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Ideal Power (IPWR) investor relations material
Ideal Power Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
New CEO David Somo, with 30+ years in semiconductors, appointed in November 2025 to accelerate commercialization and revenue growth, focusing on high-growth markets like data centers, industrial, and automotive.
B-TRAN technology targets multi-billion dollar addressable markets, offering ultra-low conduction losses, improved power efficiency, and bidirectionality.
Achieved key milestones including a design win with a major Asian manufacturer, successful prototype testing for solid-state circuit breakers, and a purchase order from Stellantis for EV applications.
Company is building on a strong foundation, emphasizing execution, credibility, and customer engagement.
Three B-TRAN products launched, with initial revenues from prototype and development agreements.
Financial highlights
Q3 2025 cash burn from operating and investing activities was $2.7M, up from $2.4M in Q3 2024 and $2.5M in Q2 2025; nine-month 2025 cash burn was $7.4M.
Cash and cash equivalents totaled $8.4M at September 30, 2025; no debt and a clean capital structure.
Q3 2025 revenue was $24,450, up from $554 in Q3 2024; nine-month 2025 revenue was $37,728, down from $80,624 year-over-year.
Operating expenses for Q3 2025 were $3.02M, up from $2.9M in Q3 2024, mainly due to higher wafer fabrication and R&D costs.
Net loss for Q3 2025 was $2.94M (vs. $2.7M in Q3 2024); nine-month 2025 net loss was $8.68M, 11% higher than prior year.
Outlook and guidance
Q4 2025 cash burn expected at $2.5M–$2.7M; full-year 2025 cash burn forecasted at ~$10M, up from $9.2M in 2024, driven by increased fabrication and hiring.
Sufficient liquidity to fund operations through at least mid-2026, but substantial doubt exists about ability to continue as a going concern without additional capital.
Expectation of higher volume orders and significant revenue growth upon securing additional design wins; improved gross margins anticipated as production scales.
CEO plans to provide a detailed commercialization outlook after further business review.
Remaining deliverables under the Stellantis purchase order expected to be completed in 2026.
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