Ideal Power (IPWR) Q4 2024 earnings summary

Executive summary

• Achieved first design win for B-TRAN® solid-state circuit breakers with a major Asian manufacturer, validating technology and accelerating product rollout, with revenue ramp expected in H2 2025.

• Secured multi-unit orders for SymCool IQ Intelligent Power Module, expanding into renewables, EV charging, storage, and data centers.

• Advanced automotive programs with Stellantis and global Tier 1 suppliers, including new B-TRAN-enabled EV contactor programs and positive feedback from program reviews.

• Expanded global reach through distributor agreements and active engagement with large OEMs and tier-one suppliers.

Financial highlights

• Q4 2024 cash burn was $2.6 million, up from $2.1 million in Q4 2023; full year 2024 cash burn was $8.2 million net of $1 million in warrant proceeds, and $9.2 million including investing activities.

• Cash and cash equivalents totaled $15.8 million at year-end 2024; no debt and a clean capital structure.

• Net loss for Q4 2024 was $2.6 million; full year net loss was $10.4 million.

• Commercial revenue was $5,408 in Q4 2024 and $86,032 for full year 2024, down from $161,483 in 2023.

• Operating expenses rose to $2.8 million in Q4 2024 and $11.1 million for the year, mainly due to higher R&D and sales/marketing.

Outlook and guidance

• Q1 2025 cash burn expected to decrease to $2.2–$2.4 million; full year 2025 cash burn projected to exceed $10 million due to hiring.

• Revenue ramp anticipated in the second half of 2025, driven by design wins and product rollouts.

• Initial sales from the first design win expected to generate several hundred thousand dollars in the first year, with potential to exceed $1 million in the second year.

• 2025 milestones include securing next phase with Stellantis, additional design wins, initial sales ramp, and completion of automotive qualification testing.