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AUSTIN, Texas, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Ideal Power Inc. (NASDAQ: IPWR), an innovative power conversion technology company, reported results for the three and six months ended June 30, 2018.
Key Second Quarter 2018 and Subsequent Highlights:
• Completed corporate restructuring to support recent progress with PPSA™ and B-TRAN™ technologies. The following executive management changes were made:
• Realigned into two separate operating divisions: Power Conversion Systems (PPSA) and B-TRAN (Bi-directional bi-polar junction transistor).
Power Conversion Systems Division
"The second quarter of 2018 was highlighted by purchase orders for our SunDial Plus inverters for large scale deployments in China and Iowa as well as new customer penetration into the charging market with our 30 kW Stabiliti™ Series power conversion system,” said Dr. Lon Bell, Chief Executive Officer of Ideal Power. “Our project win with BCI represents our first large scale integration into a solar + storage system in the significant Chinese market. I am happy to report all two-megawatts have been delivered and the system is expected to be commissioned as early as September 2018.”
“On the B-TRAN front, we have taken important steps in the development of our disruptive solid-state switch technology. Firstly, we qualified a domestic semiconductor fabricator for development runs of prototype B-TRAN dies and now have device runs in process at two fabricators. Secondly, we tested a prototype driver circuit that effectively turns on and off our B-TRAN solid-state switches. The drivers will be packaged with our B-TRAN dies to form prototype fully functional B-TRAN power switches. Finally, we kicked off a plan to deliver engineering samples to potential customers and partners late this year. In summary, we continue to see significant commercialization potential in our proprietary B-TRAN technology and are actively pursuing government grants to fund B-TRAN development,” continued Bell.
“As we look into the second half of 2018, we are encouraged by solid backlog for the third quarter, the pending commissioning of large-scale solar plus storage installation utilizing our SunDial Plus, increased order activity with current customers, such as Sharp and Amber Kinetics, and penetration into new markets like EV charging with customers such as eCAMION and Coritech,” concluded Bell.
Second Quarter 2018 Financial Results
“The second quarter of 2018 demonstrated notable progress across all key metrics as the demand for our Stabiliti and SunDial products began to accelerate with new and existing customers,” said Tim Burns, Chief Financial Officer. “On the cash management side, we experienced our lowest quarterly cash burn rate since our IPO, utilizing $1.2 million of cash in the quarter, due to aggressive cost cutting initiatives and the recovery of $0.2 million as the result of legal action against a former customer for non-payment. We believe that strong cash management and no debt will provide Ideal Power with a stable financial runway well into 2019,” concluded Burns.
Conference Call Details
Ideal Power Chairman, CEO and President Dr. Lon Bell, CFO Tim Burns and B-TRAN Chief Commercial Officer Dan Brdar will host the conference call, followed by a question and answer period.
To access the call, please use the following information:
|Date:||Monday, August 13, 2018|
|Time:||4:30 p.m. ET, 1:30 p.m. PT|
|Toll-free dial-in number:||1-866-575-6539|
|International dial-in number:||1-323-994-2082|
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.
The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=130742 and via the investor relations section of the Company’s website at www.IdealPower.com.
A replay of the conference call will be available after 7:30 p.m. Eastern time through September 13, 2018.
|Toll-free replay number:||1-844-512-2921|
|International replay number:||1-412-317-6671|
About Ideal Power Inc.
Ideal Power (NASDAQ: IPWR) is a power conversion technology company that delivers innovative solutions to system integrators and project developers enabling distributed energy resources for applications both on and off the grid. Ideal Power’s products deliver reliability and compelling return on investment for renewable energy and storage applications at a competitive cost, backed by first-rate customer service. With its patented power conversion technology, Ideal Power supports a broad set of growing markets, including solar + storage, battery energy storage, electric vehicle charging and microgrids.
