Ideal Power Inc. Releases Q2 2024 Financial and Business Highlights

Ideal Power Inc., a company specializing in innovative power conversion technologies, has released its Form 10-Q report for the second quarter of 2024. The report provides a detailed overview of the company's financial performance and operational milestones, highlighting both challenges and strategic advancements.

Financial Highlights

• Total Revenue: $1,331 for the three months ended June 30, 2024, compared to $135,167 in the same period in 2023. The decrease was primarily due to lower commercial revenue related to initial orders from customers evaluating the technology.
• Gross Profit (Loss): $(16,143) for the three months ended June 30, 2024, compared to $24,430 in the same period in 2023. The negative gross profit reflects the costs associated with initial low volume shipments.
• Loss from Operations: $(2,886,013) for the three months ended June 30, 2024, compared to $(2,388,151) in the same period in 2023. The increase in loss was due to higher research and development expenses.
• Net Loss: $(2,662,065) for the three months ended June 30, 2024, compared to $(2,279,806) in the same period in 2023. The increase in net loss was driven by higher operating expenses.
• Net Loss Per Share – Basic and Diluted: $(0.31) for the three months ended June 30, 2024, compared to $(0.37) in the same period in 2023. The decrease in loss per share is due to an increase in the weighted average number of shares outstanding.

Business Highlights

• New Product Launches: In early 2023, Ideal Power Inc. launched the SymCool® Power Module, designed for the solid-state circuit breaker market. Later in 2023, the SymCool® IQ Intelligent Power Module was introduced, targeting markets such as renewable energy, energy storage, EV charging, and industrial applications.
• Development Agreement: Ideal Power Inc. is engaged in a product development agreement with Stellantis for a custom B-TRAN™ power module for EV drivetrain inverters. Phase 2 of the program was completed in early 2024, and the company is finalizing the scope for the next phase.
• Distribution Agreement: In March 2024, Ideal Power Inc. announced a global distribution agreement with Richardson Electronics, Ltd., marking RELL as the first distributor for its products.
• Test and Evaluation Agreements: Since mid-2021, Ideal Power Inc. has entered into several test and evaluation agreements with major companies across various industries to evaluate the B-TRAN™ technology for their applications.
• Future Outlook: Ideal Power Inc. anticipates modest increases in product revenue throughout 2024 and expects development revenue to resume with the next phase of the Stellantis agreement. The company is also pursuing additional government funding for potential future grant revenues.

SEC Filing: Ideal Power Inc. Releases Q2 2024 Financial and Business Highlights [ NASDAQ:IPWR ] - 10-Q - Aug. 14, 2024