Ideal Power Reports Third Quarter 2024 Financial Results
Ideal Power (NASDAQ: IPWR) reported Q3 2024 financial results, highlighting progress in their B-TRAN™ commercialization. Key developments include securing orders from a Global Tier 1 automotive supplier, collaborating with a third global automaker, and adding two new distributors - RYOSHO and Sekorm. The company reported cash and cash equivalents of $18.7 million, with operating expenses of $2.9 million and a net loss of $2.7 million. Notable achievements include increasing SymCool® power module current rating by 25% and expanding their patent portfolio to 90 issued B-TRAN™ patents. The company continues its collaboration with Stellantis and has initiated third-party automotive qualification testing.
Ideal Power (NASDAQ: IPWR) ha riportato i risultati finanziari del terzo trimestre del 2024, evidenziando i progressi nella commercializzazione del loro B-TRAN™. Tra i principali sviluppi ci sono l'ottenimento di ordini da un fornitore automobilistico globale di primo livello, la collaborazione con un terzo costruttore automobilistico globale e l'aggiunta di due nuovi distributori, RYOSHO e Sekorm. L'azienda ha riportato liquidità e mezzi equivalenti per 18,7 milioni di dollari, con spese operative di 2,9 milioni di dollari e una perdita netta di 2,7 milioni di dollari. Tra i successi notevoli si evidenzia un incremento del 25% della corrente nominale del modulo di potenza SymCool® e l'espansione del loro portafoglio brevetti a 90 brevetti B-TRAN™ concessi. L'azienda continua la sua collaborazione con Stellantis e ha avviato test di qualificazione per l'automotive con terze parti.
Ideal Power (NASDAQ: IPWR) reportó los resultados financieros del tercer trimestre de 2024, destacando los avances en la comercialización de su B-TRAN™. Los desarrollos clave incluyen la obtención de pedidos de un proveedor automotriz global de nivel uno, la colaboración con un tercer fabricante automotriz global y la adición de dos nuevos distribuidores: RYOSHO y Sekorm. La compañía reportó efectivo y equivalentes de efectivo de 18,7 millones de dólares, con gastos operativos de 2,9 millones de dólares y una pérdida neta de 2,7 millones de dólares. Entre los logros notables se encuentra un aumento del 25% en la clasificación de corriente del módulo de potencia SymCool® y la expansión de su cartera de patentes a 90 patentes B-TRAN™ emitidas. La empresa continúa su colaboración con Stellantis y ha iniciado pruebas de calificación automotriz con terceros.
아이디어파워 (NASDAQ: IPWR)가 2024년 3분기 재무 결과를 보고하며 B-TRAN™ 상업화의 진전을 강조했습니다. 주요 개발 사항으로는 글로벌 1급 자동차 공급업체로부터 주문 확보, 제3의 글로벌 자동차 제조업체와의 협력, 그리고 두 개의 새로운 유통업체인 RYOSHO와 Sekorm의 추가가 있습니다. 회사는 현금 및 현금 등가물로 1,870만 달러를 보고했으며 운영비용은 290만 달러, 순손실은 270만 달러입니다. 주목할 만한 성과로는 SymCool® 전력 모듈의 전류 등급을 25% 증가시키고 90개의 B-TRAN™ 특허를 보유한 특허 포트폴리오를 확장한 것입니다. 회사는 Stellantis와의 협력을 지속하고 있으며 제3자 자동차 인증 테스트를 시작했습니다.
Ideal Power (NASDAQ: IPWR) a annoncé ses résultats financiers pour le troisième trimestre 2024, mettant en avant les progrès réalisés dans la commercialisation de son B-TRAN™. Les développements clés incluent la sécurisation de commandes auprès d'un fournisseur automobile mondial de premier plan, la collaboration avec un troisième constructeur automobile mondial, et l'ajout de deux nouveaux distributeurs : RYOSHO et Sekorm. La société a déclaré des liquidités et équivalents de liquidités de 18,7 millions de dollars, avec des charges d'exploitation de 2,9 millions de dollars et une perte nette de 2,7 millions de dollars. Parmi les réalisations notables, on note une augmentation de 25 % de la capacité de courant du module d'alimentation SymCool® et l'expansion de son portefeuille de brevets à 90 brevets B-TRAN™ délivrés. L'entreprise poursuit sa collaboration avec Stellantis et a lancé des tests de qualification automobile par des tiers.
