Ideal Power reported its third quarter 2025 results, characterized by significant progress in its B-TRAN® commercial roadmap, including a key design win customer completing prototype testing and a new purchase order from Stellantis for EV applications. The company continues to invest in R&D, leading to increased operating expenses and a wider net loss compared to the prior year.
First design win customer successfully completed testing of updated prototype solid-state circuit breakers (SSCBs) and is working on final product design.
positiveSecured a purchase order from Stellantis for custom development and packaged B-TRAN® devices targeting multiple EV applications, completing the first of five deliverables.
positiveIncreased the power rating of discrete B-TRAN® product by 50% and commenced sampling, leading to greater interest from customers.
positiveThird-party automotive qualification and reliability testing of B-TRAN® devices is underway with over a thousand devices tested and no failures to date.
positiveNo long-term debt was outstanding at September 30, 2025.
neutralRevenue for the nine months ended September 30, 2025 was $37.7M, a significant decrease from $80.6M in the prior year period.
negativeGross loss increased to $1.6M in Q3 2025 from $0.9M in Q3 2024, and to $22.7M for the nine months ended Sep 30, 2025 from $6.9M in the prior year period.
negativeNet loss widened to $2.9M in Q3 2025 from $2.7M in Q3 2024, and to $8.7M for the nine months ended Sep 30, 2025 from $7.8M in the prior year period.
negativeNet loss per share increased to $(0.32) in Q3 2025 from $(0.31) in Q3 2024, and to $(0.95) for the nine months ended Sep 30, 2025 from $(0.99) in the prior year period.
negativeCash used in operating and investing activities increased to $2.7M in Q3 2025 from $2.4M in Q3 2024, and to $7.4M for the nine months ended Sep 30, 2025 from $6.6M in the prior year period.
negativeOperating expenses increased to $3.0M in Q3 2025 from $2.9M in Q3 2024, primarily due to higher R&D spending.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Focus on the B-TRAN® commercial roadmap and execution.
Highlighting the successful completion of prototype testing with the first design win customer.
Emphasizing the new purchase order from Stellantis for EV applications.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.