Ideal Power Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Ideal Power (Nasdaq: IPWR) reported third quarter 2025 results and operational milestones on November 13, 2025. Key commercial progress includes a Stellantis purchase order for custom B-TRAN® devices (first of five deliverables completed), a first design‑win customer completing testing of an updated SSCB prototype, and engagement with a sixth global automaker.

Technical and IP updates: sampling of discrete B-TRAN® devices with a 50% higher power rating, more than 1,000 packaged devices in third‑party automotive testing with no failures to date, and a patent estate of 97 issued and 73 pending B-TRAN® patents. Financials: cash $8.4M at Sept 30, 2025, Q3 net loss $2.9M, and cash used in operating and investing activities of $2.7M in Q3 and $7.4M year‑to‑date.

Positive

• Secured a Stellantis purchase order with first deliverable completed
• First design‑win customer completed SSCB prototype testing
• More than 1,000 packaged B‑TRAN devices in testing with no failures
• Increased discrete B‑TRAN power rating by 50% and began sampling
• Patent estate at 97 issued and 73 pending B‑TRAN patents
• No long‑term debt outstanding at September 30, 2025

Negative

• Cash and equivalents of $8.4M may limit runway given $7.4M YTD cash use
• Net loss of $2.9M in Q3 2025, modestly higher than prior year quarter
• Operating expenses increased to $3.0M in Q3 due to higher R&D

Insights

Power Electronics Commercial Strategist

Design wins, a Stellantis purchase order, and positive device testing signal tangible commercial progress while liquidity remains modest.

Ideal Power advances its B-TRAN® commercialization by closing a purchase order with Stellantis, completing the first of five deliverables, and reporting a first design win moving toward a product launch aimed at AI data centers; third‑party qualification shows over a thousand packaged devices with no failures to date, and the company increased its discrete device power rating by 50% and began sampling.

Operational risks center on cash runway and execution: cash and cash equivalents were $8.4 million at September 30, 2025, cash used in operating and investing activities totaled $2.7 million in Q3 and $7.4 million year‑to‑date, and the net loss was $2.9 million in Q3. Continued progress therefore depends on completing remaining deliverables, converting design wins to production contracts, and managing near‑term liquidity.

Watch delivery milestones under the Stellantis purchase order (four remaining deliverables expected next year), the finalization and launch timing of the B‑TRAN®‑enabled SSCB product for AI data centers, and the outcomes of ongoing automotive qualification testing; these items create the clearest short‑to‑medium term value inflection points over the next 6–18 months.

AUSTIN, Texas, Nov. 13, 2025 /PRNewswire/ -- Ideal Power Inc. (Nasdaq: IPWR) ("Ideal Power," the "Company," "we," "us" or "our"), developer and innovative provider of the highly efficient and broadly patented B-TRAN® bidirectional semiconductor power switch, reports results for its third quarter ended September 30, 2025.

"I'm excited to have joined Ideal Power and thrilled by the strong foundation in place for growth. Our first design win customer successfully completed testing of the updated prototype solid-state circuit breakers (SSCBs) and we are currently working with them on the finalization of their first product design," said David Somo, President and Chief Executive Officer of Ideal Power.

Somo continued, "We are delighted to announce securing the purchase order from Stellantis for custom development and packaged B-TRAN® devices targeting multiple electric vehicle (EV) applications. We completed our first of five deliverables under the purchase order. The remaining deliverables are expected to be completed next year."

