Ideal Power IPWR Announces Q1 Earnings Energizing Investors on Sales Momentum

Ideal Power Inc. (IPWR) announced its Q1 financials and expects that the solid-state circuit breaker market, served by their SymCool power module will grow revenue. Furthermore, their Phase II product development program with top global automaker, Stellantis (STLA) was completed ahead of schedule. The company also announced the addition of its first distributor Richardson Electronics (RELL). This relationship is not exclusive however, as the company intends to add more distributors for better global channel coverage.

Additionally, a top 10 automaker has become more actively engaged with the company after Stellantis was announced. Ideal Power is continuing discussions about potential customer development programs as other companies have started placing orders after initial evaluations.

Ideal Power is one of the PRISM Emerging EV Index leaders today and is seeing some positive share gains on the day.