AUSTIN, TX / ACCESSWIRE / May 15, 2024 / Ideal Power Inc. ("Ideal Power," the "Company," "we," "us" or "our") (NASDAQ:IPWR), pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN™ bidirectional semiconductor power switch, reports results for its first quarter ended March 31, 2024.
"Commercial momentum continues as we commenced shipments of SymCool™ power modules to fulfill customer orders in the first quarter. We expect industrial markets, particularly the solid-state circuit breaker market served by our SymCool™ power module, to be the earliest source of our sales ramp," said Dan Brdar, President and Chief Executive Officer of Ideal Power. "In addition, all of our Phase II deliverables with Stellantis were successfully completed ahead of schedule and we added our first distributor, Richardson Electronics. They placed multiple orders with Ideal Power including an order from a company not previously in our sales funnel."
Key First Quarter and Recent Business Highlights
Execution to our B-TRAN™ commercial roadmap continues, including:
First Quarter 2024 Financial Results
2024 Milestones
For 2024, the Company has set or achieved the following milestones:
Conference Call and Webcast: First Quarter 2024
To access the call, please use the following information:
Date: | Wednesday, May 15, 2024 | |
Time: | 10:00 AM ET | |
Toll-free dial-in number: | 877-545-0523 | |
International dial-in number: | 973-528-0016 | |
Participant Access Code: | 611530 |
Please call the conference telephone number 5-10 minutes prior to the start time to ensure a proper connection. An operator will register your name and organization.
The conference call will be webcast live and available for replay on the Company's investor relations website under the Events tab HERE.
An audio replay of the conference call will be available one hour after the live call until Midnight on May 29, 2024.
Toll Free Replay Number: | 877-481-4010 | |
International Replay Number: | 919-882-2331 | |
Replay ID: | 50563 |
Upcoming Investor Conference
Northland Capital Markets Virtual Growth Conference on June 25, 2024
Ideal Power plans to participate in one-on-one meetings at the Northland Capital Markets Virtual Growth Conference on June 25, 2024. Conference attendees are encouraged to register and request a one-on-one meeting with Ideal Power on Northland Capital's online conference platform HERE, or email Jeff Christensen of Ideal Power, Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..
About Ideal Power Inc.
Ideal Power (NASDAQ: IPWR) is pioneering the development and commercialization of its broadly patented bidirectional semiconductor power switch, creating highly efficient and ecofriendly energy control solutions for electric vehicle, electric vehicle charging, renewable energy, energy storage, UPS/data center, solid-state circuit breaker and other industrial and military applications. The Company is focused on its patented Bidirectional, Bipolar Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is a unique double-sided bidirectional AC switch that delivers substantial performance improvements over today's conventional power semiconductors. Ideal Power's B-TRAN™ can reduce conduction and switching losses, complexity of thermal management and operating cost in AC power switching and control circuitry. For more information, visit the Company's website at www.IdealPower.com, on LinkedIn, on Twitter, and on Facebook.
Safe Harbor Statement
All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While Ideal Power's management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Such forward-looking statements include, but are not limited to, statements regarding our expectation that industrial markets, particularly the solid-state circuit breaker market served by our SymCool™ power module, will be the earliest source of our sales ramp and our 2024 milestones. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the success of our B-TRAN™ technology, including whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, our inability to predict with precision or certainty the pace and timing of development and commercialization of our B-TRAN™ technology, including the timing of the completion of our wafer fabrication runs with our semiconductor fabrications partners, the rate and degree of market acceptance for our B-TRAN™, the impact of global health pandemics on our business, supply chain disruptions, and the expected performance of future products incorporating our B-TRAN™, and uncertainties set forth in our quarterly, annual and other reports filed with the Securities and Exchange Commission. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements, except as required by applicable law.
Ideal Power Investor Relations Contact
Jeff Christensen
Darrow Associates Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
703-297-6917
IDEAL POWER INC.
