Ideal Power Reports Second Quarter 2022 Financial Results
15 Agosto 2022 - 5:05PM
Ideal Power Inc. (“Ideal Power” or the “Company”) (Nasdaq:
IPWR), pioneering the development and commercialization of the
highly efficient and broadly patented B-TRAN™ bidirectional
semiconductor power switch, reported results for its second quarter
ended June 30, 2022.
“We delivered initial packaged and tested
B-TRAN™ devices to Diversified Technologies, Inc. (DTI), our Naval
Sea Systems Command (NAVSEA) program collaboration partner, in
preparation for a full-scale medium voltage direct current (MVDC)
circuit breaker demonstration. We also added commercial and
university participants to our test and evaluation program and
released our new driver design for fabrication to support program
participants. In addition, we completed the qualification of a
world-class packaging firm for volume production. Our talented,
energized team remains focused on execution of our
commercialization strategy toward our objective of introducing our
first commercial product by year end,” stated Dan Brdar, President
and Chief Executive Officer of Ideal Power.
Key Second Quarter and Recent
Operational Highlights
- Under the NAVSEA program, delivered
initial B-TRAN™ devices to DTI. The packaged devices were tested
prior to shipment and demonstrated the very low conduction losses
predicted by prior internal and third-party simulations. DTI will
incorporate packaged B-TRAN™s into a full-scale MVDC circuit
breaker. Ideal Power is on track to complete its deliveries of
additional B-TRAN™ devices later this year and will continue to
provide program support through the demonstration of the B-TRAN™
enabled direct current (DC) solid-state circuit breaker
(SSCB).
- Added participants to the roster of
B-TRAN™ test and evaluation program, including:
- a non-domestic designer and
manufacturer of grid solutions interested in evaluating B-TRAN™ for
SSCBs and other grid applications;
- a well-established domestic
aerospace and defense systems integrator interested in evaluating
B-TRAN™ for SSCBs; Ideal Power and this integrator are jointly
pursuing additional government grants for B-TRAN™ based
demonstrations; and
- two universities evaluating B-TRAN™
for electric vehicle charging applications.
- Completed testing of the latest
generation B-TRAN™ driver and began fabrication of this driver to
support the test and evaluation program.
- Completed the qualification of a
world-class packaging firm to transition to a new packaging concept
for volume production. Ideal Power now has qualified both a
domestic and a non-domestic packaging firm.
- Engaged a third-party firm to
conduct long-term reliability testing of B-TRAN™ devices, involving
tens of thousands of power cycles to assess the mechanical
integrity of the design.
- B-TRAN™ Patent Estate: Currently at 69 issued B-TRAN™ patents
with 30 of those issued outside of the United States and 23 pending
B-TRAN™ patents. In April, Ideal Power was issued its first patent
in India. Geographic coverage of the patent portfolio now includes
North America, China, Japan, South Korea, India and Europe.
Second Quarter and 2022 Financial
Results
- Grant revenue was $50,978 in the
second quarter of 2022 compared to $ 84,705 in the second quarter
of 2021.
- Operating expenses in the second
quarter of 2022 were $1.7 million compared to $1.3 million in the
second quarter of 2021.
- Net loss in the second quarter of
2022 was $1.7 million compared to $1.2 million in the second
quarter of 2021.
- Cash used in operating and investing
activities in first quarter 2022 was $1.7 million compared to $1.4
million in the first quarter of 2022 and $1.1 million in second
quarter 2021.
- Cash and cash equivalents totaled
$20.0 million at June 30, 2022.
- Ideal Power had no long-term debt outstanding at June 30,
2022.
Second Quarter 2022 Conference Call
Details
Ideal Power President and CEO Dan Brdar and CFO Tim Burns will
host a conference call today, followed by a question-and-answer
period.
To access the call, please use the following information:
Date: |
|
Monday, August 15, 2022 |
Time: |
|
4:30 p.m. EDT, 1:30 p.m. PDT |
Toll-free dial-in
number: |
|
1-877-270-2148 |
International dial-in number: |
|
1-412-902-6510 |
Please ask to be joined to the Ideal Power
call.
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact LHA Investor Relations at
1-212-838-3777.
The conference call will be broadcast live and available for
replay at
https://event.choruscall.com/mediaframe/webcast.html?webcastid=L5H14RvI
via the investor relations section of the Company’s website at
www.IdealPower.com.
A replay of the conference call will be available after 7:30
p.m. Eastern time on Monday, August 15, 2022, through Thursday,
September 15, 2022.
