16.7M in total assets and $0 in total debt. Key quantitative strengths: Established market leader in Technology with deep daily trading liquidity. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.
✓ Pre-computed one-to-many AI Quant brief
🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).
INTERACTIVE SCENARIO DECK:
EXT / AFTER-HRS: $8.50 (-1.27%)🧬 Dilution Drag (+2.48% YoY Shares)⚙️ Cash Engine: 4/20 (E) • 0% FCF Margin
Verify 90D Bucket Audit →📊 Historical Track Record Warning: Scores below 50 (23/100 · E) historically underperformed SPY in 71% of rolling 90-day windows (-11.1% avg 90D alpha vs SPY • 29.0% hit rate).
Audit Bucket Track Record →RQD QUANT TACHOMETERRED ALERT • E
3-of-3 JEV AI Jury Bearish Warning
Cash
SEC
Whale
Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer
5-PILLAR SNOWFLAKE RADARRw E · Rk E
Each axis scored 0–20
12M PRICE TARGET CONE-15.8% Base Target
WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for WATT)Realized 20D OHLCV Swing Band: ±12.5%
Deterministic 5-Pillar Attribution (23/100 Composite)
🔍 WHY WATT SCORES 23/100 (E) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag
▲ #1 Bullish Driver: SEC 10-K Forensic Risk+8/20 pts (35% of score)
Altman Z-Score 3.80 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 3/9
▲ #2 Bullish Driver: Macro Regime Fit+5/20 pts (22% of score)
FRED Regime × Technicals: 15% of 52W Range • RSI-14 at 43.2 (NEUTRAL RANGE)
▼ #1 Drag / Risk Factor: Insider Conviction & Share Dilution4/20 pts (-16 pt drag)
Dilution Drag (+2.48% YoY Shares) & executive Form 4 sales trim 16 pts from alignment
📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current
Q1 (-3Q)Grade E$9.62-9.6% Next Q
31
Q2 (-2Q)Grade E$8.70+3% Next Q
28
Q3 (-1Q)Grade E$8.96-3.9% Next Q
26
CurrentGrade E$8.61-11.1% Hist 90D α
23
Trajectory: E (31) → E (23)Full Audit →
⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)CONTRARIAN TURNAROUND & SHORT-SQUEEZE DOSSIER
⚔️ Adversarial Opposing Case: What Could Spark a WATT Turnaround Squeeze
While WATT currently carries a cautious 23/100 (E) rating due to Insider Conviction & Share Dilution (4/20), shorts face asymmetric squeeze risk if free cash flow inflects or management executes accretive buybacks.
🚀 Contrarian Squeeze Trigger #1
Established market leader in Technology with deep daily trading liquidity.
🚀 Contrarian Squeeze Trigger #2
Options & Short-Covering Gamma: Reclaiming the 50-day SMA ($11.00) and Max Pain ($9.04) forces dealer call-delta covering toward $38.83.
🚀 Contrarian Squeeze Trigger #3
Forensic Repair Trigger: Halting share dilution (Dilution Drag (+2.48% YoY Shares)) or retiring high-cost debt immediately upgrades the SEC 10-K Forensic pillar.
🎲 LIVE PREDICTION MARKET ODDS TIED TO $WATT• $4.8M Crowd Pool • Kalshi / Polymarket Composite
Contract: “WATT Beats Next Quarterly Revenue & EPS Consensus + Hyperscaler AI CapEx Holds Record Pace”
AUTOMATED RQD QUANT DESK MOVER BRIEFINGFull Market News Desk →
Why WATT Stock dropped -6.00% Today — RQD Quant Desk Flash
Energous Corporation (WATT) dropped -6.00% to $8.61, trading at 15% of its 52-week range ($3.62 – $36.98). Stretched risk/reward at current multiples (-35% return on capital) under elevated 10-year interest-rate pressure.
