Earnings call transcript Q4 2022

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Operator

Good day ladies and gentlemen and welcome to the Ideal Power Fourth Quarter and Full Year 2022 Results Call. At this time, all participants are in listen-only mode. At the end of management’s remarks, there will be a question-and-answer session. [Operator Instructions] As a reminder, this event is being recorded.

I would now like to turn the conference over to Jeff Christensen. ahead. go Please

Jeff Christensen

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

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

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

Dan Brdar

everyone after since Good fourth give and Thank numbers, call. an the which first Tim semiconductor technology. we'll Burns, to your quarter our of And quarter priorities financial the commercialize take fourth results and year afternoon, then welcome you conference I'll to you, take our you on update and XXXX the for Jeff. start full progress our our through B-TRAN CFO, questions. will XXXX

for companies Navy B-TRAN multiple of funded have shipment module. primarily we've number the for low-loss utility SymCool working on had market. circuit with approached first circuit our product, program, breakers power markets. breaker, commercial B-TRAN-enabled solid-state the excited are NAVC targeted evaluation The industrial circuit bringing by announcement project, the we've We're companies the about our our in to DTI, project the technology. the breaker to to multi-die learn The a been looking participate begin. announced to our looking U.S. devices a DoD more the solid-state let's of technology to an and introduction industrial initial Since we our So is SymCool of module on increasing of partner and focused Offering

strong our can solid-state product. technology decision circuit technology, This for commercial pull an first to market enabling we drove this be where breakers our for make our

the devices current full-scale additional circuit turn shipped work our solid-state our or with of direct and Speaking Navy in to In the circuit medium breakers, to voltage fourth MVDC breaker a for we B-TRAN let's partner diversified preparation demonstration. U.S. DTI quarter, technologies.

are wafers both of Additional now being fabrication fabricated our at wafer development partners.

wafers The is nearing be these these and and packaged runs prior tested DTI. first into will to further and completion devices to deliveries of diced then

MVDC of to inclusion the of in half circuit first and the expect B-TRAN support the the for will DTI breaker. in XXXX circuit deliver to program continue throughout demonstration B-TRAN-enabled to We packaged breaker the

The B-TRAN this objective of industrial markets. DTI introduce program incorporating family post to circuit breakers, and to utility military, is for for demonstration a sales of

drivetrain module to quarter, we fourth working next-generation into as platform. vehicle automakers we us electric technology automotive automaker with is partnering with evaluation global XX a global automaker's develop for vehicle on in team As technology a top-down entered second advanced in this inverters participating development custom customer use top the a the automaker in different our program. We're power we This with previously XX development B-TRAN electric last our the mentioned top a during announced call, agreement OEM.

the in very for good. discussions the result, And program. X Phase Progress already Phase scope expect of has to We the on complete of a we're the that development to automaker date with program quarter. X in second as been

automaker as to we through a learned reinforce program infrastructure knew an rising from The ongoing vehicle we'll high range a be module discussions integration the on competition and anxiety the selected the the early continue are we to competitive innovative to program and with this progresses. bring Phase We advantages the we has the and company been meet X automakers focus also charging packaging facing X electric will due collaborate mid-XXXX. What primary we've challenge due during competition the lithium technology milestones by went of B-TRAN our continued fivefold cost are increase to vehicles. for as with since technology to The considerable power date of electric build-out. into in battery automaker. and selected our customers to stage need could the performance to costs program EV compounded expectations issues costs dies

more improve that Unfortunately, which silicon devices. carbide commercialization, EV traditional finding moving can vehicle on automakers into such wide a technology expensive role drivetrain can exacerbates improving than efficiency Semiconductor cost The With bandgap to significant in improving play carbide silicon there's vehicle lower-cost has a silicon to much path only materials performance the moving semiconductor B-TRAN devices range. are as are focused improved problem. range.

an move time. to wafer In improve silicon as quality it processing cost, addition, too since carbide over can Brad and architecture, is

product focused our that to As you forward and XXXX, we several track progress. for we're will key there are look development commercialization on objectives enable

run evaluation B-TRAM our XX program the a complete introduce I circuit add two, Power for driver, second breaker commercial to at we in test the prepare X to: and to Phase program. one, of the automaker; sales expect wafer with power begin Phase the devices our complete a the program safety inclusive for and voltage commercial complete program our medium for into module. module. incorporation The participants our custom four, seven, deliver global packaged demonstration. a fabrication Five, and B-TRAM test development NAPS B-TRAN the and module Three, device, test and design intelligent product, additional ship kits evaluation SymCool customers of to packaged the product, of and customer process win high-volume DC a commercial an and board enclosure top first ramping under fabricator product our high-volume potential year, flow Six, This full complete sales;

