Ideal Power Reports Second Quarter 2023 Financial Results

Source: www.gulfoilandgas.com 8/10/2023, Location: North America

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 second quarter ended June 30, 2023.

"The second quarter and 2023 thus far were transformative in our transition from a technology development company to a commercial company and included some of the most significant accomplishments in the Company's history. We achieved all of our first half of 2023 milestones and we remain on track to achieve our remaining 2023 goals," said Dan Brdar, President and Chief Executive Officer of Ideal Power.

Brdar continued, "The B-TRAN™ full process flow engineering run by our wafer fabrication supplier with high-volume production capability demonstrated the manufacturability of B-TRAN™ with high yield and excellent device performance, clearing the last and by far the biggest technical risk for B-TRAN™ development and commercialization. This was a pivotal accomplishment and prerequisite for commercialization. In addition, we delivered hundreds of devices to Diversified Technologies, Inc. ("DTI") to complete our work under the Naval Sea Systems Command ("NAVSEA") program and completed B-TRAN™ shipments to the large companies in our test and evaluation program, representing a significant step in commercializing B-TRAN™."

Key Second Quarter and Recent Operational Highlights
Qualified a wafer fabrication supplier with high-volume production capability. The engineering run demonstrated the manufacturability of the B-TRAN™ with high yield and excellent device performance, clearing the last and by far the biggest technical risk for B-TRAN™ development and commercialization.
Completed volume shipments of packaged B-TRAN™ devices to DTI, our NAVSEA program collaboration partner. We have now fulfilled all our obligations under our subcontract with DTI for this program.
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 was incorporated into B-TRAN™ customer kits delivered to test and evaluation program participants.
Completed shipments to large companies in the B-TRAN™ Test and Evaluation program including a top 10 global automaker, a global Tier 1 automotive supplier, a leading provider in the solar industry, two Global 500 power management companies and a global provider of backup power and energy management solutions with more kits to follow for additional and new program participants. Initial feedback from program participants is overwhelmingly positive.
Added a second Forbes 2022 Global 500 leader in diverse power management markets to the roster of the B-TRAN™ test and evaluation program. This market leader will evaluate B-TRAN™ initially for use in solid-state circuit breakers in its smart infrastructure division.
Successfully completed all Phase 1 deliverables for our custom B-TRAN™ module development program with a top 10 global automaker. We've already agreed on the Phase II scope of the work with the automaker's engineering team and await approval of the purchase order. The delivery of production-ready B-TRAN™ based modules for this program continues to be targeted for 2025.
B-TRAN™ Patent Estate: Currently at 75 issued B-TRAN™ patents with 32 of those issued outside of the United States and 35 pending B-TRAN™ patents. Current geographic coverage includes North America, China, Japan, South Korea, India, and Europe.

Second Quarter 2023 Financial Results
Development revenue in the second quarter of 2023 was $98,443.
Grant revenue was $36,724 in the second quarter of 2023 compared to $50,978 in the second quarter of 2022.
Operating expenses in the second quarter of 2023 were $2.4 million compared to $1.7 million in the second quarter of 2022.
Net loss in the second quarter of 2023 was $2.3 million compared to $1.7 million in the second quarter of 2022.
Cash used in operating and investing activities in the second quarter of 2023 was $1.8 million compared to $1.7 million in the second quarter of 2022.
Cash used in operating and investing activities in the first half of 2023 was $3.7 million.
Cash and cash equivalents totaled $12.7 million at June 30, 2023.
Ideal Power had no long-term debt outstanding at June 30, 2023.

2023 Milestones
The Company is actively engaged with multiple customers in each of its key target markets. Ideal Power completed all of its first half of 2023 milestones and is on track to achieve its remaining 2023 milestones. Our 2023 milestones and their status are:

Launched first commercial product in January 2023, the SymCool™ Power Module, a B-TRAN™ multi-die module. First commercial sales later in 2023.
Completed Phase I of multi-year development program with top 10 global automaker in the second quarter of 2023.
Completed first engineering run with production fab in the second quarter of 2023.
Delivered packaged B-TRAN™s to DTI under the NAVSEA program in the first half of 2023.
Commenced customer shipments to B-TRAN™ test and evaluation participants in the second quarter of 2023.
Introduce second commercial product, an intelligent power module, in the third quarter of 2023.


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