Ideal Power Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Ideal Power Inc. has achieved its first design win for its B-TRAN® technology, which is expected to significantly boost revenue starting in the second half of 2025 [2][3] - The company anticipates substantial growth opportunities in the solid-state circuit breaker (SSCB) market, estimated at $1.0 billion, and a$1.4 billion opportunity in the energy and power market [3] Financial Performance - In Q4 2024, Ideal Power reported commercial revenue of $5,408, a decrease from$61,483 in Q4 2023, and total revenue of $86,032 for the full year 2024, down from$198,871 in 2023 [16][18] - The net loss for Q4 2024 was $2.6 million, compared to a loss of$2.4 million in Q4 2023, while the full year net loss was $10.4 million, up from$10.0 million in 2023 [13][18] - Operating expenses in Q4 2024 were $2.8 million, an increase from$2.5 million in Q4 2023, primarily due to higher research and development spending [16][18] Operational Highlights - The company secured a multi-unit order for its SymCool® IQ intelligent power module, targeting markets such as renewable energy, energy storage, and EV charging [5] - Ideal Power is conducting third-party automotive qualification and reliability testing for B-TRAN® devices, with positive test results reported so far [5] - The company has a total of 94 issued B-TRAN® patents, with 45 issued outside the U.S. and 53 pending, covering regions including North America, China, and Europe [5] Future Outlook - Ideal Power aims to secure additional design wins with large SSCB customers and expects to initiate a sales ramp in the second half of 2025 [3][13] - The company plans to complete deliverables related to its first design win with Stellantis in the first half of 2025 and increase the current rating of its products [13]