ipwr20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to _______________

Commission File Number 001-36216

IDEAL POWER INC.

(Exact name of registrant as specified in its charter)

Delaware	14-1999058
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

5508 Highway 290 West, Suite 120

Austin, Texas 78735

(Address of principal executive offices)

(Zip Code)

(512) 264-1542

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		IPWR		The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐

Non-accelerated filer ☒	Smaller reporting company ☒

	Emerging growth company ☐

If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the issuer is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒

As of May 12, 2025, the issuer had 8,348,420 shares of common stock, par value $0.001, outstanding.

Table of Contents

	March 31,			December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	13,696,852		$	15,842,850
Accounts receivable, net		8,535			692
Inventory		89,337			96,406
Prepayments and other current assets		313,034			356,658
Total current assets		14,107,758			16,296,606

Property and equipment, net		389,579			415,232
Intangible assets, net		2,615,852			2,611,998
Right of use asset		462,621			483,497
Other assets		18,570			19,351
Total assets	$	17,594,380		$	19,826,684

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	155,707		$	104,117
Accrued expenses		455,219			374,012
Current portion of lease liability		85,270			82,681
Total current liabilities		696,196			560,810

Long-term lease liability		381,128			403,335
Other long-term liabilities		989,667			1,007,375
Total liabilities		2,066,991			1,971,520

Commitments and contingencies (Note 5)

Stockholders’ equity:
Common stock, $0.001 par value; 50,000,000 shares authorized; 8,349,291 shares issued and 8,347,970 shares outstanding at March 31, 2025 and 8,336,812 shares issued and 8,335,491 shares outstanding at December 31, 2024		8,349			8,337
Additional paid-in capital		125,702,537			125,327,300
Treasury stock, at cost, 1,321 shares at March 31, 2025 and December 31, 2024		(13,210	)		(13,210	)
Accumulated deficit		(110,170,287	)		(107,467,263	)
Total stockholders’ equity		15,527,389			17,855,164
Total liabilities and stockholders’ equity	$	17,594,380		$	19,826,684

The accompanying notes are an integral part of these condensed financial statements.

	Three Months Ended
	March 31,
	2025			2024
Revenue	$	12,003		$	78,739
Cost of revenue		30,862			68,498
Gross profit (loss)		(18,859	)		10,241

Operating expenses:
Research and development		1,567,992			1,366,893
General and administrative		899,821			853,688
Sales and marketing		338,160			316,611
Total operating expenses		2,805,973			2,537,192

Loss from operations		(2,824,832	)		(2,526,951	)

Interest income, net		121,808			57,325

Net loss	$	(2,703,024	)	$	(2,469,626	)

Net loss per share – basic and diluted	$	(0.30	)	$	(0.39	)

Weighted average number of shares outstanding – basic and diluted		9,101,851			6,319,939

The accompanying notes are an integral part of these condensed financial statements.

	Three Months Ended
	March 31,
	2025			2024
Cash flows from operating activities:
Net loss	$	(2,703,024	)	$	(2,469,626	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		90,476			81,121
Amortization of right of use asset		20,876			16,157
Write-off of property and equipment		1,201			10,217
Stock-based compensation		384,595			381,019
Decrease (increase) in operating assets:
Accounts receivable		(7,843	)		(70,000	)
Inventory		7,069			(27,912	)
Prepaid expenses and other assets		44,405			211,438
Increase (decrease) in operating liabilities:
Accounts payable		51,590			(23,086	)
Accrued expenses and other liabilities		63,499			32,357
Lease liability		(19,618	)		(16,980	)
Net cash used in operating activities		(2,066,774	)		(1,875,295	)

Cash flows from investing activities:
Purchase of property and equipment		(11,324	)		(29,611	)
Acquisition of intangible assets		(58,554	)		(73,939	)
Net cash used in investing activities		(69,878	)		(103,550	)

Cash flows from financing activities:
Payment of taxes upon vesting of restricted stock units		(9,346	)		—
Net proceeds from issuance of common stock and pre-funded warrants		—			13,652,663
Exercise of options		—			86,757
Net cash provided by (used in) financing activities		(9,346	)		13,739,420

Net increase (decrease) in cash and cash equivalents		(2,145,998	)		11,760,575
Cash and cash equivalents at beginning of period		15,842,850			8,474,835
Cash and cash equivalents at end of period	$	13,696,852		$	20,235,410

The accompanying notes are an integral part of these condensed financial statements.