Balance Sheets
(unaudited)
March 31, | December 31, | ||||||||
ASSETS | |||||||||
Current assets: |
|
| |||||||
Cash and cash equivalents | $ | 20,235,410 | $ | 8,474,835 | |||||
Accounts receivable, net | 140,000 | 70,000 | |||||||
Inventory | 109,362 | 81,450 | |||||||
Prepayments and other current assets | 271,729 | 482,890 | |||||||
Total current assets | 20,756,501 | 9,109,175 | |||||||
| |||||||||
Property and equipment, net | 350,195 | 359,225 | |||||||
Intangible assets, net | 2,601,308 | 2,580,066 | |||||||
Right of use asset | 170,413 | 186,570 | |||||||
Other assets | 12,757 | 13,034 | |||||||
Total assets | $ | 23,891,174 | $ | 12,248,070 | |||||
| |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 382,012 | $ | 405,098 | |||||
Accrued expenses | 504,418 | 455,112 | |||||||
Current portion of lease liability | 72,263 | 70,683 | |||||||
Total current liabilities | 958,693 | 930,893 | |||||||
| |||||||||
Long-term lease liability | 113,744 | 132,304 | |||||||
Other long-term liabilities | 1,108,224 | 1,125,173 | |||||||
Total liabilities | 2,180,661 | 2,188,370 | |||||||
| |||||||||
Stockholders' equity: | |||||||||
Common stock | 7,383 | 5,998 | |||||||
Additional paid-in capital | 121,235,416 | 107,116,362 | |||||||
Treasury stock | (13,210 | ) | (13,210 | ) | |||||
Accumulated deficit | (99,519,076 | ) | (97,049,450 | ) | |||||
Total stockholders' equity | 21,710,513 | 10,059,700 | |||||||
Total liabilities and stockholders' equity | $ | 23,891,174 | $ | 12,248,070 |
IDEAL POWER INC.
Statements of Operations
(unaudited)
Three Months Ended March 31, | |||||||||
2024 | 2023 | ||||||||
Commercial revenue | $ | 78,739 | $ | - | |||||
Grant revenue | - | 664 | |||||||
Total revenue | 78,739 | 664 | |||||||
Cost of commercial revenue | 68,498 | - | |||||||
Cost of grant revenue | - | 664 | |||||||
Total cost of revenue | 68,498 | 664 | |||||||
Gross profit | 10,241 | - | |||||||
Operating expenses: | |||||||||
Research and development | 1,366,893 | 1,440,028 | |||||||
General and administrative | 853,688 | 894,933 | |||||||
Sales and marketing | 316,611 | 304,326 | |||||||
Total operating expenses | 2,537,192 | 2,639,287 | |||||||
Loss from operations | (2,526,951 | ) | (2,639,287 | ) | |||||
Interest income, net | 57,325 | 111,302 | |||||||
Net loss | $ | (2,469,626 | ) | $ | (2,527,985 | ) | |||
Net loss per share - basic and fully diluted | $ | (0.39 | ) | $ | (0.41 | ) | |||
Weighted average number of shares outstanding - basic and fully diluted | 6,319,939 | 6,178,508 |
IDEAL POWER INC.
Statements of Cash Flows
(unaudited)
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net Loss | $ | (2,469,626 | ) | $ | (2,527,985 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 81,121 | 53,198 | ||||||
Amortization of right of use asset | 16,157 | 15,178 | ||||||
Write-off of fixed assets | 10,217 | - | ||||||
Stock-based compensation | 381,019 | 609,926 | ||||||
Decrease (increase) in operating assets: | ||||||||
Accounts receivable | (70,000 | ) | (664 | ) | ||||
Inventory | (27,912 | ) | - | |||||
Prepaid expenses and other current assets | 211,438 | 54,710 | ||||||
Increase (decrease) in operating liabilities: | ||||||||
Accounts payable | (23,086 | ) | (61,693 | ) | ||||
Accrued expenses and other liabilities | 32,357 | 117,099 | ||||||
Lease liability | (16,980 | ) | (15,492 | ) | ||||
Net cash used in operating activities | (1,875,295 | ) | (1,755,723 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of property and equipment | (29,611 | ) | (44,995 | ) | ||||
Acquisition of intangible assets | (73,939 | ) | (24,455 | ) | ||||
Net cash used in investing activities | (103,550 | ) | (69,450 | ) | ||||
Cash flows from financing activities: | ||||||||
Net proceeds from issuance of common stock and pre-funded warrants | 13,652,663 | - | ||||||
Exercise of options | 86,757 | - | ||||||
Net cash provided by financing activities | 13,739,420 | - | ||||||
Net decrease in cash and cash equivalents | 11,760,575 | (1,825,173 | ) | |||||
Cash and cash equivalents at beginning of period | 8,474,835 | 16,345,623 | ||||||
Cash and cash equivalents at end of the period | $ | 20,235,410 | $ | 14,520,450 |
Last Trade: | US$6.23 |
Daily Change: | -0.44 -6.60 |
Daily Volume: | 39,203 |
Market Cap: | US$50.770M |
December 04, 2024 November 14, 2024 October 31, 2024 September 23, 2024 |
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