IPWR - Earnings call transcript Q1 2022

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Operator

Good day and welcome to the Ideal Power, First Quarter 2022 Results Conference Call. Today’s conference is being recorded. At this time, I’d now like to turn the conference over to Carolyn Capaccio of LHA. Please go ahead ma’am.

Carolyn Capaccio

Thank you, operator. everyone. afternoon good And joining first for call. XXXX Ideal you quarter Power's conference Thank me Dan Tim Officer; Officer. are the Burns, President Financial With call Executive Brdar, on and Chief Chief and on results release financial idealpower.com. XXXX first website at Power’s is Ideal available the company’s press

like described risks. those those number for the you that Before from the including and that statements would and materially future maybe are call. for of forward-looking, financial uncertainties results subject remind made to we differ to cause to company’s more results refer refer in everyone company’s information. a the a Please actual risks on website and also industry the could begin, to list call And filings supporting prospects to SEC of associated I’d regarding we webcast, and industry

turn Now, over call Brdar. Power’s to Dan CEO, President the I will and Dan? Ideal

Dan Brdar

welcome take progress technology. afternoon financial on I'll through XXXX Burns, questions. review giving Good our for and Carolyn. results you, priorities commercialize on Then call. everyone you key commercialization. which B-TRAN I'll for conference XXXX Thank our by CFO, B-TRAN Then and strategy after we’ll our begin and first to quarter update numbers will achievements take our our an the our you plans semiconductor your to Tim

been Let's months get since Well, it's two started. only our last call.

time to as to you remain a This circuit solid-state and on bidirectional our goals we're renewable data disruptive, efficient, significant EV our track very XXXX needs vehicle, energy along happy highly storage, breaker advancements roadmap, energy, update centers and immediate our Power control UPS quarter busy on first made our XXXX. It target exciting B-TRAN and Ideal productive markets. successful for electric was is at as commercialized we achieve The in we progress semiconductor charging, solves a as and the end technology. energy for

the participants B-TRAN serves manufacturer our evaluation B-TRAN include we Fortune commercial evaluate measurement Let's semiconductor our applications. of Since bidirectional and initially for test the began, new variety year This sectors. and participants of program. with low equipment military roster losses for its that program. begin These a evaluation in expanded a test global capability and will OEM test and XXXX and

for also electric in test EV space. charging aerospace contractor solid-state as Also, mentioned EVs B-TRAN we circuit and We commercial evaluate our established leading grants. third an follow. the in government vehicles, B-TRAN initially are converter is on applications added powertrain our evaluating with and other systems and with pursuing potentially EV their interested power for components the a This infrastructure, EV to defense announcement of last breakers commercial EV additional for manufacturer call, conversion in and we'll DC-to-DC jointly charging applications whom we use in EV

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our pipeline. Our through test medium and in presentation resulted of evaluation several the our target and exhibition recently and at the in following which program our in the Two us large adding conference. markets weeks companies conference joined

received well characterization conference and from won technology community. last presentation, in Nurnberg, receive of Award. capability its received the Our Germany such bidirectional and benefits Motion we well B-TRAN, the junction low XXXX again was and week. team low B-TRAN compelling Outstanding of operation technical bidirectional to loss Conversion our Further, in Presentation B-TRAN and great was technology APEX an entitled see It's transistor, Intelligent for Power exhibited our losses. recognition at

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with our Now let's move on work to Navy. United States the

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development alternating grant, packages. demonstration KV with month, grant to an of XX.X die B-TRAN ability XX.X and Our we analysis submission current interrupt on of and BTI circuit simulations power of the Last proposal ahead Phase circuit would di-modules design and the collaborated efficiently breaker. breaker X Phase using a X quickly. If XX AC confirms the BTI and multi megawatt with solid-state the a current multi test alternating to receive full KV build we move SBIR solid-state B-TRAN

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these programs opportunities, seek in funded proposals the integrator continue with we and government three of evaluator opportunities as awarded funding government cover several university commercial breakers, for system be we or affirm first could proposal, the to development, current submissions. on applications. solid-state new commercial electric the We for to particularly partners. applications, funding and expertise proposals large include a for Depending subcontractor content These support technology act and driver These under source and proposals future a for papers including packaging circuit a one OEM. partners contracted submitted to with including more In vehicles. if either quarter, that or participate technology product modules inverters, prime new several