					Additional											Total
	Common Stock				Paid-In			Treasury Stock					Accumulated			Stockholders’
	Shares		Amount		Capital			Shares		Amount			Deficit			Equity
Balances at December 31, 2023		5,998,018	$	5,998	$	107,116,362			1,321	$	(13,210	)	$	(97,049,450	)	$	10,059,700
Issuance of common stock and pre-funded warrants		1,366,668		1,367		13,651,296			—		—			—			13,652,663
Exercise of options		8,334		8		86,749			—		—			—			86,757
Vesting of restricted stock units		9,679		10		(10	)		—		—			—			—
Stock-based compensation		—		—		381,019			—		—			—			381,019
Net loss for the three months ended March 31, 2024		—		—		—			—		—			(2,469,626	)		(2,469,626	)
Balances at March 31, 2024		7,382,699	$	7,383	$	121,235,416			1,321	$	(13,210	)	$	(99,519,076	)	$	21,710,513

Balances at December 31, 2024		8,336,812	$	8,337	$	125,327,300			1,321	$	(13,210	)	$	(107,467,263	)	$	17,855,164
Vesting of restricted stock units		12,479		12		(9,358	)		—		—			—			(9,346	)
Stock-based compensation		—		—		384,595			—		—			—			384,595
Net loss for the three months ended March 31, 2025		—		—		—			—		—			(2,703,024	)		(2,703,024	)
Balances at March 31, 2025		8,349,291	$	8,349	$	125,702,537			1,321	$	(13,210	)	$	(110,170,287	)	$	15,527,389

The accompanying notes are an integral part of these condensed financial statements.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION CONTAINED IN THIS REPORT

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements include, but are not limited to, statements regarding our future financial performance and expenses,, business condition and results of operations, future business plans, expectations regarding design wins and other business developments, and pursuing additional government funding. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. You can find many (but not all) of these statements by looking for words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “would,” “should,” “could,” “may” or other similar expressions in this report. In particular, these include statements relating to future actions, prospective products, applications, customers, technologies, future performance or results of anticipated products, expenses, and financial results. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to:

The forward-looking statements are based upon management’s beliefs and assumptions and are made as of the date of this report. We undertake no obligation to publicly update or revise any forward-looking statements included in this report, except as required by applicable law. You should not place undue reliance on these forward-looking statements.

Unless otherwise stated or the context otherwise requires, the terms “Ideal Power,” “we,” “us,” “our” and the “Company” refer to Ideal Power Inc.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q as well as our audited 2024 financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2024. In addition to historical information, the discussion and analysis here and throughout this Form 10-Q contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, but not limited, to those set forth under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

Ideal Power Inc. is located in Austin, Texas. We are solely focused on the further development and commercialization of our Bidirectional bipolar junction TRANsistor (B-TRAN®) solid-state switch technology.

To date, operations have been funded primarily through the sale of common stock and pre-funded warrants.

We are in the process of commercializing our B-TRAN® technology and have launched our first two commercial products, the SymCool® Power Module and SymCool® IQ Intelligent Power Module. We generated $12,003 and $78,739 in revenue in the three months ended March 31, 2025 and 2024, respectively.

In early 2023, we launched our first commercial product, the SymCool® Power Module. This multi-die B-TRAN® module is designed to meet the very low conduction loss needs of the solid-state circuit breaker (“SSCB”) market. We commenced shipment of SymCool® Power Modules to fulfill customer orders in 2024.

In late 2023, we launched our second commercial product, the SymCool® IQ Intelligent Power Module (“IPM”). The SymCool® IQ IPM builds on the multi-die packaging design of our SymCool® Power Module and adds an integrated intelligent driver optimized for bidirectional operation. This product targets several markets including renewable energy, energy storage, electric vehicle (“EV”) charging and other industrial applications. We announced our first order for this product in late 2024.

