AUSTIN, Texas, May 14, 2026 /PRNewswire/ -- Ideal Power Inc. (NASDAQ:IPWR) ("Ideal Power," the "Company," "we," "us" or "our"), developer and provider of its innovative and widely patented B-TRAN® bidirectional semiconductor power switch, reports results for its first quarter ended March 31, 2026.
"We had a strong start to the year as we initiated two additional projects with our lead Asia customer, signed a letter of intent with an industry partner to co-develop a B-TRAN®-enabled prototype for evaluation by a U.S. hyperscaler supporting the new NVIDIA Rubin Ultra 800V DC AI data center power distribution architecture, advanced Stellantis deliverables on schedule, and engaged on new opportunities with several multinational customers," said David Somo, President and Chief Executive Officer of Ideal Power. "The industry's transition toward next generation, high-voltage DC power architectures is real and in its early stages, creating what we believe will be a significant demand for advanced solid-state power solutions, and B-TRAN® is uniquely positioned to address these emerging opportunities. Our focus remains on converting our expanding sales funnel into production orders, revenue growth and long-term shareholder value creation."
Key First Quarter and Recent Highlights
Execution of our B-TRAN® commercial strategy continues, including:
- Advanced our lead Asia customer project for low current solid-state circuit breaker ("SSCB") prototype units expected to be available for 800V AI data center and energy grid customers in Q4 2026. In addition, initiated two new projects with this customer: one project for a medium current SSCB designed for 800V AI DC data centers and energy storage applications, and the second project for a low current SSCB in smart industrial buildings.
- Delivered initial next generation B-TRAN® custom-packaged samples and development kits for evaluation to Stellantis for EV applications. We are on track to complete the deliverables under our existing purchase order by mid-2026.
- Signed a letter of intent with an industry partner to co-develop a B-TRAN®-enabled intelligent SSCB prototype for evaluation by a U.S. hyperscaler in its development environment for the NVIDIA Rubin Ultra 800V DC AI data center power distribution system, with prototype delivery targeted for the end of Q4 2026.
- Engaged two new Asia-based global suppliers of power solutions for the potential development of B-TRAN®-enabled SSCBs for use in solid-state transformers ("SSTs") targeting 800V DC AI data centers, energy storage systems, EV charging, and energy grid.
- Engaged several multinational customers for the potential development of B-TRAN®-based SSCBs across 800V AI data centers, industrial building applications, and the renewable energy grid.
- B-TRAN® Patent Estate: Currently at 103 issued B-TRAN® patents with 50 of those issued outside of the United States. Current geographic coverage includes North America, China, Taiwan, Japan, South Korea, India, and Europe.
First Quarter 2026 Financial Results
- Cash used in operating and investing activities in the first quarter of 2026 was $2.3 million compared to $2.1 million in the first quarter of 2025.
- Cash and cash equivalents totaled $16.4 million at March 31, 2026.
- No long-term debt was outstanding at March 31, 2026.
- Operating expenses in the first quarter of 2026 were $3.7 million compared to $2.8 million in the first quarter of 2025 driven primarily by higher stock-based compensation expense and personnel costs. Stock-based compensation expense increased in the first quarter of 2026 due to equity award modifications under the transition services agreement with our former CEO and inducement grants to our incoming CEO in the fourth quarter of 2025.
- Net loss in the first quarter of 2026 was $3.6 million compared to $2.7 million in the first quarter of 2025.
Strategic Priorities
The Company has set the following strategic priorities:
- Continue adding new opportunities to the sales funnel.
- Drive initial revenue ramp by converting sales opportunities in the funnel to design-ins and custom development agreements.
- Secure production order(s) with our lead Asia customer for its first solid-state circuit breaker products and continue to expand solutions to address additional markets and applications.
- Complete remaining deliverables under the Stellantis purchase order and continue to advance opportunities for EV contactors and battery disconnect units with global automakers.
- Continue to explore strategic investment opportunities with global market leaders.
Conference Call and Webcast: First Quarter 2026
The Company will hold a conference call on Thursday, May 14, 2026 at 10:00 AM Eastern Time to discuss its results and host a question-and-answer session. Analysts and investors may pose questions for management during the live conference call.
Interested persons may access the live conference call by dialing 888-506-0062 (U.S./Canada callers) or 973-528-0011 (international callers), using passcode 526807. It is recommended that participants call or log in 10 minutes ahead of the scheduled start time to ensure proper connection. An operator will register your name and organization. An audio replay will be available one hour after the live call until Midnight on May 28, 2026 by dialing 877-481-4010 using passcode 53961.
The live webcast and interactive Q&A will be accessible on the Company's Investor Relations website under the Events tab HERE. The webcast will be archived on the Company's website for future viewing.
About Ideal Power Inc.