Ideal Power (NASDAQ: IPWR) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und dabei Fortschritte bei der Vermarktung ihres B-TRAN™ hervorgehoben. Zu den wichtigsten Entwicklungen gehören die Sicherung von Aufträgen von einem globalen Tier-1-Automobilzulieferer, die Zusammenarbeit mit einem dritten globalen Automobilhersteller sowie die Hinzufügung von zwei neuen Vertriebspartnern - RYOSHO und Sekorm. Das Unternehmen berichtete von Bargeld und Zahlungsmitteln in Höhe von 18,7 Millionen Dollar, mit Betriebskosten in Höhe von 2,9 Millionen Dollar und einem Nettoverlust von 2,7 Millionen Dollar. Zu den bemerkenswerten Erfolgen gehört die Erhöhung der Strombelastbarkeit des SymCool®-Leistungsmoduls um 25% sowie die Erweiterung ihres Patentportfolios auf 90 erteilte B-TRAN™-Patente. Das Unternehmen setzt seine Zusammenarbeit mit Stellantis fort und hat Tests zur Fahrzeugqualifizierung durch Dritte eingeleitet.
- Secured orders from Global Tier 1 automotive supplier for B-TRAN™ devices
- Added two new distributors already generating customer orders
- Increased SymCool® power module current rating by 25% to 200A
- Strong cash position of $18.7 million with no long-term debt
- Expanded patent portfolio to 90 issued B-TRAN™ patents
- Increased cash burn: $2.4M in Q3 2024 vs $1.9M in Q3 2023
- Net loss of $2.7 million in Q3 2024
- Higher operating expenses: $2.9M in Q3 2024 vs $2.8M in Q3 2023
Insights
Q3 2024 results show continued cash burn with
While securing orders from a Global Tier 1 automotive supplier and adding two new distributors represent positive commercial progress, revenue generation remains minimal. The company's strategy focuses on long-term value through automotive partnerships, particularly with Stellantis, but meaningful revenue is still on the horizon. The increased SymCool® power module capacity by
The B-TRAN™ technology is gaining traction in the EV sector, with three major automakers now evaluating the technology. The focus on solid-state circuit breakers and contactors for EVs represents a significant market opportunity. The expansion of the patent portfolio to 90 issued patents across major markets provides strong IP protection.
The successful third-party automotive qualification testing without failures and technical improvements in the SymCool® power module demonstrate product maturity. The addition of specialized distributors RYOSHO and Sekorm enhances market access, particularly in Asia. However, the path from evaluation to full commercial adoption in automotive applications typically requires extensive validation periods.
"Our Q3 accomplishments underscore the continued execution of our B-TRAN™ commercial roadmap with several significant developments. We are collaborating with a third global automaker and recently secured initial orders from a global Tier 1 automotive supplier. We added our second and third distributors with expertise in demand-creation and they are already placing customer orders and providing quotes of our products to large global companies," said Dan Brdar, President and Chief Executive Officer of Ideal Power. "Overall, the momentum we are building is working to advance companies to orders followed by potential custom development agreements and/or design wins to drive long-term value creation for our shareholders."
Key Third Quarter and Recent Business Highlights
Execution to our B-TRAN™ commercial roadmap continues, including:
- Secured orders from a Global Tier 1 automotive supplier for numerous discrete B-TRAN™ devices, a SymCool® power module, a solid-state circuit breaker (SSCB) evaluation board and a driver. This customer is interested in using B-TRAN™ for solid-state electric vehicle (EV) contactor applications.
- Meeting regularly with Stellantis' technical and production teams with Phase III expected to begin shortly after Stellantis selects a Tier 1 supplier to design and build the drivetrain inverter for its new EV platform. In a parallel initiative, Stellantis continues working with the Company and a large semiconductor company with expertise in driver control circuity for the B-TRAN™ inverter drivers.
- Collaborating with a third global automaker. This auto OEM is evaluating B-TRAN™-enabled contactors as a potential replacement for electromechanical contactors in its EVs. The Company recently delivered a SSCB evaluation board to this automaker.
