Ideal Power Reports Third Quarter 2020 Financial Results
12 November 2020 - 10:05PM
Ideal Power Inc. (Nasdaq: IPWR), pioneering the development
and commercialization of highly efficient and broadly patented
B-TRAN™ bi-directional power switches, reported results for its
third quarter ended September 30, 2020.
“During the third quarter, we maintained our
momentum toward our commercialization goals,” stated Dan Brdar,
President and Chief Executive Officer of Ideal Power. “Recently, we
completed our first milestone with United States Naval Sea Systems
Command (NAVSEA) under our partnership with Diversified
Technologies, Inc. (DTI) finishing the first wafer fabrication run
with Teledyne. Devices are being packaged and will be tested and
characterized under the NAVSEA program. We now have both initial
driver and packaging designs through our collaboration with The
University of Texas at Austin’s Microelectronics Research Center.
Overall, we continue to make progress toward commercialization, and
are excited about our prospects for B-TRAN™ as a differentiated
technology that addresses a large and growing market.”
Key Recent Operational
Highlights
- Completed first major milestone
under NAVSEA program in partnership with DTI to demonstrate B-TRAN™
enabled high efficiency direct current circuit breakers; received
B-TRAN™ wafers from Teledyne’s first fabrication run under the
program, which are being tested for selection and packaging into
B-TRAN™ devices.
- In collaboration with The
University of Texas at Austin’s Microelectronics Research Center:
- Completed design and fabrication of
initial version of our new B-TRAN™ driver
- Under the NAVSEA program, completed
the initial design of new B-TRAN™ device packaging
- Developed a new high power test rig
to enable testing of packaged devices at high voltage and high
current conditions as part of the device characterization required
under the NAVSEA program and for the generation of a data sheet for
the engineering sample program.
- B-TRAN™ Patent Estate: Currently
have 57 issued B-TRAN™ patents with 21 of those issued outside of
the United States and 25 pending B-TRAN™ patents. Current
geographic coverage now includes North America, China, Japan and
Europe, with potential to expand coverage into South Korea and
India.
- As of September 30, 2020, and
inclusive of the previously announced early warrant exercise
transaction, we have raised $3 million in 2020 from warrant
exercises.
Third Quarter 2020
Financial Results
- Research and development expenses
in the third quarter of 2020 were $0.5 million compared to $0.3
million in the third quarter of 2019. The increase was due to
higher expenses related to B-TRAN wafer fabrication and driver
development.
- General and administrative expenses
in the third quarter of 2020 were $0.7 million compared to $0.5
million in the third quarter of 2019.
- In connection with the early
warrant exercise transaction, we recorded a non-cash warrant
inducement expense of $3.7 million within other expenses
representing the estimated fair value of the new warrants issued in
the transaction.
- Net loss in the third quarter of
2020 was $4.9 million, inclusive of the $3.7 million non-cash
warrant inducement expense, compared to $0.8 million in the third
quarter of 2019. The third quarter of 2019 included a $0.1 million
loss from discontinued operations related to our PPSA operations
which we sold in September 2019.
- Cash used in operating activities
for the first nine months of 2020 was $2.3 million compared to $2.4
million in the first nine months of 2019.
- Cash and cash equivalents totaled
$3.8 million at September 30, 2020. In August 2020, the Company
raised net cash proceeds of $2.5 million from the early warrant
exercise transaction.
- Long-term debt outstanding at
September 30, 2020 was $0.1 million relating to a Payroll
Protection Program loan received in the second quarter of 2020 to
temporarily subsidize payroll and facilities costs in a business
landscape impacted by the COVID-19 pandemic. We currently expect
this loan to be forgiven.
Third Quarter
2020 Conference Call Details
Ideal Power CEO and President Dan Brdar and CFO
Tim Burns will host the conference call, followed by a question and
answer period.
To access the call, please use the following
information:
Date: |
|
Thursday,
November 12, 2020 |
Time: |
|
4:30 p.m. EST, 1:30 p.m. PST |
Toll-free dial-in number: |
|
1-866-248-8441 |
International dial-in number: |
|
1-323-289-6576 |
Conference ID: |
|
8075834 |
Please call the conference telephone number 5-10
minutes prior to the start time. An operator will register your
name and organization. If you have any difficulty connecting with
the conference call, please contact LHA Investor Relations at
1-212-838-3777.
The conference call will be broadcast live and
available for replay
at http://public.viavid.com/index.php?id=142114 and via
the investor relations section of the Company’s website
at www.IdealPower.com.
A replay of the conference call will be
available after 7:30 p.m. Eastern time on November 12, 2020 through
December 12, 2020.
