AUSTIN, Texas, July 31, 2024 /PRNewswire/ -- Ideal Power Inc. (Nasdaq: IPWR) ("Ideal Power," the "Company," "we," "us" or "our"), pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN™ bidirectional semiconductor power switch, today announces that management will hold a conference call on Wednesday, August 14, 2024 at 10:00 AM Eastern Time to discuss its results for the second quarter ended June 30, 2024. A press release detailing these results will be issued p ...

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Companies are accelerating their shift towards electrification with a comprehensive strategy aimed at industrial and automotive applications. Take Stellantis, for instance, the owner of iconic brands like Dodge, Fiat and Jeep. The company has ambitious milestones, including transitioning 100% of European sales and 50% of US sales to electric vehicles (EVs) by the end of the decade. By 2030, they plan to offer over 75 EV models and achieve global annual EV sales of five million units. Its efforts prioritize ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Commission File Number 001-36216 IDEAL POWER INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Delaware 14-1999058 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 5508 Highway 290 West, Suite 120 Austin, Texas 78735 (Address of principal executive o ...

Exhibit 99.1 Key First Quarter and Recent Business Highlights Execution to our B-TRAN™ commercial roadmap continues, including: ● 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. ● Received an order for SymCool™ power modules and drivers from ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001‑36216 IDEAL POWER INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...

[Executive Summary & Business Update](index=1&type=section&id=Ideal%20Power%20Reports%20Fourth%20Quarter%20and%20Full%20Year%202023%20Financial%20Results) Ideal Power's CEO highlighted significant progress in 2023 on the B-TRAN™ commercial roadmap, with strong momentum in test programs and expectations for design wins, particularly in solid-state circuit breaker and EV applications, with initial SymCool™ module shipments underway [CEO Statement & Strategic Outlook](index=1&type=section&id=CEO%20Statement) Ideal Power's CEO highlighted significant progress in 2023 on the B-TRAN™ commercial roadmap, with strong momentum in test programs and expectations for design wins, particularly in solid-state circuit breaker and EV applications, with initial SymCool™ module shipments underway - CEO Dan Brdar reported significant progress in 2023 on the B-TRAN™ commercial roadmap, continuing into 2024[2](index=2&type=chunk) - Strong momentum continues with participants in the test and evaluation program, particularly for solid-state circuit breaker and hybrid and electric vehicle applications[2](index=2&type=chunk) - The company expects to convert large OEMs into design wins and/or additional custom development agreements in 2024[2](index=2&type=chunk) - Phase II of the development agreement with Stellantis was recently completed, and commercial shipment of SymCool™ power modules to fulfill customer orders has commenced[2](index=2&type=chunk) - Industrial markets, especially the solid-state circuit breaker market served by SymCool™ power modules, are expected to be the earliest source of product sales ramp[2](index=2&type=chunk) [Operational Highlights & Strategic Initiatives](index=1&type=section&id=Key%20Fourth%20Quarter%20and%20Recent%20Operational%20Highlights) Ideal Power achieved key operational milestones in Q4 2023, including commercial module shipments and Stellantis program completion, while setting ambitious 2024 goals and expanding its B-TRAN™ patent portfolio [Q4 and Recent Operational Highlights](index=1&type=section&id=Q4%20and%20Recent%20Operational%20Highlights) Ideal Power achieved several key operational milestones in Q4 2023, including the commercial shipment of SymCool™ power modules, successful completion of Phase II of a development program with Stellantis, and the release of technical marketing materials - Commenced commercial shipment of SymCool™ power modules to fulfill customer orders, targeting applications including solid-state switchgear, circuit protection, renewable energy inverters, industrial inverters, hybrid and electric vehicles (EVs), and EV charging[3](index=3&type=chunk) - Successfully completed Phase II of a product development program with Stellantis 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[3](index=3&type=chunk) - Stellantis recognized Ideal Power and its program as a finalist in the 2023 Stellantis Venture Awards due to the excellent performance of commercial B-TRAN™ devices[3](index=3&type=chunk) - Released B-TRAN™ and SymCool™ videos and application notes for prospective customers, resulting in new opportunities for the sales funnel[5](index=5&type=chunk) - Nearing completion of a qualification run with a second high-volume wafer fabrication partner in