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Despite challenging conditions, Siltronic AG demonstrated resilience in the 2024 financial year. Accordingly, the company achieved sales of EUR 1,412.8 million (2023: EUR 1,513.8 million) and an EBITDA of EUR 363.8 million (2023: EUR 433.9 million), confirming the figures published at the beginning of February. In an environment of continued weak demand, a solid EBITDA margin of 25.8 percent (2023: 28.7 percent) was achieved.
“Siltronic closed the 2024 financial year at the upper end of expectations and acted consistently in a difficult market environment,” says Dr. Michael Heckmeier, CEO of Siltronic AG. “Despite growing end markets, particularly through Artificial Intelligence, 2025 will also be characterized by the reduction of still elevated inventory levels at chip manufacturers and their customers. At the same time, we are continuously working on our costs to strengthen our competitiveness. With our new capacities and innovative strength, we are perfectly positioned for the upcoming recovery.”
Group sales decreased by 6.7 percent in the financial year 2024 – the guidance was in the high single-digit percentage range – to EUR 1,412.8 million. This was due to slightly negative price and product mix effects and a lower wafer area sold. The price decline was most pronounced for older product types with diameters up to 200 mm.
Cost of sales decreased by EUR 4.2 million year-over-year to EUR 1,137.4 million. This decrease was mainly due to the lower wafer area sold. Cost of sales decreased at a lower percentage than sales, primarily due to higher depreciation related to capital expenditures and lower fixed cost dilution. On the other hand, the cost for raw materials and supplies slightly decreased in line with the relative volume decline compared to the previous year. Overall, the gross margin decreased from 24.6 percent to 19.5 percent.
In order to mitigate risks from FX developments, Siltronic implemented currency hedging measures, which resulted in a net expense from exchange rate effects of EUR 0.3 million in 2024, compared to a gain of EUR 16.5 million in 2023.
In the reporting year, Siltronic achieved an EBITDA of EUR 363.8 million (2023: EUR 433.9 million). The EBITDA margin of 25.8 percent (2023: 28.7 percent) remained resilient despite the prolonged weak demand – the guidance was between 24 and 26 percent. The main reasons for the year-over-year decline in EBITDA margin are the lower sales level and a deteriorated result from FX effects. With the increase in depreciation due to the continued high capex activity by EUR 36.0 million, the operating result (EBIT) fell significantly to EUR 125.2 million, compared to EUR 231.3 million in the previous year.
The financial result decreased significantly to EUR -24.9 million (2023: EUR -0.5 million). This is partly due to a lower net result from financial investments, and partly due to loans to support the financing of capex, which led to a noticeable increase in interest expenses on loans.
In the past financial year, income taxes amounted to EUR 33.1 million (2023: EUR 29.5 million). The Group’s tax rate for the reporting year was 33 percent (2023: 13 percent). The higher tax rate is due to deferred tax effects. This resulted in a net profit of EUR 67.2 million (2023: EUR 201.3 million), of which EUR 63.0 million (2023: EUR 184.4 million) was attributable to the shareholders of Siltronic AG. Earnings per share reached EUR 2.10 compared to EUR 6.15 in the previous year.
In the past financial year, payments for capex including intangible assets significantly decreased to EUR 667.5 million, compared to EUR 1,112.1 million in the previous year. As expected, both the free cash flow (2024: EUR -323.0 million) and the net cash flow (2024: EUR -297.0 million) improved considerably year-over-year. However, the still elevated capex level once again resulted in both remaining clearly negative.
As of December 31, 2024, total assets, with significantly increased property, plant and equipment, reached EUR 5,084.4 million (previous year: EUR 4,504.9 million). The equity ratio remained at a healthy level of 43.6 percent (2023: 46.6 percent). The high capex at the end of 2023, some of which was not due for payment until 2024 led to payments for capex (EUR 667.5 million) significantly exceeding the balance sheet additions for the reporting year (EUR 523.4 million). The majority of balance sheet additions was allocated to the construction of the new 300 mm fab in Singapore. As a result, net financial debt increased by EUR 377.8 million to EUR 733.5 million (December 31, 2023: EUR 355.7 million).