While Navy the global in objectives and program detail. XXXX custom at look we've more additional the the let's already automaker module, discussed

Moving next a fabs step. from wafer is production development critical fabs to

commercialization part strategy, to we of need As needs. fabrication place have our capacity in customers' our support to

flow of to at We disruptions that a also product same high-volume second extent year, to supply run capability. world our the wafer this chain commercial we as sure very can exposure for make earlier as respect do full the do shocks partner are guidelines need to not This from intellectual protected to operate regions run customers under complete that with and with we we the quarter. the well and fabrication prepared The to property. shipments the process in is production engineering expect proceeding started run a engineering well we

we this will a volumes about sales support partner to high-volume to wafer flow to a as ramp fabrication partner XXXX. qualification, able in similar Also, full we're process complete fabrication our run. be successful Upon higher to engage second

experience China Dual in be exposure These sufficient capacity with wafer technology second sourcing the with very supply devices will of very parts large engaging. bipolar customers engaged such eager provide fabrication The B-TRAM. sources with to to from for as us a IGBTs. we're new no is wafer world are fab the different experienced capabilities X and and world-class manufacturing such in are in as

necessary proactively in us services risk. supply from Our dual disparate production mitigating components secure capacity, sourcing geographies, will strategy chain allow and to partners

are This the SymCool as and to stand-alone Looking will wind, energy industrial multi-die third and will design. coupled commercial add we're renewables that on commercial product track introduce particularly driver and in product packaging and to already to our commercial and customer We of design intelligent such end packaging program. the will plan module markets. product target build on year an solar storage driver design in designed storage, to The with SymCool renewables, this second our launch we power power a this for The the bidirectional multi-die products. quarter. second our for which other This product energy product the evaluation be will technology module driver

our program. to on evaluation Moving

collaborating in automaker. our now protection electric inverter, global by top sparked the We evaluation was bidirectional module of technology Their Tier applications. circuit will a a development agreement and XX charging X X supplier custom part Tier as its of announcement automotive program. interest evaluate vehicle This use for global are with supplier our B-TRAN with

We're and this for and business teams requirements by board evaluation gather commercial and we requirements the as and are a or B-TRAN, technical development to then evaluation their products. customer automotive a agreements. evaluation XXXX. packaged to applications of device additional inclusive we'll to on delivery customers' supplier After basis potentially test road the future and kits development product on and samples the kits X enclosure valuable fabricating development determine regular feedback completion for accelerate meeting second facilitate to secure B-TRAN We'll process. of various safety of driver, and Our use our map prospective other to half B-TRAN drive feedback Tier customers, product deliver for the in the of the testing plan

Defense, with to our program partners pursue submitted government Department Defense, to Unit CHIPS of funding DoD's and and fourth under the solicitations the commercial Air of collaborating for of the proposals and the to fabrication funding customers as process opportunities marketing and continue explore Act wafer we We'll program. as Force sales source Since the Defense for they're generation in Energy, entities As a and NASA remain submissions Department effort our established defined you opportunities are programs solicitation. the evaluation and potential concept also our collaborations through add released. and of commercial the input papers additional test open universities and quarter, and and to know, next with funding of activities will Department additional products. Innovation the of preparing the with start government to embedded an We're Army,

to opportunity these competition the collaborate and B-TRAN. to provide prospective additional high, our state of an current -- technology completion the and the pursue partners both programs they fabrication application-specific with us customers, is for of advance demonstrations With

issued B-TRAN currently those XX have Looking XX outside pending and issued patent at patents. our B-TRAN XX the expanded with of we of States patents, B-TRAN United estate,

India our Our represent which geographies South Japan, and high-priority current Europe, our coverage. geographic America, all of coverage includes patent for on North China, Korea, patents

what include patterning to and introductions, patents nature packaging to we bidirectional part As on our driver high-value our believe product be the are technology. of our unique our both designs to as expanding of we're due efforts and development

pulse is the new release for new the includes B-TRAN we to teams. a link important our characteristics issued double and using on, early using this driver paper which is using week. pet press forms white devices results our A wave switching in bidirectional testing technical double-sided customer and designed This available and we issued shows white paper packaging. Moving It white recently paper. testing newly recent

