Ideal Power Inc. reported the results for its fourth quarter and full year ended December 31, 2023.

“We made great progress delivering against our B-TRAN™ commercial roadmap in 2023 and that progress has continued into 2024,” said Dan Brdar, President and Chief Executive Officer of Ideal Power. “Strong momentum continues with participants in our test and evaluation program, particularly for solid-state circuit breaker and hybrid and electric vehicle applications. We expect to convert large OEMs into design wins and/or additional custom development agreements this year.”

Brdar continued, “We recently completed Phase II of our development agreement with Stellantis and commenced shipment of SymCool™ power modules to fulfill customer orders. We expect industrial markets, particularly the solid-state circuit breaker market served by our SymCool™ power module, to be the earliest source of our product sales ramp.”

Key Fourth Quarter and Recent Operational Highlights

  • Commenced commercial shipment of SymCool™ power modules to fulfill customer orders. The SymCool™ power module targets several applications including solid-state switchgear and circuit protection, renewable energy inverters for solar and wind, industrial inverters, hybrid and electric vehicles (“EVs”) and EV charging.
  • Successfully completed Phase II of a product development program with Stellantis, a top 10 global automaker. All Phase II deliverables were completed ahead of schedule including a wafer run and deliveries of tested B-TRAN™ devices, drivers and a Stellantis approved comprehensive reliability test plan for automotive qualification. Ideal Power is partnering with Stellantis’ advanced technology development team to develop a custom B-TRAN™ power module for use in EV drivetrain inverters in Stellantis’ next generation EV platform.
  • Stellantis recognized Ideal Power and its program with Stellantis as a finalist in the 2023 Stellantis Venture Awards, which was the result of the excellent performance of the commercial B-TRAN™ devices provided to the Stellantis team for testing and evaluation.
  • Released B-TRAN™ and SymCool™ videos and application notes for the technical audience at prospective customers, resulting in the addition of new opportunities to our sales funnel. The videos demonstrate the testing of discrete B-TRAN™ devices and SymCool™ power modules and the compelling advantages B-TRAN™ offers to solid-state circuit breaker applications.
  • Nearing completion of a qualification run with our second high-volume wafer fabrication partner. This wafer fab in Europe will support future revenue growth and add dual sourcing for wafer fabrication.
  • B-TRAN™ Patent Estate: Currently at 82 issued B-TRAN™ patents with 36 of those issued outside of the United States and 39 pending B-TRAN™ patents. Current geographic coverage includes North America, China, Japan, South Korea, India, and Europe, with pending coverage in Taiwan.

Fourth Quarter and Full Year 2023 Financial Results

  • Commercial revenue increased to $61,483 in the fourth quarter of 2023 from $0 in the fourth quarter of 2022. Commercial revenue increased to $161,483 for the full year 2023 from $0 for the full year 2022.
  • Grant revenue was $0 in the fourth quarter of 2023 and $37,388 for the full year 2023 compared to $16,608 in the fourth quarter of 2022 and $203,269 for the full year 2022.
  • Operating expenses in the fourth quarter of 2023 were $2.5 million compared to $2.0 million in the fourth quarter of 2022 driven primarily by higher research and development spending.
  • Operating expenses in the full year 2023 were $10.4 million compared to $7.3 million in the full year 2022 driven primarily by higher research and development spending and stock-based compensation expense.
  • Net loss in the fourth quarter of 2023 was $2.4 million compared to $1.9 million in the fourth quarter of 2022. Net loss in the full year 2023 was $10.0 million compared to $7.2 million in the full year 2022.
  • Cash used in operating, investing and financing activities in the fourth quarter of 2023 was $2.3 million compared to $2.1 million in the fourth quarter of 2022. Cash used in operating, investing and financing activities in the full year 2023 was $7.9 million compared to $6.8 million in the full year 2022.
  • Cash and cash equivalents totaled $8.5 million at December 31, 2023.
  • No long-term debt was outstanding at December 31, 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
  • 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

Original – Ideal Power