For 2025, the Executive Board expects the end markets to grow again. After an increase of six percent in the previous year, a seven percent growth is forecast for 2025, with Artificial Intelligence applications being a key driver. However, this is mostly not expected to lead to an improvement in Siltronic’s sales performance due to the slowly decreasing inventory levels at chip manufacturers and their customers. Accordingly, the Executive Board expects sales to be in the same region as last year, assuming unchanged FX rates (EUR/USD: 1.08). H1 2025 is currently expected to be below H2 2024 by a high single-digit percentage range. The recent development of the Euro against the US dollar may help to mitigate this effect. The sales guidance takes into account the discontinuation of production of polished and epitaxial wafers up to 150 mm diameter in Burghausen as of July 31, 2025.
The EBITDA margin is expected to be in the range of 22 to 27 percent. The ramp costs for the new fab will be partially offset by savings in energy and other areas.
Depreciation and amortization will increase to EUR 380 to 440 million in 2025 due to the high capex in recent years. This increase is mainly due to the planned start of depreciation of major parts of the new Singapore fab in mid-2025.
Mainly due to the higher depreciation, the Executive Board expects EBIT in 2025 to be significantly lower than in the previous year.
As previously announced, capex will be further reduced and is expected to be in the range of EUR 350 to 400 million. As a result, the company expects a noticeable improvement in net cash flow, which will, however, remain significantly negative.
Original – Siltronic
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ROHM has announced that the EcoGaN™ series of 650V GaN HEMTs in the TOLL package has been adopted for AI server power supplies by Murata Power Solutions, a subsidiary of the Murata Manufacturing Group and a leading supplier of electronic components, batteries and power supplies in Japan. Integrating ROHM’s GaN HEMTs, which combine low loss operation with high-speed switching performance, in Murata Power Solutions’ 5.5kW AI server power supply unit achieves greater efficiency and miniaturization. Mass production of this power supply unit is set to begin in 2025.
Rapid advancements in IoT-related fields such as AI and AR (Augmented Reality) have led to a surge in global data traffic in recent years. Notably, the power consumption for a single AI-generated response is estimated to be several times higher than that of a standard Internet search, highlighting the need for more efficient AI power supplies. Meanwhile, GaN devices, known for low ON resistance and high-speed switching performance, are gaining attention for their ability to enhance power supply efficiency while reducing the size of peripheral components such as inductors used in power circuits.
Dr. Joe Liu, Technical Fellow, Murata Power Solutions
“We are pleased to have successfully designed AI server power supply units featuring higher efficiency and power density by incorporating ROHM’s GaN HEMTs. The high-speed switching capability, low parasitic capacitance, and zero reverse recovery characteristics of GaN HEMTs help minimize switching losses. This allows for higher operating frequencies in switching converters, reducing the size of magnetic components. ROHM’s GaN HEMTs deliver competitive performance and exceptional reliability, yielding excellent results in the development of Murata Power Solutions’ 5.5kW AI server power supply units. Going forward, we will continue our collaboration with ROHM, a leader in power semiconductors, to improve the efficiency of power supplies and address the social issue of increasing power demand.”
Yuhei Yamaguchi, General Manager, Power Stage Product Development Div., LSI Business Unit, ROHM Co., Ltd.
“We are delighted that ROHM’s EcoGaN™ products have been integrated into AI server power supply units from Murata Power Solutions, a global leader in power supplies. The GaN HEMTs used in this application provide industry-leading switching performance in a high heat dissipation TOLL package, enhancing power density and efficiency in Murata Power Solutions’ power supply units. We look forward to strengthening our partnership with Murata Manufacturing, a company that shares the similar vision of contributing to society through electronics – promoting the miniaturization and efficiency of power supplies to enrich people’s lives.”
Original – ROHM
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Toshiba Electronic Devices & Storage Corporation held a ceremony to mark the completion of a new back-end production facility for automotive power semiconductors at Himeji Operations – Semiconductor, in Hyogo Prefecture, western Japan. The new facility will more than double capacity against the fiscal 2022 level, and will commence full-scale production in the first half of fiscal year 2025.
