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AUSTIN, Texas, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Ideal Power Inc. (NASDAQ: IPWR), pioneering the development and commercialization of highly efficient and broadly patented B-TRAN™ bi-directional power switches, reported results for its third quarter ended September 30, 2019.
Key Third Quarter 2019 and Subsequent B-TRAN™ Division Highlights :
“The third quarter of 2019 was highlighted by the completion of our PCS disposition allowing us to focus solely on our proprietary B-TRAN™ power switch technology commercialization,” said Dr. Lon Bell, Chief Executive Officer of Ideal Power. “During the quarter we collaborated extensively with semiconductor fabrication partners to manufacture B-TRAN™ wafers for packaging and bench testing.
“Subsequent to the closing of the third quarter and in conjunction with the recent B-TRAN progress, the Company was able to fortify the balance sheet with $3.5 million in gross proceeds from institutional investors and company management. I personally contributed $500,000 to the offering, demonstrating my confidence in the immense opportunity for our repositioned Company. We look forward to sharing more on our commercial progress on our year-end earnings call and upcoming investor conferences,” concluded Bell.
Third Quarter 2019 Financial Results
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, which will be accompanied by a presentation and followed by a question and answer period.
To access the call, please use the following information:
|Date:||Wednesday, November 13, 2019|
|Time:||4:30 p.m. ET, 1:30 p.m. PT|
|Toll-free dial-in number:||1-800-458-4148|
|International dial-in number:||1-323-794-2597|
|Presentation:||Events Section of IR website here|
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=136767 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 December 13, 2019.
|Toll Free Replay Number:||1-844-512-2921|
|International Replay Number:||1-412-317-6671|
About Ideal Power Inc.
Ideal Power (NASDAQ: IPWR) is pioneering the development of its broadly patented bi-directional power switches, creating highly efficient and ecofriendly energy control solutions for industrial, alternative energy, military and automotive applications. The company is focused on its patented Bi-directional, Bi-polar Junction Transistor (B-TRAN™) semiconductor technology. B-TRAN™ is a unique double-sided bi-directional AC switch able to deliver substantial performance improvements over today's conventional power semiconductors. Ideal Power believes B-TRAN™ modules 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. 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, 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 of development and commercialization of our B-TRAN™ technology 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.
Ideal Power Investor Relations Contact:
MZ North America
IDEAL POWER INC.
|September 30, 2019||December 31, 2018|
|Cash and cash equivalents||$||769,833||$||3,258,077|
|Prepayments and other current assets||129,347||333,877|
|Current assets of discontinued operations held for sale||–||1,096,323|
|Total current assets||899,180||4,688,277|
|Property and equipment, net||52,879||63,214|
|Intangible assets, net||1,645,555||1,396,409|
|Right of use asset||303,246||–|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Current portion of lease liability||177,669||–|
|Current liabilities of discontinued operations held for sale||–||877,755|
|Total current liabilities||551,929||1,139,713|
|Long-term lease liability||129,995||–|
|Other long-term liabilities||651,483||428,163|
|Commitments and contingencies|
|Preferred stock, $0.001 par value; 10,000,000 shares authorized;
810,000 shares issued and outstanding at September 30, 2019 and
1,518,430 shares issued and outstanding at December 31, 2018,
|Common stock, $0.001 par value; 50,000,000 shares authorized;
1,475,322 shares issued and 1,474,001 shares outstanding at
September 30 30, 2019 and 1,404,479 shares issued and 1,403,158
shares outstanding at December 31, 2018, respectively
|Additional paid-in capital||68,115,842||68,022,484|
|Treasury stock, at cost, 1,321 shares at September 30, 2019 and
December 31, 2018, respectively
|Total stockholders’ equity||1,585,373||4,597,944|
|Total liabilities and stockholders’ equity||$||2,918,780||$||6,165,820|
IDEAL POWER INC.
Statements of Operations
Three Months Ended
Nine Months Ended
|Cost of product revenue||–||–||–||–|
|Research and development||250,773||326,733||804,741||743,495|
|General and administrative||471,272||911,763||1,520,325||2,597,174|
|Total operating expenses||722,045||1,238,496||2,325,066||3,340,669|
|Loss from continuing operations before interest||(722,045||)||(1,238,496||)||(2,325,066||)||(3,340,669||)|
|Interest (income) expense, net||2,763||112||3,072||(36,817||)|
|Loss from continuing operations||(724,808||)||(1,238,608||)||(2,328,138||)||(3,303,852||)|
|Loss from discontinued operations||(78,796||)||(1,011,315||)||(768,047||)||(2,724,679||)|
|Loss on sale of discontinued operations||(9,107||)||–||(9,107||)||–|
|Loss from continuing operations per share – basic and
|Loss from discontinued operations per share – basic
and fully diluted
|Net loss per share – basic and fully diluted||$||(0.55||)||$||(1.61||)||$||(2.13||)||$||(4.30||)|
|Weighted average number of shares outstanding – basic
and fully diluted
IDEAL POWER INC.
Statements of Cash Flows
Nine Months Ended
|Cash flows from operating activities:|
|Loss from continuing operations||$||(2,328,138||)||$||(3,303,852||)|
|Adjustments to reconcile net loss to net cash used in operating activities:|
|Depreciation and amortization||82,913||109,845|
|Write-off of capitalized patents||–||10,873|
|Decrease in operating assets:|
|Prepayments and other current assets||204,530||186,764|
|Increase (decrease) in operating liabilities:|
|Net cash used in operating activities||(1,876,140||)||(2,267,158||)|
|Net cash used in operating activities – discontinued operations||(557,096||)||(2,076,842||)|
|Cash flows from investing activities:|
|Purchase of property and equipment||(4,253||)||(1,088||)|
|Acquisition of intangible assets||(74,342||)||(85,913||)|
|Net cash used in investing activities||(78,595||)||(87,001||)|
|Net cash provided by (used in) investing activities – discontinued operations||23,587||(49,865||)|
|Cash flows from financing activities:|
|Payment of taxes related to restricted stock vesting||–||(2,616||)|
|Net cash used in financing activities||–||(2,616||)|
|Net decrease in cash and cash equivalents – continuing operations||(1,954,735||)||(2,356,775||)|
|Net decrease in cash and cash equivalents – discontinued operations||(533,509||)||(2,126,707||)|
|Cash and cash equivalents at beginning of period||3,258,077||10,022,247|
|Cash and cash equivalents at end of period||$||769,833||$||5,538,765|