Wed, May 15, 3:21 PM (72 days ago)
Ideal Power Inc. reported its financial results for the quarter ending March 31, 2024. The company saw a significant increase in its cash and cash equivalents to $20.2 million, driven by net proceeds of $13.7 million from a public offering. Total assets rose to $23.9 million from $12.2 million at the end of 2023. Current liabilities remained largely unchanged, while stockholders' equity increased to $21.7 million. Commercial revenue for the quarter was $78,739, with a gross profit of $10,241. Operating expenses totaled $2.54 million, leading to a net loss of $2.47 million, slightly lower than the $2.53 million loss in Q1 2023. The company continues to invest in R&D and expects higher expenses in the remainder of 2024 as it advances its B-TRAN™ technology. Key subsequent events include the exercise of the underwriter's option to purchase additional shares, raising total proceeds from the March 2024 Offering to $15.7 million, and an amended lease agreement for expanded office and laboratory space. These developments are expected to support further commercialization efforts and operational growth.