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Ideal Power Reports First Quarter 2019 Financial Results
Management to Host Conference Call Today at 4:30 p.m. ET
AUSTIN, TX - May 1, 2019 -- Ideal Power Inc. (NASDAQ: IPWR), a semiconductor and power conversion technology company, reported results for its first quarter ended March 31, 2019.
Key First Quarter 2019 and Subsequent Highlights:
Power Conversion Systems (PCS) Division
|·||In April, announced agreement to sell PCS business and Power Packet Switching Architecture (PPSA™) technology to PATHION Holdings, a provider of safe and intelligent energy solutions, for a combination of cash, PATHION Holdings common stock and the assumption of certain liabilities. Transaction synergies include:|
|o||Transaction strategically positions Ideal Power with new asset light model focused on B-TRAN™ solid state switch commercialization;|
|o||PPSA technology to be positioned into more integrated platform with broader market reach;|
|o||Right size facility as PATHION will sublease approximately 80% of Austin, Texas headquarters; and|
|o||Reduction in cash outflows for Ideal Power with proforma cash burn rate expected to be $600 thousand to $700 thousand per quarter starting as of the transaction close date.|
|·||Shifted to commercialization of our patented B-TRANTM technology for the $12 billion global semiconductor power switch market.|
|·||Completed first prototype drivers and proceeding with internal evaluation and preparation for customer sampling.|
|o||Second generation dies are currently in process at three independent sources.|
|o||Sampling efforts will move forward based on results of our characterization efforts on our second generation die, packaging and prototype driver.|
|o||Engineering samples for potential customers and partners expected in Q2 2019.|
|·||Increased internal capabilities for device design, testing and characterization by:|
|o||Bringing in-house device simulation capability;|
|o||Installing wafer probe tester to characterize fabricated die in our engineering laboratory; and|
|o||Adding the capability to design and program device drivers for various configurations of packaged B-TRANs™.|
The following information was filed by Ideal Power Inc. (IPWR) on Wednesday, May 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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