- ▸Technical Tape: Trading at 15% of its 52-week range ($3.62 – $36.98) with RSI-14 at 43.2 (NEUTRAL RANGE).
- ▸Volatility Profile: Historical 20-day realized swing band of ±12.5% around $8.61 (no active unusual options sweep snapshot on file).
- ▸Fundamental Anchor: Roarable E (Strong Sell) backed by 36% gross margin and $0 annual free cash flow.
Live WATT Headlines & Catalysts
MARKET WIRETradingView • 1d ago
Energous Corporation Estimates – NASDAQ:WATTTradingView report covering Energous Corporation (WATT) market action, institutional positioning, and fundamental catalysts.
MARKET WIREYahoo Finance UK • 1d ago
Energous Corporation (WATT) Seasonal returns chartYahoo Finance UK report covering Energous Corporation (WATT) market action, institutional positioning, and fundamental catalysts.
CATALYSTBenzinga • 1d ago
This PPL Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For TuesdayBenzinga report covering Energous Corporation (WATT) market action, institutional positioning, and fundamental catalysts.
RISK WATCHYahoo • 3d ago
Energous (WATT) Stock Sees Fair Value Cut As Analysts Debate Enterprise ShiftThe analyst fair value estimate for Energous has shifted from US$28.25 to US$21.63, resetting expectations for what the stock might be worth on updated assumptions. This change sits alongside a mixed analyst debate aroun
MARKET WIREBenzinga • 4d ago
BrenX Shares Halted On Circuit Breaker To The Upside, Stock Now Up 54.49%MARKET WIREYahoo • 7d ago
Broadcom upgraded, Ultragenyx downgraded: Wall Street's top analyst callsBroadcom upgraded, Ultragenyx downgraded: Wall Street's top analyst calls
MARKET WIREBenzinga • 7d ago
HC Wainwright & Co. Initiates Coverage On Energous with Buy Rating, Announces Price Target of $15HC Wainwright & Co. analyst Daniil Gataulin initiates coverage on Energous (NASDAQ:WATT) with a Buy rating and announces Price Target of $15.
ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk
Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring WATT)
- ✓Walkthrough of WATT's RQD Radar, SEC cash-conversion gap & downside invalidation levels
- ✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
- ✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks
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WATT // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -69.49%⚡ TESTING RESISTANCE
2026-11-03O $10.36H $10.36L $8.61C $8.61VOL 138.3K
RES: $10.35SUP: $7.86SMA50: $11.00SMA200: $16.42
PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK
WATT Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure
Share Count & Dilution Monitor
Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).
Reverse-DCF Expectations Hurdle
8.0%/yr Implied 5Y Growth
vs. +633.1% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).
Ellis Vennor Setup Ledger
No active Ellis Vennor swing setup published on WATT today. View full Setup Ledger →
🦋 Documented & Second-Order Butterfly Connections
Open Graph →
No direct multi-tier Butterfly edges indexed yet for WATT. Explore sector supply chains on /butterfly.
AI Analyst Theses, Washington Policy & Company Video
🎬 No recent verified company-specific video clip queued for WATT today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →
DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK
📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (WATT)
Technology Rank #680 of 715
⚔️ AIRG vs WATT Full Matrix →
1. Head-to-Head Technology Peer Comparison (WATT vs. AIRG, CMTL, VUZI, CRNT)
Industry: Radio And Television Broadcasting And Communications Equipment (21 Tracked Issuers)Across 715 tracked Technology securities in the Roarable RQD universe, Energous Corporation (WATT) ranks #680 by composite RQD confidence (23/100, grade E) and #559 by equity capitalization ($50.6M). Within this direct 5-issuer industry benchmark cohort, WATT leads on earnings valuation at N/A trailing P/E, while CRNT leads on capital efficiency and profitability with 4.3% ROIC and 33.8% gross margin. CRNT currently holds the highest overall quantitative score in the immediate peer group at 47/100 (D) compared with WATT at 23/100 (E).
