Ideal Power Inc.
Ideal Power Inc. develops and commercializes B-TRAN®, a bidirectional power semiconductor technology used in solid-state switching and power conversion applications. The company is moving from product development into early commercialization with discrete devices, power modules, and intelligent power modules aimed at EV, renewable energy, energy storage, industrial, and utility customers.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDiscrete bidirectional transistor devices sold for evaluation, prototyping, and integration into customer designs.
Packaged multi-die modules including SymCool® Power Module and SymCool® IQ for power conversion and switching.
SSCB-related products and development work for industrial, utility, and protection equipment applications.
Prototype builds, testing, technical support, and custom development under customer agreements.
Customers
Ideal Power sells primarily to large industrial OEMs, automotive companies, power conversion suppliers, and circuit protection equipment manufacturers that are evaluating B-TRAN® for future designs. Early revenue comes from prototype orders, development agreements, and initial customer purchases, with larger volumes expected only after a design win and OEM product launch. The company also works through distribution partners to broaden access to smaller or specialized customers.
Buy B-TRAN®-based modules and evaluation kits for EV drivetrain inverters and EV contactors to assess performance and integration.
Purchase prototypes and development units to support OEM programs and validate power electronics designs.
Buy SSCB prototypes and joint-development outputs for solid-state switchgear and protection products.
Use SymCool® IQ and related modules for power conversion, storage, and grid-connected applications.
Evaluate B-TRAN® for low-loss switching in industrial power conversion and custom applications.
Strategy
Ideal Power’s strategy is to convert technical validation into design wins, then scale revenue through OEM adoption and higher-volume shipments. Management is prioritizing commercialization of B-TRAN® across EV, SSCB, renewable energy, and industrial power applications while using prototypes, joint development agreements, and distribution partners to expand the funnel. The company is also trying to move from low-volume evaluation sales toward repeatable product revenue as customer programs mature.
Design wins are the main path to durable revenue and long product life cycles.
Product launches create the base for recurring shipments beyond prototype sales.
Distribution partners can extend reach and reduce reliance on direct enterprise selling.
Geography
Ideal Power is headquartered in Austin, Texas, and its commercialization efforts are centered in the United States, where it engages automakers, power conversion companies, and distribution partners. The company also has a meaningful international customer touchpoint through its first SSCB design win with a large circuit protection equipment manufacturer in Asia, which broadens its commercial exposure beyond North America. Because the business is still early-stage, geography matters more through customer location and design-win conversion than through manufacturing footprint.
Risks
Ideal Power remains an early-commercialization company, so revenue depends on converting technical interest into design wins and then into OEM production programs. It also faces funding risk because operations have been financed mainly through equity issuance, while development spending and cash burn remain high. As a semiconductor and power electronics developer, it is exposed to long qualification cycles, customer concentration, and the risk that competing technologies or slower-than-expected adoption delay scale-up.
Current revenue is driven by prototypes and initial orders, which may not convert into volume production.
The company has funded operations mainly through equity and continues to burn cash on R&D and commercialization.
Exposure: Ongoing operating losses and future capital needs
Customers may choose alternative semiconductor or switching technologies if performance, cost, or reliability is better.
Exposure: Power electronics and solid-state switching markets
A small number of large OEM and supplier programs can drive a disproportionate share of revenue and validation.
Accounting
Judgemental itemsRevenue is tied to initial orders, deliverables, and development milestones, making timing important for quarter-to-quarter comparability.
Impact: Can cause large swings in reported revenue and gross margin
The company incurs patent and technology-related costs that may need write-downs if expected benefits change.
Impact: Can increase operating expense and reduce reported earnings
The company uses equity awards as part of compensation, which adds non-cash expense.
Impact: Affects operating loss and diluted share calculations
Funding has come primarily from common stock and pre-funded warrants, which affects capital structure and liquidity.
Impact: Impacts cash flow, share count, and financing disclosures
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Last updated: 28/04/2026