Upon product launch, we design and build initial prototypes for testing and to solicit customer feedback. Based on the results of testing and customer feedback, we incorporate any necessary changes into the product design, build final prototypes and complete additional testing prior to full commercial release. To date, our customers have purchased prototypes in small quantities for evaluation and provided us feedback that has been incorporated into our final product designs. We expect significantly higher volume orders from customers once we secure a design win from them, and they start to build inventory in advance of launching their OEM product. For the product launches described above, we would expect the time from announcing a design win to the sale of the related OEM product to be roughly one year, although it may vary considerably depending on the customer. We would expect a significantly longer design cycle for automotive applications. Design wins are expected to result in significant revenue growth for us over time as product life cycles tend to be relatively long for power electronics products as changing to another technology would require an OEM to redesign their product. See “First Design Win” below.

In 2022, we announced, and began the first phase of, a product development agreement with Stellantis, a top 10 global automaker, for a custom B-TRAN® power module for use in the automaker’s EV drivetrain inverters in its next generation EV platform. In the first phase of the program, we provided packaged B-TRAN® devices, test kits and technical data to Stellantis for their evaluation. In 2023, we secured, and began the second phase of, this program. In the second phase of the program, we collaborated with Stellantis and the program partners, including both the program’s packaging company and the organization building the initial drivetrain inverter, to supply B-TRAN® devices for integration into the custom power module and inverter designs. Also, as part of the second phase of the program, we provided Stellantis a comprehensive test plan for the testing required to achieve certification to automotive standards for B-TRAN®. The test plan was subsequently approved as submitted. In 2024, we successfully completed the second phase of the program. The next phase of the program builds on the completion of deliverables from the prior two program phases and transitions to Stellantis’ production team. We are currently finalizing the scope of work for the next phase of the program with Stellantis. This phase is expected to include the extensive testing of the custom B-TRAN® module to meet automotive certification standards enabling B-TRAN® to be the core of the powertrain inverter for the automaker’s next-generation EVs.

We have announced several engagements and/or initial orders with large companies, including a second top 10 global automaker, a third global automaker, a top 10 global provider of power conversion solutions to the solar industry, two global diverse power management market leaders, three tier 1 automotive suppliers, a global power conversion supplier and others. These companies intend to test and evaluate, or are already in the process of testing and evaluating, our technology for use in their applications. These engagements could lead to future design wins or custom development agreements. We also announced agreements with three distribution partners. We may add other distribution partners in the future.

In late 2024, we announced our first design win for SSCBs with one of the largest circuit protection equipment manufacturers in Asia serving the industrial and utility markets. In connection with this design win, we entered into a joint development agreement for a SSCB product incorporating multiple B-TRAN® devices. The agreement includes the product design, prototype builds and testing of the SSCB, which was targeted for completion in the second quarter of 2025, to be followed by commercial sales later in the year. We completed our deliverables under the agreement in the first quarter of 2025, three months ahead of schedule. We expect to announce additional design wins and/or custom development agreements in 2025.

Comparison of the three months ended March 31, 2025 to the three months ended March 31, 2024

Revenue. Revenue was $12,003 for the three months ended March 31, 2025, compared to $78,739 for the three months ended March 31, 2024. For the three months ended March 31, 2025, our revenue included product sales and development revenue related to our first design win. For the three months ended March 31, 2024, our revenue was from the completion of the second phase of our development agreement with Stellantis.

Cost of Revenue. Cost of commercial revenue was $30,862 for the three months ended March 31, 2025, compared to $68,498 for the three months ended March 31, 2024. For the three months ended March 31, 2025, our cost of revenue included cost of product sales and development expenses related to our first design win. For the three months ended March 31, 2024, our cost of revenue related to the completion of the second phase of our development agreement with Stellantis.

Research and Development Expenses. Research and development expenses increased by $201,099, or 15%, to $1,567,992 in the three months ended March 31, 2025 from $1,366,893 in the three months ended March 31, 2024. The increase was due to higher personnel costs of $160,005 and semiconductor fabrication costs of $51,288, partly offset by lower other B-TRAN® development spending of $10,194. We expect higher quarterly research and development expenses in the remainder of 2025 as compared to the first quarter of 2025 as we continue development of our B-TRAN® technology. There will also be quarter-to-quarterly variability to research and development expenses due to the timing of semiconductor fabrication runs and other development activities.