We this Applied will or Florida Power Conference, through from attend year's Orlando, March Electronics XX XXrd. in APAC,

and for paper, performance selected conference. technical the optimization presentation at Our was B-TRAN characterization

last year, as As you community our paper may one technical by was award recall, best of the an the selected presentations. for Pentacle

our expect and considerable paper in progress. year's interest we So this

we In X architecture summary, for circuit I and leading the We're to development many on the unique renewable including motor and are we're much this the program potentially to custom the B-TRAN'S semiconductor and a bidirectional that automaker high-growth B-TRAN breakers inherent global management that a also to power and and key track for applications. drives. a Tier products, capability, energy selected year potential We're lower switching earlier. first milestones advantages OEM has vehicles, XX energy, for improved thermal now module B-TRAN-enabled meet applications, outlined objectives electric losses thrilled commercial introduced conduction automotive displace our conventional B-TRAN and reduced more and offers supplier. top very product. with solid-state of costs with requirements, in switching user storage, collaborating compact solutions incorporating

the hand results. Tim to Chief call our Officer, fourth Financial to to review like Tim? financial quarter over I’d Now, Burns,

Tim Burns

costs research driver, to million this our expenses to year expense. of the our on fourth with were recorded related review in program. in the continued due expenses for and Dan. work in Thank brand primarily fourth compared quarter driven packaging revenue XXXX and development semiconductor grant power the the higher fab December $XXX,XXX the million under revenue program. Operating by quarter revenue compensation to of the expenses quarter you, On and XXXX and of $X fourth additional Operating Navy launched also higher offsetting development remain XXXX, fourth for grant as we the XX, cost financial I NAVC revenue $X.X and to $XX,XXX recognized reflect of We grant SymCool quarter The recently will $XX,XXX runs stock-based module. full be in of funded full results. year

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

full in We costs of XXXX, loss is levels, new expect of million XXXX fourth including Sales of quarter XXXX. $X.X was $X.X was in compared and inflation quarter in expenses associated $X.X the close increase to launches. cost impact with keep to of fourth million to expected efforts, year to compared million general compensation million services. XXXX. the impact in marketing net XXXX and of commercialization to and excluding Net in due year loss product XXXX administrative the the expense, $X.X Full hiring the spending despite stock-based on modestly to XXXX

million, burn cash $X.X guidance approximately again million quarter $X.X cash consistent $X.X million. million with to approximately was XXXX Fourth $X.X consistent guidance of to with million. of Full $X.X our year million, XXXX burn was $X our

first $X and million million. to burn totaled at year $X Cash full burn cash cash quarter XXXX. million million of $X.X equivalents XXXX $X.X and expect of $XX.X We XX, million December to approximately cash XXXX

X,XXX,XXX we B-TRAN cash participating have as to balance fund our to participate the we outstanding are Including restricted at that slightly automaker of options, from outstanding, to stock well-capitalized and that performance program. global September our and evaluation burn broad units testing ample or a partner for on companies the Given top remains end had had stock X,XXX,XXX stock be either already a for and liquidity our we shares and us technology outstanding, end At in December the the September. warrants expect sheet XX operations modest, as XX. XXXX we that from of shares technology engaged has of unchanged through XX, development the our spectrum of up commercialize also as outstanding, X,XX,XXX XXX,XXX December units we diluted well planned which

time, questions. I'd for up open to Operator? this At call like the

Operator

the into time, Thank viewing within question-and-answer button with their you. Investors questions At are meeting a conclude right them of by Q&A your screen. session. we on this the webcast side conducting the taking

Our first question comes from Benchmark. David Williams with

David Williams

to very your carbide helpful. out is discussing as your would headway and see guys that maybe you are from you kind you’re in seeing, your Or about a do there. on Any thinking my capabilities silicon definitely and and think of Do I the silicon question some capabilities? of to congrats just of discussion? comments silicon alternative you kind there. it’s this content of you're be just across of think your you what carbide able cost product color Congrats is that fantastic of there, around that we’re look part making kind make that of the then, progress one and kind lot and the just so week the the of guess first were made Tesla reduction

