Ideal Power Reports First Quarter 2022 Financial Results
16 Mai 2022 - 10:01PM
Ideal Power Inc. (“Ideal Power” or the “Company”) (Nasdaq:
IPWR), pioneering the development and commercialization of the
highly efficient and broadly patented B-TRAN™ bidirectional
semiconductor power switch, reported results for its first quarter
ended March 31, 2022.
“Since the year began, we made strong
advancements along our 2022 roadmap to commercialize B-TRAN™ as an
innovative technology that we believe can disrupt high-growth
markets by solving immediate power control application needs. We
added several commercial businesses to our test and evaluation
program and, in collaboration with Diversified Technologies, Inc.
(DTI), we completed our project commitments under the Small
Business Innovation Research (SBIR) Phase I grant with the
Department of Energy (DOE) to demonstrate a 13.8 kV alternating
current (AC) solid-state circuit breaker (SSCB). We also qualified
a second domestic semiconductor fabrication partner, began the
qualification process of a non-domestic fabricator for high-volume
production, and completed trial mechanical builds at a world-class
packaging firm. In all, it is a strong start to the year and our
momentum continues toward our objective to introduce our first
commercial product by year end,” stated Dan Brdar, President and
Chief Executive Officer of Ideal Power.
Key First Quarter and Recent Operational
Highlights
- Added participants to the B-TRAN™
test and evaluation program, including:
- a leading manufacturer of commercial
electric vehicles (EVs), EV powertrain components and EV charging
infrastructure for use in power conversion applications in its
commercial EVs;
- a Fortune 1000 global semiconductor
manufacturer interested in evaluating B-TRAN™ for its low losses
and bidirectional capability;
- a space applications systems
developer interested in evaluating B-TRAN™ for use in SSCBs;
and
- an aerospace and defense systems
integrator, also interested in evaluating B-TRAN™ for use in SSCBs,
with whom Ideal Power is jointly pursuing additional government
grants.
- Delivered on the
Company’s project commitments under the SBIR Phase I grant won in
collaboration with DTI from the DOE to develop a B-TRAN™-driven
low-loss 13.8 kV AC SSCB. DTI submitted, in collaboration with
Ideal Power, an SBIR Phase II proposal to demonstrate a 13.8 kV AC
SSCB. If awarded a Phase II grant by the DOE, DTI will build and
test a full 50 MW AC SSCB using Ideal Power B-TRAN™ devices.
- Submitted several proposals and
concept papers for government funding opportunities, including
proposals with three new partners.
- Under the Naval Sea Systems Command
program, initial wafers from the latest fabrication run are ready
for dicing and packaging, which will be followed by device testing.
Ideal Power will continue to provide program support through the
demonstration of the B-TRAN™ enabled direct current SSCB later this
year.
- Completed the qualification of a
second domestic semiconductor fabrication partner that brings
bipolar fabrication experience, supporting ongoing development
activities.
- Began the qualification of a
non-domestic fabrication partner for higher volume production. This
fabricator has begun short loops, or limited process production
test steps. If the short loops are successful, the next step would
be a full process flow engineering run later this year.
- Ideal Power’s world-class packaging
partner has completed design work as well as trial mechanical
builds and will soon be packaging its first devices in preparation
for anticipated volume production.
- Completed a pilot run with domestic
packaging firm.
- B-TRAN™ Patent Estate: Currently
have 67 issued B-TRAN™ patents with 29 of those issued outside of
the United States and 25 pending B-TRAN™ patents. In April, Ideal
Power was issued its first patent in India. Geographic coverage of
the patent portfolio now includes North America, China, Japan,
South Korea, India and Europe.
First Quarter and 2022 Financial
Results
- Grant revenue was $125,008 in the
first quarter of 2022 compared to $242,061 in the first quarter of
2021.
- Operating expenses in the first
quarter of 2022 were $1.9 million compared to $0.9 million in the
first quarter of 2021 on higher research and development, sales and
marketing and general and administrative expenses.
- Net loss in the first quarter of
2022 was $1.9 million compared to $0.9 million in the first quarter
of 2021.
- Cash used in operating and investing
activities in first quarter 2022 was $1.4 million compared to $1.3
million in the fourth quarter of 2021 and $0.8 million in first
quarter 2021.
- Cash and cash equivalents totaled
$21.7 million at March 31, 2022.
- Ideal Power had no long-term debt
outstanding at March 31, 2022.
First Quarter 2022 Conference Call
Details
Ideal Power President and CEO Dan Brdar and CFO Tim Burns will
host a conference call today, followed by a question-and-answer
period.
To access the call, please use the following information:
Date: |
Monday, May 16, 2022 |
Time: |
4:30 p.m. EDT, 1:30 p.m. PDT |
Toll-free dial-in number: |
1-888-204-4368 |
International dial-in number: |
1-323-994-2093 |
Conference ID: |
5156822 |
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
https://event.choruscall.com/mediaframe/webcast.html?webcastid=Irt8jYYS
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 Monday, May 16, 2022 through Thursday, June
16, 2022.
