Ideal Power Inc.

The grade, in three tenses

Headline 2.5 out of ten, 8 of 9 metrics filed and 1 estimated: past 1.5 out of ten, present 2.3 out of ten, future 3.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 2.5 out of ten. 7 warning events since 2017; the latest 2022-04-14. 25th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 0.6 out of ten. 8 filed years; profitable in 0 of 8. 6th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 2.1 out of ten. CrossAssetData estimate 2.1/10, confidence 35 of 100 (one part). 21st percentile among 94 sector filers. A CrossAssetData estimate, not a filed reading: one part, confidence 35 of 100; a filing that carries the missing parts replaces this estimate with the filed reading.
• Financial health (present): 2.7 out of ten. ROE -134%: lost 134¢ per shareholder dollar. Leverage 22%: owes 22¢ per asset dollar. 27th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 0.3 out of ten. bottom 3% of 97 in its family; net margin -28038.6%. 3rd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 4.5 out of ten. bottom 45% of 66 in its family for leadership; chief executive since 2025. 45th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 4.9 out of ten. bottom 49% of 94 in its family for room to expand. 49th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.9 out of ten. bottom 39% of 93 in its family for growth drivers. 39th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 1.8 out of ten. bottom 18% of 88 in its family for expectations against reality. 18th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-03-27 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-13 for the period ended 2026-06-30 (on EDGAR). Newest results release: Form 8-K filed 2026-08-13 (on EDGAR). Newest filing: Form 4, 2026-08-27. Filings on record since 2010. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-03-27.

The people

David Somo has been president and chief executive of Ideal Power since November 2025 and sits on the board. He arrived from the private equity firm Strenuus Capital Partners, where he was an operating partner from January 2025 to October 2025, and before that ran Preciseley Microtechnology Corporation as president and chief executive from June 2021 to September 2024 and spent the years from 2009 to June 2021 at onsemi as senior vice president for corporate strategy, marketing and systems engineering. The proxy statement credits him with over 30 years in the semiconductor industry and names Celerity, Ubicom, MEMC Electronic Materials and Advanced Micro Devices among his earlier employers. [1, 2]

The handover was quick. On October 31, 2025 R. Daniel Brdar gave notice of his retirement from all positions with the company, effective November 2, 2025, and the board appointed Somo the next day, November 3, 2025. Brdar agreed to provide transition services for twelve months from the date of his retirement. On the insider record this site holds, Brdar first filed as an Ideal Power insider in 2014 and last filed in 2025, and Somo's first filing carries the date he was appointed. [3, 4, 5]

Timothy W. Burns has been the chief financial officer and treasurer since October 2013 and the secretary since November 2013, the longest run on the executive team, and the insider record shows his first filing in 2013. He came from Rainmaker Systems, where he was controller and then chief financial officer from April 2011, and before that spent the years from 2001 until November 2010 at Dean Foods Company in finance and accounting roles. In a company this small one person wears several hats: the annual report says the chief financial officer runs the cybersecurity program with a third-party service provider and is the designated chief information officer under the company's information resources policy. [6, 7, 5, 8]

The board has five members, and every one of them except Somo is an independent director under Nasdaq's rules by the board's own determination: Drue Freeman and Gregory Knight, both on the board since April 2022, Ted Lesster since April 2018, and Michael C. Turmelle, a director since December 2017 and chairman since December 2021. Freeman spent most of his career at NXP Semiconductors and Knight has 25 years in industrial manufacturing across photovoltaics, silicon carbide, electric vehicles and power electronics. The company itself is tiny: as of February 28, 2026 it had 17 full-time employees, none of them covered by a collective bargaining agreement. [9, 10, 11, 12, 13, 14, 15]

How it operates

Ideal Power does one thing. It develops and commercializes a power switch called the B-TRAN, short for bidirectional bipolar junction transistor. A power switch is the part that opens and closes the flow of electricity inside equipment; conventional ones pass current in one direction only, so a circuit that has to pass power both ways needs four devices, a pair of transistors and a pair of diodes. The B-TRAN passes current both ways by itself, which the company says lets a manufacturer substitute one B-TRAN for two pairs of the insulated gate bipolar transistors and diodes used in bidirectional circuits today. The accounts treat the whole business as one operating segment. [16, 17, 18, 19]

Two commercial products have been launched: the discrete B-TRAN, a single die packaged for electrical connection, and the SymCool Power Module, a multi-die version of the same thing. Both are aimed at the same two markets, solid-state circuit protection and electric vehicle contactors, where very low conduction loss is what buyers want. Commercial revenue was $37,728 in 2025 and $86,032 in 2024. Alongside it the company says it has generated 3.7 million dollars in grant revenue for bidirectional power switch development, and that operations have otherwise been funded by selling common stock and pre-funded warrants. [20, 21, 22, 23]

