Ideal Power Inc. published results for its fourth quarter and full year ended December 31, 2024.

“We’re thrilled with our first design win representing significant validation of B-TRAN® as an enabling technology for SSCBs and a catalyst for our anticipated revenue ramp starting in the second half of 2025. Based on the customer’s projections, the opportunity from this customer’s first B-TRAN®-based product alone could translate to revenue of several hundred thousand dollars in its first year of sales, with the opportunity to exceed a million dollars in revenue in the second year of sales. After the successful roll-out of this first product, we expect this OEM to expand its offerings to include a suite of B-TRAN®-enabled SSCBs with a wide range of ratings presenting a substantial opportunity for revenue growth,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power.

Brdar continued, “We are leveraging this design win for SSCBs to potentially secure additional design wins with other large SSCB customers in the coming months to drive long-term value creation for our shareholders. Solid-state switchgear, which includes SSCBs, is at least a $1.0 billion market opportunity for us and is expected to drive our sales ramp followed by a $1.4 billion opportunity in the energy and power market. In the fourth quarter, we secured a multi-unit order for our SymCool® IQ intelligent power module. This product targets the energy and power market, a market that includes renewable energy, energy storage and EV charging.”

Key Fourth Quarter and Recent Operational Highlights

Execution to our B-TRAN® commercial roadmap continues, including:

  • Secured first design win for solid-state circuit breakers (SSCB) with one of the largest circuit protection equipment manufacturers in Asia serving industrial and utility markets. The program is ahead of schedule with product design, prototype builds, testing, and delivery of the SSCBs targeted for completion in late March or early April to be followed by commercial sales later in the year.
  • Secured order for our SymCool® IQ intelligent power module from a customer that specializes in the development and manufacture of circuit protection and power conversion solutions. This customer is interested in SymCool® IQ modules for several end markets including renewable energy, energy storage, electric vehicle (EV) charging, and data centers.
  • Conducted a comprehensive program review in Detroit with Stellantis’ U.S. and European production and engineering teams along with other major suppliers contributing to Stellantis’ new EV platform. Based on the successful program review and positive feedback from Stellantis, we expect to not only continue advancing the drivetrain inverter program but also add a new high priority program for EV contactors.
  • Secured orders from a third Global Tier 1 automotive supplier for numerous discrete B-TRAN® devices, a SymCool® power module, a SSCB evaluation board and a driver. This customer is interested in using B-TRAN® for solid-state EV contactor applications.
  • Initiated third-party automotive qualification and reliability testing of B-TRAN® devices. This testing requires well over a thousand packaged B-TRAN® devices from multiple wafer runs. Test results continue to be positive with no die failures to date. Successful completion of B-TRAN® automotive qualification and reliability testing is expected later this year.
  • B-TRAN® Patent Estate: Currently at 94 issued B-TRAN® patents with 45 of those issued outside of the United States and 53 pending B-TRAN® patents. Current geographic coverage includes North America, China, Taiwan, Japan, South Korea, India, and Europe.

Fourth Quarter and Full Year 2024 Financial Results

  • Cash used in operating and investing activities in the fourth quarter of 2024 was $2.6 million compared to $2.1 million in the fourth quarter of 2023. Cash used in operating and investing activities in the full year 2024 was $9.2 million compared to $7.7 million in the full year 2023.
  • Cash and cash equivalents totaled $15.8 million at December 31, 2024.
  • No long-term debt was outstanding at December 31, 2024.
  • Commercial revenue was $5,408 in the fourth quarter of 2024 and $86,032 in the full year 2024.
  • Operating expenses in the fourth quarter of 2024 were $2.8 million compared to $2.5 million in the fourth quarter of 2023 driven primarily by higher research and development spending.
  • Operating expenses in the full year 2024 were $11.1 million compared to $10.4 million in the full year 2023 driven primarily by higher research and development and sales and marketing spending.
  • Net loss in the fourth quarter of 2024 was $2.6 million compared to $2.4 million in the fourth quarter of 2023. Net loss in the full year 2024 was $10.4 million compared to $10.0 million in the full year 2023.

2025 Milestones

For 2025, the Company has set the following milestones:

  • Secure next phase of development program with Stellantis
  • Complete deliverables in 1H 2025 related to first design win
  • Capture additional design wins / custom development agreements
  • Start initial sales ramp in second half of year
  • Increase current rating of products
  • Complete third-party automotive qualification testing

Original – Ideal Power