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future support packaging completed for This a with We firm our And with program. program, let's now run funded XXXX. the potential the support but – only NAVSEA domestic pilot NAVSEA will programs. a and projects review also government firm to also not other development roadmap

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a our to to beyond. wafer is support volume volume for ready high requirements fab, intent and have XXXX Our

Lastly, continue proposals work to funding. additional on we submitting government for

funding the proposals As as we OEMs I these available. opportunities' have those to proposals be with mentioned prime the proposals, with a already on we submitting and or submitted, universities become in respect to expect on potential subcontractor to collaborate various

added B-TRAN and patents. XX patents of geographic the patent B-TRAN the breadth issued issued the to patent first our Patent in with XX States XX India. April, currently of those outside portfolio we the of at we issuance pending of with In have Looking United our Estate,

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multiple As focused packaging of on a balance able highly the to and strong team, talented IT partners. fortunate motivated world sheet, be and cash class to fabrication a remain We're years portfolio, hit on our the and each our on our potential We'll commercialization objectives roadmap. our you milestone of strategy, technology. keep executing our progress XXXX updated realizing on on as delivering we

financial the results. hand XXXX to over for patrol to Tim like Tim? officer quarter, of first review I'd financial chief burns call Now our

Tim Burns

and grant. program first in as cost Funded XXXX our the with the SBIR revenue review work continued I results. under financial In Navy our on $XXX,XXX work grant Thank Phase recorded DOE revenue completed the X offsetting NAVSEA you, funded we grant we quarter of Dan. will first quarter

to one be the this quarter. all revenue approved, our fourth the program of under program revenue the SBIR begin two under quarters. in Phase to in is potentially almost recognized grant next X application expect If NAVSEA we expect remaining We the to

to General funding half quarter employees the additional the program, The and increased fabrication and end $XXX,XXX planned $X.X additional in as Operating initial opportunities on revenue of the and two million spending our development our to we compensation of the and were year and XXXX. and Directors and commercial costs third-party marketing based trended activities development administrative in year. growth higher government as as as as early XXXX. expenses if well this expectations Independent fee and Consistent personnel with replacement product the in advance compared continue also by runs pursue search higher evaluation and course test as first the expenses in of Board. commercialization higher were expenses that our support development for of first expense. investor quarter last our was impacted board, second to We efforts both initial the stock could result expenses development over on awarded Research quarter XXXX also of added sales operating relations higher of to wafer introducing costs. and we expenses incremental higher in added non-cash by increase the

development run a larger including wafer plans runs wafer a in include with qualifying commercialization volume high XXXX Our additional production of balance the for fabrication fabricator.

more commercialization the new activities of other B-TRAN engineering program, test testing supporting end our talent adding customers and designing with introducing and partners. potential and product our evaluation and commercial B-TRAN initial and front Third-party

and spending expect the funding. of other to development some activities, impact the semiconductor to continue runs our as of particularly due and as potential variability and timing fabrication expenses, quarter-to-quarter research government development additional We well operating

was first quarter was on to year of inflation administrative the services. $X.X expense and be the of in first remainder relatively over $XXX,XXX the expect XXXX flat the cost to of compared in XXXX. We quarter general despite million of the Net of impact the

$X.X net XXXX, is million cash the quarter $XXX,XXX year-end is quarter consistent provided from and and expectations used XXXX with in $X.X investing was First first cost in in of under we of operating This from of the call. reimbursement activities on the our NAVSEA up the which program XXXX. fourth quarter the million,

expect sales XXXX approximately both cash equivalents development, of a in and and invest marketing and $X.X to and cash Cash of second million. year at with research burn to continue million full to XX, totaled March continue for XXXX $XX.X $X.X million cash XXXX. million $X We quarter and burn

remains partner in liquidity ample operations which and balance burn, are be companies the cash well that testing gives us participate participating modest, either the of plan broad capitalized multiple our spectrum already or to B-TRAN Given expect to of and our technology. a sheet we evaluation for of our fund years to

and XX, up shares. I At shares outstanding restricted stock As had XXX,XXX Operator? warrant to including at in XX X.X of outstanding, options totaled call March unit's time outstanding, like for open shares we $X,XXX,XXX stock outstanding, this would million X,XXX,XXX diluted December questions. the

Operator

from Thank Please you. the take of Williams [Operator line David Instructions] go with We'll question Benchmark. ahead. our

now open. Your line is

David Williams

Hey, good the and congrats progress. afternoon on

Dan Brdar

David. Thanks

Tim Burns

Thanks David.