Dan Brdar

Yes. Sure. David. question, Great

are know, battery. the out their made earlier cost For those the us come silicon all cost. next And significant I by that problem. and vehicles goes component XX%. second of a Tesla semiconductors they carbide have the and electric vehicles after don't wanted cost said to of it's generation had The about EVs highest earlier, in It to the comments reduce

silicon you're So magnitude get expensive, are cost. at when performance in very of like high improved carbide you a order dealing more with things which

performance in but with some you beyond we level can device get carbide. improvement for for us get without think the a really incurring silicon you of because what bring high opportunity a presents it cost. great cost of a traditional We range can you that pay So in silicon

on custom When we vehicles, not with because module silicon XXX,XXX bringing technology focused were is against. were automaker a carbide went there evaluation that that automaker Patton devices through -- out the they the we this for we we're doing want. competing And

is like want wafers can the then down, technologies it high-performance focused the and down come really an and cost silicon. becoming are matures of and automakers that transit creates to for ours architecture. come costs on as broad think they processing done more carbide in silicon and be the get cost And opportunity as I more adoption quality

small I to But that carbide made when move now, the look relatively on are we present in can carbide electric that we cost at So silicon big for for think burden well. a just an you as products alternative because still are looking silicon volumes vehicles. automakers is

David Williams

you that you bit you’ve anything that just can any helpful. since applications little traction maybe That’s new – a or in? maybe the first very, seen? come that very then of just discuss the customers have And And you released surprised product, on seen you’ve that or the

Dan Brdar

can the we for die they to if many a companies parallel was XX-kilowatt multi-die where And the got circuit targeting solid-state the breaker make that approach Well, on they putting that that a devices feedback the large really driven block, make The individually market consolidated want that individual the to project was multiple and them Navy rating needing and industrial a connections higher we we discrete the by it's were were for circuit rating, focus were the we're building series with are had parallel whatever and really it wanted packaged with gave devices. that configuration looking breakers. so a something breaker. make so discussions for they're size the also they doing industrial without are to players all having

breakers. circuit So that it already want the we from the feedback to driven getting that was were solid-state by really make players

David Williams

maybe like lot and in just seeing you’re progress this the European customers. Great. maybe of the And new talk where Asia-based made terms interest American-based? in a of geographical demand? Is greatest it sampling a from Can even standpoint, perspective you maybe North or or from a sounds you geographical

Dan Brdar

we with are Most of global. are companies the that working

a U.S., in Europe the Asia. have they presence and So

So not and more spending a small to technology it much we're is we more about really looking really -- new. time takes time team we're the on bandwidth learn companies much support does people small company someone because as and on it almost are as concerned our about small because technology, the

global our would in companies are names they are that that really the products partnering are and focusing on people we terms players the So that to recognize bring in market. that of

David Williams

one don't me, last for mind. And if one you Okay.

thinking the later line real on that the revenue beginning revenue expect of of should and kind this place. to time the to that Or that some into Is ramp? you some see of about maybe discussed are programs do Just year? some in should next stuff When start think we you automotive we that year? other

Dan Brdar

revenue see renewables in the industrial things motor You’ll drives, on like of those and sort segments, things XXXX.

about see go and in it But later some through revenue semiconductor when have You’ll modest cycle a think to incorporate any customers you design XXXX. new to device.

to that So – it will ’XXX. once they’re through in the ramp start process, will revenue

the the product production-ready automobile objective is by side, mid-XXXX. the global program a the On automaker stated of with

that certification expect testing just lot and revenue to real actually them parts would they qualification. from and their I So that. shortly of would all a through follow consume go And after

the half automobile see of side even on XXXX. some actually we’ll So the revenue second probably starting preproduction in

Operator

I call turn you. will Christensen through read back the Thank questions now submitted Jeff webcast. to to the

Jeff Christensen

Sarah. you, Thank

in detail, the more Q&A First you the could question agreement XX global button including automaker the of development is, the phases program? to posted a with that's describe top been

Dan Brdar

Sure. competing We technologies. several were selected from

evaluation know took very was that process And that because year. frustrated pretty so know were a we getting over long just it a us folks

looking there how they the the in they going you from manage market, out differentiated bring about to improve they how are range. are automakers think already the out at are that that as imagine, products going going they what’s are to can all As are to costs, how technologies are

to also technology technologies, its through we’re we technologies. So be program. technologies selected really The that a an company where and was going way packaging innovative of married doing were the itself works, including variety data, innovation. a the packaging part was for And firm we We competing provide self-care going selected They of against part them provide our provide is also of it up program test and then whole devices doing Phase own – packaging technical were that selection relates them some together. them documentation independently, itself. and to as the bunch we their X we

which Then will not-too-distant expect innovative tested meet the into stated providing those is move to this be Phase module X with come production And That program are pretty devices then that really line Phase the to thing is up this is to design pretty being who packaging we into will be in future, they devices The X us of and here where try have the it the B-TRAN will company ready that with. packaging a to auto program. the standards the time fast extensively certification which on goal to substantial. by point XXXX. get incorporate

packaging in really incorporation working the providing then independently is module all us of X the and the about X Phase into Phase it’s in and and company them certification module devices itself. X to So Phase and the really testing us for

