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Ideal Power Inc (IPWR-1.83%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing commercial revenue of $554, down from $1,557 in the same quarter the previous year. The revenue decrease is attributed to initial orders from customers evaluating the company's technology.
Cost of commercial revenue for the quarter was $1,511, compared to $2,787 in the same quarter of the previous year. This cost is related to low volume shipments of the company's products.
Research and development expenses for the quarter were $1,684,063, slightly down from $1,690,538 in the previous year. The company anticipates higher R&D expenses in the coming quarter due to increased personnel and semiconductor costs.
General and administrative expenses increased to $893,969 from $854,025, driven by higher professional fees and personnel costs.
Sales and marketing expenses rose to $320,642 from $293,963, attributed to higher personnel costs.
Net interest income for the quarter was $209,283, up from $99,275, due to a higher cash balance following a public offering.
The company reported a net loss of $2,690,348 for the quarter, slightly down from $2,740,481 in the previous year.
As of September 30, 2024, Ideal Power had cash and cash equivalents of $18.7 million and no outstanding debt. The company believes its current cash position will be sufficient to meet liquidity needs for the next twelve months.
The filing also details the company's ongoing commercialization efforts, including product launches and development agreements, such as the collaboration with Stellantis (STLA-0.34%) for B-TRAN™ technology.
During the quarter, Ideal Power announced global distribution agreements with Richardson Electronics, Ltd. (RELL-1.17%), RYOSHO U.S.A., INC., and Sekorm Advanced Technology for its products.
The company continues to focus on the commercialization of its B-TRAN™ technology and anticipates increased cash outflows in the next quarter as development progresses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ideal Power Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.