Ideal Power Inc., based in Austin, Texas, reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and overall financial position compared to the previous fiscal period.
For Q3 2024, Ideal Power generated total revenue of $554, a decrease from $1,557 in Q3 2023. For the nine months ended September 30, 2024, total revenue was $80,624, down from $137,388 in the same period of 2023. The decline in commercial revenue is attributed to initial orders from customers evaluating the company's B-TRAN™ technology. The cost of revenue for Q3 2024 was $1,511, down from $2,787 in Q3 2023, reflecting low volume shipments.
The company reported a loss from operations of $(2,899,631) for Q3 2024, a slight increase from $(2,839,756) in Q3 2023. For the nine months ended September 30, 2024, the loss from operations was $(8,312,595), up 6% from $(7,867,194) in the same period of 2023. The net loss for Q3 2024 was $(2,690,348), a 2% decrease from $(2,740,481) in Q3 2023. For the nine months, the net loss was $(7,822,039), a 4% increase from $(7,548,272) in the prior year.
Research and development expenses for the nine months ended September 30, 2024, increased to $4,613,703 from $4,337,254 in the same period of 2023. General and administrative expenses rose slightly to $2,695,041 from $2,682,951, while sales and marketing expenses increased by 15% to $996,992 from $870,189.
On the balance sheet, cash and cash equivalents as of September 30, 2024, were $18,655,922, significantly up from $8,474,835 at the end of 2023. Total current assets also increased to $19,021,299 from $9,109,175. Total stockholders’ equity rose to $20,220,363 from $10,059,700, driven by net proceeds of $15,724,818 from the issuance of common stock and pre-funded warrants during the nine months.
Strategically, Ideal Power launched two new products: the SymCool® Power Module and the SymCool® IQ Intelligent Power Module, with shipments commencing in early 2024. The company also entered into several distribution agreements and established test and evaluation agreements with major companies, including a global automaker.
Overall, Ideal Power's financial performance reflects ongoing challenges in revenue generation while maintaining a strong cash position and strategic product development initiatives.
About Ideal Power Inc.
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