Ideal Power Inc reported Q1 FY24 commercial revenue of $78,739, reduced expenses, raised $15.7M, and anticipates sales growth in industrial markets.
Ideal Power Inc reported Q1 FY24 commercial revenue of $78,739, with operating expenses reduced to $2.5M from $2.6M. The company completed a public equity offering, raising $15.7M, and anticipates industrial markets, particularly solid-state circuit breakers, to be a source of sales growth. CEO Dan Brdar highlights progress in product development with Stellantis, the addition of distributor Richardson Electronics, and ongoing qualification runs with a second wafer fabrication partner.
May 15, 2024
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