Ideal Power's Q1 2025: Key Contradictions in Design Wins, Stellantis Partnerships, and Revenue Timing

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Design Wins and Market Expansion:
- Ideal Power secured its first solid-state circuit breaker design win, which is expected to lead to revenue exceeding $1 million in the second year of sales.
- The company is engaged with three Forbes Global 500 power management market leaders, which could result in several million dollars or more of annual revenue.
- This growth is driven by the market's interest in solid-state circuit protection for industrial and utility applications due to the rapid growth of renewables and batteries.

Stellantis Program Progress:
- Stellantis approved an internal program for B-TRAN enabled EV contactors, which is expected to move quickly due to its high priority.
- The EV contactor program is anticipated to accelerate revenue from the Stellantis relationship.
- The opportunity arises from Stellantis's need for safe, reliable, and cost-effective solutions for vehicle battery protection.

Financial Performance and Cash Management:
- Ideal Power's Q1 2025 cash burn was $2.1 million, below guided expectations, while the full-year 2025 cash burn is expected to exceed $10 million.
- The company has a clean capital structure with no debt and cash and equivalents totaling $13.7 million as of March 31, 2025.
- The company is managing expenses prudently, focusing on execution and ensuring supply chain diversity to mitigate tariff impacts and future supply chain risks.