Ideal Power(US:IPWR)2025-11-13 14:26Revenue Performance - Revenue for the three months ended September 30, 2025, was $24,450, a significant increase from $554 in the same period in 2024, primarily due to the completion of the first deliverable under the Stellantis purchase order[62] - For the nine months ended September 30, 2025, revenue was $37,728, down from $80,624 in the same period in 2024, attributed to the completion of the first deliverable under the Stellantis order and other product revenues[69] Research and Development Expenses - Research and development expenses increased by $109,099, or 6%, to $1,793,162 for the three months ended September 30, 2025, driven by higher semiconductor fabrication costs and search fees[64] - Research and development expenses for the nine months ended September 30, 2025, rose by $647,470, or 14%, to $5,261,173, mainly due to increased semiconductor fabrication costs[71] Net Loss - The net loss for the three months ended September 30, 2025, was $2,940,650, representing a 9% increase compared to a net loss of $2,690,348 for the same period in 2024[68] - The net loss for the nine months ended September 30, 2025, was $8,680,439, an 11% increase from a net loss of $7,822,039 for the same period in 2024[75] Cash and Working Capital - Cash and cash equivalents at September 30, 2025, were $8.4 million, with net working capital of $7.8 million and no outstanding debt[76] - Operating activities resulted in cash outflows of $6,973,275 for the nine months ended September 30, 2025, primarily due to the net loss for the period[78] - Financing activities for the nine months ended September 30, 2025 resulted in net cash outflows of $98,724, primarily due to tax payments of $98,834 related to the vesting of restricted stock units[81] - For the nine months ended September 30, 2024, financing activities generated cash inflows of $15,724,818 from the public offering of common stock and pre-funded warrants, $1,018,898 from the exercise of warrants, and $86,757 from the exercise of stock options[82] Product Development and Agreements - The company launched the SymCool® IQ Intelligent Power Module in late 2023, targeting markets such as renewable energy and EV charging, with the first order announced in late 2024[57] - A development agreement with Stellantis for a custom B-TRAN® power module progressed to the second phase in 2023, with an order secured in August 2025 for multiple EV applications[59] Accounting and Reporting - There have been no significant changes to critical accounting estimates during the nine months ended September 30, 2025, as disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[83] - There are no material changes from trends, events, or uncertainties disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[84] - As a smaller reporting company, there is no requirement to provide quantitative and qualitative disclosures about market risk[85]