Money arrives two ways: development agreements with customers, and product sales. Revenue from a development agreement is recognized when the contractual deliverables are finished, and revenue from a product sale when the product ships. So far customers have bought prototypes in small quantities to evaluate them. The company says it expects significantly higher volume orders only once a customer grants it a design win and starts building inventory ahead of launching its own product, and that the time from announcing a design win to the sale of the related product runs roughly twelve to eighteen months, considerably longer for cars. It also has agreements with several distribution partners and has signed a letter of intent with a power module maker in Asia to make and offer B-TRAN based modules to that maker's own customers. [24, 25, 26, 27]

The filing names one customer and describes the rest by type. It says it has announced engagements or initial orders with large companies including Stellantis and other global automakers, Forbes Global 500 power management leaders, global tier one automotive suppliers, circuit protection leaders and inverter and energy storage leaders, all of them testing or evaluating the technology for their own applications. The markets it says it is aiming at run from AI data centers and solid-state circuit protection through static transfer switches, electric and plug-in hybrid vehicles, vehicle charging, renewable energy and energy storage, uninterruptible power supplies, industrial motor drives and solid state transformers to other industrial and defense markets. [28, 29]

There is no factory. The company uses what it calls a strategic partnership model that leans on the existing silicon processing infrastructure, and it has qualified two foundries that both fabricated B-TRAN wafers, which it treats as proof the switch can be made on conventional silicon semiconductor equipment and processes. Its primary raw material is silicon wafers, a large global business whose manufacturers sit mostly in Europe and Asia. It leases 5,775 square feet of office and laboratory space in Austin, Texas, and that is the whole of it: in 2025 and 2024 the company reported no material international revenue and no material assets outside the United States. [30, 31, 32, 33, 34]

The specifics

The switch came out of a grant. In 2012 the company received a grant from the Advanced Research Projects Agency-Energy, ARPA-E, at the United States Department of Energy, to develop a bidirectional solid-state power switch; the work started on a bidirectional insulated gate bipolar transistor and then shifted to the B-TRAN. On its own testing the company says B-TRAN can reduce power losses by 50% or more against conventional switches such as IGBTs, depending on the application, and that its symmetric bidirectional operation cuts the component count by 75% against a conventional bidirectional switch built from IGBTs and diodes. Less loss means less heat, which the filing says lowers what a product needs for cooling and allows more power in the same space. [35, 19, 36, 37, 38]

As of December 31, 2025 the company held 52 United States and 47 foreign issued patents and had 76 more applications pending at home and abroad on the B-TRAN; its first B-TRAN patent issued in 2015, and its patents generally run 20 years from the date of initial filing. The dual-sided wafer fabrication process it developed to produce B-TRAN wafers is kept as a trade secret rather than patented. It also pays for two exclusive royalty-free licences that sit underneath the portfolio: one entered in 2015, expiring in February 2033, over semiconductor power switches, at $100,000 a year, and a 2021 agreement amended in 2023, expiring in February 2034, over semiconductor drive circuitry, at $50,000 a year. At the end of 2025 the estimated present value of the future payments under both was $1,036,538, of which $150,000 falls due in 2026. [39, 40, 41, 42, 43]

It competes against entrenched suppliers of one-directional power switches, IGBTs and MOSFETs including silicon carbide MOSFETs, many of whom now sell modules that gang several conventional switches together to make a bidirectional circuit. The filing names the leading players in power semiconductors as Infineon Technologies AG, Texas Instruments, onsemi, Fuji Electric, ST Microelectronics, Mitsubishi Electric, Rohm Semiconductor and Renesas Electronics, and adds that they are potential licensees as much as potential competitors, because to its knowledge no high-efficiency bidirectional design is available in the market. It says it is aware of no offering, or potential offering, based on a true high efficiency bidirectional design for high power applications other than products based on its own technology. [44, 45, 46]

Government approval is not needed to license the technology or sell the devices, but government support decides how big the end markets get, and the filing states plainly that in the United States under the Trump administration that support has significantly diminished. The ARPA-E grant left strings attached: the company granted the United States a non-exclusive, nontransferable, irrevocable, paid-up license to practice inventions related to a bidirectional switch made within the scope of the grant, and march-in rights over any such invention it chooses not to keep title to. The company itself was formed in Texas on May 17, 2007 and converted to a Delaware corporation on July 15, 2013; the record this site holds shows it filing with the SEC since 2010. Since inception it has sustained approximately 118 million dollars in net losses. [47, 48, 49, 50, 51, 52, 53]

What drives growth, line by line

Revenue was $37,728 in 2025 against $86,032 in 2024. In both years it came from development agreements and low-volume product sales, which is to say from finished program milestones and evaluation parts rather than from anything shipping in quantity. The company says it expects to recognize modest revenue from both product sales and development agreements in 2026. [54]

