Ideal Power(US:IPWR)2025-02-27 14:25Financial Performance - Ideal Power reported commercial revenue of $5,408 in Q4 2024 and $86,032 for the full year 2024, compared to $61,483 and $161,483 in 2023 respectively, indicating a significant decline in revenue [20]. - The net loss for Q4 2024 was $2.6 million, slightly higher than the $2.4 million loss in Q4 2023, while the full year net loss increased to $10.4 million from $10.0 million in 2023 [6]. - Net loss for the year ended December 31, 2024, was $10,417,813, compared to a net loss of $9,954,020 in 2023, representing an increase in loss of approximately 4.6% [22]. Operating Expenses - Operating expenses in Q4 2024 were $2.8 million, up from $2.5 million in Q4 2023, primarily due to increased research and development spending [6]. - Cash used in operating and investing activities was $2.6 million in Q4 2024, compared to $2.1 million in Q4 2023, and $9.2 million for the full year 2024, up from $7.7 million in 2023 [6]. - Net cash used in operating activities increased to $8,742,580 in 2024 from $7,131,578 in 2023, reflecting a rise of about 22.6% [22]. - The company recorded stock-based compensation of $1,596,254 in 2024, down from $2,321,380 in 2023, a decrease of about 31.2% [22]. - Depreciation and amortization expenses rose to $341,045 in 2024 from $271,746 in 2023, an increase of about 25.5% [22]. - The acquisition of intangible assets amounted to $309,162 in 2024, compared to $282,121 in 2023, reflecting an increase of approximately 9.6% [22]. - The company experienced a decrease in accounts payable by $300,981 in 2024, contrasting with an increase of $274,595 in 2023 [22]. - The company reported a write-off of capitalized patents amounting to $62,073 in 2024, with no such write-off recorded in 2023 [22]. - The net cash used in investing activities decreased slightly to $506,428 in 2024 from $522,946 in 2023, a reduction of about 3.2% [22]. Cash Position - Cash and cash equivalents totaled $15.8 million as of December 31, 2024, an increase from $8.5 million in 2023 [18]. - Cash and cash equivalents at the end of the period increased to $15,842,850 in 2024, up from $8,474,835 in 2023, marking an increase of approximately 86.5% [22]. - Net cash provided by financing activities was $16,617,023 in 2024, compared to a net cash used of $216,264 in 2023, indicating a significant turnaround [22]. Market Opportunities and Product Development - Ideal Power has identified a $1.0 billion market opportunity for solid-state switchgear and a $1.4 billion opportunity in the energy and power market [3]. - The company secured its first design win for solid-state circuit breakers (SSCB) with a major Asian manufacturer, which is expected to drive revenue growth starting in the second half of 2025 [2]. - Ideal Power plans to initiate sales ramp in the second half of 2025 following the successful rollout of its first B-TRAN®-based product [2]. - The company is currently conducting third-party automotive qualification and reliability testing of B-TRAN® devices, with positive test results reported so far [6]. - The company has 94 issued B-TRAN® patents, with 45 issued outside the United States and 53 pending patents, covering multiple regions including North America and Asia [6].