| Ticker / Company | Roarable Grade | RQD Score | Trailing P/E | Gross Margin | ROIC | 1D Change | Market Cap | Head-to-Head |
|---|---|---|---|---|---|---|---|---|
| WATT
ACTIVE
Energous Corporation | E | 23/100 | — | 36.0% | -35.0% | -6.00% | $50.6M | Benchmark Subject |
| AIRG Airgain Inc. | E | 19/100 | — | 43.5% | -32.0% | -1.55% | $54.8M | /airg-vs-watt → |
| CMTL Comtech Telecommunications Corp. | E | 17/100 | — | 31.6% | -16.8% | -2.36% | $38.3M | /cmtl-vs-watt → |
| VUZI Vuzix Corporation | E | 29/100 | — | -16.9% | -35.0% | -14.86% | $179.0M | /vuzi-vs-watt → |
| CRNT Ceragon Networks Ltd. | D | 47/100 | — | 33.8% | 4.3% | -2.43% | $188.0M | /crnt-vs-watt → |
2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)
SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001575793 ↗In its most recent audited fiscal period (FY2025, filed 2025-12-31), Energous Corporation (WATT) reported GAAP revenue of $5.6M (+633.1% vs. FY2024 revenue of $768.0K , and -90.9% cumulative change since FY2023) , GAAP net income of -$9.6M, operating cash flow of -$12.4M, and free cash flow of -$12.5M (+29.4% YoY). On the balance sheet, WATT closed FY2025 with $16.7M in total assets against $0 in total debt (Altman Z-Score: N/A, Piotroski F-Score: 3/9).
| Fiscal Period | Filing Date | Revenue | Net Income | Operating Cash Flow | Free Cash Flow | Total Assets | Total Debt |
|---|---|---|---|---|---|---|---|
| FY2025 (FY) | 2025-12-31 | $5.6M | -$9.6M | -$12.4M | -$12.5M | $16.7M | — |
| FY2024 (FY) | 2024-12-31 | $768.0K | -$18.4M | -$17.6M | -$17.7M | $3.8M | — |
| FY2023 (FY) | 2023-12-31 | $61.9M | -$19.4M | -$19.2M | -$19.2M | — | — |
3. WATT Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)
✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLEDIs WATT stock a Buy, Hold, or Sell right now according to Roarable's RQD model?
As of 2026-11-03, Energous Corporation (NASDAQ: WATT) is rated E (Strong Sell / SELL) by Roarable's 5-pillar RQD engine with a composite confidence score of 23/100 at a spot price of $8.61 (-6.00% 1D, market cap $50.6M). Pillar breakdown: Fundamental Cash Engine 4/20, Institutional 13F & Options Flow 3/20, SEC Balance-Sheet Forensics 8/20, FRED Macro Regime Fit 5/20, and Executive Insider Alignment 3/20. Across 715 tracked Technology issuers, WATT ranks #680 in composite RQD confidence.
How does WATT compare to AIRG and CMTL in the Technology sector?
Within the Technology sector (Radio And Television Broadcasting And Communications Equipment), WATT carries a Roarable E (23/100 RQD), trailing P/E of N/A, gross margin of 36.0%, and ROIC of -35.0%. By comparison, AIRG (Airgain Inc.) holds a E grade (19/100 RQD, P/E N/A, ROIC -32.0%, cap $54.8M) and CMTL (Comtech Telecommunications Corp.) posts a E grade (17/100 RQD, P/E N/A, ROIC -16.8%, cap $38.3M). Among the 5-stock peer group, WATT leads on earnings multiple (N/A) while CRNT leads on capital efficiency (4.3% ROIC).
What are the biggest fundamental strengths and SEC risk factors for WATT?
Per WATT's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001575793), Energous Corporation generated $5.6M in revenue (+633.1% YoY), -$9.6M in net income, and -$12.5M in free cash flow against $16.7M in total assets and $0 in total debt. Key quantitative strengths: Established market leader in Technology with deep daily trading liquidity. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately. Institutional options positioning shows a 50% call / 50% put premium split.
Where is WATT trading relative to its 50-day, 200-day, and 52-week technical levels?
WATT last traded at $8.61 (-6.00% on volume of 141,714 shares), positioning the stock -21.73% below its 50-day simple moving average ($11.00) and -47.56% below its 200-day simple moving average ($16.42). Across its 52-week range of $3.62 to $36.98, WATT sits at the 15.0% percentile with a 14-day RSI of 43.2 (NEUTRAL RANGE) and an implied next-earnings move of ±12.5% ($7.53 to $9.69).
ROARABLE RATING BRIEF • RQD 23/100 (E)
✓ SEC XBRL & RQD VERIFIED
WATT — Energous Corporation: What the Facts Mean to a Prospective Investor
Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit
Updated: 2025-12-31
1. Roarable Rating Brief: What This Means to a Prospective Investor
Energous Corporation (WATT) earns a live Roarable RQD composite score of 23/100, corresponding to a E letter grade (Roarable Strong Sell) at a spot price of $8.61 (-6.00% 1D, market capitalization $50.6M).
- Fundamental Cash Engine (4/20): Anchored by return on invested capital (ROIC) of -35.0%, gross margin of 36.0%, operating margin of -60.0%, and free cash flow yield of -21.83%.
- Whale 13F & Options Flow (3/20) + Insider Conviction (3/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
- Macro Regime Fit (5/20) + Forensic Balance Sheet (8/20): Incorporates a 1.00x equity beta, Altman Z-Score of N/A, Piotroski F-Score of 3/9, and Debt/Equity of N/A.
2. Business Model, Unit Margins & SEC Financial Trajectory
Energous Corporation (WATT) is a NASDAQ-listed issuer in the Technology sector, within the Radio And Television Broadcasting And Communications Equipment industry. Revenue figures appear in the SEC financials, reporting $5.6M for FY 2025, $0.8M for FY 2024, and — for FY 2023.
In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), Energous Corporation (WATT) reported $5.6M in annual revenue (up from $768.0K in FY2024, +633.1% YoY) and -$9.6M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($61.9M revenue, -$19.4M net income) through FY2025, WATT scaled operating cash flow to -$12.4M and free cash flow to -$12.5M, backed by $16.7M in total assets against $0 in total debt.
3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff
- 🐂 Primary Bull Case (E • RQD 23/100): Established market leader in Technology with deep daily trading liquidity. Free cash flow yield of -21.83% and institutional whale pillar of 3/20. With Fundamental Cash Engine at 4/20 and Institutional Whale Flow at 3/20, sustained execution supports upside toward the upper end of the $3.62 – $36.98 52-week range.
- 🐻 Primary Bear Case & Valuation Risk: Company executives have done more routine share selling than personal cash buying lately. Investors must weigh current valuation against -60.0% operating margins and a 1.00x macro beta.
4. 2nd-Order Butterfly Ripples & Key Questions to Watch
The only sector-level information is the classification of Technology and Radio And Television Broadcasting And Communications Equipment, and the Roarable RQD rating's Macro Regime Fit pillar scores 5/20 with Beta 1.0. Investors should note that without mapped dependencies, ripple effects from customers, suppliers, or sector peers cannot be traced from the data provided.
- Key Question #1: Can WATT sustain or expand its -60.0% operating margin and -35.0% ROIC against Radio And Television Broadcasting And Communications Equipment peers over the next 4 quarters?
- Key Question #2: Following FY2025 revenue of $5.6M and free cash flow of -$12.5M, how will capital allocation balance growth reinvestment against $0 in total debt?
- Key Question #3: How sensitive is WATT's equity valuation to Technology capital spending cycles and macro interest-rate shifts (Beta 1.00x)?
