Ideal Power Reports Third Quarter 2022 Financial Results
14 Novembro 2022 - 6:05PM
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 third quarter
ended September 30, 2022.
“Our progress toward B-TRAN™ commercialization
continues as we engaged with another top 10 global automaker,
entering into a product development agreement. In addition, we
shipped additional 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 engaged a design partner who is nearing completion of the
packaging design of our first commercial product, a multi-die power
module. Heading into the remaining weeks of 2022, we remain focused
on execution toward delivering on our objective of introducing our
first commercial B-TRAN™ module by year end,” stated Dan Brdar,
President and Chief Executive Officer of Ideal Power.
Key Third Quarter and Recent Operational
Highlights
- Entered into a product development
agreement with a top 10 global automaker for a custom B-TRAN™ power
module for use in electric vehicle (“EV”) drivetrain inverters in
the automaker’s next generation EV platform. This represents Ideal
Power’s second engagement with a leading global automobile
manufacturer.
- Under the NAVSEA program, shipped
additional B-TRAN™ devices to DTI. These devices were tested prior
to shipment and demonstrated the very low conduction losses
anticipated by prior internal and third-party simulations. DTI will
incorporate these packaged B-TRAN™s into a full-scale MVDC circuit
breaker.
- Fabricated and tested the latest
generation of B-TRAN™ driver, which will support the test and
evaluation program.
- Designed and fabricated test and
evaluation kit that includes a B-TRAN™ device, driver, power board
and enclosure for safety and ease of connection to facilitate and
accelerate setup, test and evaluation of B-TRAN™ by customers in
the Company’s evaluation program.
- Selected a design firm who is
nearing completion of the packaging design for Ideal Power’s first
commercial product, a multi-die power module, planned for
introduction later this year. Due to significant interest from
prospective customers and test and evaluation program participants,
the multi-die power module is targeted for the solid-state circuit
breaker (SSCB) market.
- 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
SSCB and other grid applications; and
- two universities with connections to
large commercial businesses.
- Completed the qualification of a
world-class packaging firm to transition to the new packaging
concept for volume production. This firm is working closely with
the Company and its module design firm to ensure the Company’s
initial product is manufacturable in high volume.
- 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
71 issued B-TRAN™ patents with 31 of those issued outside of the
United States and 22 pending B-TRAN™ patents. In the third quarter,
two patents were issued in the US, one related to Ideal Power’s
device driver and another related to paralleling and controlling
multiple B-TRAN™ die in a common module. Current geographic
coverage includes North America, China, Japan, South Korea, India
and Europe.
Third Quarter 2022 Financial
Results
- Grant revenue was $10,675 in the
third quarter of 2022 compared to $121,028 in the third quarter of
2021.
- Operating expenses in the third
quarter of 2022 were $1.8 million compared to $1.2 million in the
third quarter of 2021.
- Net loss in the third quarter of
2022 was $1.7 million compared to $1.2 million in the third quarter
of 2021.
- Cash used in operating and investing
activities in third quarter 2022 was $1.6 million compared to $1.7
million in the second quarter of 2022 and $1.2 million in third
quarter 2021.
- Cash and cash equivalents totaled
$18.5 million at September 30, 2022.
- Ideal Power had no long-term debt outstanding at September 30,
2022.
Third 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,
November 14, 2022 |
Time: |
4:30 p.m. EST, 1:30 p.m. PST |
Toll-free dial-in number: |
1-888-394-8218 |
International dial-in number: |
1-323-994-2093 |
Conference ID: |
1668798 |
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://viavid.webcasts.com/starthere.jsp?ei=1572492&tp_key=7b9047f1f5
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, November 14, 2022, through Wednesday,
December 14, 2022.
