Ideal Power Inc. Q3 FY2025 earnings call

• David Somo discussed joining Ideal Power, citing the company's compelling B-TRAN technology addressing high-growth power applications in data center, industrial, and automotive markets. He plans to leverage his semiconductor industry experience to accelerate commercial opportunities. • Tim Burns highlighted progress including securing a purchase order from Stellantis for custom development of packaged B-TRAN devices, engagement with another global automaker, first design win customer completing tests of updated solid-state circuit breakers, increasing power rating of discrete B-TRAN product, expanding global reach with a direct salesperson in Asia, third-party automotive qualification testing progress, financial results with cash burn details, and patent estate growth.

No specific financial performance by product segments with absolute terms and revenue contribution % provided in the transcript.

• Q3 2025 cash burn was $2.7 million, within guidance of $2.7 million to $2.9 million. • Q3 cash burn from operating and investing activities was $2.7 million, up from prior periods. • Fourth quarter 2025 cash burn expected to be approximately $2.5 to $2.7 million with full year 2025 cash burn of approximately $10 million. • Sufficient liquidity on balance sheet to fund operations through at least mid-2026.

• Statements made are forward-looking and subject to risks and uncertainties from SEC filings. • Tariff and trade policy impacts on operations, though minimal impact anticipated currently. • Potential challenges in commercializing new semiconductor technology due to cautious adoption by engineers.

Q: Any additional context around the CEO transition?

A: Dan's retirement was planned, extensive search led by board resulted in hiring David Somo with his semiconductor and commercial expertise.

Q: How do you see the markets evolving?

A: B-TRAN enabled solutions excel in high power applications with trends towards higher power efficiency, density, and cost management in data centers, industrial, and automotive markets.

Q: Is the product from the Asian power management company currently available for sale?

A: Not currently for sale, they're finalizing product design with updated prototypes tested successfully.

Q: How do you compare B-TRAN to competitors?

A: B-TRAN has ultra-low conduction losses, improved power efficiency, power density, and bidirectionality compared to silicon and silicon carbide solutions.

Q: When mentioning EVs with Stellantis, is it likely to be included in hybrids?

A: Our technology benefits hybrid electric vehicles as well, opportunity exists for B-TRAN in hybrids.

Q: What does the 75 amps power rating with 150 amps design margin mean?

A: Enables wider application range, tested up to 150 amps with conservative rating at 75 amps, sufficient headroom to scale for higher power solutions.

Q: Color on manufacturing status?

A: Two foundries (one in Europe, one in Asia) with good relationships, two packaging houses, in good shape for commercialization.

Q: Main barriers to closing sales?

A: Educating customers on new technology, providing evaluation kits and reference designs, cautious adoption by engineers; automotive qualification helps speed adoption.

Q: Thoughts on tariffs and trade policies?

A: Minimal impact anticipated from current tariffs, power semiconductors often exempt, well-positioned to manage future changes.