Ideal Power Reports First Quarter 2023 Financial Results
04 Mai 2023 - 10:01PM
Ideal Power Inc. (“Ideal Power,” the “Company,” “we,” “us” or
“our”) (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, 2023.
“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 Dan Brdar, President
and Chief Executive Officer of Ideal Power. “We believe B-TRAN™ has
the potential to displace conventional power semiconductor
solutions in many applications, including electric vehicles (“EV”),
renewable energy, energy storage, solid-state circuit breakers and
motor drives. We remain on track to achieve our 2023
milestones.”
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 of the United States and 22 pending
B-TRAN™ patents. Current geographic coverage includes North
America, China, Japan, South Korea, India and Europe.
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 at March 31, 2023.
- Ideal Power had no long-term debt outstanding at March 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
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: |
Thursday, May
4, 2023 |
Time: |
4:30 p.m. EST, 1:30 p.m. PST |
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 May 18, 2023.
Toll
Free Replay Number: |
877-344-7529 |
International Replay Number: |
412-317-0088 |
Replay ID: |
5746841 |
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 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 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 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 ChristensenDarrow
Associates703-297-6917jchristensen@darrowir.com
IDEAL
POWER INC.Balance
Sheets(unaudited)
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
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, $0.001 par value; 50,000,000 shares authorized;
5,932,890 shares issued and 5,931,569 shares outstanding at
March 31, 2023 and 5,926,001 shares issued and 5,924,680
shares outstanding at December 31, 2022 |
|
5,933 |
|
|
|
5,926 |
|
Additional paid-in capital |
|
105,621,237 |
|
|
|
105,011,318 |
|
Treasury stock, at cost, 1,321 shares at March 31, 2023
and December 31, 2022 |
|
(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 |
|
March 31, |
|
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 |
|
March 31, |
|
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 |
|
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