AUSTIN, Texas, March 02, 2023 (GLOBE NEWSWIRE) -- Ideal Power Inc. (“Ideal Power” or the “Company”) (Nasdaq: IPWR), pioneering the development and commercialization of the highly efficient and broadly patented B-TRAN™ bidirectional semiconductor power switch, reported results for its fourth quarter and full year ended December 31, 2022.

“Ideal Power accomplished a great deal in 2022 and early 2023. The recent launch of our first commercial product, the SymCool™ Power Module, marks a pivotal development for our B-TRAN™ technology,” said Dan Brdar, President and Chief Executive Officer of Ideal Power. “Our intense focus continues toward B-TRAN™ commercialization. We believe B-TRAN™ has the potential to displace conventional power semiconductor solutions in many applications including electric vehicles (EV”), renewable energy, energy storage, solid-state circuit breakers and motor drives.”

Key Fourth Quarter and Recent Operational Highlights

Fourth Quarter and Full Year 2022 Financial Results

2023 Milestones

For 2023, the Company has set the following milestones:

Conference Call and Webcast: Q4 and Full Year 2022 Results

Ideal Power President and CEO Dan Brdar and CFO Tim Burns will host a conference call today, followed by a question-and-answer period.

To access the call, please use the following information:

Date:Thursday, March 2, 2023
Time:4:30 p.m. EST, 1:30 p.m. PST
Toll-free dial-in number:  1-844-481-2701
International dial-in number:1-412-317-0657
  
Please call the conference telephone number 5-10 minutes prior to the start time to ensure proper connection. An operator will register your name and organization.

The conference call will be webcast live and available for replay on the Company’s investor relations website under the Events tab at https://ir.idealpower.com/events.

An audio replay of the conference call will be available one hour after the live call until Midnight April 2, 2023.
  
Toll Free Replay Number:1-877-344-7529  
International Replay Number:1-412-317-0088  
Replay ID:6853841


Upcoming Conferences

Ideal Power will participate in four investor conferences in March:

Conference attendees are encouraged to request a one-on-one meeting with Ideal Power management. Email your conference sponsor contact or Jeff Christensen of Ideal Power, Investor Relations at jchristensen@darrowir.com.

About Ideal Power Inc.

Ideal Power (NASDAQ: IPWR) is pioneering the development of its broadly patented bidirectional semiconductor power switch, creating highly efficient and ecofriendly energy control solutions for electric vehicle, electric vehicle charging, renewable energy, energy storage, UPS/data center, solid-state circuit breaker and other industrial and military applications. The Company is focused on its patented Bidirectional, Bipolar Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is a unique double-sided bidirectional AC switch able to deliver substantial performance improvements over today's conventional power semiconductors. Ideal Power believes B-TRAN™ will reduce conduction and switching losses, complexity of thermal management and operating cost in medium voltage AC power switching and control circuitry. For more information, visit www.IdealPower.com.

Safe Harbor Statement

All statements in this release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. While Ideal Power’s management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. Such forward-looking statements include, but are not limited to, statements regarding our 2023 milestones and B-TRAN™ having the potential to displace conventional power semiconductor solutions in many applications. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, the success of our B-TRAN™ technology, including whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, our inability to predict with precision or certainty the pace and timing of development and commercialization of our B-TRAN™ technology, including the timing of the completion of our wafer fabrication runs with our semiconductor fabrications partners, the rate and degree of market acceptance for our B-TRAN™, the impact of global health pandemics on our business, supply chain disruptions, and the expected performance of future products incorporating our B-TRAN™, and uncertainties set forth in our quarterly, annual and other reports filed with the Securities and Exchange Commission. Furthermore, we operate in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. We disclaim any intention to, and undertake no obligation to, update or revise forward-looking statements, except as required by applicable law.