David Williams

jumped late Forgive bit me. I here. on a

first my that I do still So think track? anything thought know in is revenue, that as that guess there pulled? pushed been before have you XQ, that's think if missed about your commercial discussed there we'd of but And you or on this is and sales apologies, I falls when in? you kind commercial we I

Dan Brdar

start because and that of of these it The cycles, takes for through Yes. The opportunity just we're revenue get our be the get it'll initial cycles design going revenue. to through first this modest. really timeframe see evaluation to XXXX is is to but QX still an where actually year

want there's would do to customers for use in OEM that engineering We us dollars that ultimately working work recurring of products also we're products. is opportunity or them specific the at for they non- think some for their some with

David Williams

tested a you you ramps, previously a know may And then Okay, types bit quarter. an this area be not touched is you What seeing cases your to more a kind developed new or opportunity? these that? little added of And are in being applications of but maybe of be for, are this traction into and thought used just to color script, evaluation on the I just given test few fantastic. program

Dan Brdar

little is, thing now initially of we in one Navy several circuit a we've got breaker a specific interest program to but the From is that it The in concept the surprise is solid-state pursued us theirs. are our this that proposed been that that project to solid-state that applied kind been renewable can because patiently very better breakers protecting solution in large electric a can be and energy companies just a circuit as distribution universities vehicles, commercial have in be protecting players is for to installation. waiting utility we've to Yes. to data systems, a bit of there of they actually applied players center whole, be

of think So that in breaker about. surprise. solid-state the little have applications that bit we the other popularity couple circuit then looking some I And our catches are hadn't by we are been that a thinking a at folks unique program

seeing lot that stationary might seems another to renewable in interest are bidirectionality the vehicles the storage think that control need pretty that really of energy people in you protect interest obviously particularly with to electric energy charging EV things offer of different applications devices, are as that and the ones, little about coupled batteries. charging you DC of at EV the in power charger. several We're devices. control about of sort onboard Some that the equipment, power the solutions getting And with circuit and incorporate in than we're a charger to solutions fast really look all the that mobile then interest but are ones folks breakers sort those one is the portions most that as And is EVs, a there's applications be DC the popular program. the with seeing drivetrain, acting where

David Williams

– And change terms you're sampling? of Perfect. and maybe in have as what then beyond spoke as types customers you with customers those reception – prospective And when the just just all that your is been how your seen you of when customer at prototypes to? engaging you

Dan Brdar

and of see seeing good. to to as that inbounds. us starting just we're list, than it's targets people We're learning about reaching our out the the grown, really more visibility as the finding are are rather projects on more that B-TRAN is we're We're

So our little are out sense think time to that business having a spend folks development bit guys makes screen of it to with. we

think that would to a where out really there opportunity lot get some tied we technical if it's with were And need the too up smaller what's are companies we about of maybe have the some small, that of that support. to cost

So conferences, then at Conference, last that of more and Conference there's the here Power just Electronics also week. happy inbound Control at the the to see Bipower last couple and

Just learn start a more of products, so wanting collaborate. way incorporate us their everybody seeking look not nice they lot as potential see think B-TRAN but them some to directly, having and about look to us of recognition out us how have a people to pursue to to into rising the can it's to – to

David Williams

And one Great. then maybe me. last one just for

has is been the and missed Just maybe the around going driver, that around what again if that custom forgive color custom driver? just on reception the me any how I this, but kind and curious of

Dan Brdar

that we that sure for to make because driver could pretty fairly much we it's we are had everybody. the Well, driver out, complicated do wanted bringing everything a

have. can the what if more they're what do different we fact them. then commercial for They has than of can multiple about features are driver there's result of having of we vehicle for it. folks would is to And we've working as that it a needs things the driver applications, So that to about lot time kind already applications on. a in to all because people think parse start for with terms the the it a of example B-TRAN we're to a driver is like the individual that spent their finding driver And it own in folks out to be version appreciating I start What think are though thinking their want we electric seeing do and of bidirectional device perfect are a have how control of you testing.

