Ideal Power Inc. reports results for its first quarter ended March 31, 2025.

“We had a strong start to the year as we completed SSCB prototypes related to our first design win three months ahead of schedule. We expect industrial markets, particularly the SSCB market, to be the earliest source of our initial sales ramp starting in the second half of this year. In addition, based on 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,” stated Dan Brdar, President and Chief Executive Officer of Ideal Power. “I am excited to announce today that we secured an order from a third Forbes Global 500 power management market leader interested in B-TRAN® for circuit protection for power distribution systems with a focus on DC microgrids for solar and wind.”

Brdar continued, “We expect minimal impact from recently enacted tariffs, although the situation remains dynamic with rapidly changing tariffs and trade policies. Power semiconductors are exempt from most tariffs currently in effect, including those applicable to the countries where we fabricate B-TRAN® wafers.”

Key First Quarter and Recent Operational Highlights

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

  • Completed solid-state circuit breaker (SSCB) prototypes related to the first design win three months ahead of schedule. The customer completed their initial prototype testing and Ideal Power continues to collaborate with this customer on their first B-TRAN®-enabled SSCB product.
  • Potential new EV contactor program with Stellantis is advancing through their internal approval process. This would be the second program with Stellantis in addition to the drivetrain inverter program.
  • Secured order from Forbes Global 500 leader in diverse power management markets. The customer purchased a SSCB evaluation board inclusive of discrete B-TRAN® devices. Now engaged with three Forbes Global 500 power management market leaders.
  • Sekorm Advanced Technology (Shenzhen) Co., Ltd., a demand-creation distributor of Ideal Power, secured an order for discrete B-TRAN® devices, SymCool® power modules and SSCB evaluation boards from a new customer for SSCB applications.
  • Shipped SSCB evaluation boards and discrete B-TRAN® devices to several potential design win customers.
  • Secured sales representative partnership with Queensland Semiconductor Technologies (aka Quest Semi) which expands company’s reach into key markets in Europe and Asia. Ideal Power’s products will be a complementary offering for Quest Semi to sell into their existing and prospective customer base along with their own product portfolio.
  • B-TRAN® Patent Estate: Currently at 94 issued B-TRAN® patents with 45 of those issued outside of the United States and 70 pending B-TRAN® patents. Current geographic coverage includes North America, China, Taiwan, Japan, South Korea, India, and Europe.

First Quarter 2025 Financial Results

  • Cash used in operating and investing activities in the first quarter of 2025 was $2.1 million compared to $2.0 million in the first quarter of 2024.
  • Cash and cash equivalents totaled $13.7 million at March 31, 2025.
  • No long-term debt was outstanding at March 31, 2025.
  • Commercial revenue was $12,003 in the first quarter of 2025 compared to $78,739 in the first quarter of 2024.
  • Operating expenses in the first quarter of 2025 were $2.8 million compared to $2.5 million in the first quarter of 2024 driven primarily by higher research and development spending.
  • Net loss in the first quarter of 2025 was $2.7 million compared to $2.5 million in the first quarter of 2024.

Original – Ideal Power