Ideal Power Lands Stellantis EV Order

Ideal Power(NASDAQ:IPWR) reported second quarter 2025 results on August 14, delivering notable progress in design wins and high-profile collaborations while reaffirming a significant near-term transition to initial commercial revenue. Cash burn from operating and investing activities totaled $2.5 million in Q2 2025, and the company held $11.1 million in cash as of June 30, 2025, no debt, and management signaling a 2025 revenue ramp anchored by industrial and automotive opportunities.

Ideal Power achieves critical B-TRAN validation milestone

In Q2 2025, the company completed third-party automotive prequalification reliability testing of its B-TRAN (bidirectional bipolar junction transistor) devices without a single test failure, exceeding key reliability thresholds. To strengthen customer confidence, management highlighted that B-TRAN devices passed 50,000 power cycles—more than three times the 15,000-cycle requirement for automotive qualification.

"For example, to meet automotive qualification standards, packaged devices must withstand 15,000 power cycles without failure. Our devices recently passed 50,000 power cycles without any failures. In addition, the prequalification allowed us to identify and implement packaging improvements to optimize the design for easier assembly for high-volume manufacturing and to reduce cost."
-- Dan Brdar, President and CEO

This test outcome materially de-risks adoption in automotive and industrial markets by validating long-term device reliability, positioning Ideal Power’s B-TRAN technology as a compelling alternative to legacy silicon carbide and IGBT (insulated-gate bipolar transistor) solutions.

IPWR lands Stellantis platform order, broadening EV content potential

Stellantis(NYSE: STLA), the world’s third-largest automaker by revenue, has internally approved a purchase order for custom B-TRAN development and packaged devices targeting multiple electric vehicle (EV) applications, with a focus on establishing a common power semiconductor architecture across brands, as discussed on the Q2 2025 earnings call. Recent commentary clarified that B-TRAN content per EV could reach $1,100 per vehicle at scale (management estimate; not a GAAP metric), with key value concentrated in drivetrain inverter and contactor segments.

"They clearly plan on it being multiple brands. They've made that very clear to us. And part of this work that they're, they've told us that we're getting a purchase order for is to also start to drive some commonality, even within the EV. Originally, the drivetrain EV contactor programs were very separate. They were going separate paths. And this work is to actually converge on the semiconductor and packaging design prior to getting the contactor program awarded because they really want to have that same solution in both of those parts of the vehicle. So it gives us commonality in what we were going to provide for multiple applications within the EV."
-- Dan Brdar, President and CEO

This platform-driven approach can drive rapid scaling of Ideal Power’s automotive content opportunity, supporting multi-brand adoption and higher revenue leverage if formalized into production contracts.

IPWR secures first Asian design win with major circuit breaker OEM

The first commercial design win in Asia, secured with one of the region’s largest circuit protection equipment manufacturers, supports the company’s industrial revenue ramp thesis. The customer’s initial B-TRAN-enabled solid-state circuit breaker product is scheduled to launch in 2025 (calendar year) following prototype testing that demonstrated a 60% loss reduction compared to silicon carbide alternatives at a lower price point, as reported by Ideal Power in Q2 2025.

"As we previously mentioned, and based on this first design win customer's projections, the initial product from this customer could translate to several hundred thousand dollars of revenue for Ideal Power in its first year of sales, with the opportunity to exceed millions of dollars in revenue for us in the second year of sales. Importantly, this is just the beginning. This initial product is anticipated to be the first of several products from this customer and will incorporate B-TRAN into solid-state circuit breakers."
-- Dan Brdar, President and CEO

Early recurring design wins at leading Asian OEMs offer near-term industrial sales visibility and position Ideal Power for broader adoption via families of solid-state circuit breaker products targeting high-growth infrastructure and data center markets.

Looking Ahead

Management indicated that 2025 will mark the inflection point to a revenue ramp, with the launch of the first B-TRAN-enabled solid-state circuit breaker, Stellantis’ multi-application program, additional industrial and automotive design wins, and planned increases in product power ratings. Cash burn for the full year 2025 is forecast to be slightly above $10 million due to investments in new sales and engineering hires, and current cash reserves are expected to fund operations through at least mid-2026. No specific customer-level revenue or backlog targets were provided, but achieving full third-party automotive qualification and additional development agreements remain explicit strategic milestones for the remainder of 2025.

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