The new facility is designed to promote smart factory initiatives through automation of the manufacturing process and the use of RFID tags to improve work the efficiency and accuracy of inventory management accuracy. All power requirements will be met with electricity from renewable sources, including solar panels installed on the roof of the building under a power purchase agreement.
Power devices play a crucial role in supplying and controlling electricity, and are essential for improving energy efficiency in all kinds of electrical and electronic equipment. The continuing electrification of automobiles and higher efficiency requirements for industrial equipment are expected to drive long-term demand for power semiconductors. Toshiba is responding with investments in both front-end and back-end production facilities, and will meet market growth with a stable supply of high-efficiency and high-reliability products.
The new facility more than doubles Himeji Operations’ production capacity for automotive power semiconductor against fiscal year 2022, and will reinforce its contributions to advancing carbon neutrality.
Original – Toshiba
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Infineon Technologies AG announced the addition of P-channel power MOSFETs to its family of radiation-tolerant power MOSFETs for Low-Earth-Orbit (LEO) space applications. The new devices are part of Infineon’s expanding portfolio designed for next-generation “NewSpace” applications, providing cost-optimized radiation-tolerant MOSFETs that enable engineers to achieve faster time-to-market designs using smaller and lighter weight components with radiation performance suitable for missions lasting two to five years.
“Successful deployment of next-generation LEO satellite constellations and other space-ready systems require radiation-tolerant discretes and ICs with lead times and production volumes that enable rapid deployment and cost optimization,” said Chris Opoczynski, Sr. VP and General Manager, High Reliability (HiRel) Business, Power and Sensor Systems Division, Infineon . “Infineon is leveraging its 50-years of space heritage to bring an industry-first portfolio of efficient and reliable power devices to this dynamic sector of the business.”
The new 60 V P-channel MOSFET complements the already available 60 V and 150 V N-channel devices, all offered in plastic packaging, which is lower in cost than the traditional hermetic packaging used in rad-hardened devices and can be produced in higher volumes using standard manufacturing practices.
The radiation-tolerant discretes are qualified for space applications according to the relevant tests of the AEC-Q101 standard. Additional package tests such as outgas and salt atmosphere tests are included as part of the qualification, and they are rated for Single Event Effects (SEE) at 46 MeV∙cm²/mg LET and a Total Ionizing Dose (TID) of 30 to 50 krad (Si). The operating temperature rating is -55 °C to 175 °C (maximum). State-of-the-art technologies, like the patented CoolMOS™ superjunction technology used for the N-channel MOSFETs enables Field Effect Transistors (FETs) from Infineon to offer fast switching capabilities as compared to alternative solutions.
Original – Infineon Technologies
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Alpha and Omega Semiconductor Limited (AOS) will showcase its complete line of advanced power management solutions at the Applied Power Electronics Conference (APEC). These new products offer advanced features enabling designers to meet power management challenges in several key application areas.
Booth highlights
- Datacenters, AI Server, and High-Performance Graphics Cards: AOS is showcasing two new controllers specifically designed for high-performance GPUs and SoCs used in graphics cards and AI servers. The AOZ73016QI is a 16-phase, 2-rail controller specifically designed to the latest OpenVReg16 (OVR16) specifications. The AOZ73016QI controller design is based on the company’s high-performance, proprietary AOS Advanced Transient Modulator (A2TM) control scheme. In addition to supporting all the basic requirements of the OVR16 specification, the new AOS controller offers value-added features such as RDS(on) and DCR sensing for current monitoring and balance. These features enable AOS’ controller to support DrMOS and Smart Power Stages (SPS) to deliver a complete AI server and graphic card power solution and increase design flexibility. The AOZ73016QI offers full programmability via the PMBUS interface and is also AVS bus compliant. The device features digitally programmable voltage and current regulation loops, minimizing the external components required to implement a solution. It supports electronic control system (ECS) programmability with the ability to update configuration in the field and to pre-program up to six configuration settings with a pin-strap selection. As the world’s first OVR4-22 multiphase PWM controller, the AOZ73004CQI has received full OpenVReg OVR4-22 compliance. Its advanced design helps safely throttle GPU power for maximized performance. It leverages AOS’ breakthrough control scheme that meets stringent power delivery requirements with minimum external components and offers world-class system power efficiency. When paired with AOS’ industry-leading DrMOS and Smart Power Stages, the AOZ73016QI and AOZ73004CQI form a complete solution for GPU or AI SoC power in datacenters, graphics cards, and advanced computing.