Key Third Quarter and Recent Operational Highlights

Execution to our B-TRAN® commercial roadmap continues, including:

• Our first design win customer completed testing of the updated SSCB prototype breakers with enhanced capabilities. We are working with them on the finalization of their product design, ahead of the B-TRAN®-enabled product launch targeting AI data center customers.
• Secured purchase order from Stellantis in late August for custom development and packaged B-TRAN® devices targeting multiple EV applications and completed our first of five deliverables under the purchase order in late September. The remaining deliverables are expected to be completed next year.
• Engaged with a sixth global automaker. This automaker is evaluating B-TRAN® for low-loss, solid-state solutions for EV power switching and protection applications.
• Shipped additional SSCB reference designs to large, potential customers including another global power management market leader.
• Increased the power rating of our discrete B-TRAN® product by 50% and commenced sampling of these devices with the higher power rating. This development has sparked greater interest from both existing customers and new prospects in our sales pipeline.
• Third-party automotive qualification and reliability testing of B-TRAN® devices is well underway with more than a thousand packaged B-TRAN® devices from multiple wafer runs. Test results continue to be positive with no failures to date.
• B-TRAN® Patent Estate: Currently at 97 issued B-TRAN® patents with 47 of those issued outside of the United States and 73 pending B-TRAN® patents. Current geographic coverage includes North America, China, Taiwan, Japan, South Korea, India, and Europe.

Third Quarter 2025 Financial Results

• Cash used in operating and investing activities in the third quarter of 2025 was $2.7 million compared to $2.4 million in the third quarter of 2024.
• Cash used in operating and investing activities in the first nine months of 2025 was $7.4 million compared to $6.6 million in the first nine months of 2024.
• Cash and cash equivalents totaled $8.4 million at September 30, 2025.
• No long-term debt was outstanding at September 30, 2025.
• Operating expenses in the third quarter of 2025 were $3.0 million compared to $2.9 million in the third quarter of 2024 due to modestly higher research and development spending.
• Net loss in the third quarter of 2025 was $2.9 million compared to $2.7 million in the third quarter of 2024.

Conference Call and Webcast: Third Quarter 2025

The Company will hold a conference call on Thursday, November 13, 2025 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 888-506-0062 (U.S./Canada callers) or 973-528-0011 (international callers), using passcode 264361. It is recommended that participants call or log in 10 minutes ahead of the scheduled start time to ensure proper connection. An operator will register your name and organization. An audio replay will be available one hour after the live call until Midnight on November 27, 2025 by dialing 877-481-4010 using passcode 53161.

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.

About Ideal Power Inc.

Ideal Power (NASDAQ: IPWR) is the developer and innovative provider of its broadly patented bidirectional semiconductor power switch, creating highly efficient and ecofriendly 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. The Company is focused on its patented Bidirectional, Bipolar Junction Transistor (B-TRAN®) semiconductor technology. B-TRAN® is a unique double-sided bidirectional AC switch that delivers substantial performance improvements over today's conventional power semiconductors. Ideal Power's B-TRAN® can reduce conduction and switching losses, complexity of thermal management and operating cost in AC power switching and control circuitry. 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 planned launch of a B-TRAN®-enabled product targeting AI data center customers by our first design win customer 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.
Balance Sheets
(unaudited)
		September 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	8,394,113	$	15,842,850
Accounts receivable, net		31,500		692
Inventory		65,087		96,406
Prepayments and other current assets		184,228		356,658
Total current assets		8,674,928		16,296,606
Property and equipment, net		408,675		415,232
Intangible assets, net		2,678,387		2,611,998
Right of use asset		419,589		483,497
Other assets		44,459		19,351
Total assets	$	12,226,038	$	19,826,684
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	229,199	$	104,117
Accrued expenses		568,675		374,012
Current portion of lease liability		90,646		82,681
Total current liabilities		888,520		560,810
Long-term lease liability		334,430		403,335
Other long-term liabilities		929,247		1,007,375
Total liabilities		2,152,197		1,971,520
Stockholders' equity:
Common stock		8,513		8,337
Additional paid-in capital		126,226,240		125,327,300
Treasury stock		(13,210)		(13,210)
Accumulated deficit		(116,147,702)		(107,467,263)
Total stockholders' equity		10,073,841		17,855,164
Total liabilities and stockholders' equity	$	12,226,038	$	19,826,684

