Financial Data and Key Metrics Changes - The first quarter cash burn was $2.1 million, up from $2 million in the first quarter of 2024, but down from $2.6 million in the fourth quarter of 2024 [28] - Cash and cash equivalents totaled $13.7 million as of March 31, 2025, with no debt and a clean capital structure [29] - The net loss for the first quarter of 2025 was $2.7 million compared to $2.5 million in the first quarter of 2024 [31] Business Line Data and Key Metrics Changes - The company completed solid state circuit breaker prototypes three months ahead of schedule, with initial testing completed successfully [5][12] - An order was secured from a third Forbes Global 500 power management market leader for solid state circuit breakers, indicating growing interest in the technology [6] - The company expects initial revenue ramp from solid state circuit breaker customers to start in the second half of 2025 [8] Market Data and Key Metrics Changes - There is a growing need for grid infrastructure upgrades globally, particularly in the US and EU, to handle distributed energy loads, creating significant opportunities for solid state circuit protection [9][10] - The market for solid state circuit breakers is driven by the rapid growth in renewables and energy storage, with a projected investment of over $2 trillion needed in Europe over the next 25 years [9] Company Strategy and Development Direction - The company is focused on leveraging its technology for solid state circuit breakers and EV contactors, with expectations for significant design wins in the near future [26] - The partnership with Stellantis is seen as a high priority, with expectations for rapid progress in the purchase order process [21][36] - The company is also expanding its reach into key markets in Europe and Asia through partnerships, such as with Queensland Semiconductor Technologies [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position in the market, highlighting the competitive advantages of their technology over silicon carbide devices [16][66] - The company anticipates that the completion of auto certification will enhance its credibility and appeal to industrial customers [70][76] - Management expects to see modest volume in commercial revenue from product sales in the second quarter of 2025, with a revenue ramp starting in the second half of 2025 [30] Other Important Information - The company has 94 issued B TRAN patents, with 45 outside the US, and a pending patent list of 70 [25] - The first engineering run of the next generation B TRAN die was successfully completed, which is expected to double the available capacity from wafer fabrication partners [24] Q&A Session Summary Question: Can you talk about the CCORM advanced technology bullet point? - The order has been partially fulfilled, and shipments have started in Q1, creating opportunities for future design wins [33][34] Question: What does the purchase order process with Stellantis entail? - The process is expected to be relatively short, taking several weeks due to the high priority of the program [36] Question: What is the expected value of Ideal Power technology in electric vehicles? - The estimated value is roughly $1,100 per vehicle, with EV contactors alone valued at $200 to $300 per vehicle [66] Question: What will it take for the company to reach cash flow breakeven? - A few key design wins could lead to significant annual revenue, potentially millions or even exceeding $10 million [59] Question: How long is the sales cycle for your products? - The typical sales cycle is about twelve months for industrial customers, but it can vary widely [60][63] Question: What impact will auto certification have on customers outside the auto industry? - It will positively impact industrial customers, as products that have undergone auto certification are seen as more robust [76]

Financial Data and Key Metrics Changes - The first quarter cash burn was $2.1 million, up from $2 million in Q1 2024, but down from $2.6 million in Q4 2024, and below the guidance of $2.2 million to $2.4 million [29][30] - Cash and cash equivalents totaled $13.7 million as of March 31, 2025, with no debt and a clean capital structure [30][32] - The net loss for Q1 2025 was $2.7 million compared to $2.5 million in Q1 2024 [32] Business Line Data and Key Metrics Changes - The company completed solid state circuit breaker prototypes three months ahead of schedule, with initial testing completed successfully [5][13] - An order was secured from a third Forbes Global 500 power management market leader for solid state circuit breakers, indicating strong interest in the technology [6] - The company expects initial revenue ramp from solid state circuit breaker customers starting in the second half of 2025 [9] Market Data and Key Metrics Changes - There is a growing demand for solid state circuit protection due to the rapid growth in distributed energy sources like renewables and batteries [10][11] - The European Union estimates a need for over $2 trillion in grid investments over the next 25 years, creating significant opportunities for solid state circuit protection technologies [10] - The company is engaged with multiple large global customers, indicating a robust pipeline for future design wins [16] Company Strategy and Development Direction - The company is focused on expanding its technology for solid state circuit breakers and EV contactors, with a strong emphasis on partnerships with major automotive manufacturers like Stellantis [20][21] - The asset-light business model is emphasized as a competitive advantage, allowing the company to leverage existing investments in wafer fabrication and packaging [24][55] - The company is actively pursuing design wins with large customers, which could lead to significant revenue opportunities [62] Management's Comments on Operating Environment and Future Outlook - Management highlighted the urgency for grid infrastructure upgrades to handle distributed loads, which is driving interest in their technology [10][11] - The company expects to see modest volume in commercial revenue from product sales in Q2 2025, with a revenue ramp starting in the second half of 2025 [30] - Management expressed optimism about the potential for significant commercial announcements and design wins in the near future [67] Other Important Information - The company has 94 issued B TRAN patents, with 45 outside the United States, and a pending patent list of 70 [26] - The first engineering run of the next generation B TRAN die was successfully completed, which is expected to double the available capacity from wafer fabrication partners [26] Q&A Session Summary Question: Can you talk about the CCORM advanced technology bullet point? - The order has started shipping and is partially fulfilled, creating opportunities for future design wins [36] Question: What does the PO process at Stellantis mean in terms of time? - The process is expected to take several weeks, as it is a high priority program for Stellantis [40] Question: What is the end game for opportunities with Stellantis? - The company will provide semiconductors for multiple vehicles across Stellantis brands, leveraging a platform approach [46] Question: What is the expected value of ideal power technology in electric vehicles? - The estimated value is roughly $1,100 per vehicle, with significant opportunities in various applications [69] Question: When will auto certification be completed? - Targeting completion by the end of 2025, with the process progressing well [71] Question: What impact will auto qualification have on customers outside the auto industry? - It will positively impact industrial customers, as products with auto certification will be seen as more robust [80]