Toll
Free Replay Number: |
1-844-512-2921 |
International Replay Number: |
1-412-317-6671 |
Replay ID: |
1668798 |
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 design partner nearing completion of the design of our first
commercial product, a multi-die power module, and our plans to
introduce our first commercial product by year end. 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)
|
|
September 30, |
|
December 31, |
|
|
2022 |
|
|
2021 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
18,450,537 |
|
|
$ |
23,170,149 |
|
Accounts receivable, net |
|
|
49,328 |
|
|
|
233,262 |
|
Prepayments and other current
assets |
|
|
448,252 |
|
|
|
43,900 |
|
Total current assets |
|
|
18,948,117 |
|
|
|
23,447,311 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
151,192 |
|
|
|
56,158 |
|
Intangible assets, net |
|
|
2,032,938 |
|
|
|
2,055,650 |
|
Right of use asset |
|
|
263,667 |
|
|
|
307,172 |
|
Other assets |
|
|
11,189 |
|
|
|
11,189 |
|
Total assets |
|
$ |
21,407,103 |
|
|
$ |
25,877,480 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
19,843 |
|
|
$ |
130,500 |
|
Accrued expenses |
|
|
573,549 |
|
|
|
353,507 |
|
Current portion of lease
liability |
|
|
63,131 |
|
|
|
58,864 |
|
Total current liabilities |
|
|
656,523 |
|
|
|
542,871 |
|
|
|
|
|
|
|
|
Long-term lease liability |
|
|
219,715 |
|
|
|
267,584 |
|
Other long-term
liabilities |
|
|
883,118 |
|
|
|
917,100 |
|
Total liabilities |
|
|
1,759,356 |
|
|
|
1,727,555 |
|
|
|
|
|
|
|
|
Commitments and contingencies
(Note 6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 September 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 |
|
|
104,859,537 |
|
|
|
104,063,321 |
|
Treasury stock, at cost, 1,321
shares at September 30, 2022 and
December 31, 2021 |
|
|
(13,210 |
) |
|
|
(13,210 |
) |
Accumulated deficit |
|
|
(85,204,485 |
) |
|
|
(79,906,080 |
) |
Total stockholders’
equity |
|
|
19,647,747 |
|
|
|
24,149,925 |
|
Total liabilities and
stockholders’ equity |
|
$ |
21,407,103 |
|
|
$ |
25,877,480 |
|
|
|
|
|
|
|
|
|
|
IDEAL
POWER INC.Statements of
Operations(unaudited)
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Grant revenue |
|
$ |
10,675 |
|
|
$ |
121,028 |
|
|
$ |
186,661 |
|
|
$ |
447,794 |
|
Cost of grant revenue |
|
|
10,675 |
|
|
|
121,028 |
|
|
|
186,661 |
|
|
|
447,794 |
|
Gross profit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
780,151 |
|
|
|
604,476 |
|
|
|
2,337,081 |
|
|
|
1,426,049 |
|
General and
administrative |
|
|
768,957 |
|
|
|
500,942 |
|
|
|
2,356,543 |
|
|
|
1,705,146 |
|
Sales and marketing |
|
|
207,443 |
|
|
|
128,248 |
|
|
|
660,024 |
|
|
|
302,859 |
|
Total operating expenses |
|
|
1,756,551 |
|
|
|
1,233,666 |
|
|
|
5,353,648 |
|
|
|
3,434,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(1,756,551 |
) |
|
|
(1,233,666 |
) |
|
|
(5,353,648 |
) |
|
|
(3,434,054 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (expense),
net |
|
|
52,781 |
|
|
|
(5,012 |
) |
|
|
55,243 |
|
|
|
(6,874 |
) |
Gain on forgiveness of
long-term debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
91,407 |
|
Total other income
(expense) |
|
|
52,781 |
|
|
|
(5,012 |
) |
|
|
55,243 |
|
|
|
84,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,703,770 |
) |
|
$ |
(1,238,678 |
) |
|
$ |
(5,298,405 |
) |
|
$ |
(3,349,521 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share – basic and
diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.86 |
) |
|
$ |
(0.57 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding – basic and diluted |
|
|
6,157,625 |
|
|
|
6,125,874 |
|
|
|
6,156,876 |
|
|
|
5,868,122 |
|
IDEAL
POWER INC.Statements of Cash
Flows(unaudited)
|
|
Nine Months Ended |
|
|
September 30, |
|
|
2022 |
|
|
2021 |
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(5,298,405 |
) |
|
$ |
(3,349,521 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
134,557 |
|
|
|
113,607 |
|
Write-off of capitalized
patents |
|
|
— |
|
|
|
528 |
|
Stock-based compensation |
|
|
696,127 |
|
|
|
247,512 |
|
Stock issued for services |
|
|
100,100 |
|
|
|
68,680 |
|
Gain on forgiveness of
long-term debt |
|
|
— |
|
|
|
(91,407 |
) |
Decrease (increase) in
operating assets: |
|
|
|
|
|
|
Accounts receivable |
|
|
183,934 |
|
|
|
(92,240 |
) |
Prepaid expenses and other
assets |
|
|
(360,847 |
) |
|
|
105,687 |
|
Increase (decrease) in
operating liabilities: |
|
|
|
|
|
|
Accounts payable |
|
|
(110,657 |
) |
|
|
(44,629 |
) |
Accrued expenses and other
liabilities |
|
|
142,458 |
|
|
|
49,040 |
|
Net cash used in operating
activities |
|
|
(4,512,733 |
) |
|
|
(2,992,743 |
) |
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchase of property and
equipment |
|
|
(118,239 |
) |
|
|
(43,685 |
) |
Acquisition of intangible
assets |
|
|
(88,640 |
) |
|
|
(139,116 |
) |
Net cash used in investing
activities |
|
|
(206,879 |
) |
|
|
(182,801 |
) |
|
|
|
|
|
|
|
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 |
|
|
(4,719,612 |
) |
|
|
21,330,291 |
|
Cash and cash equivalents at
beginning of period |
|
|
23,170,149 |
|
|
|
3,157,256 |
|
Cash and cash equivalents at
end of period |
|
$ |
18,450,537 |
|
|
$ |
24,487,547 |
|
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