Financial Performance - Ideal Power reported commercial revenue of 5,408inQ42024and86,032 for the full year 2024, compared to 61,483and161,483 in 2023 respectively, indicating a significant decline in revenue [20]. - The net loss for Q4 2024 was 2.6million,slightlyhigherthanthe2.4 million loss in Q4 2023, while the full year net loss increased to 10.4millionfrom10.0 million in 2023 [6]. - Net loss for the year ended December 31, 2024, was 10,417,813,comparedtoanetlossof9,954,020 in 2023, representing an increase in loss of approximately 4.6% [22]. Operating Expenses - Operating expenses in Q4 2024 were 2.8million,upfrom2.5 million in Q4 2023, primarily due to increased research and development spending [6]. - Cash used in operating and investing activities was 2.6millioninQ42024,comparedto2.1 million in Q4 2023, and 9.2millionforthefullyear2024,upfrom7.7 million in 2023 [6]. - Net cash used in operating activities increased to 8,742,580in2024from7,131,578 in 2023, reflecting a rise of about 22.6% [22]. - The company recorded stock-based compensation of 1,596,254in2024,downfrom2,321,380 in 2023, a decrease of about 31.2% [22]. - Depreciation and amortization expenses rose to 341,045in2024from271,746 in 2023, an increase of about 25.5% [22]. - The acquisition of intangible assets amounted to 309,162in2024,comparedto282,121 in 2023, reflecting an increase of approximately 9.6% [22]. - The company experienced a decrease in accounts payable by 300,981in2024,contrastingwithanincreaseof274,595 in 2023 [22]. - The company reported a write-off of capitalized patents amounting to 62,073in2024,withnosuchwrite−offrecordedin2023[22].−Thenetcashusedininvestingactivitiesdecreasedslightlyto506,428 in 2024 from 522,946in2023,areductionofabout3.215.8 million as of December 31, 2024, an increase from 8.5millionin2023[18].−Cashandcashequivalentsattheendoftheperiodincreasedto15,842,850 in 2024, up from 8,474,835in2023,markinganincreaseofapproximately86.516,617,023 in 2024, compared to a net cash used of 216,264in2023,indicatingasignificantturnaround[22].MarketOpportunitiesandProductDevelopment−IdealPowerhasidentifieda1.0 billion market opportunity for solid-state switchgear and a $1.4 billion opportunity in the energy and power market [3]. - The company secured its first design win for solid-state circuit breakers (SSCB) with a major Asian manufacturer, which is expected to drive revenue growth starting in the second half of 2025 [2]. - Ideal Power plans to initiate sales ramp in the second half of 2025 following the successful rollout of its first B-TRAN®-based product [2]. - The company is currently conducting third-party automotive qualification and reliability testing of B-TRAN® devices, with positive test results reported so far [6]. - The company has 94 issued B-TRAN® patents, with 45 issued outside the United States and 53 pending patents, covering multiple regions including North America and Asia [6].
Ideal Power(IPWR)2025-02-27 14:25