been hoc version exciting driver now post UT at joined got us who things of Austin has is the great developed for initial a that’s One us. of we this and he

going to speak ongoing design into, the of went So do and be cons doing his taught can all things is capable as and decisions the used-cases source made of why but have and what all that customs about, you are. of the we all certain to driver we that pros the an that

Operator

We'll Thank question the Please of from with line next Hirschman our Orin take go you. Investment ahead. AIGH Partners.

is line open. Your now

Orin Hirschman

a Hi, of on lot congratulations progress.

Dan Brdar

Thanks.

Orin Hirschman

in apologize; Can may drop dialed and Can you going [ph] or it, [ph] standard products or late. going what standard go two through I I apologize. first answered have family a a they drop so through I be you of a you products? three dialed in a product? go or you are to I and is be think the I’m on to that, confused one released little late.

Dan Brdar

Yes.

could for it breaker It'll The module. to the – where going in the that module used we a want the be a multiple application, are simplified of that or that module a rating increased or together first the that folks driver version because a of electric current dies rating. module where versions higher we're be in there's voltage be to interest to multi-die things either as it interested includes also be have finding put like one's they circuit well. multi-die either may achieve a vehicle solid-state driver higher And

any solid-state adaption storage? circuit something for that of an renewable or application, like it'll engineering would or effort the prototypes out our So current here converter energy useful be breaker coming be with activities of power things energy

Orin Hirschman

have enough down product almost almost capabilities. going of we it's use or that terms be an for in customized be, a that? should it for to be overkill initial to to view for mainstream like in And How usage has most customers. where Is it's dummy a going almost form

Dan Brdar

power form EV, simpler the itself, something industry mainstream will have it'll for a long by where cycles be a that take converter capability that We're need in going have got. takes where packaged design and typical the application, hit recognize, all not would we've will that like covered. driver. It'll the features applications you really we're a and that the what going be out currently opportunity does to target to the it of be That we lot of the don't really a version

the really of So smaller, cycles that it'll long applications design have be initial simpler, targeting EVs. don't

Orin Hirschman

customers reiterate just tests applications are can again, you really lead the there been customers the whether once Okay. to initial with that those you've in and And if start?

Dan Brdar

solar like EV energy storage charging. storage things standalone with energy be It'll or Yes. coupled or

Orin Hirschman

initial the necessarily, them actually plus through going now, tests not the that same have more? are ones And or been or customers right

Dan Brdar

bringing them are hasn't how the on them, us design the speed with driver our to testing through, NAVSEA the bringing up customers deliveries thinking really application using the going on about we’ll been technology, delivering and on the program. to them customers started with they speed, After to finish engaged be We've those we yet. Well, for the their prototypes up it. in technically

will So when they everybody with be evaluations. to ground able get parts, hit the running the

Orin Hirschman

Okay, very you great. much. Thank

Dan Brdar

Thanks Orin.

Operator

Don Asset line [Operator from our line Slowinski Winslow ahead, the of with open. is Please your Instructions] next take We'll question Group. go

Don Slowinski

for Thanks taking my Good afternoon. questions,

Dan Brdar

Hi, Don.

Don Slowinski

you How doing today?

Dan Brdar

Good.

Yourself?

Don Slowinski

the on APEC Congratulations good. Good, job. presentation Good award.

Dan Brdar

Yes, have thank did. nice team you. good the to It's industry work. what It's the acknowledge actually

Don Slowinski

still B-TRAN talking to or devices, Yes, regards APEC like In clarify were fantastic. that? that real-world Because die you seemed data it were you manufactured was that then was that simulations? actual about tested Can simulations. to and compared that technical the presentation,

Dan Brdar

compared simulations. it actual die to Yes, was

Don Slowinski

Wow! come to That's that models. Congrats to simulated close your fantastic.

were It and some to in result custom came that going that call development to previous there? number you question maybe project just be give a on update had on a talking on us mentioned company about auto maybe of large device you what's an Could revenue. Another a would maybe you major mind was a samples.