Ideal Power Investor Relations Contact: 

Jeff Christensen
Darrow Associates
703-297-6917
jchristensen@darrowir.com 

IDEAL POWER INC.
Balance Sheets

  December 31, 
     2022    2021
ASSETS      
Current assets:       
Cash and cash equivalents $16,345,623  $23,170,149 
Accounts receivable, net  65,936   233,262 
Prepayments and other current assets  491,365   43,900 
Total current assets  16,902,924   23,447,311 
       
Property and equipment, net  200,103   56,158 
Intangible assets, net  2,036,431   2,055,650 
Right of use asset  248,720   307,172 
Other assets  11,189   11,189 
Total assets $19,399,367  $25,877,480 
       
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Accounts payable $130,503  $130,500 
Accrued expenses  254,218   353,507 
Current portion of lease liability  64,597   58,864 
Total current liabilities  449,318   542,871 
         
Long-term lease liability  202,987   267,584 
Other long-term liabilities  838,458   917,100 
Total liabilities  1,490,763   1,727,555 
         
Commitments and contingencies        
         
Stockholders’ equity:        
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2022 and 2021  —   — 
Common stock, $0.001 par value; 50,000,000 shares authorized; 5,926,001 shares issued and 5,924,680 shares outstanding at December 31, 2022 and 5,893,767 shares issued and 5,892,446 shares outstanding at December 31, 2021  5,926   5,894 
Additional paid-in capital  105,011,318   104,063,321 
Treasury stock, at cost; 1,321 shares at December 31, 2022 and 2021, respectively  (13,210)  (13,210)
Accumulated deficit  (87,095,430)  (79,906,080)
Total stockholders’ equity  17,908,604   24,149,925 
Total liabilities and stockholders’ equity $19,399,367  $25,877,480 
         

IDEAL POWER INC.
Statements of Operations

  Three Months Ended  Year Ended
  December 31,  December 31, 
     2022     2021     2022     2021 
Grant revenue $16,608  $128,605  $203,269  $576,399 
Cost of grant revenue  16,608   128,605   203,269   576,399 
Gross profit  —   —   —   — 
              
Operating expenses:             
Research and development  1,029,695   501,694   3,366,776   1,927,743 
General and administrative  767,309   703,279   3,123,852   2,408,425 
Sales and marketing  192,307   209,948   852,331   512,807 
Total operating expenses  1,989,311   1,414,921   7,342,959   4,848,975 
             
Loss from operations  (1,989,311)  (1,414,921)  (7,342,959)  (4,848,975)
             
Other income (expense):            
Interest income (expense), net  98,366   (5,827)  153,609   (12,701)
Gain on forgiveness of long-term debt  —   —   —   91,407 
Total other income (expense)  98,366   (5,827)  153,609   78,706 
             
Net loss $(1,890,945) $(1,420,748) $(7,189,350) $(4,770,269)
               
Net loss per share – basic and diluted $(0.31) $(0.23) $(1.17) $(0.80)
               
Weighted average number of shares outstanding – basic and diluted  6,160,803   6,143,452   6,157,866   5,937,520 
                 

IDEAL POWER INC.
Statements of Cash Flows

  For the Year Ended December 31, 
     2022    2021
Cash flows from operating activities:        
Net loss $(7,189,350) $(4,770,269)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization  187,077   157,564 
Write-off of long-lived assets  937   528 
Stock-based compensation  975,801   352,313 
Stock issued for services  100,100   207,980 
Gain on forgiveness of long-term debt  —   (91,407)
Decrease (increase) in operating assets:        
Accounts receivable  167,326   (62,975)
Prepaid expenses and other assets  (389,013)  176,223 
Increase (decrease) in operating liabilities:      
Accounts payable  3   28,516 
Accrued expenses and other liabilities  (236,795)  (279,337)
Net cash used in operating activities  (6,383,914)  (4,280,864)
       
Cash flows from investing activities:        
Purchase of property and equipment  (182,651)  (44,267)
Acquisition of intangible assets  (130,089)  (192,668)
Net cash used in investing activities  (312,740)  (236,935)
       
Cash flows from financing activities:        
Net proceeds from issuance of common stock  —   21,204,609 
Exercise of options and warrants  —   3,326,083 
Payment of taxes on vesting of restricted stock units  (127,872)  — 
Net cash (used in) provided by financing activities  (127,872)  24,530,692 
       
Net increase (decrease) in cash and cash equivalents  (6,824,526)  20,012,893 
Cash and cash equivalents at beginning of year  23,170,149   3,157,256 
Cash and cash equivalents at end of year $16,345,623  $23,170,149