Q2 2024 Ideal Power Inc Earnings Call Transcript
Key Points
- Ideal Power Inc (IPWR) is collaborating with a third global automaker, adding to its existing engagements with Stellantis and another top 10 global automaker.
- The company announced a global distribution agreement with a second distributor, particularly strong in Asia, which has already started placing orders.
- Ideal Power Inc (IPWR) qualified a second wafer fabrication supplier with high-volume production capability, ensuring dual sourcing and geographic diversity.
- Secured orders for B-TRAN devices and circuit breaker evaluation boards from a global leader in power semiconductor and power electronics solutions.
- Increased the current rating of their simple power module by 25% and reduced its size by approximately 50%, significantly enhancing power density.
- Second quarter 2024 cash burn was $2.2 million, up from $1.9 million in the first quarter of 2024 and $1.8 million in the second quarter of 2023.
- Operating expenses increased to $2.9 million in the second quarter of 2024 from $2.4 million in the second quarter of 2023, driven by higher research and development spending.
- The company recorded minimal revenue for the second quarter, indicating low volume orders from large companies evaluating their products.
- Net loss in the second quarter of 2024 was $2.7 million, compared to $2.3 million in the second quarter of 2023.
- The adoption of new technology like B-TRAN faces challenges due to the conservative nature of engineers and the need for extensive testing and validation.
Good morning, ladies and gentlemen, and welcome to the Ideal Power second-quarter 2024 results call. (Operator Instructions) As a reminder, this event is being recorded.
I would now like to turn the conference over to Jeff Christensen. Please go ahead.
Thank you, operator, and good morning, everyone. Thank you for joining Ideal Power's second-quarter 2024 conference call. With me on the call today are Dan Brdar, our President and Chief Executive Officer; and Tim Burns, Chief Financial Officer. Ideal Power's second-quarter 2024 financial results press release is available on the company's website at idealpower.com.
Before we begin, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and company's prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's SEC filings for a
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