- Signed a master purchase agreement with NEXTracker for solar-plus-storage products utilizing the company's SunDial™ series PV string inverter and Stabiliti™ power conversion systems (PCS) for commercial, industrial and utility sites throughout North America.
- Received a purchase order for 35 units of Stabiliti™ 30kW PCS from an existing global technology customer for a solar-plus-storage integration project in a California school district.
- Partnered with W Energies Solar One to deploy a grid-resilient commercial solar-plus storage microgrid system in Texas.
- Partnered with Azimuth Energy for a 300 kilowatt / 500 kilowatt-hour remote solar-plus-storage microgrid in New York commercial facility.
- Deployed six Stabiliti 30C3 multi-port PCS in a collaborative hybrid microgrid project for a commercial facility in Saint Croix, U.S. Virgin Islands.
- Strengthened patent estate: currently have 71 issued patents, including 29 issued patents for B-TRAN™ with a similar number of patent applications pending.
Concluded Brdar, "The third quarter of 2017 is starting off on a strong note as we recently signed a master purchase agreement with NEXTracker for our SunDial™ series PV string inverter and Stabiliti™ PCS for commercial, industrial and utility sites throughout North America."Second Quarter 2017 Financial Results
- Q2 2017 product revenue remained unchanged at $0.3 million versus Q2 2016.
- Q2 2017 gross margins were negative 202% compared to 7.2% gross margins in Q2 2016, primarily attributable to the non-cash write down of legacy product inventory. The company discontinued its legacy product families and completed its transition to the company's next generation 30kW Stabiliti™ and SunDial™ product families during Q2 2017.
- Q2 2017 net loss was $3.2 million compared to $2.5 million in Q2 2016, largely as a result of non-cash charges.
- Q2 2017 cash used in operating and investing activities was $2.0 million compared to $2.5 million in Q1 2017 and $2.7 million in Q2 2016.
- Cash and cash equivalents totalled $13.3 million as of June 30, 2017, with no long-term debt outstanding.
Conference Call DetailsIdeal Power CEO Dan Brdar and CFO Tim Burns will host the conference call, followed by a question and answer period. To access the call, please use the following information:
|Date:||Thursday, August 10, 2017|
|Time:||4:30 p.m. ET, 1:30 p.m. PT|
|Toll-free dial-in number:||1-877-874-1586|
|International dial-in number:||1-719-457-2634|
|Toll-free replay number:||1-844-512-2921|
|International replay number:||1-412-317-6671|
|IDEAL POWER INC. Balance Sheets|
|June 30, 2017||December 31, 2016|
|Cash and cash equivalents||$||13,335,908||$||4,204,916|
|Accounts receivable, net||205,646||378,658|
|Prepayments and other current assets||252,532||312,593|
|Total current assets||14,160,621||6,141,314|
|Property and equipment, net||751,138||936,486|
|Intangible assets, net||2,099,182||1,905,556|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Total current liabilities||1,393,266||1,495,896|
|Other long-term liabilities||489,941||265,418|
|Commitments and contingencies (see Note 8)|
|Preferred stock, $0.001 par value; 10,000,000 shares authorized; 1,518,430 sharesissued and outstanding at June 30, 2017||1,518||—|
|Common stock, $0.001 par value; 50,000,000 shares authorized; 13,998,465 shares issued and 13,996,782 shares outstanding at June 30, 2017 and 9,560,896 sharesissued and 9,559,213 shares outstanding at December 31, 2016, respectively||13,998||9,561|
|Additional paid-in capital||66,471,006||52,310,481|
|Treasury stock, at cost; 1,683 shares at June 30, 2017 and December 31, 2016||(5,915||)||(5,915||)|
|Total stockholders' equity||15,127,734||7,239,962|
|Total Liabilities and Stockholders' Equity||$||17,010,941||$||9,001,276|
|IDEAL POWER INC. Statements of Operations (unaudited)|
|Three Months Ended June 30,||Six Months Ended June 30,|
|Cost of product revenue||764,609||298,937||1,475,539||793,691|
|Gross profit (loss)||(511,239||)||23,179||(946,499||)||25,069|
|Research and development||1,108,368||1,203,179||2,298,537||2,683,164|
|General and administrative||1,170,415||881,659||2,076,378||1,801,990|
|Sales and marketing||427,336||412,433||968,869||824,963|
|Total operating expenses||2,706,119||2,497,271||5,343,784||5,310,117|
|Loss from operations||(3,217,358||)||(2,474,092||)||(6,290,283||)||(5,285,048||)|
|Interest income, net||7,034||6,615||11,575||15,224|
|Net loss per share - basic and fully diluted||$||(0.23||)||$||(0.26||)||$||(0.50||)||$||(0.55||)|
|Weighted average number of shares outstanding - basic and fully diluted||13,989,282||9,547,747||12,443,076||9,546,864|
|IDEAL POWER INC. Statements of Cash Flows (unaudited)|
|Six Months Ended June 30,|
|Cash flows from operating activities:|
|Adjustments to reconcile net loss to net cash used in operating activities:|
|Allowance for doubtful accounts||273,727||15,475|
|Write-down of inventory||712,083||12,590|
|Depreciation and amortization||224,926||184,279|
|Write-off of capitalized patents||202,343||48,773|
|Write-off of fixed assets||15,036||1,215|
|Decrease (increase) in operating assets:|
|Prepayments and other current assets||77,981||60,427|
|Increase (decrease) in operating liabilities:|
|Net cash used in operating activities||(4,348,202||)||(5,005,375||)|
|Cash flows from investing activities:|
|Purchase of property and equipment||(18,146||)||(297,095||)|
|Acquisition of intangible assets||(171,134||)||(203,500||)|
|Net cash used in investing activities||(189,280||)||(500,595||)|
|Cash flows from financing activities:|
|Net proceeds from issuance of stock||13,657,331||—|
|Exercise of options and warrants||11,143||35,536|
|Net cash provided by financing activities||13,668,474||35,536|
|Net increase (decrease) in cash and cash equivalents||9,130,992||(5,470,434||)|
|Cash and cash equivalents at beginning of period||4,204,916||15,022,286|
|Cash and cash equivalents at end of period||$||13,335,908||$||9,551,852|
Ideal Power Media Contact: AntennaSharon Golubchik201firstname.lastname@example.orgIdeal Power Investor Relations Contact: MZ North AmericaChris Tyson 949-491-8235IPWR@mzgroup.us www.mzgroup.us