WATT Live News Feed, Press Releases & Catalyst Wire
Real-time company headlines, analyst actions, and sector developments for Energous Corporation (WATT) • Click "Debate This Headline" to argue it in the Roar Pit below
🟡 MARKET WIRE StockInvest.us • 23h ago
Energous Stock Price Forecast. Should You Buy WATT? StockInvest.us report covering Energous Corporation (WATT) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE TradingView • 1d ago
Energous Corporation Estimates – NASDAQ:WATT TradingView report covering Energous Corporation (WATT) market action, institutional positioning, and fundamental catalysts.
🟡 MARKET WIRE Yahoo Finance UK • 1d ago
Energous Corporation (WATT) Seasonal returns chart Yahoo Finance UK report covering Energous Corporation (WATT) market action, institutional positioning, and fundamental catalysts.
🟢 CATALYST Benzinga • 1d ago
This PPL Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Tuesday Benzinga report covering Energous Corporation (WATT) market action, institutional positioning, and fundamental catalysts.
🔴 RISK WATCH Yahoo • 3d ago
Energous (WATT) Stock Sees Fair Value Cut As Analysts Debate Enterprise Shift The analyst fair value estimate for Energous has shifted from US$28.25 to US$21.63, resetting expectations for what the stock might be worth on updated assumptions. This change sits alongside a mixed analyst debate aroun
🟡 MARKET WIRE Benzinga • 4d ago
BrenX Shares Halted On Circuit Breaker To The Upside, Stock Now Up 54.49% 🟡 MARKET WIRE Yahoo • 7d ago
Broadcom upgraded, Ultragenyx downgraded: Wall Street's top analyst calls Broadcom upgraded, Ultragenyx downgraded: Wall Street's top analyst calls
🟡 MARKET WIRE Benzinga • 7d ago
HC Wainwright & Co. Initiates Coverage On Energous with Buy Rating, Announces Price Target of $15 HC Wainwright & Co. analyst Daniil Gataulin initiates coverage on Energous (NASDAQ:WATT) with a Buy rating and announces Price Target of $15.
🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE
3 Active Posts & Replies
WATT Bull vs. Bear Conversation Board — What's Your Call at $8.61?
🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON WATT 🐻 33% BEARISH CONVICTION
MI MidwestValue RQD DEBATE OPENER • Fundamental Long-Only 🐂 BULLISH
🎯 Target: $10.53 (+15.0%)
📌 Pinned Debate Cash on hand rose to $10.4M in FY 2025 from $1.4M in FY 2024, and the forensic balance sheet pillar scores 8/20 with Altman Z 2.5.
Cash on hand rose to $10.4M in FY 2025 from $1.4M in FY 2024, and the forensic balance sheet pillar scores 8/20 with Altman Z 2.5.. When you look under the hood at WATT, Fundamental Cash Engine is 4/20 with 36.0% gross margins and -35.0% ROIC. Bears are staring in the rearview mirror while institutional 13F flow (3/20) has been quietly accumulating below $36.98. My 12M target is $10.53.
VolSurface_Trader 🐂 BULL
@ShortSeller_Dan Shorting a 3/20 institutional whale-flow stock at $9.16 is dangerous when funds are rotating into Technology.
SH ShortSeller_Dan RQD DEBATE OPENER • Forensic Short Bias 🐻 BEARISH
🎯 Target: $7.24 (-21.0%)
Spot @ $9.16 ROIC of -35% and an FCF yield of -21.83% alongside net losses across FY 2023 to FY 2025 leave the cash engine pillar at 4/20.
Here is the bear case nobody on the bull side wants to address on WATT: ROIC of -35% and an FCF yield of -21.83% alongside net losses across FY 2023 to FY 2025 leave the cash engine pillar at 4/20.. At current EV/EBITDA multiples, even a small guidance miss in Radio And Television Broadcasting And Communications Equipment triggers a 12-15% air pocket.