Ideal Power (NASDAQ:IPWR) is the developer and provider of its innovative and widely patented B-TRAN® bidirectional semiconductor power switch. B-TRAN® offers compelling advantages over conventional technologies and addresses the demanding standards of today's solid-state circuit protection and intelligent power delivery systems. It features very low conduction losses that deliver improved power efficiency, thereby reducing energy consumption and providing cost savings. The unique bidirectional capability of B-TRAN® simplifies the design, control and diagnostics of solid-state power solutions while enabling smaller, lower cost systems. B-TRAN® delivers compelling advantages for a broad spectrum of applications including solid-state circuit breakers, static transfer switches, battery disconnect units and EV contactors that are widely used in data centers, industrial power systems, energy grid and storage systems, and electric vehicles and charging infrastructure. 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 current and future projects with our lead Asia customer, the letter of intent with an industry partner to co-develop a B-TRAN®-enabled SSCB prototype for a leading U.S. hyperscaler, B-TRAN® being uniquely positioned to address emerging opportunities in high-voltage DC power architectures, the potential development of B-TRAN®-enabled SSCBs and/or SSTs for use in various applications, the anticipated timing of deliverables under the purchase order from Stellantis, and our expected success in converting our expanding sales funnel into production orders, revenue growth and long-term shareholder value creation. 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, 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 Christensen
Darrow Associates Investor Relations
jchristensen@darrowir.com
703-297-6917
IDEAL POWER INC. | ||||
Balance Sheets | ||||
(unaudited) | ||||
March 31, | December 31, | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 16,410,749 | $ | 6,129,049 |
Accounts receivable, net | 24,000 | 24,000 | ||
Inventory | 41,625 | 9,700 | ||
Prepayments and other current assets | 323,776 | 377,901 | ||
Total current assets | 16,800,150 | 6,540,650 | ||
Property and equipment, net | 480,919 | 376,717 | ||
Intangible assets, net | 2,742,940 | 2,687,466 | ||
Right of use asset | 374,741 | 397,397 | ||
Other assets | 58,952 | 44,459 | ||
Total assets | $ | 20,457,702 | $ | 10,046,689 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ | 757,554 | $ | 408,398 |
Accrued expenses | 643,421 | 471,329 | ||
Current portion of lease liability | 96,284 | 93,435 | ||
Total current liabilities | 1,497,259 | 973,162 | ||
Long-term lease liability | 284,844 | 309,900 | ||
Other long-term liabilities | 868,049 | 886,538 | ||
Total liabilities | 2,650,152 | 2,169,600 | ||
Stockholders' equity: | ||||
Common stock | 12,114 | 8,539 | ||
Additional paid-in capital | 139,485,834 | 125,927,443 | ||
Treasury stock | (13,210) | (13,210) | ||
Accumulated deficit | (121,677,188) | (118,045,683) | ||
Total stockholders' equity | 17,807,550 | 7,877,089 | ||
Total liabilities and stockholders' equity | $ | 20,457,702 | $ | 10,046,689 |
IDEAL POWER INC. | ||||
Statements of Operations | ||||
(unaudited) | ||||
Quarter Ended March 31, | ||||
2026 | 2025 | |||
Commercial revenue | $ | - | $ | 12,003 |
Cost of commercial revenue | - | 30,862 | ||
Gross profit (loss) | - | (18,859) | ||
Operating expenses: | ||||
Research and development | 2,032,313 | 1,567,992 | ||
General and administrative | 1,220,011 | 899,821 | ||
Sales and marketing | 439,698 | 338,160 | ||
Total operating expenses | 3,692,022 | 2,805,973 | ||
Loss from operations | (3,692,022) | (2,824,832) | ||
Interest income, net | 60,517 | 121,808 | ||
Net loss | $ | (3,631,505) | $ | (2,703,024) |
Net loss per share – basic and fully diluted | $ | (0.33) | $ | (0.30) |
Weighted average number of shares | 11,158,550 | 9,101,851 | ||
IDEAL POWER INC. | ||||
Statements of Cash Flows | ||||
(unaudited) | ||||
Quarter Ended March 31, | ||||
2026 | 2025 | |||
Cash flows from operating activities: | ||||
Net Loss | $ | (3,631,505) | (2,703,024) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 94,211 | 90,476 | ||
Amortization of right of use asset | 22,656 | 20,876 | ||
Write-off of property and equipment | 79 | 1,201 | ||
Stock-based compensation | 991,440 | 384,595 | ||
Decrease (increase) in operating assets: | ||||
Accounts receivable | - | (7,843) | ||
Inventory | (31,925) | 7,069 | ||
Prepaid expenses and other current assets | 39,632 | 44,405 | ||
Increase (decrease) in operating liabilities: | ||||
Accounts payable | 349,156 | 51,590 | ||
Accrued expenses and other liabilities | 153,603 | 63,499 | ||
Lease liability | (22,207) | (19,618) | ||
Net cash used in operating activities | (2,034,860) | (2,066,774) | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment | (142,092) | (11,324) | ||
Acquisition of intangible assets | (111,874) | (58,554) | ||
Net cash used in investing activities | (253,966) | (69,878) | ||
Cash flows from financing activities: | ||||
Net proceeds from issuance of common stock and pre-funded warrants | 12,574,677 | - | ||
Payment of taxes related to restricted stock unit vesting | (4,151) | (9,346) | ||
Net cash provided by (used in) financing activities | 12,570,526 | (9,346) | ||
Net Increase (decrease) in cash and cash equivalents | 10,281,700 | (2,145,998) | ||
Cash and cash equivalents at beginning of period | 6,129,049 | 15,842,850 | ||
Cash and cash equivalents at end of the period | $ | 16,410,749 | $ | 13,696,852 |
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SOURCE IDEAL POWER INC.