Ideal Power Inc

idealpower.com

What Do They Do?

Develops and sells solid-state power switches and power modules for circuit protection and electric-vehicle equipment makers.

How Do They Make Money?

Customers pay for development work when contractual deliverables are completed, and pay for products when they ship.

FY2025 revenue

Who Are Their Customers?

Automakers, power-management and automotive suppliers, circuit-protection makers, and inverter and energy-storage companies test and evaluate its products; sales can also reach customers through distribution partners and power-module makers.

Do Revenues Turn Into Profits?

No. It lost $10.6M in FY2025.

Operating income, FY2025

−28979% of revenue

▼ −1% (Loss) vs FY2024 (−$11.1M, −12869%)

Net income, FY2025

−28039% of revenue

▲ +2% (Loss) vs FY2024 (−$10.4M, −12109%)

Free cash flow, FY2025

−24531% of revenue

▲ +4% (Loss) vs FY2024 (−$8.9M, −10391%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +355%; vs $1.3K in Q2 FY2025
Net income: ▲ +12% (Loss); vs −$3M in Q2 FY2025

May 18, 2026 Raised approximately $30.0 million in a stock and warrant offering The offering closed on May 18, 2026.

Shrinking. Revenue fell 93% in 4 years, from $576.4K in FY2021 to $37.7K in FY2025, about 49% a year.

From prototypes to launched products The older report described a first module launch and planned sales; the latest report says two commercial products have launched and customers have bought small quantities of prototypes for evaluation.

Expanded application focus The older report emphasized automotive, renewable energy, data center power supplies and circuit breakers; the latest report also targets AI data centers, static transfer switches and EV contactors, among other markets.

Who Do They Compete With?

Competes with Infineon Technologies, Texas Instruments, onsemi, Fuji Electric, ST Microelectronics, Mitsubishi Electric Group, Rohm Semiconductor, and Renesas Electronics

Comments