Toll Free Replay Number: |
|
1-877-344-7529 |
International Replay Number: |
|
1-412-317-0088 |
Replay ID: |
|
5521580 |
About Ideal Power Inc.
Ideal Power (NASDAQ: IPWR) is pioneering the development of its
broadly patented bidirectional semiconductor power switch, creating
highly efficient and ecofriendly energy control solutions for
electric vehicle, electric vehicle charging, renewable energy,
energy storage, UPS / data center, solid-state circuit breaker and
other industrial and military applications. The Company is focused
on its patented Bidirectional, Bipolar Junction Transistor
(B-TRAN™) semiconductor technology. B-TRAN™ is a unique
double-sided bidirectional AC switch able to deliver substantial
performance improvements over today's conventional power
semiconductors. Ideal Power believes B-TRAN™ will reduce conduction
and switching losses, complexity of thermal management and
operating cost in medium voltage AC power switching and control
circuitry. For more information, visit www.IdealPower.com.
Safe Harbor StatementAll statements in this
release that are not based on historical fact are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. While Ideal Power’s
management has based any forward-looking statements included in
this release on its current expectations, the information on which
such expectations were based may change. Such forward-looking
statements include, but are not limited to, statements regarding
our plans to complete deliveries of B-TRAN™ devices to DTI by year
end, introduce our first commercial product by year end and to
continue to provide program support through the demonstration of
the B-TRAN™ enabled DC SSCB. These forward-looking statements rely
on a number of assumptions concerning future events and are subject
to a number of risks, uncertainties and other factors, many of
which are outside of our control that could cause actual results to
materially differ from such statements. Such risks, uncertainties,
and other factors include, but are not limited to, the impact of
COVID-19 on our business, financial condition and results of
operations, the success of our B-TRAN™ technology, including
whether the patents for our technology provide adequate protection
and whether we can be successful in maintaining, enforcing and
defending our patents and our inability to predict with precision
or certainty the pace and timing of development and
commercialization of our B-TRAN™ technology, including the timing
of the completion of our wafer fabrication runs with our
semiconductor fabrications partners and our continued success
engaging companies to participate in our customer sampling program,
and uncertainties set forth in our quarterly, annual and other
reports filed with the Securities and Exchange Commission.
Furthermore, we operate in a highly competitive and rapidly
changing environment where new and unanticipated risks may arise.
Accordingly, investors should not place any reliance on
forward-looking statements as a prediction of actual results. We
disclaim any intention to, and undertake no obligation to, update
or revise forward-looking statements.Ideal Power Investor
Relations Contact: LHA Investor RelationsCarolyn
Capaccio, CFAT: 212-838-3777IdealPowerIR@lhai.com
IDEAL
POWER INC.Balance
Sheets(unaudited)
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
20,020,712 |
|
|
$ |
23,170,149 |
|
Accounts receivable, net |
|
|
147,162 |
|
|
|
233,262 |
|
Prepayments and other current
assets |
|
|
261,949 |
|
|
|
43,900 |
|
Total current assets |
|
|
20,429,823 |
|
|
|
23,447,311 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
53,265 |
|
|
|
56,158 |
|
Intangible assets, net |
|
|
2,037,412 |
|
|
|
2,055,650 |
|
Right of use asset |
|
|
278,388 |
|
|
|
307,172 |
|
Other assets |
|
|
11,189 |
|
|
|
11,189 |
|
Total assets |
|
$ |
22,810,077 |
|
|
$ |
25,877,480 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
17,764 |
|
|
$ |
130,500 |
|
Accrued expenses |
|
|
499,024 |
|
|
|
353,507 |
|
Current portion of lease
liability |
|
|
61,688 |
|
|
|
58,864 |
|
Total current liabilities |
|
|
578,476 |
|
|
|
542,871 |
|
|
|
|
|
|
|
|
Long-term lease liability |
|
|
236,195 |
|
|
|