Toll Free Replay Number: |
1-844-512-2921 |
International Replay Number: |
1-412-317-6671 |
Replay ID: |
5156822 |
About Ideal Power Inc.Ideal Power (NASDAQ:
IPWR) is pioneering the development 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 able to deliver substantial performance improvements over
today's conventional power semiconductors. Ideal Power believes
B-TRAN™ 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 StatementAll 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
our belief that B-TRAN™ can disrupt high-growth markets by solving
immediate power control application needs, our plan to introduce
our first commercial product by year end and our plans to continue
to provide program support through the demonstration of the B-TRAN™
enabled DC SSCB later this year. 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 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 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 and our continued success
engaging companies to participate in our customer sampling program,
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,
CFAT: 212-838-3777IdealPowerIR@lhai.com
IDEAL
POWER INC.Balance
Sheets(unaudited)
|
March 31, |
|
December 31, |
|
2022 |
|
2021 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
21,725,410 |
|
|
$ |
23,170,149 |
|
Accounts receivable, net |
|
262,137 |
|
|
|
233,262 |
|
Prepayments and other current assets |
|
120,906 |
|
|
|
43,900 |
|
Total current assets |
|
22,108,453 |
|
|
|
23,447,311 |
|
|
|
|
|
|
|
Property and equipment,
net |
|
59,811 |
|
|
|
56,158 |
|
Intangible assets, net |
|
2,035,423 |
|
|
|
2,055,650 |
|
Right of use asset |
|
292,887 |
|
|
|
307,172 |
|
Other assets |
|
11,189 |
|
|
|
11,189 |
|
Total assets |
$ |
24,507,763 |
|
|
$ |
25,877,480 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
380,033 |
|
|
$ |
130,500 |
|
Accrued expenses |
|
315,785 |
|
|
|
353,507 |
|
Current portion of lease liability |
|
60,265 |
|
|
|
58,864 |
|
Total current liabilities |
|
756,083 |
|
|
|
542,871 |
|
|
|
|
|
|
|
Long-term lease liability |
|
252,092 |
|
|
|
267,584 |
|
Other long-term
liabilities |
|
922,439 |
|
|
|
917,100 |
|
Total liabilities |
|
1,930,614 |
|
|
|
1,727,555 |
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Common stock, $0.001 par value; 50,000,000 shares authorized;
5,905,118 shares issued and 5,903,797 shares outstanding at March
31, 2022 and 5,893,767 shares issued and 5,892,446 shares
outstanding at December 31, 2021 |
|
5,905 |
|
|
|
5,894 |
|
Additional paid-in capital |
|
104,395,175 |
|
|
|
104,063,321 |
|
Treasury stock, at cost, 1,321 shares at March 31, 2022 and
December 31, 2021 |
|
(13,210 |
) |
|
|
(13,210 |
) |
Accumulated deficit |
|
(81,810,721 |
) |
|
|
(79,906,080 |
) |
Total stockholders’ equity |
|
22,577,149 |
|
|
|
24,149,925 |
|
Total liabilities and stockholders’ equity |
$ |
24,507,763 |
|
|
$ |
25,877,480 |
|
IDEAL
POWER INC.Statements of
Operations(unaudited)
|
Three Months Ended |
|
March 31, |
|
2022 |
|
2021 |
Grant revenue |
$ |
125,008 |
|
|
$ |
242,061 |
|
Cost of grant revenue |
|
125,008 |
|
|
|
242,061 |
|
Gross profit |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Research and development |
|
828,547 |
|
|
|
260,880 |
|
General and administrative |
|
852,949 |
|
|
|
600,686 |
|
Sales and marketing |
|
219,429 |
|
|
|
62,578 |
|
Total operating expenses |
|
1,900,925 |
|
|
|
924,144 |
|
|
|
|
|
|
|
Loss from operations |
|
(1,900,925 |
) |
|
|
(924,144 |
) |
|
|
|
|
|
|
Interest expense, net |
|
(3,716 |
) |
|
|
(6 |
) |
|
|
|
|
|
|
Net loss |
$ |
(1,904,641 |
) |
|
$ |
(924,150 |
) |
|
|
|
|
|
|
Net loss per share – basic and
diluted |
$ |
(0.31 |
) |
|
$ |
(0.17 |
) |
|
|
|
|
|
|
Weighted average number of
shares outstanding – basic and diluted |
|
6,155,352 |
|
|
|
5,344,025 |
|
IDEAL
POWER INC.Statements of Cash
Flows(unaudited)
|
Three Months Ended |
|
March 31, |
|
2022 |
|
2021 |
Cash flows from operating
activities: |
|
|
|
|
|
Net loss |
$ |
(1,904,641 |
) |
|
$ |
(924,150 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Depreciation and amortization |
|
44,190 |
|
|
|
29,515 |
|
Stock-based compensation |
|
231,765 |
|
|
|
61,933 |
|
Stock issued for services |
|
100,100 |
|
|
|
68,680 |
|
Decrease (increase) in operating assets: |
|
|
|
|
|
Accounts receivable |
|
(28,875 |
) |
|
|
44,400 |
|
Prepaid expenses and other assets |
|
(62,721 |
) |
|
|
(17,715 |
) |
Increase (decrease) in operating liabilities: |
|
|
|
|
|
Accounts payable |
|
249,533 |
|
|
|
5,306 |
|
Accrued expenses |
|
(46,474 |
) |
|
|
(111,306 |
) |
Net cash used in operating activities |
|
(1,417,123 |
) |
|
|
(843,337 |
) |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
Purchase of property and equipment |
|
(11,031 |
) |
|
|
(1,462 |
) |
Acquisition of intangible assets |
|
(16,585 |
) |
|
|
(29,275 |
) |
Net cash used in investing activities |
|
(27,616 |
) |
|
|
(30,737 |
) |
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
Net proceeds from issuance of common stock |
|
— |
|
|
|
21,204,609 |
|
Exercise of options and warrants |
|
— |
|
|
|
3,301,226 |
|
Net cash provided by financing activities |
|
— |
|
|
|
24,505,835 |
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
|
(1,444,739 |
) |
|
|
23,631,761 |
|
Cash and cash equivalents at
beginning of period |
|
23,170,149 |
|
|
|
3,157,256 |
|
Cash and cash equivalents at
end of period |
$ |
21,725,410 |
|
|
$ |
26,789,017 |
|
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