Europe, which will support future revenue growth and add dual sourcing for wafer fabrication[5](index=5&type=chunk) [2024 Milestones](index=3&type=section&id=2024%20Milestones) The company has set ambitious milestones for 2024, focusing on advancing its Stellantis partnership, expanding production capabilities, securing design wins, and initiating automotive qualification testing - Successfully completed Phase II of the development program with Stellantis[11](index=11&type=chunk) - Aims to secure Phase III of the development program with Stellantis[11](index=11&type=chunk) - Plans to complete qualification of the second high-volume production fab[11](index=11&type=chunk) - Seeks to convert large OEMs in the test and evaluation program to design wins or custom development agreements[11](index=11&type=chunk) - Plans to add distributors for SymCool™ products and initiate initial sales of SymCool™ IQ intelligent power module[11](index=11&type=chunk) - Will begin third-party automotive qualification testing[11](index=11&type=chunk) [Intellectual Property](index=2&type=section&id=B-TRAN%E2%84%A2%20Patent%20Estate) Ideal Power continues to expand its B-TRAN™ patent portfolio, holding 82 issued patents globally, with additional patents pending to broaden geographic coverage - Currently holds **82 issued B-TRAN™ patents**, with **36 issued outside of the United States**[5](index=5&type=chunk) - Has **39 pending B-TRAN™ patents**[5](index=5&type=chunk) - Current geographic coverage includes North America, China, Japan, South Korea, India, and Europe, with pending coverage in Taiwan[5](index=5&type=chunk) [Financial Performance](index=2&type=section&id=Fourth%20Quarter%20and%20Full%20Year%202023%20Financial%20Results) Ideal Power reported significant commercial revenue growth in Q4 and FY2023 from a zero base in the prior year, alongside increased operating expenses driven by R&D, leading to a higher net loss and increased cash usage [Summary of Q4 and Full Year 2023 Financial Results](index=2&type=section&id=Summary%20of%20Q4%20and%20Full%20Year%202023%20Financial%20Results) Ideal Power reported significant commercial revenue growth in Q4 and FY2023 from a zero base in the prior year, alongside increased operating expenses driven by R&D, leading to a higher net loss and increased cash usage Key Financial Highlights (Q4 and Full Year 2023 vs. 2022) | Metric | Q4 2023 | Q4 2022 | YoY Change (Q4) | FY 2023 | FY 2022 | YoY Change (FY) | | :-------------------------- | :---------- | :---------- | :-------------- | :---------- | :---------- | :-------------- | | Commercial Revenue | $61,483 | $0 | N/A | $161,483 | $0 | N/A | | Grant Revenue | $0 | $16,608 | -100% | $37,388 | $203,269 | -81.6% | | Operating Expenses | $2.5M | $2.0M | +25% | $10.4M | $7.3M | +42.5% | | Net Loss | $(2.4M) | $(1.9M) | +26.3% | $(10.0M) | $(7.2M) | +38.9% | | Cash Used (Operating, Investing, Financing) | $2.3M | $2.1M | +9.5% | $7.9M | $6.8M | +16.2% | | Cash & Cash Equivalents (Dec 31) | $8.5M | $16.3M | -47.9% | | | | - Operating expenses in both Q4 and full year 2023 were primarily driven by higher research and development spending and, for the full year, stock-based compensation expense[5](index=5&type=chunk) - The company reported no long-term debt outstanding at December 31, 2023[5](index=5&type=chunk) [Balance Sheets](index=6&type=section&id=Balance%20Sheets) As of December 31, 2023, Ideal Power's total assets decreased significantly, primarily driven by a reduction in cash and cash equivalents, while total liabilities increased due to higher accounts payable and other long-term liabilities Balance Sheet Summary (December 31, 2023 vs. 2022) | Metric | Dec 31, 2023 | Dec 31, 2022 | Change | | :-------------------------- | :----------- | :----------- | :----- | | Cash and cash equivalents | $8,474,835 | $16,345,623 | $(7,870,788) | | Total current assets | $9,109,175 | $16,902,924 | $(7,793,749) | | Total assets | $12,248,070 | $19,399,367 | $(7,151,297) | | Total current liabilities | $930,893 | $449,318 | $481,575 | | Total liabilities | $2,188,370 | $1,490,763 | $697,607 | | Total stockholders' equity | $10,059,700 | $17,908,604 | $(7,848,904) | - Inventory increased from **$0 in 2022 to $81,450 in 2023**, reflecting initial commercial activities[19](index=19&type=chunk) - Intangible assets, net, increased from **$2,036,431 to $2,580,066**, indicating continued investment in intellectual property[19](index=19&type=chunk) [Statements of Operations](index=7&type=section&id=Statements%20of%20Operations) The company saw a significant increase in commercial revenue in 2023, but this was offset by a decrease in grant revenue and a substantial rise in operating expenses, particularly R&D, leading to a larger net loss for both the quarter and the full year Statements of Operations (Q4 and Full Year 2023 vs. 2022) | Metric | Q4 2023 | Q4 2022 | YoY Change (Q4) | FY 2023 | FY 2022 | YoY Change (FY) | | :-------------------------- | :---------- | :---------- | :-------------- | :---------- | :---------- | :-------------- | | Commercial Revenue | $61,483 | $0 | N/A | $161,483 | $0 | N/A | | Grant Revenue | $0 | $16,608 | -100% | $37,388 | $203,269 | -81.6% | | Total Revenue | $61,483 | $16,608 | +270.2% | $198,871 | $203,269 | -2.2% | | Gross Profit | $15,058 | $0 | N/A | $38,258 | $0 | N/A | | Research and Development | $1,405,957 | $1,029,695 | +36.5% | $5,743,211 | $3,366,776 | +70.6% | | General and Administrative | $850,432 | $767,309 | +10.8% | $3,533,383 | $3,123,852 | +13.1% | | Sales and Marketing | $243,563 | $192,307 | +26.7% | $1,113,752 | $852,331 | +30.7% | | Total Operating Expenses | $2,499,952 | $1,989,311 | +25.7% | $10,390,346 | $7,342,959 | +41.5% | | Loss from Operations | $(2,484,894)| $(1,989,311)| +24.9% | $(10,352,088)| $(7,342,959)| +41.0% | | Net Loss | $(2,405,748)| $(1,890,945)| +27.2% | $(9,954,020)| $(7,189,350)| +38.5% | | Net Loss per Share (basic & diluted) | $(0.39) | $(0.31) | +25.8% | $(1.61) | $(1.17) | +37.6% | - The company achieved a gross profit of **$15,058 in Q4 2023** and **$38,258 for the full year 2023**, compared to $0 in the prior year, reflecting the commencement of commercial revenue[21](index=21&type=chunk) [Statements of Cash Flows](index=8&type=section&id=Statements%20of%20Cash%20Flows) Ideal Power experienced an increased net cash outflow from operating activities in 2023, primarily due to a higher net loss and increased stock-based compensation, alongside higher cash usage in investing activities for property, equipment, and intangible assets Cash Flow Summary (Full Year 2023 vs. 2022) | Metric | FY 2023 | FY 2022 | Change | | :---------------------------------- | :---------- | :---------- | :----- | | Net Loss | $(9,954,020)| $(7,189,350)| $(2,764,670) | | Stock-based compensation | $2,321,380 | $975,801 | $1,345,579 | | Net cash used in operating activities | $(7,131,578)| $(6,383,914)| $(747,664) | | Net cash used in investing activities | $(522,946) | $(312,740) | $(210,206) | | Net cash used in financing activities | $(216,264) | $(127,872) | $(88,392) | | Net decrease in cash and cash equivalents | $(7,870,788)| $(6,824,526)| $(1,046,262) | | Cash and cash equivalents at end of period | $8,474,835 | $16,345,623 | $(7,870,788) | - The increase in net cash used in operating activities was partly offset by higher non-cash adjustments like depreciation and amortization, and a significant increase in stock-based compensation[23](index=23&type=chunk) - Investing activities saw increased spending on the purchase of property and equipment (**$240,825 in 2023 vs. $182,651 in 2022**) and acquisition of intangible assets (**$282,121 in 2023 vs. $130,089 in 2022**)[23](index=23&type=chunk) [Company Information & Legal Disclosures](index=3&type=section&id=About%20Ideal%20Power%20Inc.) Ideal Power is focused on developing and commercializing its patented B-TRAN™ semiconductor technology, a unique double-sided bidirectional AC switch designed to improve efficiency and reduce losses in various energy control applications [About Ideal Power and B-TRAN™ Technology](index=4&type=section&id=About%20Ideal%20Power%20Inc.) Ideal Power is focused on developing and commercializing its patented B-TRAN™ semiconductor technology, a unique double-sided bidirectional AC switch designed to improve efficiency and reduce losses in various energy control applications - Ideal Power is pioneering the development and commercialization of its broadly patented B-TRAN™ bidirectional semiconductor power switch[15](index=15&type=chunk) - B-TRAN™ creates highly efficient and eco-friendly energy control solutions for electric vehicle, electric vehicle charging, renewable energy, energy storage, UPS/data center, solid-state circuit breaker, and other industrial and military applications[15](index=15&type=chunk) - B-TRAN™ is a unique double-sided bidirectional AC switch that delivers substantial performance improvements over today's conventional power semiconductors[15](index=15&type=chunk) - B-TRAN™ can reduce conduction and switching losses, complexity of thermal management, and operating cost in AC power switching and control circuitry[15](index=15&type=chunk) [Investor Communications](index=3&type=section&id=Conference%20Call%20and%20Webcast%3A%20Fourth%20Quarter%20and%20Full%20Year%202023%20Results) Ideal Power provided details for its Q4 and FY2023 earnings conference call and webcast, along with information on upcoming investor conference presentations and a recent CEO interview Conference Call Details | Detail | Information | | :---------------------- | :-------------------------- | | Date | Thursday, February 29, 2024 | | Time | 10:00 AM ET | | Toll-free dial-in | 888-506-0062 | | International dial-in | 973-528-0011 | | Participant Access Code | 233198 | - An audio replay of the conference call was available one hour after the live call until Midnight on March 14, 2024[8](index=8&type=chunk)[9](index=9&type=chunk) - Ideal Power