Ideal Power announced that it has secured a development order from Stellantis for its patented B‑TRAN semiconductor technology, a milestone that includes custom development and packaged devices for multiple electric‑vehicle applications. The first of five deliverables was completed in late September 2025, and the remaining four are scheduled for delivery in 2026, giving the company a clear roadmap for early revenue generation.
In its most recent quarterly filing, Ideal Power reported a net loss of $2.9 million for the third quarter of 2025, a slight increase from the $2.7 million loss recorded in the same period last year. Revenue for the quarter was $24,500, driven almost entirely by the first Stellantis deliverable. The company ended the quarter with $8.4 million in cash, no long‑term debt, and a “going‑concern” warning that highlights substantial doubt about its ability to continue operating beyond the next twelve months unless additional funding is secured.
The development order is a key validation of B‑TRAN’s performance in automotive power applications. In addition to the Stellantis deal, Ideal Power has increased the power rating of its discrete B‑TRAN product by 50% and is sampling the technology with a growing pipeline of prospects. The company is also in talks with a sixth global automaker about low‑loss solid‑state switching and protection applications, and other large customers are testing new reference designs. These activities underscore the company’s dual‑focus strategy on high‑growth markets such as electric vehicles and data centers.
The modest increase in net loss reflects higher research and development spending, which the company has deemed necessary to accelerate product readiness and scale. The low revenue figure is a consequence of the company’s pre‑revenue commercialization phase; the first deliverable generated only a few thousand dollars, while the bulk of the order’s value will materialize in 2026. The going‑concern warning is driven by the combination of a negative operating cash flow of $2.7 million in Q3 2025 and the limited cash balance, which together raise doubts about the company’s liquidity beyond mid‑2026.
Investor reaction to the earnings release was muted to negative, largely because the going‑concern warning and rising cash burn outweighed the positive news of the Stellantis order. Market participants focused on the company’s need for additional capital and the challenges of converting development agreements into production orders, which are essential for achieving sustainable revenue growth.
Management remains cautiously optimistic. CEO David Somo emphasized that the first deliverable’s completion “demonstrates the viability of B‑TRAN in a real‑world automotive environment” and that the company is on track to ramp revenue in the second half of 2025. He also noted that the company’s liquidity position should support operations through at least mid‑2026, provided it can secure further funding or accelerate commercial orders.
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