Core Viewpoint - Ideal Power Inc. reported its financial results for the fourth quarter and full year of 2025, highlighting progress in commercializing its B-TRAN® technology and establishing new customer agreements in various sectors, including electric vehicles and renewable energy [1]. Financial Highlights - The net loss for Q4 2025 was $1.9 million, an improvement from a net loss of $2.6 million in Q4 2024 [1]. - The total net loss for the full year 2025 was $10.6 million, slightly higher than the $10.4 million loss in 2024 [1]. - Operating expenses for 2025 were $10.9 million, down from $11.1 million in 2024, primarily due to lower stock-based compensation [1]. - Cash and cash equivalents stood at $6.1 million as of December 31, 2025, compared to $15.8 million at the end of 2024 [2]. Strategic Developments - The company has signed two new customer agreements for B-TRAN® solutions targeting applications in solid-state circuit protection, renewable energy, and electric vehicles [1]. - A Letter of Intent was signed with a power module manufacturer in Asia to produce B-TRAN®-based power modules [1]. - A multi-year strategic cooperation agreement was established with Lazzen for the design and sales of B-TRAN®-enabled circuit protection solutions [1]. Operational Updates - The B-TRAN® patent estate includes 100 issued patents, with 48 issued outside the U.S. and 78 pending [1]. - Engagement with Stellantis is ongoing for the development of EV contactors, with expected deliverables to be completed by mid-2026 [1]. - The company aims to drive initial revenue growth by converting sales opportunities into design-ins and custom development agreements [1].