Ideal Power Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Ideal Power (Nasdaq: IPWR) reported fourth-quarter and full-year 2025 results and commercial milestones on March 10, 2026. Key developments include two new customer agreements, a multi-year cooperation with Lazzen, an LOI with an Asian power module maker, engagement with Stellantis, and a 100-issued patent B-TRAN® estate.
Financials: cash of $6.1M at year-end, $12.6M raised in Feb 2026 financing, Q4 operating expenses $1.9M, full-year net loss $10.6M.
Positive
- Raised $12.6M in net proceeds from Feb 25, 2026 financing
- Secured multi-year cooperation with Lazzen targeting SSCBs for AI data centers
- B-TRAN® patent estate: 100 issued patents and 78 pending
- No long-term debt outstanding at December 31, 2025
Negative
- Cash and cash equivalents of only $6.1M at year-end 2025
- Full-year net loss of $10.6M in 2025
- Cash used in operations and investing of $9.6M in 2025
News Market Reaction – IPWR
On the day this news was published, IPWR gained 3.32%, reflecting a moderate positive market reaction. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $1M to the company's valuation, bringing the market cap to $43M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
IPWR was down 1.19% while peers were mixed: FLUX gained 9.7%, whereas APWC, OESX, EPOW and CCTG declined modestly. With only one peer in momentum and mixed directions, moves appear stock-specific rather than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | -26.8% | Highlighted Stellantis order progress and stronger B-TRAN® IP and testing results. |
| Aug 14 | Q2 2025 earnings | Positive | +33.0% | Reported new collaborations and Stellantis purchase order alongside higher expenses. |
| May 15 | Q1 2025 earnings | Neutral | +2.5% | Mixed update with earlier SSCB prototype completion but lower revenue and higher loss. |
| Feb 27 | FY 2024 earnings | Positive | +8.4% | First SSCB design win and expectations for revenue ramp starting in H2 2025. |
| Nov 14 | Q3 2024 earnings | Neutral | -14.8% | Ongoing B-TRAN™ commercialization with solid cash but continued operating losses. |
Earnings releases have produced volatile and often inconsistent reactions, including sharp selloffs on seemingly positive updates and strong rallies when commercial progress is highlighted.
Over the past year, Ideal Power’s earnings updates have focused on B-TRAN® commercialization progress, expanding automotive and circuit protection partnerships, and a steadily declining cash balance. Cash fell from $18.7M in Q3 2024 to $8.4M by Q3 2025 and $6.1M at Dec 31, 2025, while net losses stayed in the $2.7M–$3.0M quarterly range. Market reactions have been mixed, with both double‑digit gains and losses around these reports.
Historical Comparison
In the last 5 earnings releases, IPWR saw an average move of about 0.46%, with both double‑digit gains and losses. Today’s full-year 2025 report continues the theme of commercialization progress alongside persistent losses and cash usage.
Across recent earnings, Ideal Power advanced B-TRAN® commercialization while cash declined from $18.7M in Q3 2024 to $15.8M FY 2024, $13.7M in Q1 2025, $11.1M in Q2, $8.4M in Q3, and $6.1M at FY 2025, reflecting ongoing investment and operating losses.
Market Pulse Summary
This announcement highlights ongoing commercialization of B-TRAN® with new customer agreements, a patent estate of 100 issued patents, and expense discipline that lowered Q4 operating costs to $1.9M. At the same time, Ideal Power reported a full-year net loss of $10.6M and cash of $6.1M at Dec 31, 2025. Investors may watch future cash usage, follow-on orders with partners like Lazzen and Stellantis, and any further financing activity.
Key Terms
solid-state circuit breakers (sscbs) technical
AI-generated analysis. Not financial advice.
"We're excited to have signed two new customer agreements for the development of B-TRAN®-enabled solutions addressing focus applications that span solid-state circuit protection for data centers, renewable energy and energy storage systems, grid, electric vehicles and charging infrastructure," said David Somo, President and Chief Executive Officer of Ideal Power. "We detailed the Company's strategy, commercial opportunities, priorities and expectations on our recent Business Update Webcast Call. It's a plan designed to accelerate commercialization and deliver increased value to our shareholders and our customers. Now that we have set out a clear path, our focus is on disciplined execution."
Key Fourth Quarter and Recent Highlights
Execution to our B-TRAN® commercial roadmap continues, including:
- Appointed David Somo as Chief Executive Officer, President and board director. Mr. Somo has a proven track record of driving revenue growth with extensive experience in worldwide sales, marketing, business development, corporate strategy, M&A, and product development, with full business P&L responsibility.
- Announced multi-year strategic cooperation agreement with Lazzen for the design, development, and worldwide sales of B-TRAN®-enabled circuit protection solutions including solid-state circuit breakers (SSCBs), battery disconnect units, and electric vehicle (EV) contactors. Lazzen's first B-TRAN®-enabled SSCB is expected to target AI data center customers.
