Ideal Power Inc., 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.