Ideal Power Inc (NASDAQ:IPWR) reported first-quarter FY24 commercial revenue of $78,739.
Operating expenses in the first quarter fell to $2.5 million from $2.6 million last year.
Ideal Power completed a public equity offering in the quarter and raised net proceeds of $15.7 million.
Net loss for the quarter was $2.5 million. The company held $20.2 million in cash and equivalents as of March 31, 2024.
Ideal noted that there was no outstanding long-term debt at March 31, 2024.
"We expect industrial markets, particularly the solid-state circuit breaker market served by our SymCool power module, to be the earliest source of our sales ramp," said President and CEO Dan Brdar.
Business Highlights So Far In 2024: Ideal Power completed Phase II of a product development program with Stellantis NV (NYSE:STLA), a top 10 global automaker.
It added the first distributor, Richardson Electronics, for discrete B-TRAN device and SymCool power modules.
The SymCool power module targets several applications, including solid-state switchgear and circuit protection, renewable energy inverters for solar and wind, industrial inverters, hybrid and electric vehicles (EVs), and EV charging.
The company is nearing completion of a qualification run with its second high-volume wafer fabrication partner.
Ideal Power is involved in the development and commercialization of the patented B-TRAN bidirectional semiconductor power switch.
Price Action: IPWR shares are trading lower by 2.30% premarket at the last check Wednesday.