Ideal Power signs foundry deal, advances B-TRAN customer projects in Q2
Ideal Power Inc (NASDAQ:IPWR, FRA:5ILA) said it continued to advance commercial development of its B-TRAN bidirectional semiconductor switch technology in the second quarter, including work with a lead Asian customer and an industry partner on prototypes tied to Nvidia's Rubin Ultra 800V DC data center power architecture.
"We continued to execute across our commercial priorities in the second quarter," said David Somo, Ideal Power's CEO.
"Our focus remains on advancing customer opportunities through our expanding sales funnel into volume production orders, revenue growth and long-term shareholder value creation."
The company said it is finalizing low current solid-state circuit breaker prototype units for shipment to its lead Asia customer this month for internal testing, with B-TRAN-enabled prototypes expected to be available from that customer for 800V AI data center and energy grid applications in the fourth quarter.
Ideal Power also delivered a second shipment of next-generation B-TRAN custom packaged samples and development kits to Stellantis for electric vehicle applications, and said it is working with the automaker to optimize a solid-state contactor system-level specification.
The company entered into a long-term supply agreement with a high-volume wafer foundry in Asia, which it said has successfully fabricated functional B-TRAN first silicon and has capacity to support high-volume industrial and automotive customers.
Ideal Power introduced a new 800-volt solid-state circuit breaker reference design kit aimed at customers developing their own SSCB products and said a distribution partner has placed its first stocking order for the kits. The company is also advancing a co-development effort, under a letter of intent signed in the second quarter, on an intelligent SSCB prototype targeted for delivery to a US hyperscaler by the end of the fourth quarter.
The company posted a net loss of $3.4 million for the quarter ended June 30, compared with a loss of $3 million a year earlier. Operating expenses rose to $3.6 million from $3.1 million, which the company attributed to higher stock-based compensation, personnel costs and non-cash patent impairment charges tied to a rationalization of its pending patent portfolio.
Cash and cash equivalents stood at $41.3 million at quarter-end. The company raised $27.7 million in net proceeds during the quarter through a registered direct offering of common stock and pre-funded warrants.
Ideal Power's B-TRAN patent estate stands at 105 issued patents, including 51 outside the United States, with geographic coverage in North America, China, Taiwan, Japan, South Korea, India and Europe.
Shares of Ideal Power were up around 5.5% on Thursday morning.