IPWR · Ideal Power Inc.

Ideal Power reported a Q1 2026 net loss of $3.6 million, widening from $2.7 million in Q1 2025, primarily due to operating expenses rising 32% to $3.7 million. This increase stemmed from higher stock-based compensation linked to equity modifications for the former CEO and inducement grants to the incoming CEO, alongside elevated personnel costs. No commercial revenue was recorded, compared to $12 thousand last year, reflecting the pre-commercial stage of B-TRAN technology. Cash burn from operations and investing totaled $2.3 million, moderated by $12.6 million in net proceeds from common stock and pre-funded warrants issuance, boosting cash to $16.4 million with no long-term debt. CEO David Somo highlighted a strong start with two new projects for the lead Asia customer targeting SSCBs for 800V AI data centers, energy storage, and industrial buildings, plus on-schedule Stellantis EV deliverables and a new LOI for a hyperscaler SSCB prototype tied to NVIDIA's Rubin Ultra architecture. Strategic priorities focus on funnel conversion to design-ins, production orders, and exploring investments, positioning B-TRAN amid high-voltage DC shifts in AI data centers, EVs, and grids.