- Signed Letter of Intent with a power module maker in
Asia to manufacture and offer B-TRAN®-based power modules for sale to their customers. - Engaged with Stellantis on potential development program for EV contactors. Expect remaining deliverables under existing purchase order from Stellantis for custom development and packaged B-TRAN® devices targeting EV applications to be completed by mid-2026.
- B-TRAN® Patent Estate: Currently at 100 issued B-TRAN® patents with 48 of those issued outside of
the United States and 78 pending B-TRAN® patents. Current geographic coverage includesNorth America ,China ,Taiwan ,Japan ,South Korea ,India , andEurope .
Financial Highlights
- Raised
$12.6 million - Cash and cash equivalents totaled
$6.1 million - Cash used in operating and investing activities in the fourth quarter of 2025 was
$2.2 million $2.6 million - Cash used in operating and investing activities in the full year 2025 was
$9.6 million $9.2 million - No long-term debt was outstanding at December 31, 2025.
- Operating expenses in the fourth quarter of 2025 were
$1.9 million $2.8 million - Operating expenses in the full year 2025 were
$10.9 million $11.1 million - Net loss in the fourth quarter of 2025 was
$1.9 million $2.6 million $10.6 million $10.4 million
Strategic Priorities
The Company has set the following strategic priorities:
- Continue adding new opportunities to the sales funnel.
- Drive initial revenue ramp by converting sales opportunities in the funnel to design-ins and custom development agreements.
- Secure production order(s) with Lazzen for first solid-state circuit breaker products and expand solutions to address additional markets and applications.
- Complete remaining deliverables under Stellantis purchase order and continue to advance opportunities for EV contactors and battery disconnect units with global automakers.
- Continue to explore strategic investment opportunities with global market leaders.
Conference Call and Webcast: Fourth Quarter and Full Year 2025
The Company will hold a conference call on Tuesday, March 10, 2026 at 10:00 AM Eastern Time to discuss its results and host a question-and-answer session. Analysts and investors may pose questions for management during the live conference call.
Interested persons may access the live conference call by dialing 877-545-0523 (
The live webcast and interactive Q&A will be accessible on the Company's Investor Relations website under the Events tab HERE. The webcast will be archived on the Company's website for future viewing.
Ideal Power Business Update: Recent Conference Call and Webcast
Management hosted a Business Update Webcast Call on February 26, 2026 which detailed the Company's strategy, commercial opportunities, priorities and expectations. The webcast with interactive Q&A is available for viewing on the Company's Investor Relations website HERE.
About Ideal Power Inc.
Ideal Power (Nasdaq: IPWR) is the developer and provider of its innovative and widely patented B-TRAN® bidirectional semiconductor power switch. B-TRAN® offers compelling advantages over conventional technologies and addresses the demanding standards of today's solid-state circuit protection and intelligent power delivery systems. It features very low conduction losses that deliver improved power efficiency, thereby reducing energy consumption and providing cost savings. The unique bidirectional capability of B-TRAN® simplifies the design, control and diagnostics of solid-state power solutions while enabling smaller, lower cost systems. B-TRAN® delivers compelling advantages for a broad spectrum of applications including solid-state circuit breakers, static transfer switches, battery disconnect units and EV contactors that are widely used in data centers, industrial power systems, energy grid and storage systems, and electric vehicles and charging infrastructure. For more information, visit the Company's website at www.IdealPower.com, on LinkedIn, on Twitter, and on Facebook.
Safe Harbor Statement
All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While Ideal Power's management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Such forward-looking statements include, but are not limited to, statements regarding the strategic cooperation agreement with the Lazzen for the design, development, and worldwide sales of B-TRAN®-enabled circuit protection solutions, the expectation that Lazzen's first SSCB product featuring B-TRAN® will target AI data center customers, the potential development program for EV contactors with Stellantis, and the anticipated timing of deliverables under the purchase order from Stellantis. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the success of our B-TRAN® technology, including whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, our inability to predict with precision or certainty the pace and timing of development and commercialization of our B-TRAN® technology, the rate and degree of market acceptance for our B-TRAN®, the impact of global health pandemics on our business, supply chain disruptions, and the expected performance of future products incorporating our B-TRAN®, and uncertainties set forth in our quarterly, annual and other reports filed with the Securities and Exchange Commission. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements, except as required by applicable law.
