Ideal Power Inc ( (IPWR) ) has released its Q3 earnings. Here is a breakdown of the information Ideal Power Inc presented to its investors.
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Ideal Power Inc. is a company focused on the development and commercialization of its innovative B-TRAN™ bidirectional semiconductor power switch technology, which serves various applications in sectors such as electric vehicles, renewable energy, and energy storage.
In its third-quarter 2024 earnings report, Ideal Power highlighted its successful execution of the B-TRAN™ commercial roadmap, marked by collaborations with global automakers and the addition of new distributors. The company also reported its financial performance for the quarter and progress on strategic milestones.
Key highlights include securing orders from a global Tier 1 automotive supplier and ongoing collaborations with major automakers like Stellantis. The company also increased the current rating of its SymCool® power module and expanded its patent portfolio. Financially, Ideal Power used $2.4 million in cash for operating and investing activities, with a net loss of $2.7 million for the quarter.
Looking ahead, Ideal Power continues to focus on advancing its B-TRAN™ technology and expects to initiate Phase III of its program with Stellantis soon. The company remains committed to driving long-term value creation for shareholders through strategic collaborations and product innovations.
