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Ideal Power Reports First Quarter 2024 Financial Results

15 May 2024

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:

  • Commenced commercial shipment of SymCool™ power modules to fulfill customer orders. The SymCool™ power module targets several applications including solid-state switchgear and circuit protection, renewable energy inverters for solar and wind, industrial inverters, hybrid and electric vehicles ("EVs") and EV charging.
  • Received an order for SymCool™ power modules and drivers from one of the two Forbes Global 500 leaders in diverse power management markets in Ideal Power's B-TRAN™ test and evaluation program. This global power management market leader is evaluating SymCool™ against IGBT modules for use in solid-state circuit breaker ("SSCB") applications.
  • Received an order for B-TRAN™ devices and a circuit breaker evaluation board from a global leader in power semiconductor and power electronics solutions in connection with its launch of a multi-year DC power distribution system program. This global leader presents multiple opportunities for us as it addresses several of our target industrial markets: SSCBs, industrial and grid infrastructure and renewable energy.
  • Successfully completed Phase II of a product development program with Stellantis, a top 10 global automaker. All Phase II deliverables were completed ahead of schedule including a wafer run and deliveries of tested B-TRAN™ devices, drivers and a Stellantis approved comprehensive reliability test plan for automotive qualification. Ideal Power is partnering with Stellantis' advanced technology development team to develop a custom B-TRAN™ power module for use in EV drivetrain inverters in Stellantis' next generation EV platform.
  • Added our first distributor, Richardson Electronics, for discrete B-TRAN™ device and SymCool™ power modules. Richardson Electronics placed multiple orders with Ideal Power including an order from a company not previously in Ideal Power's sales funnel.
  • Added a global leader in circuit protection, industrial fuses and power conversion technology with over a billion in annual sales to the roster of the B-TRAN™ test and evaluation program.
  • Released B-TRAN™ and SymCool™ videos and application notes for the technical audience at prospective customers, resulting in the addition of new opportunities to our sales funnel. The videos demonstrate the testing of discrete B-TRAN™ devices and SymCool™ power modules and the compelling advantages B-TRAN™ offers to SSCB applications.
  • Nearing completion of a qualification run with our second high-volume wafer fabrication partner. This wafer fab in Europe will support future revenue growth and add dual sourcing for wafer fabrication.
  • B-TRAN™ Patent Estate: Currently at 86 issued B-TRAN™ patents with 39 of those issued outside of the United States and 41 pending B-TRAN™ patents. Current geographic coverage includes North America, China, Japan, South Korea, India, and Europe, with pending coverage in Taiwan.

First Quarter 2024 Financial Results

  • Completed a public offering, raising net proceeds of $15.7 million. The initial closing in late March resulted in net proceeds of $13.7 million and the exercise of the underwriter's overallotment option in April resulted in additional net proceeds of $2.0 million.
  • Commercial revenue increased to $78,739 in the first quarter of 2024 from $0 in the first quarter of 2023.
  • Operating expenses in the first quarter of 2024 were $2.5 million compared to $2.6 million in the first quarter of 2023.
  • Net loss in the first quarter of 2024 was $2.5 million compared to $2.5 million in the first quarter of 2023.
  • Cash used in operating, investing and financing activities in the first quarter of 2024, excluding the net proceeds from our public offering, was $1.9 million compared to $1.8 million in the first quarter of 2023 and down from $2.3 million in the fourth quarter of 2023.
  • Cash and cash equivalents totaled $20.2 million at March 31, 2024.
  • No long-term debt was outstanding at March 31, 2024.

2024 Milestones

For 2024, the Company has set or achieved the following milestones:

  • Successfully completed Phase II of development program with Stellantis
  • Secure Phase III of development program with Stellantis
  • Complete qualification of second high-volume production fab
  • Convert large OEMs in our test and evaluation program to design wins/custom development agreements
  • Add distributors for SymCool™ products
  • Initial sales of SymCool™ IQ intelligent power module
  • Begin third-party automotive qualification testing

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,
2024

  

December 31,
2023

  

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 

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