Ideal Power Inc.

What they do

Ideal Power has launched two commercial products: the discrete B-TRAN, a single-die packaged switch, and the SymCool Power Module, a multi-die module. Both target very low conduction loss needs in solid-state circuit protection and electric vehicle (EV) contactor markets. The company also pursues development agreements, such as its multi-phase program with Stellantis for custom B-TRAN power modules for EV drivetrain inverters and, more recently, EV contactors.

Revenue drivers

• Discrete B-TRAN — First commercial product, a single B-TRAN die packaged for electrical connection, targeting solid-state circuit protection and EV contactor markets; commercial revenue is minimal and not separately disclosed.
• SymCool Power Module — Second commercial product, a multi-die B-TRAN module for the same target markets; commercial revenue is minimal and not separately disclosed.
• Development Agreements — Revenue from customer-funded development work, such as the August 2025 Stellantis purchase order for custom development and packaged devices; grant revenue of $3.7 million has been generated since inception for bidirectional power switch development.

Recent performance

Total revenue was $37,728 in 2025 and $86,032 in 2024, reflecting the company's pre-commercial stage. Net losses were approximately $10.6 million in 2025 and $10.4 million in 2024. For the second quarter of 2026, revenue was $5,800, following zero revenue in the fourth quarter of 2025 and the first quarter of 2026. Cash and cash equivalents stood at $41.3 million at June 30, 2026, after raising $27.7 million in net proceeds from a registered direct offering during the quarter. Cash used in operating and investing activities was $2.5 million in the second quarter of 2026, flat compared to the second quarter of 2025.

Strategy

Ideal Power is focused on advancing customer opportunities through its sales funnel into volume production orders and revenue growth. Key efforts include a low-current solid-state circuit breaker (SSCB) project with a lead customer in Asia, a co-development effort on a B-TRAN-enabled intelligent SSCB prototype planned for evaluation by a U.S. hyperscaler, and continued work with Stellantis on EV contactor applications. The company entered a long-term supply agreement with a high-volume wafer foundry in Asia and achieved functional B-TRAN first silicon, which it expects to support high-volume industrial and automotive customers at targeted gross margins. It also introduced an 800-volt SSCB reference design kit and formed an Advisory Board to support commercialization.

Risks

• Limited Operating History and Losses — Ideal Power has sustained approximately $118 million in net losses since inception and expects losses and negative operating cash flows to continue until it commercializes B-TRAN and builds a substantial revenue base.
• Commercialization Uncertainty — The company cannot say with certainty when it will successfully commercialize its B-TRAN technology, if ever, and may not generate significant commercial revenue in the near future or ever.
• Customer Concentration and Design Win Timing — Revenue depends on securing design wins from a small number of large customers, with an expected twelve-to-eighteen-month lag from design win to OEM product sales, and automotive design cycles may be significantly longer.
• Need for Additional Capital — Operations have been funded primarily through sales of common stock and pre-funded warrants, and the company may need to raise additional capital to fund continued development and commercialization.

Outlook

Management stated that it continues to execute across its commercial priorities, with focus on advancing customer opportunities through its expanding sales funnel into volume production orders. The company expects B-TRAN-enabled SSCB prototypes from its lead Asia customer to be available for their 800V AI data center and energy grid end-customers in Q4 2026. Prototype delivery for the U.S. hyperscaler evaluation is targeted for the end of Q4 2026, and the company is working closely with Stellantis to optimize the solid-state contactor solution and align remaining deliverables under the purchase order.