Toll
Free Replay Number: |
|
1-844-512-2921 |
International Replay Number: |
|
1-412-317-6671 |
Replay ID: |
|
8075834 |
About Ideal Power Inc.Ideal
Power (Nasdaq: IPWR) is pioneering the development of its broadly
patented bi-directional power switches, creating highly efficient
and ecofriendly energy control solutions for industrial,
alternative energy, military and automotive applications. The
Company is focused on its patented Bi-directional, Bi-polar
Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is
a unique double-sided bi-directional AC switch able to deliver
substantial performance improvements over today's conventional
power semiconductors. Ideal Power believes B-TRAN™ modules will
reduce conduction and switching losses, complexity of thermal
management and operating cost in medium voltage AC power switching
and control circuitry. For more information, visit
www.IdealPower.com.
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. 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 impact of COVID-19 on our
business, financial condition and results of operations, the
success of our B-TRAN™ technology, including the success of our
contract with DTI, whether the patents for our technology provide
adequate protection and whether we can be successful in
maintaining, enforcing and defending our patents and our inability
to predict with precision or certainty the pace of development and
commercialization of our B-TRAN™ technology, our ability to secure
additional financing on commercially reasonable terms, or at all,
especially in light of the market volatility uncertainty as a
result of the COVID-19 pandemic 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.Ideal Power Investor Relations
Contact: LHA Investor RelationsCarolyn Capaccio, CFA;
Keith FetterT: 212-838-3777IdealPowerIR@lhai.com
IDEAL POWER
INC.Balance Sheets
|
|
September 30, 2020 |
|
|
December 31,2019 |
|
|
|
|
(unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,769,225 |
|
|
$ |
3,057,682 |
|
Accounts receivable, net |
|
|
28,623 |
|
|
|
– |
|
Prepayments and other current assets |
|
|
138,436 |
|
|
|
248,148 |
|
Total current assets |
|
|
3,936,284 |
|
|
|
3,305,830 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
41,797 |
|
|
|
47,302 |
|
Intangible assets, net |
|
|
1,583,523 |
|
|
|
1,634,378 |
|
Right of use asset |
|
|
126,257 |
|
|
|
260,310 |
|
Other assets |
|
|
– |
|
|
|
17,920 |
|
Total assets |
|
$ |
5,687,861 |
|
|
$ |
5,265,740 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
66,710 |
|
|
$ |
182,956 |
|
Accrued expenses |
|
|
383,374 |
|
|
|
319,135 |
|
Current portion of lease liability |
|
|
129,995 |
|
|
|
183,119 |
|
Total current liabilities |
|
|
580,079 |
|
|
|
685,210 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
91,407 |
|
|
|
– |
|
Long-term lease liability |
|
|
– |
|
|
|
82,055 |
|
Other long-term
liabilities |
|
|
607,974 |
|
|
|
609,242 |
|
Total liabilities |
|
|
1,279,460 |
|
|
|
1,376,507 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 50,000,000 shares authorized;
2,976,709 shares issued and 2,975,388 shares outstanding at
September 30, 2020, and 2,101,272 shares issued and 2,099,951
shares outstanding at December 31, 2019, respectively |
|
|
2,977 |
|
|
|
2,101 |
|
Additional paid-in capital |
|
|
78,419,046 |
|
|
|
71,242,256 |
|
Treasury stock, at cost, 1,321 shares at September 30, 2020 and
December 31, 2019 |
|
|
(13,210 |
) |
|
|
(13,210 |
) |
Accumulated deficit |
|
|
(74,000,412 |
) |
|
|
(67,341,914 |
) |
Total stockholders’ equity |
|
|
4,408,401 |
|
|
|
3,889,233 |
|
Total liabilities and stockholders’ equity |
|
$ |
5,687,861 |
|
|
$ |
5,265,740 |
|
|
|
IDEAL POWER
INC.Statements of
Operations(unaudited)
|
|
Three Months EndedSeptember
30, |
|
|
Nine Months EndedSeptember
30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Grant revenue |
|
$ |
147,787 |
|
|
$ |
– |
|
|
$ |
154,302 |
|
|
$ |
– |
|
Cost of grant revenue |
|
|
147,787 |
|
|
|
– |
|
|
|
154,302 |
|
|
|
– |
|
Gross profit |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
494,548 |
|
|
|
250,773 |
