Financial Data and Key Metrics Changes - The cash burn from operating and investing activities for Q2 2025 was $2.5 million, an increase from $2.2 million in Q2 2024 and $2.1 million in Q1 2024 [28] - Total cash, cash equivalents as of June 30, 2025, was $11.1 million, with no debt and a clean capital structure [30] - The net loss for Q2 2025 was $3 million compared to $2.7 million in Q2 2024 [32] Business Line Data and Key Metrics Changes - The company shipped updated solid state circuit breaker prototypes to its first design win customer, which is expected to generate several hundred thousand dollars in revenue in its first year and potentially millions in the second year [11][26] - Collaborations with five automakers, including four of the top 10 global automakers, have been established, indicating a growing interest in B TRAN technology for EV applications [7][9] Market Data and Key Metrics Changes - The company is seeing increased interest in B TRAN technology for circuit protection applications, particularly in Asia, which is the world's largest market for power electronics [7][12] - The automotive market is expected to contribute significantly to revenue growth, with a focus on solid state circuit breakers and EV contactors [27][79] Company Strategy and Development Direction - The company aims to broaden its collaboration with Stellantis and other automotive suppliers, focusing on commonality across their EV platforms [16][41] - Plans to increase the power rating of products later this year, which will enhance competitiveness in the market [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving milestones for 2025, including the start of revenue ramp and completion of third-party automotive qualification [27] - The company is well-positioned to mitigate impacts from tariffs and trade policies due to its asset-light business model and dual sourcing strategy [20] Other Important Information - The company has 96 issued V TRAN patents, with 74 pending, indicating a strong focus on innovation and intellectual property protection [25] - The company is actively engaged in educating the engineering community about its technology to facilitate adoption [58] Q&A Session Summary Question: How do we think about the opportunity with Stellantis? - The company expects to be involved with multiple brands under Stellantis' EV platform, aiming for commonality across their brands [36][38] Question: What is the estimated power semiconductor content in EVs? - The estimated total power semiconductor content in an EV is about $1,100, with the EV contactor contributing approximately $300 [43] Question: How many design win opportunities are there? - The company sees a growing funnel of design win opportunities, particularly in the industrial sector, with many companies interested in solid state circuit breakers [45][48] Question: What are the challenges to closing sales? - The primary challenge is the education process for engineers regarding the new technology, as opposed to technical challenges [58] Question: What is Ideal Power doing to drive sales ramp? - The company is utilizing internal sales teams, distributor relationships, and increasing awareness through trade shows and publications [60][62] Question: When will Ideal Power reach cash flow breakeven? - A few key design wins could lead to cash flow breakeven, with significant revenue potential from solid state circuit breakers and EV applications [67] Question: What is the cost comparison between B TRAN and IGBT? - B TRAN is expected to be about 10-20% more expensive than a single IGBT, but offers significant cost savings in bidirectional applications due to fewer components needed [84]

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]