Ideal Power Inc. - IPWR STOCK NEWS

Ideal Power (NASDAQ: IPWR) has released its financial results for Q1 2024, highlighting a rise in commercial revenue to $78,739 from $0 in Q1 2023. Operating expenses decreased slightly to $2.5 million from $2.6 million, with a net loss remaining constant at $2.5 million. The company raised $15.7 million from a public offering, boosting cash reserves to $20.2 million, and it has no long-term debt.

Key business developments include commencing shipments of SymCool™ power modules, completing Phase II of a development program with Stellantis ahead of schedule, and securing its first distributor, Richardson Electronics. The company is also nearing completion of a qualification run with a second high-volume wafer fabrication partner in Europe. Ideal Power holds 86 issued B-TRAN™ patents and 41 pending patents globally.

For 2024, the company aims to secure Phase III with Stellantis, complete the qualification of the second fab, convert large OEMs to design wins, add more distributors, and begin third-party automotive qualification testing.

Ideal Power Inc. announced a partnership with a global leader in circuit protection, industrial fuses, and power conversion electronics to test and evaluate its B-TRAN™ power semiconductors for various industrial applications. The collaboration aims to drive product development and potentially secure design wins and customer agreements. Ideal Power's B-TRAN™ technology offers advantages in EV power transfer, DC microgrids, energy storage systems, and railway substations, providing higher efficiency, lower conduction losses, bidirectional capability, and reduced system costs. With the potential to reduce power losses by 50% or more compared to conventional switches, B-TRAN™ stands out as a unique and efficient solution in bidirectional applications, positioning the company favorably in the growing market of transportation electrification and renewable energy.

Ideal Power Inc. will hold a conference call on May 15, 2024, to discuss the first quarter results. The call will be hosted by President and CEO Dan Brdar and CFO Tim Burns. Analysts and investors can submit questions in advance. The company will also participate in the Northland Capital Markets Virtual Growth Conference on June 25, 2024.

Ideal Power Inc. announces an order from a Forbes Global 500 power management market leader for SymCool™ power modules and drivers. The customer is evaluating the technology for use in solid-state circuit breaker applications in industrial markets, highlighting lower conduction losses and improved efficiency compared to conventional power semiconductors. Ideal Power expects industrial markets to drive sales growth starting in the second half of 2024.

Ideal Power Inc. (NASDAQ:IPWR) received a purchase order from a global leader in power semiconductor solutions for its B-TRAN™ technology. The customer is collaborating with Ideal Power on a solid-state circuit breaker design, leveraging B-TRAN™'s advantages such as lower conduction losses, costs, and bidirectionality. The technology offers higher efficiency, reducing power losses by 50% or more, leading to smaller thermal management requirements and potentially smaller products. B-TRAN™'s symmetric bidirectional operation sets it apart from conventional switches, providing a competitive edge in bidirectional applications in the growing renewable energy and transportation sectors.

Ideal Power Inc. (NASDAQ:IPWR) announces participation in upcoming investor conferences: Emerging Growth Virtual Conference on April 3, 2024, and Alliance Global Partners Virtual Energy Conference on April 10, 2024. The Company will present at the Emerging Growth Virtual Conference and participate in one-on-one meetings at the Alliance Global Partners Virtual Energy Conference.

Ideal Power Inc. (NASDAQ:IPWR) closed an underwritten public offering, raising approximately $15 million through the sale of 2,000,000 shares of common stock at $7.50 per share. The net proceeds will be used for general corporate and working capital purposes. The offering was made under a shelf registration statement and managed by Titan Partners Group, a division of American Capital Partners.

Ideal Power Inc. (NASDAQ:IPWR) announces pricing of a public offering of 2 million shares of common stock at $7.50 per share, expecting to raise approximately $15 million for general corporate and working capital purposes.

Ideal Power Inc. (Nasdaq:IPWR) has announced an underwritten public offering of shares of its common stock, with an option for the underwriter to purchase additional shares. The offering is subject to market conditions and is being made pursuant to an effective registration statement. Titan Partners Group is acting as the sole book-running manager for the proposed offering.