“Our intense focus continues toward B-TRAN™ commercialization and we look forward to several announcements in 2023. The launch of our first commercial product in the first quarter of 2023, the SymCool™ Power Module, marks a pivotal development for our B-TRAN™ technology,” said
Key First Quarter and Recent Operational Highlights
- Launched our first commercial product, the SymCool™ Power Module, a multi-die B-TRAN™ module designed specifically to enable solid-state circuit breakers to deliver very low conduction losses.
- Added a second Forbes 2022 Global 500 leader in diverse power management markets to the roster of the B-TRAN™ test and evaluation program. The Company will evaluate B-TRAN™ initially for use in solid-state circuit breakers in its smart infrastructure division.
- Added a Global Tier 1 automotive supplier to the B-TRAN™ test and evaluation program for its EV inverter, bidirectional charging, and circuit protection applications. The Tier 1 supplier is a leader in vehicle electrification, EV systems, and clean mobility. This agreement builds on our custom module development with a Top 10 global automaker.
- Completed first volume shipment of packaged B-TRAN™ devices to
Diversified Technologies, Inc. (“DTI”), our Naval Sea Systems Command (“NAVSEA”) program collaboration partner, in preparation for a full-scale medium voltage direct current circuit breaker demonstration. - Implemented an innovation in how we drive and control B-TRAN™. Subsequent testing demonstrated an additional 20% improvement in conduction losses, making B-TRAN™ conduction losses five times better than bidirectional circuits utilizing two IGBTs and two diodes. This improvement will be incorporated into B-TRAN™ customer kits to be delivered to test and evaluation program participants in the second half of 2023.
- Released a new
Ideal Power whitepaper entitled B-TRAN™ - Device Structure, Performance and Applications. This whitepaper includes recent test results obtained utilizing our newly designed driver and double-sided cooled packaged devices. The test results match previous simulation data. - B-TRAN™
Patent Estate : Currently at 74 issued B-TRAN™ patents with 32 of those issued outside ofthe United States and 22 pending B-TRAN™ patents. Current geographic coverage includesNorth America ,China ,Japan ,South Korea ,India andEurope .
First Quarter 2023 Financial Results
- Grant revenue was
$664 in the first quarter of 2023 compared to$125,008 in the first quarter of 2022. - Operating expenses in the first quarter of 2023 were
$2.6 million compared to$1.9 million in the first quarter of 2022. - Net loss in the first quarter of 2023 was
$2.5 million compared to$1.9 million in the first quarter of 2022. - Cash used in operating and investing activities in the first quarter of 2023 was
$1.8 million compared to$1.4 million in the first quarter of 2022. - Cash and cash equivalents totaled
$14.5 million atMarch 31, 2023 . Ideal Power had no long-term debt outstanding atMarch 31, 2023 .
2023 Milestones
For 2023, the Company has set or achieved the following milestones:
- Launched first commercial product, the SymCool™ Power Module in
January 2023 , with first commercial sales to occur later in 2023. - Complete Phase I of multi-year development program with top 10 global automaker in the second quarter of 2023.
- Complete first engineering run with production fab in the second quarter of 2023.
- Deliver packaged B-TRAN™s to DTI under the NAVSEA program in the first half of 2023.
- Introduce second commercial product, an intelligent power module, in the third quarter of 2023.
- Deliver B-TRAN™ samples for test and evaluation program in the second half of 2023.
Conference Call and Webcast: Q1 2023 Results
To access the call, please use the following information:
Date: | |
Time: | |
Toll-free dial-in number: | 844-481-2701 |
International dial-in number: | 412-317-0657 |
Please call the conference telephone number 5-10 minutes before the start time to ensure proper connection. An operator will register your name and organization.
The conference call will be webcast live and available for replay on the Company’s investor relations website under the Events tab HERE.
An audio replay of the conference call will be available one hour after the live call until Midnight on
Toll Free Replay Number: | 877-344-7529 |
International Replay Number: | 412-317-0088 |
Replay ID: | 5746841 |
About
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 potential adoption of B-TRAN™ by customers and the timing of the achievement of certain milestones. 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, including the timing of the completion of our wafer fabrication runs with our semiconductor fabrications partners, 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
Ideal Power Investor Relations Contact
703-297-6917
jchristensen@darrowir.com
IDEAL POWER INC.