General and Administrative Expenses. General and administrative expenses increased by $46,133, or 5%, to $899,821 in the three months ended March 31, 2025 from $853,688 in the three months ended March 31, 2024. The increase was due to higher personnel costs of $57,394, stock-based compensation expense of $14,076 and other spending of $18,746, partly offset by lower investor relations spending of $44,083. We expect slightly to modestly higher quarterly general and administrative expenses, exclusive of stock-based compensation, in the remainder of 2025 as compared to the first quarter of 2025.

Sales and Marketing Expenses. Sales and marketing expenses increased by $21,549, or 7%, to $338,160 in the three months ended March 31, 2025 from $316,611 in the three months ended March 31, 2024. The increase was due to higher personnel costs of $35,896, partly offset by lower stock-based compensation expense of $13,768 and other spending of $579. We expect higher quarterly sales and marketing expenses in the remainder of 2025 as compared to the first quarter of 2025 as we further commercialize our B-TRAN® technology.

Loss from Operations. Our loss from operations for the three months ended March 31, 2025 was $2,824,832, or 12% higher, as compared to the $2,526,951 loss from operations for the three months ended March 31, 2024, for the reasons discussed above.

Interest Income, Net. Net interest income was $121,808 for the three months ended March 31, 2025, compared to $57,325 for the three months ended March 31, 2024, primarily as a result of the impact of increased interest from a higher cash balance on our money market account.

Net Loss. Our net loss for the three months ended March 31, 2025 was $2,703,024, or 9% higher, as compared to a net loss of $2,469,626 for the three months ended March 31, 2024, for the reasons discussed above.

We have incurred losses since inception. We have funded our operations to date primarily through the sale of common stock and pre-funded warrants.

At March 31, 2025, we had cash and cash equivalents of $13.7 million. Our net working capital at March 31, 2025 was $13.4 million. We had no outstanding debt at March 31, 2025.

We believe that our cash and cash equivalents on hand will be sufficient to meet our ongoing liquidity needs for at least the next twelve months from the date of filing this Quarterly Report on Form 10-Q; however, we may require additional funds in the future to fully implement our plan of operation and there can be no assurance that, if needed, we will be able to secure additional debt or equity financing on terms acceptable to us or at all. Although we believe we have adequate sources of liquidity over the long term, the success of our operations, the global economic outlook, and the pace of sustainable growth in our markets could each impact our business and liquidity.

Operating activities in the three months ended March 31, 2025 resulted in cash outflows of $2,066,774 which were due to the net loss for the period of $2,703,024, partly offset by stock-based compensation of $384,595, favorable balance sheet timing of $139,102 and other non-cash items of $112,553.

Operating activities in the three months ended March 31, 2024 resulted in cash outflows of $1,875,295 which were due to the net loss for the period of $2,469,626, partly offset by stock-based compensation of $381,019, favorable balance sheet timing of $105,817 and other non-cash items of $107,495.

We expect an increase in cash outflows from operating activities in the remainder of 2025 as we further develop and commercialize our B-TRAN® technology.

Investing activities in the three months ended March 31, 2025 and 2024 resulted in cash outflows of $69,878 and $103,550, respectively, for the acquisition of intangible assets and fixed assets.

Financing activities in the three months ended March 31, 2025 resulted in cash outflows of $9,346 from the payment of withholding taxes upon the vesting of restricted stock units.

Financing activities in the three months ended March 31, 2024 resulted in cash inflows of $13,652,663 from issuance of common stock and pre-funded warrants in a public offering and $86,757 from the exercise of stock options.

There have been no significant changes during the three months ended March 31, 2025 to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

There are no material changes from trends, events or uncertainties disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

As a smaller reporting company, we are not required to provide this information.

Disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the Company’s reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. The Company’s disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that this information is accumulated and communicated to management, including the principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. The Company conducted an evaluation (pursuant to Rule 13a-15(b) of the Exchange Act), under the supervision and with the participation of its Chief Executive Officer (principal executive officer) and its Chief Financial Officer (principal financial and accounting officer) of the effectiveness of the Company’s disclosure controls and procedures as of March 31, 2025 and has concluded that, as of March 31, 2025, the Company’s disclosure controls and procedures are effective.

There have been no material changes in our internal controls over financial reporting that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Control systems, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control systems’ objectives are being met. Further, the design of any system of controls must reflect the fact that there are resource constraints, and the benefits of all controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of error or mistake. Control systems can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

We may be subject to litigation from time to time in the ordinary course of business. We are not currently party to any legal proceedings.