267,584 |
|
Other long-term
liabilities |
|
|
877,778 |
|
|
|
917,100 |
|
Total liabilities |
|
|
1,692,449 |
|
|
|
1,727,555 |
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock, $0.001 par
value; 50,000,000 shares authorized; 5,905,118 shares issued and
5,903,797 shares outstanding at June 30, 2022 and 5,893,767 shares
issued and 5,892,446 shares outstanding at December 31, 2021 |
|
|
5,905 |
|
|
|
5,894 |
|
Additional paid-in
capital |
|
|
104,625,648 |
|
|
|
104,063,321 |
|
Treasury stock, at cost, 1,321
shares at June 30, 2022 and December 31, 2021 |
|
|
(13,210 |
) |
|
|
(13,210 |
) |
Accumulated deficit |
|
|
(83,500,715 |
) |
|
|
(79,906,080 |
) |
Total stockholders’
equity |
|
|
21,117,628 |
|
|
|
24,149,925 |
|
Total liabilities and
stockholders’ equity |
|
$ |
22,810,077 |
|
|
$ |
25,877,480 |
|
IDEAL
POWER INC.Statements of
Operations(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, |
|
June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Grant revenue |
|
$ |
50,978 |
|
|
$ |
84,705 |
|
|
$ |
175,986 |
|
|
$ |
326,766 |
|
Cost of grant revenue |
|
|
50,978 |
|
|
|
84,705 |
|
|
|
175,986 |
|
|
|
326,766 |
|
Gross profit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
728,383 |
|
|
|
560,693 |
|
|
|
1,556,930 |
|
|
|
821,573 |
|
General and
administrative |
|
|
734,637 |
|
|
|
603,518 |
|
|
|
1,587,586 |
|
|
|
1,204,204 |
|
Sales and marketing |
|
|
233,152 |
|
|
|
112,033 |
|
|
|
452,581 |
|
|
|
174,611 |
|
Total operating expenses |
|
|
1,696,172 |
|
|
|
1,276,244 |
|
|
|
3,597,097 |
|
|
|
2,200,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(1,696,172 |
) |
|
|
(1,276,244 |
) |
|
|
(3,597,097 |
) |
|
|
(2,200,388 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense),
net |
|
|
6,178 |
|
|
|
(1,856 |
) |
|
|
2,462 |
|
|
|
(1,862 |
) |
Gain on forgiveness of
long-term debt |
|
|
— |
|
|
|
91,407 |
|
|
|
— |
|
|
|
91,407 |
|
Total other income |
|
|
6,178 |
|
|
|
89,551 |
|
|
|
2,462 |
|
|
|
89,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,689,994 |
) |
|
$ |
(1,186,693 |
) |
|
$ |
(3,594,635 |
) |
|
$ |
(2,110,843 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share – basic and
diluted |
|
$ |
(0.27 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding – basic and diluted |
|
|
6,157,625 |
|
|
|
6,125,874 |
|
|
|
6,156,495 |
|
|
|
5,737,109 |
|
IDEAL
POWER INC.Statements of Cash
Flows(unaudited)
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
June 30, |
|
|
2022 |
|
|
2021 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(3,594,635 |
) |
|
$ |
(2,110,843 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
89,051 |
|
|
|
70,343 |
|
Write-off of capitalized
patents |
|
|
— |
|
|
|
528 |
|
Stock-based compensation |
|
|
462,238 |
|
|
|
153,644 |
|
Stock issued for services |
|
|
100,100 |
|
|
|
68,680 |
|
Gain on forgiveness of
long-term debt |
|
|
— |
|
|
|
(91,407 |
) |
Decrease (increase) in
operating assets: |
|
|
|
|
|
|
Accounts receivable |
|
|
86,100 |
|
|
|
37,916 |
|
Prepaid expenses and other
assets |
|
|
(189,265 |
) |
|
|
(57,663 |
) |
Increase (decrease) in
operating liabilities: |
|
|
|
|
|
|
Accounts payable |
|
|
(112,736 |
) |
|
|
57,123 |
|
Accrued expenses and other
liabilities |
|
|
77,630 |
|
|
|
70,584 |
|
Net cash used in operating
activities |
|
|
(3,081,517 |
) |
|
|
(1,801,095 |
) |
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchase of property and
equipment |
|
|
(12,248 |
) |
|
|
(32,919 |
) |
Acquisition of intangible
assets |
|
|
(55,672 |
) |
|
|
(112,100 |
) |
Net cash used in investing
activities |
|
|
(67,920 |
) |
|
|
(145,019 |
) |
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
Net proceeds from issuance of
common stock |
|
|
— |
|
|
|
21,204,609 |
|
Exercise of options and
warrants |
|
|
— |
|
|
|
3,301,226 |
|
Net cash provided by financing
activities |
|
|
— |
|
|
|
24,505,835 |
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
|
|
(3,149,437 |
) |
|
|
22,559,721 |
|
Cash and cash equivalents at
beginning of period |
|
|
23,170,149 |
|
|
|
3,157,256 |
|
Cash and cash equivalents at
end of period |
|
$ |
20,020,712 |
|
|
$ |
25,716,977 |
|
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