Here are a few brief analogies for Ideal Power:

• Intel for power switches
• Arm Holdings for power electronics components

• B-TRAN Technology: A bi-directional bipolar junction transistor solid-state switch technology designed for power conversion applications.

Ideal Power Inc. (IPWR) primarily sells its B-TRAN technology and licenses to other companies (B2B) rather than individuals. While specific names of its major customers and partners are not publicly disclosed in their financial filings, the company has described the categories of organizations it collaborates with and targets:

• Global Manufacturers of Power Modules and Fortune 500 Companies: Ideal Power has entered into multi-year joint development agreements with such entities. These partners are integrating Ideal Power's B-TRAN technology into next-generation power conversion systems for various markets, including electric vehicles, renewable energy and energy storage, and industrial applications.
• Global Semiconductor Companies: Ideal Power licenses its B-TRAN technology to third-party semiconductor device manufacturers to fabricate and sell B-TRAN devices. This includes a non-exclusive license agreement with an Asia-based global semiconductor company known for manufacturing silicon carbide power devices.

• X-FAB Silicon Foundries
• ASE Technology Holding Co., Ltd. (NYSE: ASX)

The key risks for Ideal Power (IPWR) primarily revolve around the successful commercialization of its B-TRAN technology, its financial sustainability as a pre-revenue company, and the protection of its intellectual property.

1. Commercialization and Market Adoption of B-TRAN Technology: Ideal Power's business success is heavily dependent on transitioning its B-TRAN technology from research and development to full-scale commercialization and achieving significant market acceptance. The company is largely pre-revenue for its B-TRAN technology, with minimal reported revenue (e.g., $142K in the 12 months leading up to December 2024). Key challenges include converting sales opportunities into design-ins and production orders, as well as navigating lengthy customer product development and qualification cycles before substantial orders can materialize. The rate and degree of market acceptance for B-TRAN in a competitive power semiconductor market are also critical unknowns.
2. Financial Viability and Cash Burn: As a company in the commercialization stage with limited revenue, Ideal Power is reliant on external funding to cover its operating expenses. The company has a notable cash burn, with a projected cash burn of approximately $10.5 million for the full year 2026. While Ideal Power recently completed a $12.6 million capital raise, its cash runway has been described as relatively short (e.g., approximately 10 months from September 2025 based on previous burn rates), indicating a continuous need to manage expenses prudently or secure additional capital to sustain operations.
3. Intellectual Property Protection: The fundamental value of Ideal Power lies in its patented B-TRAN technology. A significant risk to the business is whether the existing patents for this technology provide adequate protection against competitors and whether the company can successfully maintain, enforce, and defend these patents globally. Operating in a highly competitive and rapidly changing environment further emphasizes the importance of robust and defensible intellectual property.

Ideal Power's B-TRAN technology targets several substantial addressable markets globally.

• The total addressable market for B-TRAN technology was estimated at approximately $6 billion, with a projected growth to $9.4 billion by 2025.
• The global insulated-gate bipolar transistor (IGBT) market, which B-TRAN technology aims to displace or improve upon, was projected to reach $7.4 billion by 2022.
• The global bipolar junction transistors (BJTs) market, encompassing B-TRAN, was valued at $8.5 billion in 2023 and is anticipated to grow to $14.81 billion by 2033, demonstrating a compound annual growth rate (CAGR) of over 6% between 2024 and 2032.
• Key segments within these markets include:
  • The electric vehicle (EV) and hybrid EV power switch market was approximately $1.5 billion in 2020 and is forecasted to grow at a CAGR of 15%.
  • The market for solid-state EV contactors is projected to exceed $3.7 billion in 2025.
  • The power switch market for Uninterruptible Power Supply (UPS) systems was around $0.5 billion in 2020, with an estimated CAGR of 6% through 2022.
  • Early applications, particularly solid-state circuit breakers for AI data centers, are expected to represent "several hundred million dollars, growing to north of $1 billion over the next 3 to 4 years."

Ideal Power (IPWR) is strategically positioned for future revenue growth over the next 2-3 years, driven by several key initiatives related to the commercialization and adoption of its B-TRAN technology:

1. Strategic Partnerships and Design Wins for B-TRAN Products: Ideal Power is focused on securing and advancing strategic collaborations to integrate its B-TRAN technology into market-ready products. This includes a multi-year cooperation agreement with Lazzen for the design, development, and global sales of B-TRAN-enabled circuit protection products, particularly targeting AI data centers, intelligent grids, renewable energy, energy storage, and EV charging infrastructure, with the first solid-state circuit breaker expected to target AI data center customers. Additionally, the company has a letter of intent with a leading Asian power module manufacturer to develop and offer B-TRAN-based power modules, and has secured its first design win for solid-state circuit breakers with a major Asian manufacturer.
2. Expansion into High-Growth End Markets: The company is actively targeting several high-growth sectors for B-TRAN adoption. This includes the electric vehicle (EV) market, where Ideal Power is advancing its relationship with Stellantis through a purchase order for custom B-TRAN devices for EV applications, with remaining deliverables anticipated by mid-2026. B-TRAN is also being positioned for data centers, especially AI data centers, for solid-state circuit breakers and static transfer switches due to the significant energy demands of these facilities. Furthermore, the technology aims to provide efficient energy control solutions for renewable energy and energy storage systems.
3. Increased Customer Design-Ins and Sales Ramp-Up: While initial orders from customers evaluating B-TRAN technology are expected to be modest, Ideal Power anticipates a significant ramp-up in sales as customers progress through their design cycles, prototype their OEM products, and begin rolling out B-TRAN-based solutions. The company emphasizes execution, customer engagement, and a robust sales pipeline to drive initial revenue from B-TRAN-enabled products in these high-growth markets.
4. Global Sales and Marketing Expansion: To accelerate B-TRAN commercialization, Ideal Power is expanding its sales organization. This involves adding technical sales resources in the Asia region, bringing on a European sales leader, and collaborating with global distributors and sales representatives to broaden B-TRAN adoption across a diverse customer base. Management has identified nearly $200 million of potential sales opportunities, indicating a significant addressable market.
5. New Product Development and Enhancements: Ideal Power continues to innovate and enhance its product offerings. This includes launching products like discrete devices and various SymCool power modules. Notably, the company has increased the current rating of its power module by 25% while simultaneously reducing its size by 50%, thereby improving power density and reducing costs, which makes its solutions more competitive and attractive to customers.

Share Issuance

• Ideal Power raised an estimated $12.6 million in net proceeds from a public offering and a concurrent private placement in February 2026.
• This financing included an underwritten public offering of 4,458,736 shares at approximately $2.75 per share, aiming for gross proceeds of about $12.3 million.
• Additionally, a private placement of pre-funded warrants for 631,332 shares was expected to generate around $1.7 million, contributing to the total gross proceeds of approximately $14 million.

Inbound Investments

• The financing in February 2026 was led by Ideal Power's largest existing institutional shareholders, with participation from company insiders, including the Chief Executive Officer.
• David M. Somo, President and CEO, purchased 90,909 shares for an estimated $249,999 within the six months prior to March 10, 2026.

Capital Expenditures

• Cash used in operating and investing activities was $9.6 million for the full year 2025, an increase from $9.2 million in the full year 2024.
• Ideal Power invested $70,000 in capital expenditures in Q3 2025, primarily for funding long-term assets and infrastructure.
• The company anticipates a full-year 2026 cash burn of approximately $10.5 million, an increase from $9.6 million in 2025, primarily due to planned hiring and expansion of the direct sales team to accelerate B-TRAN commercialization.