There are no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


PART I	FINANCIAL INFORMATION	3

Item 1.	Unaudited Condensed Financial Statements	3

	Balance Sheets at March 31, 2025 and December 31, 2024	3
	Statements of Operations for the three months ended March 31, 2025 and 2024	4
	Statements of Cash Flows for the three months ended March 31, 2025 and 2024	5
	Statements of Stockholders’ Equity for the three months ended March 31, 2025 and 2024	6
	Notes to Unaudited Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	13

Item 4.	Controls and Procedures	13

PART II	OTHER INFORMATION	14

Item 1.	Legal Proceedings	14

Item 1A.	Risk Factors	14

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	14

Item 3.	Defaults Upon Senior Securities	14

Item 4.	Mine Safety Disclosures	14

Item 5.	Other Information	14

Item 6.	Exhibits	15

SIGNATURES		16

	March 31,			December 31,
	2025			2024
Patents	$	1,828,834		$	1,770,374
Trademarks		22,861			22,767
Other intangible assets		1,843,036			1,843,036
		3,694,731			3,636,177
Accumulated amortization - patents		(369,291	)		(349,279	)
Accumulated amortization - other intangible assets		(709,588	)		(674,900	)
	$	2,615,852		$	2,611,998

For the Year Ended December 31,
2025 (remaining)	$	90,407
2026		123,297
2027		126,703
2028		130,197
2029		88,579
Total lease payments		559,183
Less: imputed interest		(92,785	)
Total lease liability		466,398
Less: current portion of lease liability		(85,270	)
Long-term lease liability	$	381,128

					Weighted
			Weighted		Average
			Average		Remaining
	Stock		Exercise		Life
	Options		Price		(in years)
Outstanding at December 31, 2024		509,414	$	7.56		4.6
Outstanding at March 31, 2025		509,414	$	7.56		4.3
Exercisable at March 31, 2025		501,414	$	7.48		4.3

	RSUs			PSUs
Outstanding at December 31, 2024		331,715			114,000
Granted		46,676			—
Vested		(13,665	)		—
Outstanding at March 31, 2025		364,726			114,000

	●	our history of losses;

	●	our ability to generate revenue;

	●	our limited operating history;

	●	the size and growth of markets for our technology;

	●	regulatory developments that may affect our business;

	●	our ability to successfully develop new products and the expected performance of those products;

	●	the performance of third-party consultants and service providers whom we have and will continue to rely on to assist us in development and commercialization of our B-TRAN® and related packaging and drive circuitry;

	●	the rate and degree of market acceptance for our B-TRAN® and current and future B-TRAN® products;

	●	the time required for third parties to redesign, test and certify their products incorporating our B-TRAN®;

	●	our ability to successfully commercialize our B-TRAN® technology;

	●	our ability to secure strategic partnerships with semiconductor fabricators and others related to our B-TRAN® technology;

	●	our ability to obtain, maintain, defend and enforce intellectual property rights protecting our technology;

	●	the success of our efforts to manage cash spending, particularly prior to the commercialization of our B-TRAN® technology at scale;

	●	trade protectionism, tariffs, and other barriers to trade that impact the availability or cost of the raw materials and components used in our products;

	●	general economic conditions and events, including inflation, and the impact they may have on us and our potential partners and licensees;

	●	our dependence on the global supply chain and impacts of supply chain disruptions;

	●	our ability to obtain adequate financing in the future, if and when we need it;

	●	the impact of global health pandemics on our business, financial condition and results of operations;

	●	our success at managing the risks involved in the foregoing items; and

	●	other factors discussed in this report.

Exhibit Number		Document

31.1*		Certification of Principal Executive Officer pursuant to Exchange Act Rule, 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*		Certification of Principal Financial Officer pursuant to Exchange Act Rule, 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1**		Certification pursuant to 18 U.S.C. 1350, adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH*		Inline XBRL Taxonomy Extension Schema Document

101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document

10.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101).

Dated: May 15, 2025	IDEAL POWER INC.

	By:	/s/ R. Daniel Brdar
		R. Daniel Brdar
		Chief Executive Officer

	By:	/s/ Timothy W. Burns
		Timothy W. Burns
		Chief Financial Officer