Balance Sheets
(unaudited)
2023 | 2022 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 14,520,450 | $ | 16,345,623 | |||
Accounts receivable, net | 66,600 | 65,936 | |||||
Prepayments and other current assets | 436,655 | 491,365 | |||||
Total current assets | 15,023,705 | 16,902,924 | |||||
Property and equipment, net | 230,126 | 200,103 | |||||
Intangible assets, net | 2,022,660 | 2,036,431 | |||||
Right of use asset | 233,542 | 248,720 | |||||
Other assets | 11,189 | 11,189 | |||||
Total assets | $ | 17,521,222 | $ | 19,399,367 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 68,810 | $ | 130,503 | |||
Accrued expenses | 366,411 | 254,218 | |||||
Current portion of lease liability | 66,085 | 64,597 | |||||
Total current liabilities | 501,306 | 449,318 | |||||
Long-term lease liability | 186,007 | 202,987 | |||||
Other long-term liabilities | 843,364 | 838,458 | |||||
Total liabilities | 1,530,677 | 1,490,763 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Common stock, | 5,933 | 5,926 | |||||
Additional paid-in capital | 105,621,237 | 105,011,318 | |||||
(13,210 | ) | (13,210 | ) | ||||
Accumulated deficit | (89,623,415 | ) | (87,095,430 | ) | |||
Total stockholders’ equity | 15,990,545 | 17,908,604 | |||||
Total liabilities and stockholders’ equity | $ | 17,521,222 | $ | 19,399,367 |
IDEAL POWER INC.
Statements of Operations
(unaudited)
Three Months Ended | |||||||
2023 | 2022 | ||||||
Grant revenue | $ | 664 | $ | 125,008 | |||
Cost of grant revenue | 664 | 125,008 | |||||
Gross profit | — | — | |||||
Operating expenses: | |||||||
Research and development | 1,440,028 | 828,547 | |||||
General and administrative | 894,933 | 852,949 | |||||
Sales and marketing | 304,326 | 219,429 | |||||
Total operating expenses | 2,639,287 | 1,900,925 | |||||
Loss from operations | (2,639,287 | ) | (1,900,925 | ) | |||
Interest income (expense), net | 111,302 | (3,716 | ) | ||||
Net loss | $ | (2,527,985 | ) | $ | (1,904,641 | ) | |
Net loss per share – basic and diluted | $ | (0.41 | ) | $ | (0.31 | ) | |
Weighted average number of shares outstanding – basic and diluted | 6,178,508 | 6,155,352 |
IDEAL POWER INC.
Statements of Cash Flows
(unaudited)
Three Months Ended | |||||||
2023 | 2022 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (2,527,985 | ) | $ | (1,904,641 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 53,198 | 44,190 | |||||
Stock-based compensation | 609,926 | 231,765 | |||||
Stock issued for services | — | 100,100 | |||||
Decrease (increase) in operating assets: | |||||||
Accounts receivable | (664 | ) | (28,875 | ) | |||
Prepaid expenses and other assets | 69,888 | (62,721 | ) | ||||
Increase (decrease) in operating liabilities: | |||||||
Accounts payable | (61,693 | ) | 249,533 | ||||
Accrued expenses and other liabilities | 101,607 | (46,474 | ) | ||||
Net cash used in operating activities | (1,755,723 | ) | (1,417,123 | ) | |||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (44,995 | ) | (11,031 | ) | |||
Acquisition of intangible assets | (24,455 | ) | (16,585 | ) | |||
Net cash used in investing activities | (69,450 | ) | (27,616 | ) | |||
Net decrease in cash and cash equivalents | (1,825,173 | ) | (1,444,739 | ) | |||
Cash and cash equivalents at beginning of period | 16,345,623 | 23,170,149 | |||||
Cash and cash equivalents at end of period | $ | 14,520,450 | $ | 21,725,410 |
Source:
2023 GlobeNewswire, Inc., source