- Power Distribution Board for AI Datacenters (Power MOSFETs): AOS is showcasing an application-specific MOSFET AOTL66935 for 48V Hot Swap with High Safe Operating Area (SOA) in TOLL package, and soon available in LFPAK8x8 (AOLV66935). AOTL66935 and AOLV66935 have ultra-low RDS(on) (<1.9mOhm) and high junction temperature ratings at 175°C. AOS designed these MOSFETs with low on-state resistance and robust linear mode performance to protect AI servers and telecom equipment where performance, reliability, and quality are essential.
- High Power Motor Drive Applications: AOS has developed state-of-the-art package options for its industry-leading MOSFET portfolio. Designed to meet the increasing performance and reliability application demands, the LFPAK, GTPAK™, and GLPAK™ packages combined with AOS’ MOSFET technology deliver low ohmic, low parasitic inductance, and high current capability advantages. These packages also feature gull-wing leads, offering a rugged solution for board-level environmental stresses. These features offer key benefits in reducing losses, improving power density, lowering EMI, and enhancing board-level reliability for key applications such as e-mobility, battery management, and other high-current applications. The GTPAK offered with the AOGT66909 is designed to mount a heatsink with a large exposed pad on the package surface. The topside cooling technology effectively transfers most heat to the heatsink instead of PCB, dissipating heat more efficiently. The GLPAK offered with the AOGL66901 is designed to achieve a high inrush current rating using AOS’ advanced clip technology. The Gull-wing design enhances board-level reliability. The GLPAK with clip technology offers very low package resistance and parasitic inductance, improving EMI performance compared to other package types that employ standard wire bonding.
Original – Alpha and Omega Semiconductor
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Leapers Semiconductor has officially commenced construction of its automotive-grade third-generation power semiconductor module project in Jiangdu District’s development zone. The launch event was part of Jiangdu District’s Major Project Construction Mobilization Conference, where local officials outlined key economic initiatives for the region. District Party Secretary Zhu Lili delivered a speech at the ceremony, emphasizing the urgency of driving economic growth from the start of the year. District Mayor Shen Bohong presided over the event, with key government representatives also in attendance.
During the event, township leaders provided updates on the district’s 2025 major construction projects, reaffirming their commitment to economic development. The first quarter alone saw the initiation of 29 major projects, with a total investment of 8.72 billion yuan ($1.2 billion), spanning sectors such as new materials, renewable energy, high-end equipment, and environmental protection.
Leapers Semiconductor SiC module project, which began construction on March 1, represents a 10 billion yuan ($1.4 billion) investment, covering an area of 32 acres. Once completed, the facility is expected to achieve an annual production capacity of 3 million automotive-grade SiC modules, generate 10 billion yuan ($1.4 billion) in annual revenue, and contribute 500 million yuan ($70 million) in annual tax revenue.
With this new SiC module packaging and testing facility, Leapers Semiconductor is set to enhance production capabilities, accelerate innovation, and drive the adoption of SiC power solutions worldwide.
Original – Leapers Semiconductor
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MCC Semi revealed the latest MOSFET designed to help engineers balance efficiency and thermal performance in high-power applications. The 150V MCTL4D0N15YH boasts a remarkably low on-resistance of 4mΩ, minimizing conduction losses for optimal efficiency.
Housed in a robust TOLL package, this component features advanced split-gate trench (SGT) technology and a junction-to-case thermal resistance of 0.39K/W for superior heat dissipation.
Equipped with an operating junction temperature capability of up to 175°C, this new MOSFET is the ideal solution for demanding applications, including battery management systems, motor drives, and DC-DC converters.
Offering versatility across multiple industries, MCTL4D0N15YH enhances system performance and longevity while reducing overall energy consumption.
