Ideal Power Inc. reported results for its second quarter ended June 30, 2025.

“Our first design win customer is nearing completion of their B-TRAN®-enabled solid-state circuit breaker (SSCB) prototype testing. Following their initial product rollout later this year, we anticipate this OEM will expand its offerings to include a suite of B-TRAN®-enabled SSCBs with a wide range of power ratings, presenting us with a significant revenue growth opportunity. Furthermore, we are now collaborating with our fourth and fifth global Tier 1 automotive suppliers as the automotive industry looks for low-loss, solid-state solutions for electric vehicle (EV) contactors. In addition, we’re thrilled that Stellantis has internally approved a purchase order for custom development and packaged B-TRAN® devices targeting multiple electric vehicle applications. This strategic win will enable multiple uses of B-TRAN® across Stellantis’ EV platforms,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power.

Key Second Quarter and Recent Operational Highlights

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

  • Shipped updated solid-state circuit breaker prototypes with additional capabilities to the first design win customer. The customer is nearing completion of their SSCB prototype testing and is about to start gathering feedback on this new product from their end customers ahead of the B-TRAN®-enabled product launch later this year.
  • Entered into a collaboration with a fourth global Tier 1 automotive supplier. They will begin evaluating B-TRAN® in the near term and plan to launch a formal solid-state EV contactor program within the next few months.
  • Secured order from a fifth global Tier 1 automotive supplier for several B-TRAN®-enabled devices. The customer will evaluate these devices as part of their innovative solid-state EV contactor design implementation.
  • Stellantis’ order for custom development and packaged devices targeting multiple EV applications was approved internally with Ideal Power’s receipt pending. Ideal Power remains actively engaged with Stellantis, meeting regularly with them and their program partners on both EV contactor and drivetrain inverter programs and collaborating with them on automotive qualification and related requirements.
  • Added partnership with Kaimei Electronic Corp. to distribute Ideal Power’s products to their existing and prospective customers throughout Asia, alongside their own product portfolio. Asia is the world’s largest market for power electronics, and Asian companies typically adopt new technologies faster than their European and U.S. counterparts.
  • Shipped SSCB reference designs to several large companies currently evaluating technology for SSCB or EV contactor applications. This includes two previously announced Forbes Global 500 power management market leaders, as well as the fourth and fifth global Tier 1 automotive suppliers.
  • B-TRAN® Patent Estate: Currently at 96 issued B-TRAN® patents with 47 of those issued outside of the United States and 74 pending B-TRAN® patents. Current geographic coverage includes North America, China, Taiwan, Japan, South Korea, India, and Europe.

Second Quarter 2025 Financial Results

  • Cash used in operating and investing activities in the second quarter of 2025 was $2.5 million compared to $2.2 million in the second quarter of 2024.
  • Cash used in operating and investing activities in the first half of 2025 was $4.6 million compared to $4.2 million in the first half of 2024.
  • Cash and cash equivalents totaled $11.1 million at June 30, 2025.
  • No long-term debt was outstanding at June 30, 2025.
  • Operating expenses in the second quarter of 2025 were $3.1 million compared to $2.9 million in the second quarter of 2024 driven primarily by higher research and development spending.
  • Net loss in the second quarter of 2025 was $3.0 million compared to $2.7 million in the second quarter of 2024.

2025 Milestones

For 2025, the Company has set the following milestones:

• Secure next phase of development program with Stellantis
√ Completed 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 power rating of products
• Complete third-party automotive qualification testing

Original – Ideal Power