Ideal Power Reports Second Quarter 2024 Financial Results

Replay ID:  50982

Upcoming Investor Conference

LD Micro 17th Annual Main Event Conference in Los Angeles on October 29, 2024
Ideal Power plans to present and participate in one-on-one meetings at the LD Micro Conference in Los Angeles on October 29. Conference attendees are encouraged to register and request a one-on-one in-person meeting with Ideal Power management by email to LD Micro at Email Contact.

The live, interactive webcast at the LD Micro Conference is October 29 at 11:00 AM PT and will be accessible on the Company's Investor Relations website under the Events tab HERE. The webcast will be archived on the website for future viewing when it is available.

About Ideal Power Inc.

Ideal Power (NASDAQ: IPWR) is pioneering the development and commercialization of its broadly patented bidirectional semiconductor power switch, creating highly efficient and ecofriendly energy control solutions for electric vehicle, electric vehicle charging, renewable energy, energy storage, UPS/data center, solid-state circuit breaker and other industrial and military applications. The Company is focused on its patented Bidirectional, Bipolar Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is a unique double-sided bidirectional AC switch that delivers substantial performance improvements over today's conventional power semiconductors. Ideal Power's B-TRAN™ can reduce conduction and switching losses, complexity of thermal management and operating cost in AC power switching and control circuitry. 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 us remaining on track to achieve our 2024 milestones and looking forward to more commercial announcements in the coming months as well as our statement that our wafer fabrication suppliers have ample capacity to support anticipated customer demand for our products over the next few years. 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, including the timing of the completion of our wafer fabrication runs with our semiconductor fabrications partners, 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 INC.

Balance Sheets

(unaudited)








June 30,
2024


December 31,
2023

ASSETS





Current assets:





Cash and cash equivalents

$

20,064,897

$

8,474,835

Accounts receivable, net


1,331


70,000

Inventory


79,662


81,450

Prepayments and other current assets


317,190


482,890

Total current assets


20,463,080


9,109,175






Property and equipment, net


351,533


359,225

Intangible assets, net


2,586,359


2,580,066

Right of use asset


-


186,570

Other assets


18,727


13,034

Total assets

$

23,419,699

$

12,248,070






LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:





Accounts payable

$

230,634

$

405,098

Accrued expenses


649,186


455,112

Current portion of lease liability


-


70,683

Total current liabilities


879,820


930,893






Long-term lease liability


-


132,304

Other long-term liabilities


1,066,274


1,125,173

Total liabilities


1,946,094


2,188,370






Stockholders' equity:





Common stock


7,695


5,998

Additional paid-in capital


123,660,261


107,116,362

Treasury stock


(13,210)


(13,210)

Accumulated deficit


(102,181,141)


(97,049,450)

Total stockholders' equity


21,473,605


10,059,700

Total liabilities and stockholders' equity

$

23,419,699

$

12,248,070


« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise