Ideal Power Inc (IPWR) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen and welcome to the Ideal Power 3rd quarter 2025 results conference call. At this time, all participants are in a listen-only mode. At the end of management's remarks, there will be a question-and-answer session.

女士們、先生們，早安，歡迎參加 Ideal Power 2025 年第三季業績電話會議。目前，所有參與者均處於唯讀模式。管理階層發言結束後，將進行問答環節。

Investors can submit their questions any time within the meeting webcast by typing them into the Q&A button on the left side of your viewing screen.

投資人可以在會議網路直播期間隨時提交問題，只需在觀看畫面左側的「問答」按鈕中輸入問題即可。

Analysts who publish research may ask questions on the phone line.

發布研究報告的分析師可能會透過電話提出問題。

For analysts to ask questions on the phone line, please press one.

分析師如需透過電話提問，請按 1。

As a reminder, this event is being recorded. I would now like to turn the conference over to Geff Christensen. Please go ahead.

再次提醒，本次活動正在錄影。現在我將把會議交給傑夫·克里斯滕森。請繼續。

Thank you, Jenny, and good morning, everyone.

謝謝你，珍妮，大家早安。

Thank you for joining Ideal Power's 3rd quarter 2025 results conference call. With me on the call are David Somo, President and Chief Executive Officer, and Tim Burns, Chief Financial Officer. Ideal Power's 3rd quarter 2025 financial results press release is available on the company's website at audiopower.com.

感謝您參加 Ideal Power 2025 年第三季業績電話會議。與我一同參加電話會議的還有總裁兼執行長大衛·索莫和財務長提姆·伯恩斯。Ideal Power 2025 年第三季財務業績新聞稿可在本公司網站 audiopower.com 上查閱。

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

在開始之前，我想提醒大家，電話會議和網路直播中發表的聲明，包括有關未來財務業績和公司前景的聲明，都是前瞻性的，可能受到許多風險和不確定性的影響，導致實際結果與電話會議中描述的結果存在重大差異。請查閱公司向美國證券交易委員會提交的文件，以了解相關風險清單。

We would also refer you to the company's website on supporting company information. Now we'll turn the call over to Ideal Power's President and CEO David Somo. David.

我們建議您訪問公司網站以獲取更多公司資訊。現在我們將把電話交給 Ideal Power 的總裁兼執行長 David Somo。大衛。

Thank you, Jeff. I appreciate everyone joining us today. I couldn't be more excited to join you today for my first Ideal Power Results conference call.

謝謝你，傑夫。感謝今天各位的到來。今天能和大家一起參加我的第一次 Ideal Power Results 電話會議，我感到無比興奮。

As many of my new role was announced last week. That said, I want to touch on a few things before handing the call over to Tim Burns. We look forward to your questions after our prepared remarks.

上週，我的新職位已經公佈了。話雖如此，在把電話交給蒂姆·伯恩斯之前，我想先談談幾件事。我們期待在我們的演講結束後收到各位的提問。

I'd like to briefly discuss why I took the role at Ideal Power, and then I'll discuss my approach and near term plans.

我想先簡單談談我為什麼會加入 Ideal Power，然後再談談我的工作方法和近期計劃。

First, why did I take the CEO role here?

首先，我為什麼會擔任這裡的執行長？

Ideal Power has created a compelling and customer validated solution addressing secular high growth power applications emerging in the data center, industrial, and automotive markets where power efficiency, power density, and cost are key requirements.

Ideal Power 打造了引人注目且經客戶驗證的解決方案，以滿足資料中心、工業和汽車市場中不斷湧現的高成長電源應用需求，這些市場對電源效率、功率密度和成本的要求非常高。

There is a multi-billion dollar addressable market for our Bran technology.

我們的 Bran 技術擁有數十億美元的潛在市場。

With the ongoing electrification of our society, we are commercializing our technology at an opportune time by delivering innovative and enabling power semiconductor solutions for a broad array of growing and BTR enabled applications.

隨著社會電氣化的不斷推進，我們正值技術商業化的黃金時期，為各種不斷增長的、支援BTR技術的應用提供創新且有效的功率半導體解決方案。

Obviously I have high confidence and ideal power, or I wouldn't have joined.

顯然，我擁有很高的自信和理想的能力，否則我不會加入。

I want to commend and thank my predecessor Dan Bradar for his leadership and strong contributions in guiding the company to where it is today.

我要表揚並感謝我的前任丹·布拉達爾，感謝他的領導和卓越貢獻，帶領公司走到今天這一步。

Second, I see ideal power as a technology innovator with its BTR technology that enables inherent advantages in delivering ultra-low conduction losses.

其次，我認為 Ideal Power 是一位技術創新者，其 BTR 技術能夠提供超低傳導損耗，具有固有的優勢。

Improved power efficiency and power density and bidirectionality all on widely deployed low cost silicon.

提高了功率效率和功率密度，並實現了雙向傳輸，所有這些都基於廣泛部署的低成本矽晶片。

These are competitive differentiators as we begin to commercialize our VTR solutions with customers.

隨著我們開始向客戶推行VTR解決方案的商業化，這些都將成為我們的競爭優勢。

Third, I believe I can help ideal power to accelerate its commercial opportunities.

第三，我相信我可以幫助理想電力公司加速實現其商業化機會。

I know Ideal Power's markets from my more than 30 years of experience in the semiconductor industry spanning a variety of end use markets including data centers, industrial, and automotive.

憑藉我在半導體行業超過 30 年的經驗，我對 Ideal Power 的市場非常了解，我的行業經驗涵蓋了資料中心、工業和汽車等各種終端應用市場。

I plan on leveraging my extensive commercial experience and relationships to drive revenue growth in our target markets. Revenue is a priority.

我計劃利用我豐富的商業經驗和人脈關係，推動我們在目標市場的營收成長。營收是首要任務。

I'm sure you are wondering what I plan on doing or what you should expect from me.

我知道你們一定很想知道我打算做什麼，或者你們該對我抱持什麼樣的期待。

Having joined Ideal Power just last week, I'm spending time getting my hands on the details of the business.

我上週才加入 Ideal Power，目前正在花時間了解公司的各項業務細節。

During the next several weeks, I will be listening closely to feedback from our customers, distributors, suppliers, and the outstanding team here at Ideal Power.

在接下來的幾周里，我將認真聽取來自我們的客戶、經銷商、供應商以及Ideal Power公司優秀團隊的意見。

Because I'd like to be highly visible with customers, both existing and prospective, I'll be meeting with them to understand their priorities, opportunities and requirements and listen to their feedback about our technology and their applications.

因為我希望與現有客戶和潛在客戶保持密切聯繫，所以我將與他們會面，了解他們的優先事項、機會和需求，並聽取他們對我們的技術及其應用的反饋。

I'll review our opportunities, progress, roadmap, and strategic initiatives.

我將審視我們的機會、進展、路線圖和策略性舉措。

Those discussions will deepen my understanding of our business and enable me to fine tune our vision and strategy going forward.

這些討論將加深我對我們業務的了解，並使我能夠更好地調整我們未來的願景和策略。

Building on the strong foundation that is in place today.

在現有堅實基礎上繼續發展。

Upon completion of that process, I anticipate scheduling a call and webcast to share more detailed information and discuss certain topics in greater depth, including my perspective for product commercialization.

流程完成後，我計劃安排一次電話會議和網路直播，分享更詳細的訊息，並更深入地討論某些主題，包括我對產品商業化的看法。

Before setting expectations, I want to take the necessary time to thoroughly understand the current state of our business.

在設定預期之前，我想花些時間徹底了解我們業務的現狀。

As an organization, we will strive to execute in all aspects of the business with rigor, discipline, and a strong sense of urgency.

作為一家企業，我們將努力在業務的各個方面以嚴謹的態度、嚴格的紀律和強烈的緊迫感來執行。

We will endeavor to execute on what we communicate and not put ourselves in a position to have to reset expectations.

我們將努力兌現我們所傳達的承諾，避免讓自己陷入需要重新調整預期的情況。

It goes without saying that this is important to establishing and maintaining credibility.

毋庸置疑，這對於建立和維護信譽至關重要。

One thing is abundantly clear with a strong foundation in place from which to drive our future growth, I'm not going back to the drawing board. We're well positioned to drive long-term value creation for our customers, suppliers, employees, and stockholders.

有一點非常明確，既然我們已經打下了堅實的基礎來推動未來的發展，我就不會再回到原點了。我們擁有良好的發展前景，能夠為我們的客戶、供應商、員工和股東創造長期價值。

In closing, I look forward to partnering with Tim Burns, our CFO.

最後，我期待與我們的財務長蒂姆·伯恩斯合作。

I'd like to recognize the entire team for the 3rd quarter progress and results.

我要表揚整個團隊在第三季的進展和成果。

I'd also like to thank my predecessor Dan Berard for assisting with the transition and providing a strong foundation for our growth.

我還要感謝我的前任丹貝拉德，感謝他協助完成過渡，並為我們的發展奠定了堅實的基礎。

I'm thrilled to be joining Ideal Power at a time when the company has such exciting opportunities ahead.

我很高興能在公司擁有如此令人興奮的發展機會之際加入 Ideal Power。

Now I'd like to turn the call over to Tim Burns to discuss our recent progress, Tim.

現在我想把電話交給提姆‧伯恩斯，讓他來談談我們最近的進展。

Thank you, David, and good morning, everyone.

謝謝你，大衛，大家早安。

Since David just started last week, I'll share an update on our progress since the start of the 3rd quarter.

由於大衛上週才開始工作，我將分享自第三季開始以來我們取得的進展。

First, we secured a purchase order from Stolantis in late August for custom development in package Bran devices targeting multiple electric vehicle applications.

首先，我們在 8 月下旬從 Stolantis 公司獲得了採購訂單，用於客製開發封裝 Bran 裝置，目標應用領域涵蓋多種電動車。

We successfully completed our 1st of 5 deliverables under the purchase order in late September.

9 月下旬，我們成功完成了採購訂單項下 5 項交付成果中的第一項。

The remaining deliverables are expected to be completed next year.

剩餘的工作預計將於明年完成。

Second, we expect Stolantis to award us with a multi-year EV contactor program.

其次，我們希望 Stolantis 能授予我們一項多年期的電動車接觸器計畫。

As part of the program's scope, Stoanis has told us they want to install BTR-based contactors in Stolantis test vehicles potentially as early as late 2026.

作為該計劃的一部分，Stoanis 告訴我們，他們希望最早在 2026 年底在 Stolantis 測試車輛上安裝基於 BTR 的接觸器。

We'll know more about the scope and timing specifics as we work through the program details with Stolantis in the coming months.

在接下來的幾個月裡，我們將與 Stolantis 一起敲定專案細節，屆時我們將更清楚地了解專案的範圍和時間表等具體資訊。

This program has broad and substantial potential, as Stantis recently shared with us that they are evaluating the deployment of BTRN-based contactors across all of their EV models and platforms.

該計劃具有廣泛而巨大的潛力，正如 Stantis 最近向我們透露的那樣，他們正在評估在其所有電動車型號和平台上部署基於 BTRN 的接觸器。

Third, we are engaged in early discussions with the 6th global automaker. This automaker is evaluating BTR for next generation high voltage EV power switching and protection applications where bi-directionality and low conduction losses enable more compact, reliable, and efficient vehicle and charging architectures.

第三，我們正在與第六家全球汽車製造商進行初步洽談。這家汽車製造商正在評估 BTR 在下一代高壓電動車電源開關和保護應用中的性能，其中雙向性和低導通損耗能夠實現更緊湊、更可靠、更有效率的車輛和充電架構。

We will share further updates on this opportunity as the engagement progresses.

隨著合作的深入，我們將分享有關此次合作的更多最新資訊。

4th, our first Design Wing customer has successfully completed testing of the updated solid state circuit breakers that we provided them during the 3rd quarter.

第四，我們的第一位設計部門客戶已成功完成了我們在第三季提供給他們的升級版固態斷路器的測試。

We're currently working with them on the finalization of their product design as they prepare for any customer sampling and production.

我們目前正在與他們合作，敲定他們的產品設計，以便他們為客戶樣品製作和生產做好準備。

5th, we shipped additional solid state circuit breaker reference designs to large potential customers, including a global power management market leader in Asia.

第五，我們向包括亞洲全球電源管理市場領導者在內的大型潛在客戶交付了額外的固態斷路器參考設計。

Reference designs are an important part of our commercialization strategy because VTRN is a new technology and customers are eager to get hardware in their hands that demonstrates the advantages of VTR in their target applications.

參考設計是我們商業化策略的重要組成部分，因為 VTRN 是一項新技術，客戶渴望獲得能夠展示 VTR 在其目標應用中優勢的硬體。

6th, we increased the power rating of our discrete VTran product by 50% and commenced shipment of these devices with a higher power rating and power density.

第六，我們將分離式 VTran 產品的額定功率提高了 50%，並開始交付額定功率和功率密度更高的這些設備。

This development has sparked greater interest from both existing customers and new prospects in our sales pipeline, as it aligns well with the market moving to higher power architectures for many applications.