It costs more to make the parts than they bring in. Cost of revenue was $60,408 in 2025 and $93,409 in 2024, so the gross loss widened to $22,680 from $7,377. The company puts that down to the higher costs of initial low volume production and, in 2025, to costs exceeding revenue under the development agreement with its first design win customer, and it says it expects a gross loss again in 2026 for the same reason. [55, 56]

The one design win so far is the larger of the two customer stories. In late 2024 the company announced it, for solid-state circuit breakers, with one of the largest circuit protection equipment manufacturers in Asia, a company serving data centers, renewable energy, energy storage, electric vehicles and other industrial markets; a joint development agreement covered the product design, prototype builds and testing. The deliverables including prototypes were completed in the first quarter of 2025, the customer finished testing updated prototypes carrying the enhancements it had asked for in the third quarter of 2025, and it plans to gather feedback from its own end customers before launch. In February 2026 the two signed a multi-year strategic cooperation agreement over the design, development and worldwide sales of circuit protection products including solid-state circuit breakers, battery disconnect units and electric vehicle contactors built on B-TRAN. [57, 58, 59]

The other is Stellantis. A product development agreement announced in 2022 covered a custom B-TRAN power module for the automaker's electric vehicle drivetrain inverters on its next generation platform, and the second phase of the program was completed in 2024. In August 2025 the company secured an order from Stellantis for custom development and packaged devices aimed at several electric vehicle applications, and completed the first of five deliverables under it that year. Also in 2025 Stellantis told the company it is prioritizing the electric vehicle contactor application over the drivetrain inverter one, and the two are engaged on a possible contactor program. [60, 61, 62]

The spending is where the real numbers are. Research and development was $6,047,211 in 2025, 3% below the $6,207,218 of 2024, and it fell only because stock-based compensation dropped $856,914 on forfeited stock units and prototyping, packaging and testing costs dropped $198,296; semiconductor foundry costs rose $755,390, the largest single increase in the line, because the company was engaged with two foundries for the full year. General and administrative expenses rose 4% to $3,766,790 and sales and marketing fell 12% to $1,096,508. The loss from operations was $10,933,189 in 2025 against $11,071,175 in 2024. [63, 64, 65, 66]

Cash and cash equivalents were $6,129,049 at the end of 2025, down from $15,842,850 a year earlier; net working capital was $5,567,488 and long-term debt was nil. Operating activities used $9,135,479 of cash during 2025, more than was left at the year end, and the company says it expects those outflows to grow in 2026 as it commercializes the technology further. In February 2026 it sold common stock and pre-funded warrants in an underwritten public offering and a concurrent private placement for estimated net proceeds of 12.6 million dollars, which it says it intends to spend on commercialization and development of B-TRAN and on general corporate and working capital purposes. [67, 68, 69, 70]

What comes next, in the company's own words: it expects growth in revenue in 2026 from product development agreements and product sales, though it does not expect to recognize a gross profit; it expects higher research and development expenses in 2026, partly because it expects far fewer stock unit forfeitures and partly on further work on the technology, the products and the related drive circuitry; and it expects to announce additional design wins or custom development agreements, with the circuit protection customer or with others, in 2026. [71, 72, 59]

What the desk infers (inferred, not filed)