President and CEO Dan Brdar was recently interviewed by Diane King Hall with Schwab Network[10](index=10&type=chunk) - Ideal Power plans to present at the Emerging Growth Virtual Conference on March 7, 2024, and at the Roth Capital 36th Annual Conference on March 18, 2024[12](index=12&type=chunk)[13](index=13&type=chunk) [Safe Harbor Statement & Contacts](index=5&type=section&id=Safe%20Harbor%20Statement) The report includes a safe harbor statement regarding forward-looking statements, outlining inherent risks and uncertainties, and provides contact information for investor relations - All non-historical statements are 'forward-looking statements' subject to risks, uncertainties, and other factors, including the success of B-TRAN™ technology, patent protection, development timing, market acceptance, and supply chain disruptions[16](index=16&type=chunk) - Investors should not place reliance on forward-looking statements as a prediction of actual results, and the company disclaims any intention to update or revise them, except as required by applicable law[16](index=16&type=chunk) - The Investor Relations contact is Jeff Christensen of Darrow Associates Investor Relations[17](index=17&type=chunk)

Table of Contents FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission File Number 001-36216 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 IDEAL POWER INC. (Exact name of registrant as specified in its charte ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission File Number 001-36216 IDEAL POWER INC. (Exact name of registrant as specified in its charter) (S ...

Financial Data and Key Metrics Changes - In Q2 2023, the company recorded development revenue of $98,000 and grant revenue of $37,000, with a net loss of $2.3 million compared to $1.7 million in Q2 2022 [54][68] - Cash burn in Q2 2023 was $1.8 million, unchanged from Q1 2023, with total cash and cash equivalents at $12.7 million as of June 30, 2023 [68] Business Line Data and Key Metrics Changes - The company successfully completed the full process flow engineering run for the B-TRAN device, proving manufacturability with high yield and excellent performance [4][42] - Hundreds of B-TRAN devices were delivered to diversify technologies under the NAVSEA solid-state circuit breaker program [9][46] - The SymCool Power Module was introduced as the first commercial product, targeting the solid-state circuit breaker market [5][55] Market Data and Key Metrics Changes - The global solid-state switching equipment market is projected to grow at a CAGR of 7.6% to approximately $9.3 billion by 2028 [6] - The semiconductor content in electric vehicles is expected to significantly impact production costs, with estimates of $2,000 to $3,000 per vehicle for power semiconductor devices [31][32] Company Strategy and Development Direction - The company aims to commercialize B-TRAN technology, focusing on markets such as electric vehicles, renewable energy, and energy storage [52][64] - A dual sourcing strategy for wafer fabrication is in place to mitigate supply chain risks, ensuring sufficient capacity for large customers [45][59] - The company plans to pursue licensing agreements with large semiconductor players as part of its long-term strategy [20][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the B-TRAN technology's potential to displace conventional power semiconductors in various applications [80] - The company anticipates higher R&D spending in the latter half of 2023, with some variability in operating expenses [67][68] - Management highlighted the importance of customer education regarding the new semiconductor architecture, noting positive feedback from early adopters [70][102] Other Important Information - The company has 75 issued B-TRAN patents, with ongoing efforts to expand its patent estate [53] - The first commercial sales of the SymCool product are expected to begin later in 2023, with revenue ramping up in 2024 [41][79] Q&A Session Summary Question: Importance of initial T&E customer shipments and early feedback - Management noted that early feedback has been positive, with customers finding the devices performing better than expected [70][86] Question: Performance improvements on production units - Management indicated that the production units have shown lower losses and better switching performance than initially rated, leading to increased current ratings [90][91] Question: Risks to achieving first commercial sales of SymCool - Management stated that they are on track with their milestones and have been diligent in addressing any surprises that arise [94] Question: Pursuit of the data center market - The company confirmed ongoing interest in the data center market, with potential co-development opportunities [104] Question: Adoption speed and breadth in targeted markets - Management highlighted the significant market potential for B-TRAN technology, particularly in the IGBT market, projected to reach $11 billion by 2026 [118][119]