Ideal Power Inc (NASDAQ:IPWR) said it expects a ramp in commercial sales in the second half of 2025 as it advances programs in the industrial and electric vehicle markets, after completing key development milestones ahead of schedule and securing a new order from a third Forbes Global 500 power management leader.
The Texas-based semiconductor firm, which is commercializing its patented B-TRAN bidirectional power switch, said it completed solid-state circuit breaker (SSCB) prototypes related to its first design win three months early.
The customer has already completed initial prototype testing, positioning Ideal Power for potential near-term product integration.
“We had a strong start to the year as we completed SSCB prototypes related to our first design win three months ahead of schedule,” CEO Dan Brdar said in a statement. “We expect industrial markets, particularly the SSCB market, to be the earliest source of our initial sales ramp starting in the second half of this year.”
Ideal Power is also progressing on two separate programs with global automaker Stellantis. The company said it expects to advance its drivetrain inverter initiative and is preparing for a potential second collaboration involving electric vehicle (EV) contactors, which is moving through Stellantis’ internal approval process.
The company reported a new order for SSCB evaluation hardware from a third Forbes Global 500 company exploring B-TRAN for use in DC microgrid circuit protection for solar and wind power distribution systems.
Ideal Power is now engaged with three Forbes Global 500 power management market leaders.
While first-quarter revenue remained modest at $12,003, down from $78,739 a year ago, Ideal Power said it remains focused on building its pipeline. The company ended the quarter with $13.7 million in cash and no long-term debt, and reported a net loss of $2.7 million, slightly wider than the year-earlier period due to higher R&D investment.
Looking ahead, Ideal Power said its 2025 goals include capturing additional design wins and launching an initial sales ramp later this year. The company is also working to increase the power rating of its devices and complete third-party automotive qualification testing—steps seen as critical to unlocking broader adoption in the EV and industrial sectors.
Brdar said he expects minimal disruption from recently enacted tariffs, citing exemptions for power semiconductors and Ideal Power’s supply chain footprint.
Ideal Power holds 94 issued patents for its B-TRAN technology, with 45 outside the US, and 70 patents pending across North America, Asia, and Europe.
The company also expanded its sales reach through a partnership with Queensland Semiconductor Technologies, giving it a stronger foothold in key Asian and European markets.