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Ideal Power Inc. (IPWR+5.84%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Ideal Power is focused on the development and commercialization of its B-TRAN® solid-state switch technology. The company generated $86,032 in commercial revenue in 2024, primarily from product sales and development agreements, compared to $161,483 in 2023.
The company did not recognize any grant revenue in 2024, compared to $37,388 in 2023. Ideal Power has received $3.7 million in grant revenue to date for bidirectional power switch development.
Research and development expenses increased by 8% to $6,207,218 in 2024, driven by higher personnel costs and engineering services. General and administrative expenses increased by 2% to $3,608,536.
Ideal Power reported a net loss of $10,417,813 for 2024, compared to a net loss of $9,954,020 in 2023. Interest income, net increased to $653,362 in 2024 from $398,068 in 2023.
The company completed a public offering in March and April 2024, raising net proceeds of $15.7 million. The funds are intended for further commercialization and development of the B-TRAN® technology.
Ideal Power announced its first design win for solid-state circuit breakers in late 2024 and entered into a joint development agreement with a circuit protection equipment manufacturer in Asia.
The company is engaged in a product development agreement with Stellantis for a custom B-TRAN® power module for use in electric vehicle drivetrain inverters.
As of December 31, 2024, Ideal Power had $15,842,850 in cash and cash equivalents, with no long-term debt. The company believes its cash on hand will be sufficient for its liquidity needs for at least the next 12 months.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.