Ideal Power Q1 net loss widens to $2.5M; launches SymCool Power Module

Ideal Power Inc.

2023-Q1 EPS reported -$0.41 revenue$664

Net loss of $2.5M vs $1.9M in Q1 2022; operating expenses $2.6M.
Grant revenue nearly zero at $664 vs $125K prior year; no long-term debt.
Launched first commercial product SymCool Power Module for solid-state circuit breakers in Jan 2023.
Added Global Tier 1 automotive supplier and second Forbes Global 500 company to B-TRAN test program.
Cash and equivalents $14.5M; cash used in ops/investing $1.8M in Q1.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Ideal Power Inc. reported first quarter ended March 31, 2023 results: revenue $664, net income $2.5 million.

Period: first quarter ended March 31, 2023
Revenue: $664
Net income: $2.5 million
Result: reported results

Exact text from the filing

B-TRANTM patents. Current geographic coverage includes North America, China, Japan, South Korea, India and Europe. First Quarter 2023 Financial Results · Grant revenue was $664 in the first quarter of 2023 compared to $125,008 in the first quarter of 2022. · Operating expenses in the first quarter of 2023 were $2.6 million compared to $1.9 million in the

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Source: SEC EDGAR

accession 0001104659-23-055997

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