 

IDEAL POWER INC.
Statements of Operations
(unaudited)
		Quarter Ended September 30,					Nine Months Ended September 30,
		2025		2024			2025		2024
Revenue	$	24,450	$	554		$	37,728	$	80,624
Cost of revenue		26,069		1,511			60,408		87,483
Gross loss		(1,619)		(957)			(22,680)		(6,859)
Operating expenses:
Research and development		1,793,162		1,684,063			5,261,173		4,613,703
General and administrative		958,938		893,969			2,755,998		2,695,041
Sales and marketing		266,598		320,642			945,791		996,992
Total operating expenses		3,018,698		2,898,674			8,962,962		8,305,736
Loss from operations		(3,020,317)		(2,899,631)			(8,985,642)		(8,312,595)
Interest income, net		79,667		209,283			305,203		490,556
Net loss	$	(2,940,650)	$	(2,690,348)		$	(8,680,439)	$	(7,822,039)
Net loss per share – basic and fully diluted	$	(0.32)	$	(0.31)		$	(0.95)	$	(0.99)
Weighted average number of shares outstanding – basic and fully diluted		9,153,407		8,767,251			9,124,115		7,870,542

 

IDEAL POWER INC.
Statements of Cash Flows
(unaudited)
		Nine Months Ended September 30,
		2025		2024
Cash flows from operating activities:
Net Loss	$	(8,680,439)	$	(7,822,039)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		276,332		250,936
Amortization of right of use asset		63,908		55,011
Write-off of capitalized patents		34,363		62,073
Write-off of property and equipment		6,211		15,371
Gain on lease termination		-		(15,319)
Stock-based compensation		997,840		1,163,808
Decrease (increase) in operating assets:
Accounts receivable		(30,808)		68,674
Inventory		31,319		21,320
Prepaid expenses and other current assets		147,322		171,870
Increase (decrease) in operating liabilities:
Accounts payable		125,082		(329,045)
Accrued expenses and other liabilities		116,535		219,483
Lease liability		(60,940)		(54,850)
Net cash used in operating activities		(6,973,275)		(6,192,707)
Cash flows from investing activities:
Purchase of property and equipment		(111,334)		(193,461)
Acquisition of intangible assets		(265,404)		(251,639)
Net cash used in investing activities		(376,738)		(445,100)
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		1,105,655
Payment of taxes related to restricted stock unit vesting		(98,834)		(11,579)
Net cash provided by (used in) financing activities		(98,724)		16,818,894
Net Increase (decrease) in cash and cash equivalents		(7,448,737)		10,181,087
Cash and cash equivalents at beginning of period		15,842,850		8,474,835
Cash and cash equivalents at end of the period	$	8,394,113	$	18,655,922

 

 

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SOURCE IDEAL POWER INC.

FAQ

What did Ideal Power (IPWR) announce on November 13, 2025 about Stellantis?

Ideal Power announced a purchase order from Stellantis for custom B‑TRAN devices and completed the first of five deliverables.

How much cash did Ideal Power (IPWR) have at September 30, 2025?

Ideal Power reported $8.4 million in cash and cash equivalents at September 30, 2025.

What were Ideal Power's (IPWR) Q3 2025 net loss and operating expenses?

Q3 2025 net loss was $2.9 million and operating expenses were $3.0 million.

What technical progress did Ideal Power (IPWR) report for B‑TRAN in Q3 2025?

Reported a 50% increase in discrete B‑TRAN power rating, commenced sampling, and positive third‑party tests.

How extensive is Ideal Power's (IPWR) B‑TRAN patent coverage as of Q3 2025?

The company reported 97 issued B‑TRAN patents and 73 pending, with coverage across major global regions.

When is Ideal Power's investor conference call for Q3 2025 results?

The conference call was scheduled for November 13, 2025 at 10:00 AM ET with a live webcast and archived replay.