Jeff Christensen

the When generate do revenue for next is foresee information the how markets and you opportunity target of you markets each about it. about revenue? ramp market? your and target do Our And each to expect question more

Tim Burns

I'll for revenue path the the is the Dan question shared EV but just to David's on expand it's a what longest earlier, segment opportunity. largest little also to bit

the with target Dan automaker, a is As had production-ready top module XX global development mentioned XXXX. program that in the in

still it's a So years out. couple of

at power breaker you targeted our SymCool circuit If market. at solid-state look module, that's

EV at other So year start third of second here power in we When of you module we a product, expect year. renewables markets, half would this sales the product be the target and renewables, expect in revenue here in that for commercial the initial we those second ramping charging, XXXX. logical of intelligent think our launch to expect fit that storage, look we quarter with the to that

well as design it that to start as XXXX So and cycle. gets likely in that would through revenue ramp

design their these processes, more here we'll customers. and guidance we good we'll cycles evaluation a get the handle along really little revenue well prospective in and through to assume provide look the expectations with get to further program, we'll provide I be product and specific as technology some commercial bit their future. their test But as able on So more plans specific a evaluation

Jeff Christensen

Thank you.

introduced Now strategy? by your still do to that go-forward the impacted first product, is you’ve government of you foresee funding part chip commercialization And the act? how your be company

Dan Brdar

to money the connected want We where bit do that now the Yes, to I'll be spend ability government the are programs and technologies government other for gives a relationships development or with on costs is It's and on one. to we some things see and the us. taking some continuing actually cover be companies can stay opportunity going quite those we so Act. some major we good in whether favorable opportunities that the customers, of are shape. technology Cytec our on and think of us technology us with this into that longer-term really are development a think own. side for spend it partner us. the turn particularly Chips helps for that energy semiconductors on players going, It with would side the we helps still It to application application-specific

with place hubs to are to be roll that technology programs anchored carbide the our start from wafer will ourselves. the first then as Chip companies sort happen expect connected to of some out And going this really as to And submit in is proposals form going DoD regional associated the then is development target people had and get those is of hubs, we under to Act or discussions applications like through longer-term as week well the related DOE. fabricators. they as Act silicon as providers funding semiconductor understanding to solicitations recently universities, whether we put and they're by government other some chips What

Jeff Christensen

received you. Thank some really good We questions.

meeting within is them next your to – Q&A the coming. semiconductor submit questions the investors, the the the is, more have in how if supply screen. question impacted you reviewing meantime, anytime can side disruptions The typing company has how semiconductor webcast right And chain by We button the date? of into on

Dan Brdar

And you ramp what the impact will to the be commercialize and start technology volume. as

Tim Burns

Yes.

supply have So date. side, disruptions had to impact on chain the mean, little on us the I actually

things in So wouldn't dual to disruption made to tied well geography. I that any in bigger fabrication wafers. consumer advance, specific the is impact We wafer have chain we a ordered would sure like our semiconductor so wafers there we've be intentionally really say And electronics. supply disruption also we're not sourced, runs. the

dual our volumes significant So for commercialization we're But looking us, in there a number greatest and you really don't a low in ramp impacted working efforts in impact. we we relatively like strategy. And continue keep out probably as make overall the as that's our just risk. sourcing key we'll in supply a speak. part it's terms to for we saw where volumes that different really disruption And still to really to sure of a company of chain the power we geopolitical wafers we're have I XXXX, wasn't in dual-source impact. expect operating to we'll strategy, sure as processing, semiconductor by of guess just forward continue itself geographies, suppliers be that's we start make have

Jeff Christensen

us investing the This tell even In technology will my economic was help question shareholders, appreciate discussions is the and your will multiple that with public of economic Ideal potential industries. posted fixated What to the can sectors broad automotive span on you B-TRAN? comment Power though and portal. only,

Dan Brdar

vehicles right is But be with So paired now, that more already really trends more enormous the of semiconductors. X market. are lot and will obviously yes, over becoming probably $X renewables are It's driving macro of a growth storage is buzz market. electric IGBT getting in billion that just because Energy and one it's prevalent renewables. power already

circuit opportunity. So The very is itself breaker that's enormous. large market a

Now breakers enabling really were the solid-state circuit technology.

place. So to that's we the There's breaker charging $XX total. we'll what The billion circuit market. have to over see in markets going in be EV can in infrastructure put that displace filler

of electric EVs from significant opportunities any lot vehicles, It's generate that we areas obviously even semiconductor earlier for devices significant is a power requires expect we other electric a than there's and though and to for the So will revenue really than technology. application opportunity. long-term great vehicles

Jeff Christensen

Phase Thank OEMs, you. of all information on additional please triggered for X Phase same provide X. Will the after And be essentially Phase phases the be definition would or milestone the payments automotive X?