• Ideal Power's revenue is a byproduct of its development programs rather than a measure of demand for its parts: what customers pay for is finished deliverables and evaluation prototypes, so the figure moves with program timing. Because: Revenue in both 2025 and 2024 related to development agreements and low-volume product sales. [54] Development revenue is recognized only on completion of the contractual deliverables, and product revenue on shipment. [24] Customers have so far bought prototypes in small quantities for evaluation, and the company says significantly higher volume orders wait on a design win. [25] The trade receivables on the balance sheet at the end of 2025 relate to development revenue. [73] The gross loss of 2025 is explained in part by costs exceeding revenue under the development agreement with the first design win customer. [56] Confidence 85 of 100. Wrong if: A year in which the company reports product sales as the larger part of revenue, or revenue that grows in a year with no development deliverable completed.
• The company went into 2026 on the strength of a stock sale rather than its business: without the February 2026 offering its own accounts would have carried substantial doubt about its ability to continue as a going concern. Because: The liquidity note says the offering completed after the year end alleviated the substantial doubt about the company's ability to continue as a going concern for twelve months from the issuance of the annual report, so the doubt was there until the raise was counted. [74] Cash and cash equivalents fell to $6,129,049 at the end of 2025 from $15,842,850 a year earlier. [67] Operating activities used $9,135,479 of cash during 2025, more than the cash left at the year end, and the company expects those outflows to grow. [68, 67, 69] The notes say continued operations depend on obtaining adequate funding through future revenues, follow-on stock offerings, warrants, debt, co-development agreements, grants or the sale or licensing of intellectual property. [75] Estimated net proceeds from the February 2026 offering are 12.6 million dollars. [70] Confidence 88 of 100. Wrong if: An audit report or a later filing showing the 2025 accounts carried no substantial doubt before the February 2026 offering was taken into account.
• The road to a first product in volume has narrowed onto circuit protection and electric vehicle contactors, and away from the car drivetrain inverter the Stellantis program was announced for. Because: The 2022 Stellantis agreement was for a custom module for the automaker's electric vehicle drivetrain inverters, and in 2025 Stellantis told the company it is prioritizing the contactor application over the drivetrain inverter. [60, 62] Both commercial products, the discrete B-TRAN and the SymCool Power Module, are described as designed for the solid-state circuit protection and electric vehicle contactor markets. [20, 21] The February 2026 strategic cooperation agreement with the first design win customer covers circuit protection products including solid-state circuit breakers, battery disconnect units and contactors. [59] The company says it is initially targeting markets where B-TRAN is an enabling technology, naming solid-state circuit breakers, static transfer switches and contactors. [76] Confidence 78 of 100. Wrong if: A filing reporting a drivetrain inverter design win, or revenue from a drivetrain inverter program.
• The two foundries are the hard constraint on this business, and the company has little leverage over them: it names neither, cannot readily swap them, and the cost of keeping both engaged was the largest single increase in its research spending. Because: It has qualified two foundries that both fabricated B-TRAN wafers, and no foundry is named anywhere in the annual report. [31] Semiconductor foundry costs rose $755,390 because the company was engaged with two foundries for the full year, the largest single increase inside a research and development line that fell overall. [63] The filing says the risk is magnified for a small company at a disadvantage in securing fabrication capacity, without longstanding relationships with foundries and needing time to scale to the volume that attracts and keeps them. [77] The process itself is unusual: both sides of the wafer are handled and processed and the features must align front to back, which the filing calls a heightened risk, and the dual-sided process is kept as a trade secret. [78, 40] Confidence 72 of 100. Wrong if: A filing that reports a third qualified foundry, or B-TRAN wafers fabricated by a supplier outside the two already qualified.