|
|
|
1,161,537 |
|
|
|
804,741 |
|
General and administrative |
|
|
677,967 |
|
|
|
471,272 |
|
|
|
1,773,615 |
|
|
|
1,520,325 |
|
Total operating expenses |
|
|
1,172,515 |
|
|
|
722,045 |
|
|
|
2,935,152 |
|
|
|
2,325,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before interest |
|
|
(1,172,515 |
) |
|
|
(722,045 |
) |
|
|
(2,935,152 |
) |
|
|
(2,325,066 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
1,358 |
|
|
|
2,763 |
|
|
|
2,480 |
|
|
|
3,072 |
|
Warrant inducement
expense |
|
|
3,720,866 |
|
|
|
– |
|
|
|
3,720,866 |
|
|
|
– |
|
Total other expenses |
|
|
3,722,224 |
|
|
|
2,763 |
|
|
|
3,723,346 |
|
|
|
3,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations |
|
|
(4,894,739 |
) |
|
|
(724,808 |
) |
|
|
(6,658,498 |
) |
|
|
(2,328,138 |
) |
Loss from discontinued
operations |
|
|
– |
|
|
|
(78,796 |
) |
|
|
– |
|
|
|
(768,047 |
) |
Loss on sale of discontinued
operations |
|
|
– |
|
|
|
(9,107 |
) |
|
|
– |
|
|
|
(9,107 |
) |
Net loss |
|
$ |
(4,894,739 |
) |
|
$ |
(812,711 |
) |
|
$ |
(6,658,498 |
) |
|
$ |
(3,105,292 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations per share – basic and fully diluted |
|
$ |
(1.28 |
) |
|
$ |
(0.49 |
) |
|
$ |
(2.04 |
) |
|
$ |
(1.60 |
) |
Loss from discontinued
operations per share – basic and fully diluted |
|
|
– |
|
|
|
(0.06 |
) |
|
|
– |
|
|
|
(0.53 |
) |
Net loss per share – basic and
fully diluted |
|
$ |
(1.28 |
) |
|
$ |
(0.55 |
) |
|
$ |
(2.04 |
) |
|
$ |
(2.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding – basic and fully diluted |
|
|
3,821,717 |
|
|
|
1,474,001 |
|
|
|
3,264,860 |
|
|
|
1,460,507 |
|
|
|
IDEAL POWER
INC.Statements of Cash
Flows(unaudited)
|
|
Nine Months EndedSeptember
30, |
|
|
|
2020 |
|
|
2019 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
Loss from continuing operations |
|
$ |
(6,658,498 |
) |
|
$ |
(2,328,138 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
86,368 |
|
|
|
82,913 |
|
Write-off of capitalized patents |
|
|
18,235 |
|
|
|
– |
|
Stock-based compensation |
|
|
434,782 |
|
|
|
156,882 |
|
Stock issued for services |
|
|
50,000 |
|
|
|
– |
|
Warrant inducement expense |
|
|
3,720,866 |
|
|
|
– |
|
Decrease in operating assets: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(28,623 |
) |
|
|
– |
|
Prepayments and other current assets |
|
|
127,632 |
|
|
|
204,530 |
|
Increase (decrease) in operating liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
(116,246 |
) |
|
|
1,337 |
|
Accrued expenses |
|
|
61,845 |
|
|
|
6,336 |
|
Net cash used in operating activities |
|
|
(2,303,639 |
) |
|
|
(1,876,140 |
) |
Net cash used in operating activities – discontinued
operations |
|
|
– |
|
|
|
(557,096 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(12,407 |
) |
|
|
(4,253 |
) |
Acquisition of intangible assets |
|
|
(35,836 |
) |
|
|
(74,342 |
) |
Net cash used in investing activities |
|
|
(48,243 |
) |
|
|
(78,595 |
) |
Net cash provided by investing activities – discontinued
operations |
|
|
– |
|
|
|
23,587 |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
Proceeds from loans |
|
|
91,407 |
|
|
|
– |
|
Proceeds from the exercise of warrants |
|
|
2,972,018 |
|
|
|
– |
|
Net cash provided by financing activities |
|
|
3,063,425 |
|
|
|
– |
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents – continuing operations |
|
|
711,543 |
|
|
|
(1,954,735 |
) |
Net decrease in cash and cash
equivalents – discontinued operations |
|
|
– |
|
|
|
(533,509 |
) |
Cash and cash equivalents at
beginning of period |
|
|
3,057,682 |
|
|
|
3,258,077 |
|
Cash and cash equivalents at
end of period |
|
$ |
3,769,225 |
|
|
$ |
769,833 |
|
|
|
IDEAL POWER
INC.Statement of Stockholders’
EquityFor the Three-Month Periods during the Nine
Months Ended September 30, 2020 and
2019(unaudited)
|
|
Common Stock |
|
|
Preferred Stock |
|
|
AdditionalPaid-InCapital |
|
|
Treasury Stock |
|
|
AccumulatedDeficit |
|
|
TotalStockholders’Equity |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|
|
|
Shares |
|
|
Amount |
|
|
|
|
|
|
|
Balances at December 31,
2018 |
|
|
1,404,479 |
|
|
$ |