Ideal Power’s patented Bi-directional Bi-polar Junction Transistor (B-TRAN) semiconductor technology is a unique double-sided bi-directional AC switch expected to deliver substantial performance improvements over today's conventional power semiconductors. B-TRANs offer the potential to improve efficiency and system economics of a wide variety of power converter applications including electrified vehicle traction drives, energy storage applications, photovoltaic (PV) inverters and wind converters, variable frequency (VFD) motor drives, and AC and DC power control applications. 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 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. 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, market acceptance of our products in the solar + storage market, the success of our B-TRAN technology, the success of our corporate reorganization and management changes, whether the patents for our technology provide adequate protection and whether we can be successful in maintaining, enforcing and defending our patents, the timing and impact of regulatory developments affecting the markets for our products, our inability to predict with precision or certainty the pace of development and commercialization of our advanced technologies, the uncertainty of whether the demand for energy storage products will grow at a pace consistent with our expectations, whether our backlog will translate into revenue in future periods, whether demand for our products will develop, and whether we can compete successfully with other manufacturers and suppliers of power conversion products, both now and in the future, as new products are developed and marketed, whether our cost reduction efforts will continue to be successful and other risks and uncertainties set forth in our quarterly and annual 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. The availability and amount of government incentive programs affect our customers spending patterns, and adverse changes or developments in such programs – such as the SGIP in California – have materially and adversely affected our orders, net sales, gross profit and net income in the past, and may do so again in the future. 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.
Ideal Power Investor Relations Contact:
MZ North America
IDEAL POWER INC.
|Cash and cash equivalents||$||6,980,213||$||10,022,247|
|Accounts receivable, net||170,792||221,084|
|Prepayments and other current assets||503,808||283,208|
|Total current assets||7,894,220||10,777,902|
|Property and equipment, net||513,153||669,571|
|Intangible assets, net||2,096,692||2,082,014|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Total current liabilities||1,667,653||1,530,630|
|Other long-term liabilities||462,199||456,234|
|Commitments and contingencies|
|Preferred stock, $0.001 par value; 10,000,000 shares authorized; 1,518,430 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively||1,518||1,518|
|Common stock, $0.001 par value; 50,000,000 shares authorized; 14,004,465 shares issued and 14,000,342 shares outstanding at June 30, 2018 and 13,998,465 shares issued and 13,996,121 shares outstanding at December 31, 2017, respectively||14,004||13,998|
|Additional paid-in capital||67,711,659||67,081,359|
|Treasury stock, at cost; 4,123 shares at June 30, 2018 and 2,344 shares at December 31, 2017||(9,677||)||(7,489||)|
|Total stockholders’ equity||8,429,633||11,580,123|
|Total Liabilities and Stockholders’ Equity||$||10,559,485||$||13,566,987|
IDEAL POWER INC.
Statements of Operations
Three Months Ended
Six Months Ended
|Cost of product revenue||584,800||764,609||919,763||1,475,539|
|Gross profit (loss)||35,142||(511,239||)||(118,321||)||(946,499||)|
|Research and development||905,541||1,108,368||1,663,324||2,298,537|
|General and administrative||817,672||1.170,415||1,709,660||2,076,378|
|Sales and marketing||69,989||427,336||324,232||968,869|
|Total operating expenses||1,793,202||2,706,119||3,697,216||5,343,784|
|Loss from operations||(1,758,060||)||(3,217,358||)||(3,815,537||)||(6,290,283||)|
|Interest income, net||35,614||7,034||36,929||11,575|
|Net loss per share – basic and fully diluted||$||(0.12||)||$||(0.23||)||$||(0.27||)||$||(0.50||)|
|Weighted average number of shares outstanding – basic and fully diluted||13,992,791||13,989,282||13,991,961||12,443,076|
IDEAL POWER INC.
Statements of Cash Flows
Six Months Ended
|Cash flows from operating activities:|
|Adjustments to reconcile net loss to net cash used in operating activities:|
|Allowance for doubtful accounts||(98,337||)||273,727|
|Write-down of inventory||5,458||712,083|
|Depreciation and amortization||216,920||224,926|
|Write-off of capitalized patents||15,478||202,343|
|Write-off of fixed assets||7,055||15,036|
|Decrease (increase) in operating assets:|
|Prepayments and other current assets||(238,520||)||77,981|
|Increase (decrease) in operating liabilities:|
|Net cash used in operating activities||(2,942,133||)||(4,348,202||)|
|Cash flows from investing activities:|
|Purchase of property and equipment||(18,525||)||(18,146||)|
|Acquisition of intangible assets||(79,188||)||(171,134||)|
|Net cash used in investing activities||(97,713||)||(189,280||)|
|Cash flows from financing activities:|
|Net proceeds from issuance of stock||-||13,657,331|
|Payment of taxes related to restricted stock vesting||(2,188||)||-|
|Exercise of options and warrants||-||11,143|
|Net cash provided by financing activities||(2,188||)||13,668,474|
|Net increase (decrease) in cash and cash equivalents||(3,042,034||)||9,130,992|
|Cash and cash equivalents at beginning of period||10,022,247||4,204,916|
|Cash and cash equivalents at end of period||$||6,980,213||$||13,335,908|