Ideal Power Investor Relations Contact
Jeff Christensen
Darrow Associates Investor Relations
jchristensen@darrowir.com
703-297-6917
IDEAL POWER INC. | ||||
December 31, | December 31, | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 6,129,049 | $ | 15,842,850 |
Accounts receivable, net | 24,000 | 692 | ||
Inventory | 9,700 | 96,406 | ||
Prepayments and other current assets | 377,901 | 356,658 | ||
Total current assets | 6,540,650 | 16,296,606 | ||
Property and equipment, net | 376,717 | 415,232 | ||
Intangible assets, net | 2,687,466 | 2,611,998 | ||
Right of use asset | 397,397 | 483,497 | ||
Other assets | 44,459 | 19,351 | ||
Total assets | $ | 10,046,689 | $ | 19,826,684 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ | 408,398 | $ | 104,117 |
Accrued expenses | 471,329 | 374,012 | ||
Current portion of lease liability | 93,435 | 82,681 | ||
Total current liabilities | 973,162 | 560,810 | ||
Long-term lease liability | 309,900 | 403,335 | ||
Other long-term liabilities | 886,538 | 1,007,375 | ||
Total liabilities | 2,169,600 | 1,971,520 | ||
Stockholders' equity: | ||||
Common stock | 8,539 | 8,337 | ||
Additional paid-in capital | 125,927,443 | 125,327,300 | ||
Treasury stock | (13,210) | (13,210) | ||
Accumulated deficit | (118,045,683) | (107,467,263) | ||
Total stockholders' equity | 7,877,089 | 17,855,164 | ||
Total liabilities and stockholders' equity | $ | 10,046,689 | $ | 19,826,684 |
IDEAL POWER INC. | |||||||||
Quarter Ended | Year Ended | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
Revenue | $ | - | $ | 5,408 | $ | 37,728 | $ | 86,032 | |
Cost of revenue | - | 5,926 | 60,408 | 93,409 | |||||
Gross loss | - | (518) | (22,680) | (7,377) | |||||
Operating expenses: | |||||||||
Research and development | 786,038 | 1,593,515 | 6,047,211 | 6,207,218 | |||||
General and administrative | 1,010,792 | 913,495 | 3,766,790 | 3,608,536 | |||||
Sales and marketing | 150,717 | 251,052 | 1,096,508 | 1,248,044 | |||||
Total operating expenses | 1,947,547 | 2,758,062 | 10,910,509 | 11,063,798 | |||||
Loss from operations | (1,947,547) | (2,758,580) | (10,933,189) | (11,071,175) | |||||
Interest income, net | 49,566 | 162,806 | 354,769 | 653,362 | |||||
Net loss | $ | (1,897,981) | $ | (2,595,774) | $ | (10,578,420) | $ | (10,417,813) | |
Net loss per share – basic and fully diluted | $ | (0.21) | $ | (0.29) | $ | (1.16) | $ | (1.28) | |
Weighted average number of shares | 9,169,248 | 9,043,901 | 9,135,261 | 8,165,485 | |||||
IDEAL POWER INC. | ||||
Year Ended December 31, | ||||
2025 | 2024 | |||
Cash flows from operating activities: | ||||
Net Loss | $ | (10,578,420) | $ | (10,417,813) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 371,419 | 341,045 | ||
Amortization of right of use asset | 86,100 | 75,476 | ||
Write-off of inventory | 35,987 | - | ||
Write-off of capitalized patents | 34,363 | 62,073 | ||
Write-off of property and equipment | 6,759 | 15,371 | ||
Gain on lease termination | - | (15,319) | ||
Stock-based compensation | 729,173 | 1,596,254 | ||
Decrease (increase) in operating assets: | ||||
Accounts receivable | (23,308) | 69,308 | ||
Inventory | 50,719 | (14,956) | ||
Prepaid expenses and other current assets | (46,351) | 119,915 | ||
Increase (decrease) in operating liabilities: | ||||
Accounts payable | 304,281 | (300,981) | ||
Accrued expenses and other liabilities | (23,520) | (198,898) | ||
Lease liability | (82,681) | (74,055) | ||
Net cash used in operating activities | (9,135,479) | (8,742,580) | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment | (119,481) | (197,266) | ||
Acquisition of intangible assets | (330,013) | (309,162) | ||
Net cash used in investing activities | (449,494) | (506,428) | ||
Cash flows from financing activities: | ||||
Net proceeds from issuance of common stock and pre-funded warrants | - | 15,724,818 | ||
Exercise of options and warrants | 110 | 1,120,514 | ||
Payment of taxes upon vesting of restricted stock units | (128,938) | (228,309) | ||
Net cash provided by (used in) financing activities | (128,828) | 16,617,023 | ||
Net Increase (decrease) in cash and cash equivalents | (9,713,801) | 7,368,015 | ||
Cash and cash equivalents at beginning of year | 15,842,850 | 8,474,835 | ||
Cash and cash equivalents at end of year | $ | 6,129,049 | $ | 15,842,850 |
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SOURCE IDEAL POWER INC.
FAQ
What did Ideal Power (IPWR) report for cash and financing on March 10, 2026?
What commercial agreements did Ideal Power announce in the Q4 2025 release for IPWR?
How did Ideal Power’s 2025 operating results affect its profitability for IPWR?
What is the status of Ideal Power’s B-TRAN® patent coverage mentioned in the March 10, 2026 release?
What near-term milestones and priorities did Ideal Power outline for shareholders of IPWR?