Features & Benefits:
- SGT Technology: Ensures outstanding electrical performance and efficiency.
- Low On-Resistance (4mΩ): Minimizes power losses, enhancing system efficiency.
- Low Conduction Losses: Reduce energy waste, optimizing energy usage.
- Low Junction-to-Case Thermal Resistance (0.39K/W): Provides excellent heat dissipation capabilities.
- High Operating Junction Temperature (up to 175°C): Delivers reliability in high-temperature environments.
Original – Micro Commercial Components
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LATEST NEWS / PRODUCT & TECHNOLOGY / PROJECTS / SiC / TOP STORIES / WBGFebruary 27, 2025
4 Min ReadSilicon carbide (SiC) provides considerable technical advantages for power electronics – however, the costs are still a drawback. In the »ThinSiCPower« research project, a consortium of Fraunhofer Institutes is developing key technologies to reduce material losses and device thickness while increasing the thermomechanical stability of the assembled SiC chips. The savings achieved are expected to help further accelerate the market development of efficient SiC power electronics.
Power electronics based on the wide-bandgap semiconductor silicon carbide (SiC) are a key enabler for energy-efficient, sustainable and high-performance applications in electromobility – from cars and commercial vehicles to trains, ships and airplanes, in the generation, transportation and storage of renewable energies, as well as for IT and industrial infrastructures. It is therefore an important and competitively relevant factor for the current global transformation processes in the areas of mobility, energy and digitalization. The market for SiC power devices is expected to grow at an annual rate of over 30 percent. Compared to conventional silicon technology, the use of SiC power electronics in a standard drive converter saves more energy than is required to manufacture the SiC power electronics themselves.
While the technological advantages of SiC are obvious due to its physical properties, the higher costs compared to the established silicon are still an obstacle to faster market penetration. Chip costs are more than three times higher than for silicon. The initially required SiC wafer is the biggest cost driver here. In the case of a SiC-based metal-oxide semiconductor field-effect transistor (MOSFET), this accounts for more than 40 percent of the manufacturing costs. In addition, due to the unfavorable mechanical material properties and large thickness of the monocrystalline SiC wafer, electronics processed from it only achieve approx. 30 percent of the thermomechanical service life compared to silicon. This disadvantage leads to an approx. 25 percent larger chip area and, in the case of an inverter for example, to around 25 percent higher costs in the application.
In the three-year ThinSiCPower project (2024-2027), funded by the Fraunhofer PREPARE program, researchers are developing an alternative way to produce cost-effective SiC substrates and significantly thinner SiC chips using more resource-efficient processing technologies. Rather than first sawing the expensive, high-quality SiC wafers with the usual material loss and later back-grinding them in device processing, the SiC crystal is separated directly into thinner wafers using a special laser process without any major loss of material, which are then bonded onto an inexpensive carrier substrate based on polycrystalline SiC.
Fraunhofer ISE, ENAS and IWM with the Fraunhofer IISB as project coordinator are pooling their individual competencies in ThinSiCPower. A SiC coating technology developed by Fraunhofer IISB is being adapted for the manufacturing of the poly-SiC carrier substrates, which is more cost- and resource-efficient than the conventional manufacturing method using chemical vapor deposition. The low-loss separation of the thin SiC wafers is carried out using a laser for defined mechanical pre-damage (Fraunhofer ISE) and subsequent separation under well-defined mechanical conditions for controlled crack propagation (Fraunhofer IWM).
The wafer bonding process for the poly-SiC substrate with the split SiC, including the necessary surface preparation before and after the bonding process, will be developed at Fraunhofer ENAS, while the subsequent device processing and qualification will take place at Fraunhofer IISB. The partners are also developing adapted electrical test methods at thin wafer level as well as physics-of-failure simulation models to maximize the market acceptance of this new class of low-cost SiC substrates. With this, a broad applicability in the relevant industries could be achieved.