Sources

1. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “David Somo has served as our President and Chief Executive Officer since November 2025. Prior to joining Ideal Power, he served as an operating partner with private equity firm Strenuus Capital Partners from January 2025 to October 2025. In addition, Mr. Somo served as President and CEO of Preciseley Microtechnology Corporation from June 2021 to September 2024 and held the position of Senior Vice President, Corporate Strategy, Marketing and Systems Engineering at onsemi (Nasdaq: ON) from 2009 to June 2021.”
2. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “Mr. Somo has over 30 years of experience in the semiconductor industry spanning the industrial, automotive, consumer, computing, data center and communications end-markets. He has held leadership roles in several other prominent companies, including Celerity, Incorporated, Ubicom, Incorporated, MEMC Electronic Materials, Incorporated, and Advanced Micro Devices, Incorporated.”
3. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “On October 31, 2025, Mr. Brdar gave notice of his retirement from all positions with the Company, effective November 2, 2025. In connection with Mr. Brdar’s retirement, Mr. Brdar and the Company entered into a Retirement and Transition Services Agreement (the “Transition Agreement”), pursuant to which Mr. Brdar will provide transition services for twelve months following the date of his retirement.”
4. Ideal Power Inc., Form 10-K filed 2026-03-27: “Effective November 2, 2025, R. Daniel Brdar, the then President and Chief Executive Officer and member of the Board of Directors of the Company (the “Board”), retired from all positions with us. Effective November 3, 2025, the Board appointed David Somo as the President and Chief Executive Officer and as a member of the Board.”
5. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
6. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “In October 2013, Timothy W. Burns joined Ideal Power as our Chief Financial Officer and Treasurer and in November 2013 he was appointed as our Secretary. Prior to joining the Company, Mr. Burns was employed by Rainmaker Systems, Inc. (Nasdaq: RMKR), then a publicly traded company, from November 2010 until February 2013, first as the company’s Controller and, beginning in April 2011, as its Chief Financial Officer.”
7. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “Prior to his employment with Rainmaker Systems, Inc., Mr. Burns was employed by Dean Foods Company (NYSE: DF), then a publicly traded company, from 2001 until November 2010 where he held various positions in finance and accounting including Director of Corporate Accounting from 2008 to November 2010.”
8. Ideal Power Inc., Form 10-K filed 2026-03-27: “Our cybersecurity program is managed by our Chief Financial Officer in collaboration with a specialized third-party service provider. Our Chief Financial Officer has over ten years’ experience managing information technology (“IT”), including cybersecurity, and is the designated Chief Information Officer under our Information Resources Policy.”
9. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “The term of each of the current directors, David Somo, Drue Freeman, Gregory Knight, Ted Lesster and Michael C. Turmelle, will expire on the date of the upcoming Annual Meeting.”
10. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “Our Board has determined that each of our directors, with the exception of David Somo, our President and Chief Executive Officer, is an “independent director” as defined under the applicable rules of The Nasdaq Stock Market (“Nasdaq”) and SEC rules and regulations.”
11. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “Drue Freeman has served on our Board since April 2022. He has over 30 years of semiconductor industry experience, sixteen of which focused on sales and marketing of semiconductors to the automotive industry. Mr. Freeman spent most of his career at NXP Semiconductors (“NXP”), a Dutch multinational manufacturer serving the automotive industry.”
12. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “Gregory Knight has served on our Board since April 2022. He has 25 years of experience in industrial manufacturing across a wide range of industries including photovoltaic (“PV”), silicon carbide, EV, power electronics and industrial equipment in both leadership positions and as a strategic consultant.”
13. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “Ted Lesster has served on our Board since April 2018. Prior to 1985, Mr. Lesster worked first in the power conversion group at the Westinghouse R&D Center and subsequently at the Westinghouse ESSD Oceanic Division (“ESSD”).”
14. Ideal Power Inc., Form DEF 14A filed 2026-04-27: “Michael C. Turmelle has served on our Board since December 2017 and as Chairman of the Board since December 2021.”
15. Ideal Power Inc., Form 10-K filed 2026-03-27: “As of February 28, 2026, we had 17 full-time employees. None of these employees are covered by a collective bargaining agreement, and we believe our relationship with our employees is good.”
16. Ideal Power Inc., Form 10-K filed 2026-03-27: “We are solely focused on the further development and commercialization of our Bidirectional bipolar junction TRANsistor (“B-TRAN®”) solid-state switch technology.”
17. Ideal Power Inc., Form 10-K filed 2026-03-27: “A bidirectional circuit incorporates multiple IGBTs, which are power switches used in the process to convert power from one current form to another. IGBTs switch current in only one direction and require the use of a blocking diode to prevent current from flowing back through the device. To enable a product to perform bidirectional power conversion, for each IGBT and diode used in a circuit, a second IGBT and diode must also be utilized.”
18. Ideal Power Inc., Form 10-K filed 2026-03-27: “As such, the Company has determined that it operates as one operating segment.”
19. Ideal Power Inc., Form 10-K filed 2026-03-27: “we shifted our focus under the grant to the development of a new, highly efficient power switch called a bidirectional bipolar junction transistor, or B-TRAN®, that would allow product manufacturers to substitute one B-TRAN® for two pairs of IGBTs and diodes used in bidirectional circuits in their products”