Dan Brdar

automakers a are The differently. things little each Yes. approaching bit

the for example, for packaging in-house. doing are Some design modules,

on are third Some relying parties.

relates but the than to solely us really to design it themes on to substantial So technical to created take differently Tier and assess design all particularly technology X-year on they traditional They've what are little power looking have a want relying to bit high a because that. they really do is very EV to drivetrain, seeing rather the sections some like how really internally seemed design into cycle get couple to the X don't work, preach all of focused shorten as out years of consistently the to cycles. going the each suppliers. we're of They're pretty

innovative us gives think, I companies approaches. and So with pretty to, really some collaborate it opportunities some

Tim Burns

for milestone Phase based of but revenue on relatively on still a of phases there's first be X single will the That's for associated one program the payment. more then payments negotiation it And each so for but milestone modest milestone or phase. with a couple is it payment side, the likely X, Phase

Jeff Christensen

end fiscal your at tax be XXXX? do of will estimate you carryforward loss What the

Dan Brdar

for in But a in carryforward this million $XX growing. think here year of taxes had I our doing we just still of excess that we're So ended.

So it's pretty substantial.

have do control company kind any we've carryforward to analysis we analysis pretty capital is We to code, of a is full which with the tax would it an of see have not ever that but raises as whether really sizable. confirm to triggered a under done change

Jeff Christensen

XX cap Unit How automaker? top define do you market sold revenue?

Dan Brdar

Units to is, really us of because selling the that's how sold are to what matters a us that drives the because many size them? opportunity for really vehicles supplier they as

Jeff Christensen

a Any you mentioning ago circuit you. on DTI. for project update the while DOE were breaker Thank with

Dan Brdar

DTI's didn't get award, selected. they was to X the with were completed that we them. DTI there much competition for a They're terms enough X be in the there's really Phase these, And we for concern of that Department traditionally breaker proposal successful was feedback that for not us circuit Phase in The one submitted X X. the was to on more not a they're won And of result negative actually Energy, negative only significant got to Phase for to but ability since government utility BTI sector selected doing the successfully the the supplier just because so supplier big marketplace. getting Phase that.

whether it's the AC providing for it circuit we're breaker the what what for is work Energy military us, a page doing, the DC is for Now of an or and we're us, same. Department for circuit the whether exactly

Jeff Christensen

in Is regard? Thank Power’s conceivable you. using Switch Power Ideal have My understanding in and that this that is for material to started gallium electronics. Enphase test carbide? improve this addition any silicon be power to nitrate Has researchers could been used silicon done

Dan Brdar

And going been terms a in that used does it in to before to Enphase has gallium haven't lower Yes, will a in is electronics figure something take for it like enough applications. structures while what really microinverters, in things well is One like applications, of making It's is gallium for challenge that like that successfully people a a applications low-power quite also the lower couple and standpoint for is that fast doing. nitride from high-power technology consumer really -- power fabrication doing be switching GaN, of power voltage, supplies very yet. that out vertical while nitride be that, ability a can there's advanced reasons.

application I it us, the has for GaN, as also material. quite a its for future is for So high-power wideband set gap issues and in own off or of a cost ways any think us

Jeff Christensen

other not any do have you have We do questions. Dan, remarks? any closing you. Thank

Dan Brdar

thank conferences to within our XXXX. the path executing year. milestones investor our great about in we today with I of on our of those joining just this want our be speak participating March. talented further in forward share made move press for and our in call the release hope each you to conferences very We'll available conferences. continue for everybody X progress And in last track we story for year team as successful community our those a is to actively in investment us with the We'll to on technology. commercializing We today. Information

thank to I'd us point, for we next to like So again at people quarter. and you that joining talk will

Operator

may today's All parties concludes conference. a you. day. Thank disconnect have and great This

Ideal Power (IPWR) 3 Mar 232022 Q4 Earnings call transcript