1,404 |
|
|
|
1,518,430 |
|
|
$ |
1,518 |
|
|
$ |
68,022,484 |
|
|
|
1,321 |
|
|
$ |
(13,210 |
) |
|
$ |
(63,414,252 |
) |
|
$ |
4,597,944 |
|
Conversion of preferred stock to common stock |
|
|
70,843 |
|
|
|
71 |
|
|
|
(708,430 |
) |
|
|
(708 |
) |
|
|
637 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,814 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,814 |
) |
Net loss for the three months ended March 31, 2019 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,040,899 |
) |
|
|
(1,040,899 |
) |
Balances at March 31,
2019 |
|
|
1,475,322 |
|
|
|
1,475 |
|
|
|
810,000 |
|
|
|
810 |
|
|
|
67,997,307 |
|
|
|
1,321 |
|
|
|
(13,210 |
) |
|
|
(64,455,151 |
) |
|
|
3,531,231 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
101,843 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
101,843 |
|
Net loss for the three months ended June 30, 2019 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,251,682 |
) |
|
|
(1,251,682 |
) |
Balances at June 30, 2019 |
|
|
1,475,322 |
|
|
$ |
1,475 |
|
|
|
810,000 |
|
|
$ |
810 |
|
|
$ |
68,099,150 |
|
|
|
1,321 |
|
|
$ |
(13,210 |
) |
|
$ |
(65,706,833 |
) |
|
$ |
2,381,392 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,692 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,692 |
|
Net loss for the three months
ended September 30, 2019 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(812,711 |
) |
|
|
(812,711 |
) |
Balances at September 30,
2019 |
|
|
1,475,322 |
|
|
$ |
1,475 |
|
|
|
810,000 |
|
|
$ |
810 |
|
|
$ |
68,115,842 |
|
|
|
1,321 |
|
|
$ |
(13,210 |
) |
|
$ |
(66,519,544 |
) |
|
$ |
1,585,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances at December 31,
2019 |
|
|
2,101,272 |
|
|
$ |
2,101 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
71,242,256 |
|
|
|
1,321 |
|
|
$ |
(13,210 |
) |
|
$ |
(67,341,914 |
) |
|
$ |
3,889,233 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
116,497 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
116,497 |
|
Net loss for the three months ended March 31, 2020 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(930,501 |
) |
|
|
(930,501 |
) |
Balances at March 31,
2020 |
|
|
2,101,272 |
|
|
|
2,101 |
|
|
|
— |
|
|
|
— |
|
|
|
71,358,753 |
|
|
|
1,321 |
|
|
|
(13,210 |
) |
|
|
(68,272,415 |
) |
|
|
3,075,229 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109,671 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109,671 |
|
Stock issued for services |
|
|
26,316 |
|
|
|
26 |
|
|
|
— |
|
|
|
— |
|
|
|
49,974 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50,000 |
|
Exercise of warrants |
|
|
225,718 |
|
|
|
226 |
|
|
|
— |
|
|
|
— |
|
|
|
175,590 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
175,816 |
|
Net loss for the three months ended June 30, 2020 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(833,258 |
) |
|
|
(833,258 |
) |
Balances at June 30, 2020 |
|
|
2,353,306 |
|
|
$ |
2,353 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
71,693,988 |
|
|
|
1,321 |
|
|
$ |
(13,210 |
) |
|
$ |
(69,105,673 |
) |
|
$ |
2,577,458 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
208,614 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
208,614 |
|
Exercise of warrants |
|
|
250,566 |
|
|
|
251 |
|
|
|
— |
|
|
|
— |
|
|
|
248,365 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
248,616 |
|
Early warrant exercise
transaction |
|
|
372,837 |
|
|
|
373 |
|
|
|
— |
|
|
|
— |
|
|
|
2,547,213 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,547,586 |
|
Warrant inducement expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,720,866 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,720,866 |
|
Net loss for the three months ended September 30, 2020 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,894,739 |
) |
|
|
(4,894,739 |
) |
Balances at September 30,
2020 |
|
|
2,976,709 |
|
|
$ |
2,977 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
78,419,046 |
|
|
|
1,321 |
|
|
$ |
(13,210 |
) |
|
$ |
(74,000,412 |
) |
|
$ |
4,408,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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