Ideal Power Inc. reported its financial results for the fiscal year ending December 31, 2024, revealing a commercial revenue of $86,032, a decrease from $161,483 in 2023. The company also did not recognize any grant revenue in 2024, compared to $37,388 in the previous year. The total revenue for 2024 was $86,032, down from $198,871 in 2023. The cost of commercial revenue was $93,409, leading to a gross loss of $7,377 for the year, contrasting with a gross profit of $38,258 in 2023. The net loss for 2024 increased to $10,417,813, up from $9,954,020 in 2023.
In terms of operational changes, Ideal Power launched two commercial products: the SymCool® Power Module in early 2023 and the SymCool® IQ Intelligent Power Module in late 2023. The company has also engaged in a development agreement with Stellantis for a custom B-TRAN® power module for electric vehicles, successfully completing the second phase of this program in 2024. Additionally, Ideal Power announced its first design win for solid-state circuit breakers with a major circuit protection equipment manufacturer in Asia, which is expected to lead to commercial sales in 2025.
The company’s research and development expenses rose by 8% to $6,207,218 in 2024, driven by increased personnel costs and engineering services. General and administrative expenses increased slightly to $3,608,536, while sales and marketing expenses rose by 12% to $1,248,044. Ideal Power's total operating expenses for 2024 were $11,063,798, compared to $10,390,346 in 2023. The company ended the year with cash and cash equivalents of $15,842,850, a significant increase from $8,474,835 in 2023, primarily due to a public offering that generated net proceeds of $15.7 million.
Looking ahead, Ideal Power anticipates modest growth in commercial revenue from product sales and development agreements in 2025. The company is actively pursuing additional government funding opportunities to support its operations and technology development. However, it acknowledges the inherent risks associated with product commercialization and the need for ongoing financing to sustain its operations until profitability is achieved. The company’s future performance will depend on the successful adoption of its B-TRAN® technology in target markets, including electric vehicles and renewable energy applications.
About Ideal Power Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.