Ideal Power Inc. reported third‑quarter 2025 results that saw revenue climb to $24.45 million, a 102% increase from the $12.00 million reported in the same quarter of 2024. The jump reflects a surge in early design wins for the company’s B‑TRAN bidirectional power switch, which has attracted interest from electric‑vehicle and renewable‑energy customers. The company’s management noted that the new contracts are the first commercial deployments of the technology, indicating progress toward the commercialization roadmap that has been a focus of the investment phase.
Gross revenue was offset by a cost of revenue of $26.07 million, resulting in a gross loss of $1.62 million. The higher cost of revenue is largely attributable to the ramp‑up of manufacturing and the need to support the new design wins, which required additional tooling and supply‑chain investments. The gross loss signals that the company is still in the early stages of scaling production and has not yet achieved the pricing and volume efficiencies needed to cover its manufacturing costs.
Net loss widened to $2.94 million, or $‑0.32 per share, as operating expenses rose to $3.02 million. Research and development costs increased by 35% year‑over‑year, reflecting intensified investment in the B‑TRAN platform and the development of complementary power‑conversion solutions. General and administrative and sales‑and‑marketing expenses also grew, driven by the need to support the expanding customer base and to build a sales pipeline for future product iterations.
Cash burn for the quarter was $2.07 million, leaving the company with $8.39 million in cash and no long‑term debt. The burn rate is consistent with the company’s strategy of prioritizing growth and technology development over short‑term profitability. The cash balance provides a runway for continued investment in R&D and manufacturing capacity, but it also underscores the need for future capital raises or a shift toward profitability to sustain operations beyond the current liquidity horizon.
The earnings release did not include forward‑looking guidance or analyst consensus estimates, so it is unclear whether the results beat or missed expectations. Management emphasized that the company remains in an investment phase, with a focus on scaling production and securing additional design wins. Investors will likely monitor subsequent guidance for indications of when the company expects to transition from a loss‑driven model to a profitable one, as well as any updates on the commercialization timeline for B‑TRAN technology.
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