The following is a summary of the Ideal Power Inc. (IPWR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ideal Power Inc. reported Q1 2024 commercial revenue of $79,000.

• Operating expenses were $2.5 million, down from $2.6 million in Q1 2023.

• The net loss in Q1 2024 stood at $2.5 million, consistent with Q1 2023.

• Cash and cash equivalents for the company were $20.2 million at the end of March 2024.

• After a public offering in late March, the total net proceeds were $15.7 million.

• The company reported 9,899,133 fully diluted shares at the end of March 2024 with an addition of 300,000 shares in April 2024.

Business Progress:

• Ideal Power Inc. fulfilled initial customer orders for its SymCool Power Module and added Richardson Electronics as the first distributor.

• The company finalized an agreement with another distributor with a stronghold in Asia.

• The successful completion of Phase II of the development program with Stellantis was accomplished early, with an expanded roster of test and evaluation program participants in place.

• Project aims include converting large OEMs into design wins and/or custom development agreements, selling SymCool Power modules to new and existing customers, and securing Phase III with Stellantis.

• Ideal Power is expecting product design wins later this year for roll-outs either late this year or early next year with two S&P 500 companies.

More details: Ideal Power IR

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