Ideal Power Posts Q3 2025 Results; First Design Win Moves Toward Product Launch

- Ideal Power Inc. (Nasdaq: IPWR) ("Ideal Power," the "Company," "we," "us" or "our"), developer and innovative provider of the highly efficient and broadly patented B-TRAN® bidirectional semiconductor power switch, reports results for its third quarter ended September 30, 2025.

"I'm excited to have joined Ideal Power and thrilled by the strong foundation in place for growth. Our first design win customer successfully completed testing of the updated prototype solid-state circuit breakers (SSCBs) and we are currently working with them on the finalization of their first product design," said David Somo, President and Chief Executive Officer of Ideal Power.

Somo continued, "We are delighted to announce securing the purchase order from Stellantis for custom development and packaged B-TRAN® devices targeting multiple electric vehicle (EV) applications. We completed our first of five deliverables under the purchase order. The remaining deliverables are expected to be completed next year."

Key Third Quarter and Recent Operational Highlights

Execution to our B-TRAN® commercial roadmap continues, including:

• Our first design win customer completed testing of the updated SSCB prototype breakers with enhanced capabilities. We are working with them on the finalization of their product design, ahead of the B-TRAN®-enabled product launch targeting AI data center customers.
• Secured purchase order from Stellantis in late August for custom development and packaged B-TRAN® devices targeting multiple EV applications and completed our first of five deliverables under the purchase order in late September. The remaining deliverables are expected to be completed next year.
• Engaged with a sixth global automaker. This automaker is evaluating B-TRAN® for low-loss, solid-state solutions for EV power switching and protection applications.
• Shipped additional SSCB reference designs to large, potential customers including another global power management market leader.
• Increased the power rating of our discrete B-TRAN® product by 50% and commenced sampling of these devices with the higher power rating. This development has sparked greater interest from both existing customers and new prospects in our sales pipeline.
• Third-party automotive qualification and reliability testing of B-TRAN® devices is well underway with more than a thousand packaged B-TRAN® devices from multiple wafer runs. Test results continue to be positive with no failures to date.
• B-TRAN® Patent Estate: Currently at 97 issued B-TRAN® patents with 47 of those issued outside of the United States and 73 pending B-TRAN® patents. Current geographic coverage includes North America, China, Taiwan, Japan, South Korea, India, and Europe.

Third Quarter 2025 Financial Results

• Cash used in operating and investing activities in the third quarter of 2025 was $2.7 million compared to $2.4 million in the third quarter of 2024.
• Cash used in operating and investing activities in the first nine months of 2025 was $7.4 million compared to $6.6 million in the first nine months of 2024.
• Cash and cash equivalents totaled $8.4 million at September 30, 2025.
• No long-term debt was outstanding at September 30, 2025.
• Operating expenses in the third quarter of 2025 were $3.0 million compared to $2.9 million in the third quarter of 2024 due to modestly higher research and development spending.
• Net loss in the third quarter of 2025 was $2.9 million compared to $2.7 million in the third quarter of 2024.