- Added our second distributor, RYOSHO. RYOSHO already placed orders with Ideal Power from a large global customer interested in the Company's products for solid-state circuit protection applications and introduced B-TRAN™ to global automakers based in
Japan . - Added our third distributor, Sekorm Advanced Technology (
Shenzhen ) Co., Ltd. In response to customer requests, Sekorm began quoting our products to large companies for SSCB applications. - Initiated third-party automotive qualification and reliability testing of B-TRAN™ devices. This testing requires over a thousand packaged B-TRAN™ devices from multiple wafer runs. Initial test results are positive with no failures to date.
- Increased the current rating of our SymCool® power module from 160A to 200A, a
25% increase, based on the results of testing. In conjunction with a power module size reduction of approximately50% , this significantly increases the power density of the SymCool® power module. - B-TRAN™ Patent Estate: Currently at 90 issued B-TRAN™ patents with 42 of those issued outside of
the United States and 50 pending B-TRAN™ patents. Current geographic coverage includesNorth America ,China ,Japan ,South Korea ,India ,Europe , andTaiwan .
Third Quarter 2024 Financial Results
- Cash used in operating and investing activities in the third quarter of 2024 was
$2.4 million $1.9 million - Warrant proceeds in the third quarter of 2024 were
$1.0 million - Cash used in operating and investing activities in the first nine months of 2024 was
$6.6 million $5.6 million - Cash and cash equivalents totaled
$18.7 million - No long-term debt was outstanding at September 30, 2024.
- Operating expenses in the third quarter of 2024 were
$2.9 million $2.8 million - Net loss was
$2.7 million
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
√ Completed qualification of second high-volume production fab
• Convert large OEMs in our test and evaluation program to design wins/custom development agreements
√ Added distributors for SymCool® products
• Initial sales of SymCool® IQ intelligent power module
√ Began third-party automotive qualification testing
Conference Call and Webcast: Third Quarter 2024
The Company will hold a conference call on Thursday, November 14, 2024 at 10:00 AM Eastern Time to discuss its results and a question-and-answer session. Analysts and investors may pose questions for management during the live conference call.
Interested persons may access the live conference call by dialing 888-506-0062 (
The live webcast and interactive Q&A 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.
Upcoming Investor Conference
iAccess Alpha – Buyside Best Ideas Winter Virtual Conference 2024 on December 10 to 11, 2024
Ideal Power plans to participate in the iAccess Alpha Best Ideas Winter Virtual Conference on December 10 and 11, 2024. Ideal Power's presentation webcast is on December 10, and its one-on-one investor meetings are on December 11.
Ideal Power's presentation webcast at the iAccess Alpha Virtual Conference is December 10 at 11:30 AM ET. The live, interactive webcast and slide presentation 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.
iAccess Alpha Conference attendees are encouraged to register and request a one-on-one virtual meeting with Ideal Power management on December 11, CLICK HERE.
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 the advancement of companies to orders followed by potential custom development agreements and/or design wins to drive long-term value creation for our shareholders and that Phase III of our program with Stellantis is expected to begin shortly after they select a Tier 1 supplier to design and build the drivetrain inverter for their new EV platform. 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, 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
jchristensen@darrowir.com
703-297-6917
IDEAL POWER INC. | ||||
Balance Sheets | ||||
(unaudited) | ||||
September 30, | December 31, | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 18,655,922 | $ | 8,474,835 |
Accounts receivable, net | 1,326 | 70,000 | ||
Inventory | 60,130 | 81,450 | ||
Prepayments and other current assets | 303,921 | 482,890 | ||
Total current assets | 19,021,299 | 9,109,175 | ||