20. Ideal Power Inc., Form 10-K filed 2026-03-27: “Our first commercial product launch was the discrete B-TRAN®. This single B-TRAN® die packaged for electrical connection is designed to meet the very low conduction loss needs of the solid-state circuit protection and electric vehicle (“EV”) contactor markets.”
21. Ideal Power Inc., Form 10-K filed 2026-03-27: “Our second commercial product launch was the SymCool® Power Module. This multi-die B-TRAN® module is also designed to meet the very low conduction loss needs of the solid-state circuit protection and EV contactor markets.”
22. Ideal Power Inc., Form 10-K filed 2026-03-27: “We are in the process of commercializing our B-TRAN® technology and have launched our first two commercial products, the discrete B-TRAN® and the SymCool® Power Module. We generated $37,728 and $86,032, respectively, in commercial revenue in the years ended December 31, 2025 and 2024.”
23. Ideal Power Inc., Form 10-K filed 2026-03-27: “To date, operations have been funded primarily through the sale of common stock and pre-funded warrants and we have generated $3.7 million in grant revenue for bidirectional power switch development.”
24. Ideal Power Inc., Form 10-K filed 2026-03-27: “Commercial revenue relates to either the development agreements with customers or product sales. Commercial revenue under development agreements is generally recognized upon the completion of contractual deliverables. Commercial revenue from product sales is generally recognized upon shipment of products.”
25. Ideal Power Inc., Form 10-K filed 2026-03-27: “To date, our customers have purchased prototypes in small quantities for evaluation and provided us feedback that has been incorporated into our final product designs. We expect significantly higher volume orders from customers once we secure a design win from them, and they start to build inventory in advance of launching their OEM products.”
26. Ideal Power Inc., Form 10-K filed 2026-03-27: “For the products described above, we would expect the time from announcing a design win to the sale of the related OEM product to be roughly twelve to eighteen months, although it may vary considerably depending on the customer and application. We would expect a significantly longer design cycle for automotive applications.”
27. Ideal Power Inc., Form 10-K filed 2026-03-27: “We also announced agreements with multiple distribution partners. We may add other distribution partners in the future. Recently, we signed a letter of intent with a power module maker in Asia to manufacture and offer B-TRAN®-based power modules for sale to their customers.”
28. Ideal Power Inc., Form 10-K filed 2026-03-27: “We have announced several engagements and/or initial orders with large companies, including Stellantis and other global automakers, Forbes Global 500 diverse power management market leaders, global tier 1 automotive suppliers, circuit protection market leaders, inverter / energy storage market leaders and others. These companies intend to test and evaluate, or are already in the process of testing and evaluating, our technology for use in their applications.”
29. Ideal Power Inc., Form 10-K filed 2026-03-27: “Target markets for current and future B-TRAN®-based products include, but are not limited to, AI data centers, solid-state circuit protection, static transfer switches (“STS”), electric and plug-in hybrid electric vehicles, electric vehicle charging, renewable energy and energy storage systems uninterruptible power supplies (“UPS”), industrial motor drives, solid state transformers (“SST”), power distribution and transmission switches and other industrial and defense markets.”
30. Ideal Power Inc., Form 10-K filed 2026-03-27: “We utilize a strategic partnership model focused on leveraging the existing silicon processing infrastructure, allowing us to focus on the further development and commercialization of our B-TRAN® technology.”
31. Ideal Power Inc., Form 10-K filed 2026-03-27: “We have qualified two foundries that both successfully fabricated B-TRAN® wafers, validating the ability to make B-TRAN® semiconductor power switches using conventional silicon semiconductor fabrication equipment and processes.”
32. Ideal Power Inc., Form 10-K filed 2026-03-27: “The primary raw material used in the fabrication of B-TRAN® devices is silicon wafers. Silicon is abundant and the production of silicon wafers is a large, global business with most manufacturers in Europe and Asia.”
33. Ideal Power Inc., Form 10-K filed 2026-03-27: “We lease 5,775 square feet of office and laboratory space. The lease, as amended, commenced on July 1, 2024 and, as of December 31, 2025, the remaining term of the lease is 44 months.”
34. Ideal Power Inc., Form 10-K filed 2026-03-27: “During the years ended December 31, 2025 and 2024, the Company did not generate material international revenues and as of December 31, 2025 and 2024, the Company did not have material assets located outside of the United States.”
35. Ideal Power Inc., Form 10-K filed 2026-03-27: “we identified the need for a true bidirectional power switch and applied for and, in 2012, received a grant from the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (“ARPA-E”) to develop a bidirectional solid-state power switch.”
36. Ideal Power Inc., Form 10-K filed 2026-03-27: “Compared to conventional power switches, such as IGBTs, B-TRAN® can reduce power losses by 50% or more depending on the application.”
37. Ideal Power Inc., Form 10-K filed 2026-03-27: “In addition, B-TRAN®’s symmetric bidirectional operation reduces the number of components by 75% as compared to a conventional bidirectional switch utilizing IGBTs and diodes.”
38. Ideal Power Inc., Form 10-K filed 2026-03-27: “This higher efficiency will substantially reduce the heat generated by the operation of products utilizing this technology. As a result, products incorporating B-TRAN® have lower thermal management requirements. This in turn requires a significantly smaller surface area for heat dissipation which enables increased power density, or power per pound, and potentially smaller original equipment manufacturer, or OEM, products.”
