Ideal Power Inc. reported results for its third quarter ended September 30, 2024.

“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 approximately 50%, 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 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® products
•  Initial sales of SymCool® IQ intelligent power module
√ Began third-party automotive qualification testing

Original – Ideal Power