The aim is to reduce SiC device costs by 25 percent by developing technology for the production of costeffective thin SiC wafers and poly-SiC substrates. In addition, SiC design costs are to be reduced by further 25 percent by increasing the load cycle stability by 300 percent. The target markets are semiconductor and power module manufacturers as well as their process and equipment suppliers through to test equipment suppliers. With this project, the participating partner institutes are also combining their expertise to set up a complete, highly innovative and future-oriented SiC processing line within the Research Fab Microelectronics Germany (FMD). The consortium is receiving consultancy support directly from partners in industry.
The ThinSiCPower project not only accelerates the market penetration of silicon carbide through the targeted cost reduction and conceptual advantages, but also serves to secure an innovative, resilient and industry relevant SiC technology value chain in Germany and Europe.
Original – Fraunhofer IISB
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ROHM has developed 650V GaN HEMTs in the TOLL (TO-LeadLess) package: the GNP2070TD-Z. Featuring a compact design with excellent heat dissipation, high current capacity, and superior switching performance, the TOLL package is increasingly being adopted in applications that require high power handling, particularly inside industrial equipment and automotive systems. For this launch, package manufacturing has been outsourced to ATX SEMICONDUCTOR (WEIHAI) CO., LTD., an experienced OSAT (Outsourced Semiconductor Assembly and Test) provider.
Improving the efficiency of motors and power supplies, which account for most of the world’s electricity consumption, has become a significant challenge to achieving a decarbonized society. As power devices are key to improve efficiency, the adoption of new materials such as SiC (Silicon Carbide) and GaN is expected to further enhance the efficiency of power supplies.
ROHM began mass production of its 1st generation of its 650V GaN HEMTs in April 2023, followed by the release of power stage ICs that combine a gate driver and 650V GaN HEMT in a single package. This time, ROHM has developed the product incorporating 2nd generation elements in a TOLL package, and added it to existing DFN8080 package to strengthen ROHM’s 650V GaN HEMT package lineup – meeting the market demand for even smaller and more efficient high-power applications.
The new products integrate 2nd generation GaN-on-Si chips in a TOLL package, achieving industry-leading values in the device metric that correlates ON-resistance and output charge (RDS(ON) × Qoss). This contributes to further miniaturization and energy efficiency in power systems that require high voltage resistance and high-speed switching.
To achieve mass production, ROHM leveraged proprietary technology and expertise in device design, cultivated through a vertically integrated production system, to carry out design and planning. Under the collaboration announced on December 10, 2024, front-end processes are carried out by Taiwan Semiconductor Manufacturing Company Limited (TSMC). Back-end processes are handled by ATX. On top, ROHM plans to partner with ATX to produce automotive-grade GaN devices.
In response to the increasing adoption of GaN devices in the automotive sector, which is expected to accelerate in 2026, ROHM plans to ensure the rapid introduction of automotive-grade GaN devices by strengthening these partnerships in addition to advancing its own development efforts.
Liao Hongchang, Director and General Manager, ATX SEMICONDUCTOR （WEIHAI） CO., LTD.
“We are extremely pleased to have been entrusted with production by ROHM, a company renowned for its advanced manufacturing technologies and in-house production facilities that cover everything from wafer fabrication to packaging. We began technical exchanges with ROHM in 2017 and are currently exploring possibilities for deeper collaboration. This partnership was made possible due to ATX’s track record and technical expertise in the back-end manufacturing of GaN devices. Looking ahead, we also plan to collaborate on ROHM’s ongoing development of automotive-grade GaN devices. By strengthening our partnership, we aim to contribute to energy conservation across various industries and the realization of a sustainable society.”Satoshi Fujitani, General Manager, AP Production Headquarters, ROHM Co., Ltd.
“We are delighted to have successfully produced 650V GaN HEMTs in the TOLL package, achieving sufficient performance. ROHM not only offers standalone GaN devices but also provides power solutions that combine them with ICs, leveraging ROHM’s expertise in analog technology. The knowledge and philosophy cultivated in the design of these products are also applied to device development. Collaborating with OSATs such as ATX, that possess advanced technical capabilities, allows us to stay ahead in the rapidly growing GaN market while utilizing ROHM’s strengths to bring innovative devices to market. Going forward, we will continue to enhance the performance of GaN devices to promote greater miniaturization and efficiency in a variety of applications, contributing to enrich people’s lives.”Original – ROHM
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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