39. Ideal Power Inc., Form 10-K filed 2026-03-27: “As of December 31, 2025, we had 52 U.S. and 47 foreign issued patents as well as 76 additional pending U.S. and international patent applications on our B-TRAN® technology. Our first B-TRAN® patent issued in 2015 and our patents generally have a 20-year life from the date of initial filing prior to expiration.”
40. Ideal Power Inc., Form 10-K filed 2026-03-27: “In addition, we treat the proprietary dual-sided wafer fabrication process we developed to produce B-TRAN® wafers as a trade secret.”
41. Ideal Power Inc., Form 10-K filed 2026-03-27: “In 2015, we entered into a licensing agreement which expires in February 2033. Per the agreement, we have an exclusive royalty-free license associated with semiconductor power switches which enhances our intellectual property portfolio. We pay $100,000 annually under this agreement.”
42. Ideal Power Inc., Form 10-K filed 2026-03-27: “In 2023, we amended a 2021 license agreement which expires in February 2034. Per the agreement, we have an exclusive royalty-free license associated with semiconductor drive circuitry which enhances our intellectual property portfolio. We pay $50,000 annually under this agreement.”
43. Ideal Power Inc., Form 10-K filed 2026-03-27: “At December 31, 2025, the estimated present value of future payments under these licensing agreements was $1,036,538 with $150,000 due and payable in 2026.”
44. Ideal Power Inc., Form 10-K filed 2026-03-27: “We compete against well-established incumbent power semiconductor device suppliers, including companies that already operate at a large scale in the single-sided (unidirectional) power switch market with IGBTs and MOSFETs, including silicon carbide MOSFETs. Many of these suppliers are now selling modules that utilize multiple conventional power switches to form a bidirectional circuit.”
45. Ideal Power Inc., Form 10-K filed 2026-03-27: “Leading players in the global power semiconductor market include Infineon Technologies AG, Texas Instruments, onsemi, Fuji Electric Co. Ltd., ST Microelectronics N.V., Mitsubishi Electric Group, Rohm Semiconductor, and Renesas Electronics. While these companies are potential competitors, they are also potential licensees for our B-TRAN® technology as there is not, to our knowledge, a high-efficiency bidirectional design available in the market.”
46. Ideal Power Inc., Form 10-K filed 2026-03-27: “To date, we are not aware of any offerings or potential offerings based on a true high efficiency bidirectional design for high power applications other than potential products based on our B-TRAN® technology.”
47. Ideal Power Inc., Form 10-K filed 2026-03-27: “Government approval is not required for us to license our B-TRAN® technology or sell B-TRAN® devices or products.”
48. Ideal Power Inc., Form 10-K filed 2026-03-27: “In the United States and under the Trump administration, this governmental support has significantly diminished.”
49. Ideal Power Inc., Form 10-K filed 2026-03-27: “In conjunction with the ARPA-E grant we received from the Department of Energy, we granted to the United States a non-exclusive, nontransferable, irrevocable, paid-up license to practice or have practiced for or on behalf of the United States inventions related to a bidirectional switch and made within the scope of the grant.”
50. Ideal Power Inc., Form 10-K filed 2026-03-27: “We also granted “march-in-rights” to the United States in connection with any bidirectional switch inventions in which we choose not to retain title, if those inventions were made under the ARPA-E grant.”
51. Ideal Power Inc., Form 10-K filed 2026-03-27: “Ideal Power Inc. was formed in Texas on May 17, 2007 and converted to a Delaware corporation on July 15, 2013.”
52. The record on this page: the filing record (the EDGAR submissions feed)
53. Ideal Power Inc., Form 10-K filed 2026-03-27: “Since inception, we have sustained approximately $118 million in net losses and we had net losses for the years ended December 31, 2025 and 2024 of approximately $10.6 million and $10.4 million, respectively.”
54. Ideal Power Inc., Form 10-K filed 2026-03-27: “Revenue was $37,728 in the year ended December 31, 2025 compared to $86,032 in the year ended December 31, 2024. In both years, our revenue related to development agreements and low-volume product sales. We expect to recognize modest revenue from both product sales and development agreements in 2026.”
55. Ideal Power Inc., Form 10-K filed 2026-03-27: “Cost of Revenue. Cost of revenue was $60,408 and $93,409 for the years ended December 31, 2025 and 2024, respectively.”
56. Ideal Power Inc., Form 10-K filed 2026-03-27: “Our gross loss was $22,680 for the year ended December 31, 2025 compared to $7,377 for the year ended December 31, 2024 due to the higher costs associated with initial low volume production and, in 2025, costs exceeding revenue under the development agreement with our first design win customer. We expect a gross loss in 2026 due to the higher costs associated with low volume production.”
57. Ideal Power Inc., Form 10-K filed 2026-03-27: “In late 2024, we announced our first design win for solid-state circuit breakers (“SSCBs”) with one of the largest circuit protection equipment manufacturers in Asia serving the data center, renewable energy, energy storage, EV and other industrial markets. In connection with this design win, we entered into a joint development agreement for a SSCB product incorporating multiple B-TRAN® devices. The agreement included the product design, prototype builds and testing of the SSCB.”
58. Ideal Power Inc., Form 10-K filed 2026-03-27: “We completed our deliverables, including SSCB prototypes, under this agreement in the first quarter of 2025. In the third quarter of 2025, the customer successfully completed their testing of updated SSCB prototypes that included enhancements requested by the customer. The customer plans on gathering feedback on this new product from their end customers ahead of product launch.”
