AUSTIN, Texas, Aug. 14, 2024 /PRNewswire/ -- Ideal Power Inc. (Nasdaq: IPWR) ("Ideal Power," the "Company," "we," "us" or "our"), pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN™ bidirectional semiconductor power switch, reports results for its second quarter ended June 30, 2024.
"Our B-TRAN™ commercial progress continued with several significant developments over the last three months. We are now collaborating with a third global automaker and achieved two more of our 2024 milestones with the addition of a second global distributor and the qualification of a second high volume production fab. We are pleased to see multiple large companies in our test and evaluation program advancing to place initial orders," said Dan Brdar, President and Chief Executive Officer of Ideal Power. "We remain on track to achieve our 2024 milestones and look forward to more commercial announcements in the coming months."
Key Second Quarter and Recent Business Highlights
Execution to our B-TRAN™ commercial roadmap continues, including:
Second Quarter 2024 Financial Results
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: Second Quarter 2024
To access the call, please use the following information:
Date: Wednesday, August 14, 2024
Time: 10:00 AM ET
Toll-free dial-in number: 877-545-0523
International dial-in number: 973-528-0016
Participant Access Code: 861514
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 August 28, 2024.
Toll Free Replay Number: 877-481-4010
International Replay Number: 919-882-2331
Replay ID: 50982
Upcoming Investor Conference
LD Micro 17th Annual Main Event Conference in Los Angeles on October 29, 2024
Ideal Power plans to present and participate in one-on-one meetings at the LD Micro Conference in Los Angeles on October 29. Conference attendees are encouraged to register and request a one-on-one in-person meeting with Ideal Power management by email to LD Micro at This email address is being protected from spambots. You need JavaScript enabled to view it..
The live, interactive webcast at the LD Micro Conference is October 29 at 11:00 AM PT and will be accessible on the Company's Investor Relations website under the Events tab HERE. The webcast will be archived on the website for future viewing when it is available.
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 us remaining on track to achieve our 2024 milestones and looking forward to more commercial announcements in the coming months as well as our statement that our wafer fabrication suppliers have ample capacity to support anticipated customer demand for our products over the next few years. 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 INC. | ||||
Balance Sheets | ||||
(unaudited) | ||||
June 30, | December 31, | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 20,064,897 | $ | 8,474,835 |
Accounts receivable, net | 1,331 | 70,000 | ||
Inventory | 79,662 | 81,450 | ||
Prepayments and other current assets | 317,190 | 482,890 | ||
Total current assets | 20,463,080 | 9,109,175 | ||
Property and equipment, net | 351,533 | 359,225 | ||
Intangible assets, net | 2,586,359 | 2,580,066 | ||
Right of use asset | - | 186,570 | ||
Other assets | 18,727 | 13,034 | ||
Total assets | $ | 23,419,699 | $ | 12,248,070 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ | 230,634 | $ | 405,098 |
Accrued expenses | 649,186 | 455,112 | ||
Current portion of lease liability | - | 70,683 | ||
Total current liabilities | 879,820 | 930,893 | ||
Long-term lease liability | - | 132,304 | ||
Other long-term liabilities | 1,066,274 | 1,125,173 | ||
Total liabilities | 1,946,094 | 2,188,370 | ||
Stockholders' equity: | ||||
Common stock | 7,695 | 5,998 | ||
Additional paid-in capital | 123,660,261 | 107,116,362 | ||
Treasury stock | (13,210) | (13,210) | ||
Accumulated deficit | (102,181,141) | (97,049,450) | ||
Total stockholders' equity | 21,473,605 | 10,059,700 | ||
Total liabilities and stockholders' equity | $ | 23,419,699 | $ | 12,248,070 |
IDEAL POWER INC. | |||||||||
Statements of Operations | |||||||||
(unaudited) | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Commercial revenue | $ | 1,331 | $ | 98,443 | $ | 80,070 | $ | 98,443 | |
Grant revenue | - | 36,724 | - | 37,388 | |||||
Total revenue | 1,331 | 135,167 | 80,070 | 135,831 | |||||
Cost of commercial revenue | 17,474 | 74,013 | 85,972 | 74,013 | |||||
Cost of grant revenue | - | 36,724 | - | 37,388 | |||||
Total cost of revenue | 17,474 | 110,737 | 85,972 | 111,401 | |||||
Gross profit | (16,143) | 24,430 | (5,902) | 24,430 | |||||
Operating expenses: | |||||||||
Research and development | 1,562,747 | 1,206,688 | 2,929,640 | 2,646,716 | |||||
General and administrative | 947,384 | 933,993 | 1,801,072 | 1,828,926 | |||||
Sales and marketing | 359,739 | 271,900 | 676,350 | 576,226 | |||||
Total operating expenses | 2,869,870 | 2,412,581 | 5,407,062 | 5,051,868 | |||||
Loss from operations | (2,886,013) | (2,388,151) | (5,412,964) | (5,027,438) | |||||
Interest income, net | 223,948 | 108,345 | 281,273 | 219,647 | |||||
Net loss | $ | (2,662,065) | $ | (2,279,806) | $ | (5,131,691) | $ | (4,807,791) | |
Net loss per share – basic and fully diluted | $ | (0.31) | $ | (0.37) | $ | (0.69) | $ | (0.78) | |
Weighted average number of shares outstanding – | 8,514,581 | 6,185,397 | 7,417,260 | 6,181,972 | |||||
IDEAL POWER INC. | ||||
Statements of Cash Flows | ||||
(unaudited) | ||||
Six Months Ended June 30, | ||||
2024 | 2023 | |||
Cash flows from operating activities: | ||||
Net Loss | $ | (5,131,691) | (4,807,791) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 163,871 | 121,423 | ||
Amortization of right of use asset | 34,948 | 30,590 | ||
Write-off of capitalized patents | 62,073 | - | ||
Write-off of fixed assets | 14,459 | - | ||
Gain on lease termination | (15,319) | - | ||
Stock-based compensation | 745,600 | 1,233,207 | ||
Decrease (increase) in operating assets: | ||||
Accounts receivable | 68,669 | (137,388) | ||
Inventory | 1,788 | - | ||
Prepaid expenses and other current assets | 160,007 | (49,065) | ||
Increase (decrease) in operating liabilities: | ||||
Accounts payable | (174,464) | (18,493) | ||
Accrued expenses and other liabilities | 135,175 | 250,414 | ||
Lease liability | (36,046) | (31,389) | ||
Net cash used in operating activities | (3,970,930) | (3,408,492) | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment | (64,036) | (114,025) | ||
Acquisition of intangible assets | (174,968) | (139,838) | ||
Net cash used in investing activities | (239,004) | (253,863) | ||
Cash flows from financing activities: | ||||
Net proceeds from issuance of common stock and pre-funded warrants | 15,724,818 | - | ||
Exercise of options | 86,757 | - | ||
Payment of taxes related to restricted stock unit vesting | (11,579) | - | ||
Net cash provided by financing activities | 15,799,996 | - | ||
Net Increase (decrease) in cash and cash equivalents | 11,590,062 | (3,662,355) | ||
Cash and cash equivalents at beginning of period | 8,474,835 | 16,345,623 | ||
Cash and cash equivalents at end of the period | $ | 20,064,897 | $ | 12,683,268 |
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
| Last Trade: | US$6.10 |
| Daily Change: | -0.06 -0.97 |
| Daily Volume: | 18,172 |
| Market Cap: | US$46.910M |
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