Dan Brdar

designs why increasingly understanding terms that We're on. have long. we're working a Well, they with The customer. in They program so that of engaged slow. they are them manufacturers with take still [indiscernible] engaging car

large For very it, at things mean, them, I you scale. think when do they about

programs lot development evaluate are structure a pretty with technology their follow depth rules and of to funded. in they got programs, in a lot resources, they terms get of So they of how their how work that to

the but been wish industry. it's it's could nature with of a but long getting we're more process So quickly, just them, think, there I them. they the I with move

Don Slowinski

that I your the automotive cycle Well, nature business. that going just sector realize I from is adoption to the longest be of mean,

sense. that So does make

Dan Brdar

Yes.

Don Slowinski

So fruit. the kind accurate? the be Is looks breakers solid-state circuit like would it that of low-hanging

Dan Brdar

Yes, it is.

power on want good solid-state number to like circuit companies do surprised forth the of and side. things that converters, do and power Companies be continue to other by products the We breaker electronics have that something so view capability, a a the widely some And becomes other logical is of more technical be surprise. as breaker, extension will just think solid-state which B-TRAN just pleasant community. kind their probably I circuit there the of in ones known

Don Slowinski

the fantastic. and on questions forward look the more future. congratulations and progress Well, my Thanks to for taking in all hearing

Dan Brdar

Don, Thanks,

Operator

Private line from your go last Kelly now our ahead is Please Investor. open. take [ph] of We'll line Thurman question the

Unidentified Analyst

wondering issues placed? on for question. circuit all for on any Hey, my do as thanks up order run to guys Dan, you taking scaling an breakers once those Navy, was Tim see as the the far especially is large scaling a up I at

Dan Brdar

of the the regardless the going either really we changes we've to the were No, die sure approached is dealt way be because we packaging this part the of to applications, the with driver. actual itself of because is die same wanted that make in don't in the the or

changes circuit had So if of power devices to a and of want breaker test drive in fab, guys, for wafer that would or run we all what placed would EV for if lot we it's get to a at or how the and traction wafers exact one terms they happen a they we same for something the packaged. converter do make up of the and a the

Unidentified Analyst

about companies have And formal these guys announcement Okay. at to kind up any you are the of next you question conferences? the that picked going

Dan Brdar

we'll particularly get be we we them, something, funding be as they who those them. are bit that able announce to is going a to little might where a hope with program Our do further

Unidentified Analyst

handle any, situation how last to companies question going that when IGBT Okay. you BTRAN in are And testing occurs? interested are that and

Dan Brdar

customers is specific a We applications players. and is in company program. giant approach our an our evaluation semiconductor They Power. guys going Ideal not do some end automobile to the to like are test want But to have to folks these be, are going able small interested have collaborate just that have other of we one They in. user than the actually are they large like be to want because with a the alternate source company, supply of

good the we the can to wafer leverage collaboration sales, there's the would leverage support if So, they a where somebody want of the They potentially and have explore where we in where some a could fit distribution think and service industry. license networks even front end that we it's the they have them built of already and kind fab. scale technology to

Unidentified Analyst

be to question they Will think be a for large do breaker circuit Navy is when finalized? able quantity actually will you purchase them? the final of the And

Dan Brdar

them end are do Department for be products. It's utility be the this circuit is the it's Navy of here alternating to going want current because The at circuit Energy that's Navy network to But the going to breakers, program. current. the to today. The think we evaluations to that because customers think the program that for to great of they to doing is is part opportunity a thinking and us that coming of for the much are with we're that great, It's family distribution program partner really current. needs a quicker We propose market alternating alternating products at the Navy of looking breaker is DTI validation. that

opportunity revenue. that's think we quicker actually for So product the

Unidentified Analyst

question. right. for All taking Thanks my

Dan Brdar

Thanks Okay. [ph]. Kelly

Operator

time. I'd for at There conference back this closing Brdar the are further Mr. additional you questions remarks. to to or no any like turn

Dan Brdar

want thank the just everybody I on to today. call for joining us

And the great day, giving Investment call. Have Conference another everyone. on in update May. participating look be H.C. Global we you second forward a will our to Wainwright We quarter in

Operator

This you participation. for concludes Thank today's your call.

disconnect. now may You

Ideal Power (IPWR) 17 May 222022 Q1 Earnings call transcript