Ideal Power Reports Third Quarter 2024 Financial Results
PR Newswire
AUSTIN, Texas, Nov. 14, 2024
AUSTIN, Texas, Nov. 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$(TM)$ bidirectional semiconductor power switch, reports results for its third quarter ended September 30, 2024.
"Our Q3 accomplishments underscore the continued execution of our B-TRAN(TM) 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(TM) commercial roadmap continues, including:
-- Secured orders from a Global Tier 1 automotive supplier for numerous
discrete B-TRAN(TM) devices, a SymCool$(R)$ power module, a solid-state
circuit breaker (SSCB) evaluation board and a driver. This customer is
interested in using B-TRAN(TM) 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(TM) inverter drivers.
-- Collaborating with a third global automaker. This auto OEM is evaluating
B-TRAN(TM)-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(TM) 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(TM) devices. This testing requires over a thousand packaged
B-TRAN(TM) devices from multiple wafer runs. Initial test results are
positive with no failures to date.
-- Increased the current rating of our SymCool(R) power module from 160A to
200A, a 25% increase, based on the results of testing. In conjunction
with a power module size reduction of approximately 50%, this
significantly increases the power density of the SymCool(R) power module.
-- B-TRAN(TM) Patent Estate: Currently at 90 issued B-TRAN(TM) patents with
42 of those issued outside of the United States and 50 pending B-TRAN(TM)
patents. Current geographic coverage includes North America, China, Japan,
South Korea, India, Europe, and Taiwan.
Third Quarter 2024 Financial Results
-- Cash used in operating and investing activities in the third quarter of
2024 was $2.4 million compared to $1.9 million in the third quarter of
2023.
-- 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 compared to $5.6 million in the first nine
months of 2023.
-- Cash and cash equivalents totaled $18.7 million at September 30, 2024.
-- No long-term debt was outstanding at September 30, 2024.
-- Operating expenses in the third quarter of 2024 were $2.9 million
compared to $2.8 million in the third quarter of 2023.
-- Net loss was $2.7 million in both the third quarter of 2024 and the third
quarter of 2023.
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(R) products
-- Initial sales of SymCool(R) 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 (U.S./Canada callers) or 973-528-0011 (international callers), using passcode 472171. It is recommended that participants call or login 10 minutes ahead of the scheduled start time to ensure proper connection. An operator will register your name and organization. An audio replay will be available one hour after the live call until Midnight on November 28, 2024 by dialing 877-481-4010 using passcode 51554.
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(TM)) semiconductor technology. B-TRAN(TM) is a unique double-sided bidirectional AC switch that delivers substantial performance improvements over today's conventional power semiconductors. Ideal Power's B-TRAN(TM) 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(TM) 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(TM) technology, the rate and degree of market acceptance for our B-TRAN(TM), the impact of global health pandemics on our business, supply chain disruptions, and the expected performance of future products incorporating our B-TRAN(TM), 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
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