The following is a summary of the Ideal Power Inc. (IPWR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Ideal Power Inc. reported Q1 2024 commercial revenue of $79,000.
Operating expenses were $2.5 million, down from $2.6 million in Q1 2023.
The net loss in Q1 2024 stood at $2.5 million, consistent with Q1 2023.
Cash and cash equivalents for the company were $20.2 million at the end of March 2024.
After a public offering in late March, the total net proceeds were $15.7 million.
The company reported 9,899,133 fully diluted shares at the end of March 2024 with an addition of 300,000 shares in April 2024.
Business Progress:
Ideal Power Inc. fulfilled initial customer orders for its SymCool Power Module and added Richardson Electronics as the first distributor.
The company finalized an agreement with another distributor with a stronghold in Asia.
The successful completion of Phase II of the development program with Stellantis was accomplished early, with an expanded roster of test and evaluation program participants in place.
Project aims include converting large OEMs into design wins and/or custom development agreements, selling SymCool Power modules to new and existing customers, and securing Phase III with Stellantis.
Ideal Power is expecting product design wins later this year for roll-outs either late this year or early next year with two S&P 500 companies.
More details: Ideal Power IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.