The following is a summary of the Ideal Power Inc. (IPWR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Ideal Power reported modest Q3 2024 revenue due to prioritization of devices for automotive qualification testing.

• Cash burn for Q3 2024 was $2.4 million, at the low end of guidance; full year cash burn is expected to total $8.2 to $8.4 million.

• The company ended Q3 2024 with cash and cash equivalents of $18.7 million, having no debt and a clean capital structure.

Business Progress:

• Ideal Power made significant progress in automotive applications, delivering and testing B-TRAN devices and modules for use in EV drivetrain and battery circuit protection.

• Completed initial third-party automotive qualification tests with no failures, with wide application from automakers and industrial players.

• The company added new distributors, RYOSHO and Sekorm, expanding commercialization reach in Asia.

• Continued engagement with Stellantis on Phase 3 for developing a custom B-TRAN power module for their EV drivetrain platform.

Opportunities:

• Ideal Power sees an escalating demand from global automakers and industrial sectors, including solid-state circuit breakers and electric vehicle contactor applications.

• Growth in services and merchandise for EVs, renewable energy, data centers, and industrial motor drives promises expansive market potential.

Risks:

• The recent U.S. election results stirred some uncertainty around the continuation of renewable energy incentives, potentially influencing some market dynamics.

• Dependence on Tier 1 automotive suppliers and coping with external inventory and labor uncertainties at customer ends, notably with Stellantis.

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