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]