Property and equipment, net | 447,186 | 359,225 | ||
Intangible assets, net | 2,608,825 | 2,580,066 | ||
Right of use asset | 503,962 | 186,570 | ||
Other assets | 20,133 | 13,034 | ||
Total assets | $ | 22,601,405 | $ | 12,248,070 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ | 76,053 | $ | 405,098 |
Accrued expenses | 750,443 | 455,112 | ||
Current portion of lease liability | 80,145 | 70,683 | ||
Total current liabilities | 906,641 | 930,893 | ||
Long-term lease liability | 425,076 | 132,304 | ||
Other long-term liabilities | 1,049,325 | 1,125,173 | ||
Total liabilities | 2,381,042 | 2,188,370 | ||
Stockholders' equity: | ||||
Common stock | 8,144 | 5,998 | ||
Additional paid-in capital | 125,096,918 | 107,116,362 | ||
Treasury stock | (13,210) | (13,210) | ||
Accumulated deficit | (104,871,489) | (97,049,450) | ||
Total stockholders' equity | 20,220,363 | 10,059,700 | ||
Total liabilities and stockholders' equity | $ | 22,601,405 | $ | 12,248,070 |
IDEAL POWER INC. | |||||||||
Statements of Operations | |||||||||
(unaudited) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Commercial revenue | $ | 554 | $ | 1,557 | $ | 80,624 | $ | 100,000 | |
Grant revenue | - | - | - | 37,388 | |||||
Total revenue | 554 | 1,557 | 80,624 | 137,388 | |||||
Cost of commercial revenue | 1,511 | 2,787 | 87,483 | 76,800 | |||||
Cost of grant revenue | - | - | - | 37,388 | |||||
Total cost of revenue | 1,511 | 2,787 | 87,483 | 114,188 | |||||
Gross profit | (957) | (1,230) | (6,859) | 23,200 | |||||
Operating expenses: | |||||||||
Research and development | 1,684,063 | 1,690,538 | 4,613,703 | 4,337,254 | |||||
General and administrative | 893,969 | 854,025 | 2,695,041 | 2,682,951 | |||||
Sales and marketing | 320,642 | 293,963 | 996,992 | 870,189 | |||||
Total operating expenses | 2,898,674 | 2,838,526 | 8,305,736 | 7,890,394 | |||||
Loss from operations | (2,899,631) | (2,839,756) | (8,312,595) | (7,867,194) | |||||
Interest income, net | 209,283 | 99,275 | 490,556 | 318,922 | |||||
Net loss | $ | (2,690,348) | $ | (2,740,481) | $ | (7,822,039) | $ | (7,548,272) | |
Net loss per share – basic and fully diluted | $ | (0.31) | $ | (0.44) | $ | (0.99) | $ | (1.22) | |
Weighted average number of shares outstanding – basic and fully diluted | 8,767,251 | 6,192,286 | 7,870,542 | 6,185,447 | |||||
IDEAL POWER INC. | ||||
Statements of Cash Flows | ||||
(unaudited) | ||||
Nine Months Ended September 30, | ||||
2024 | 2023 | |||
Cash flows from operating activities: | ||||
Net Loss | $ | (7,822,039) | (7,548,272) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 250,936 | 193,900 | ||
Amortization of right of use asset | 55,011 | 46,246 | ||
Write-off of capitalized patents | 62,073 | - | ||
Write-off of property and equipment | 15,371 | - | ||
Gain on lease termination | (15,319) | - | ||
Stock-based compensation | 1,163,808 | 1,859,209 | ||
Decrease (increase) in operating assets: | ||||
Accounts receivable | 68,674 | (34,064) | ||
Inventory | 21,320 | - | ||
Prepaid expenses and other current assets | 171,870 | 107,152 | ||
Increase (decrease) in operating liabilities: | ||||
Accounts payable | (329,045) | (66,548) | ||
Accrued expenses and other liabilities | 219,483 | 311,511 | ||
Lease liability | (54,850) | (47,868) | ||
Net cash used in operating activities | (6,192,707) | (5,178,734) | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment | (193,461) | (198,338) | ||
Acquisition of intangible assets | (251,639) | (207,697) | ||
Net cash used in investing activities | (445,100) | (406,035) | ||
Cash flows from financing activities: | ||||
Net proceeds from issuance of common stock and pre-funded warrants | 15,724,818 | - | ||
Exercise of options and warrants | 1,105,655 | - | ||
Payment of taxes related to restricted stock unit vesting | (11,579) | - | ||
Net cash provided by financing activities | 16,818,894 | - | ||
Net Increase (decrease) in cash and cash equivalents | 10,181,087 | (5,584,769) | ||
Cash and cash equivalents at beginning of period | 8,474,835 | 16,345,623 | ||
Cash and cash equivalents at end of the period | $ | 18,655,922 | $ | 10,760,854 |
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SOURCE IDEAL POWER INC.
FAQ
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