59. Ideal Power Inc., Form 10-K filed 2026-03-27: “In February 2026, we entered into a multi-year strategic cooperation agreement with this customer for the design, development and worldwide sales of circuit protection solutions including SSCBs, battery disconnect units and EV contactors featuring B-TRAN®. We expect to announce additional design wins and/or custom development agreements with this customer and/or other customers in 2026.”
60. Ideal Power Inc., Form 10-K filed 2026-03-27: “In 2022, we announced, and began the first phase of, a product development agreement with Stellantis, a top 10 global automaker, for a custom B-TRAN® power module for use in the automaker’s EV drivetrain inverters in its next generation EV platform.”
61. Ideal Power Inc., Form 10-K filed 2026-03-27: “In 2024, we successfully completed the second phase of the program.”
62. Ideal Power Inc., Form 10-K filed 2026-03-27: “In August 2025, we secured an order from Stellantis for custom development and packaged devices targeting multiple EV applications. We completed the first of five deliverables under this purchase order in 2025. Also in 2025, Stellantis informed us that they are prioritizing the EV contactor application over the drivetrain inverter application.”
63. Ideal Power Inc., Form 10-K filed 2026-03-27: “Research and development expenses decreased by $160,007, or 3%, to $6,047,211 in the year ended December 31, 2025 from $6,207,218 in the year ended December 31, 2024. The decrease was due to lower stock-based compensation expense of $856,914, primarily due to the forfeiture of unvested performance stock units and restricted stock units, and prototyping, packaging and testing costs of $198,296, partly offset by higher semiconductor foundry costs, as we were engaged for the full year with two foundries, of $755,390”
64. Ideal Power Inc., Form 10-K filed 2026-03-27: “General and administrative expenses increased by $158,254, or 4%, to $3,766,790 in the year ended December 31, 2025 from $3,608,536 in the year ended December 31, 2024.”
65. Ideal Power Inc., Form 10-K filed 2026-03-27: “Sales and marketing expenses decreased by $151,536, or 12%, to $1,096,508 in the year ended December 31, 2025 from $1,248,044 in the year ended December 31, 2024.”
66. Ideal Power Inc., Form 10-K filed 2026-03-27: “Our loss from operations for the year ended December 31, 2025 was $10,933,189 or 1% lower than our $11,071,175 loss from operations for the year ended December 31, 2024, driven by the factors discussed above.”
67. Ideal Power Inc., Form 10-K filed 2026-03-27: “As of December 31, 2025 and 2024, we had cash and cash equivalents of $6,129,049 and $15,842,850, respectively. Our net working capital and long-term debt at December 31, 2025 were $5,567,488 and $0, respectively.”
68. Ideal Power Inc., Form 10-K filed 2026-03-27: “Operating activities in the year ended December 31, 2025 resulted in cash outflows of $9,135,479, which were due to the net loss for the period of $10,578,420”
69. Ideal Power Inc., Form 10-K filed 2026-03-27: “We expect an increase in cash outflows from operating activities in 2026 as we further commercialize our B-TRAN® technology.”
70. Ideal Power Inc., Form 10-K filed 2026-03-27: “The estimated net proceeds to us from the February 2026 Offering are $12.6 million. We intend to use the net proceeds from the February 2026 Offering to fund further commercialization and development of our B-TRAN® technology and products and general corporate and working capital purposes.”
71. Ideal Power Inc., Form 10-K filed 2026-03-27: “In 2026, we expect growth in revenue from product development agreements and product sales although we do not expect to recognize a gross profit.”
72. Ideal Power Inc., Form 10-K filed 2026-03-27: “We expect higher research and development expenses in 2026 due to significantly lower expected stock unit forfeitures as well as higher spending to further develop our B-TRAN® technology and products and related drive circuitry.”
73. Ideal Power Inc., Form 10-K filed 2026-03-27: “Trade accounts receivable at December 31, 2025 relate to development revenue. At December 31, 2025, the provision for credit losses was $0.”
74. Ideal Power Inc., Form 10-K filed 2026-03-27: “The Company completed an underwritten public offering and concurrent private placement subsequent to December 31, 2025. See Note 13. As a result, the Company alleviated the substantial doubt regarding its ability to continue as a going concern for a period of twelve months from the issuance of this Annual Report on Form 10-K.”
75. Ideal Power Inc., Form 10-K filed 2026-03-27: “The Company’s continued operations are dependent upon, among other things, its ability to obtain adequate sources of funding through future revenues, follow-on stock offerings, issuances of warrants, debt financing, co-development agreements, government grants, sale or licensing of developed intellectual property or other alternatives.”
76. Ideal Power Inc., Form 10-K filed 2026-03-27: “We are initially targeting markets where B-TRAN® is an enabling technology, such as solid-state circuit breakers, static transfer switches and EV contactors, and large and growing segments of the power semiconductor market, such as AI data centers, electric and hybrid electric vehicles, electric vehicle charging, renewable energy and energy storage.”
77. Ideal Power Inc., Form 10-K filed 2026-03-27: “This risk is magnified for us as a small company as we are at a disadvantage relative to larger, more established companies in securing semiconductor fabrication capacity as we do not have longstanding relationships with semiconductor foundries and, as a new technology, it will take time to scale to the volume necessary to attract and retain certain semiconductor foundries.”
78. Ideal Power Inc., Form 10-K filed 2026-03-27: “While the fabrication of B-TRAN® wafers uses conventional equipment and process steps, there is heightened risk in the fabrication process due to the handling and processing of both sides of the wafer and achieving the required front to back alignment of the features.”

Who runs it

Somo, David M (President and CEO); Burns, Timothy (CFO); Turmelle, Michael C (director); Freeman, Drue (director); Knight, Gregory C (director); Lesster, Laban E (director). 6 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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