這一發展引起了現有客戶和銷售管道中潛在客戶的更大興趣，因為它與市場向更高功率架構的許多應用發展趨勢非常契合。

7th, we continue to expand our global reach, adding our first direct salesperson in Asia. He's already conducting face to face meetings with current and prospective customers.

第七，我們繼續擴大全球業務範圍，在亞洲增加了第一位直銷人員。他已經開始與現有客戶和潛在客戶進行面對面會談。

Interest in BTR is growing across Asia, which is the world's largest market for power electronics. We're excited about the opportunity for BTR in this region, as Asian companies typically adopt new technologies faster than their European and American counterparts.

亞洲是全球最大的電力電子產品市場，人們對BTR的興趣日益濃厚。我們對 BTR 在該地區的發展機會感到興奮，因為亞洲公司通常比歐洲和美國的同行更快地採用新技術。

8th, 3rd party automotive qualification and reliability testing of BTRAN devices is well underway with more than 1,000 packaged BTRAN devices from multiple wafer runs.

第八，BTRAN 裝置的第三方汽車認證和可靠性測試正在順利進行，測試物件為來自多個晶圓批次的 1000 多個封裝的 BTRAN 裝置。

Early test results are positive with zero failures to date.

初步測試結果令人滿意，迄今沒有出現任何失敗案例。

As a new semiconductor device without a long operating history, third-party reliability testing and the data it generates is key for both industrial and automotive customers as they evaluate and adopt BTR for their applications.

對於沒有長期運行歷史的新型半導體裝置而言，第三方可靠性測試及其產生的數據對於工業和汽車客戶評估和採用 BTR 應用於其應用至關重要。

Moving on to the initial market forvitra and the industrial markets, and in particular solid state circuit protection for data centers, microgrids, industrial facilities, and grid infrastructure.

接下來，我們將目光轉向 Forvitra 的初始市場和工業市場，特別是資料中心、微電網、工業設施和電網基礎設施的固態電路保護。

Our first Design Wing customer is one of the largest circuit protection equipment manufacturers in Asia, serving data centers, industrial utility markets, and renewable energy applications.

我們設計部門的第一位客戶是亞洲最大的電路保護設備製造商之一，服務於資料中心、工業公用事業市場和再生能源應用領域。

As we have previously mentioned and based on the first design when customer's projections, the initial product from this customer could translate to several 100 thousands of dollars of revenue for ideal power in its first year's sales with the opportunity to exceed a million dollars in revenue for us in the second year's sales.

正如我們之前提到的，根據客戶預測的第一個設計，該客戶的初始產品在第一年的銷售中可以帶來數十萬美元的理想功率收入，並且有機會在第二年的銷售中為我們帶來超過一百萬美元的收入。

Importantly, this marks only the beginning. The initial product is anticipated to be the first of multiple products from this customer that will incorporate BTR into solid state circuit breakers.

重要的是，這僅僅標誌著一個開始。預計首款產品將是該客戶推出的首款將 BTR 技術整合到固態斷路器中的產品。

This customer provides a variety of circuit breaker products across various power ratings, and it is expected that they could expand their portfolio to add a full family of solidate circuit breakers and ratings similar to their current family of electromechanical breakers.

該客戶提供各種功率等級的斷路器產品，預計他們可以擴展產品組合，增加與現有機電斷路器系列類似的全系列固態斷路器及其額定功率。

Discussions of other BTrend enabled solid state circuit breaker products has already started, and our team recently built the solid state circuit breaker prototype with a higher rating to share with this customer.

關於其他採用 BTrend 技術的固態斷路器產品的討論已經開始，我們的團隊最近還製造了額定功率更高的固態斷路器原型，並與該客戶分享。

Looking briefly at innovation, we increased the power rating of our discrete VTR product by 50% and commenced shipment of these devices with a higher power rating and power density.

簡單回顧一下創新方面，我們將分離式 VTR 產品的功率等級提高了 50%，並開始交付功率等級和功率密度更高的這些設備。

This development has sparked greater interest from both existing customers and new prospects in our sales pipeline. Our approach to power ratings of our products is deliberately cautious, an approach that has been well received by our customers as we bring new solutions to their markets and applications.

這項進展激發了現有客戶和潛在客戶對我們銷售管道的更大興趣。我們對產品的功率等級採取謹慎的態度，這種態度受到了客戶的好評，因為我們能夠為他們的市場和應用帶來新的解決方案。

As we accumulate more testing hours and go through additional reliability testing, including the ongoing third-party automotive qualification testing, we're finding that we have more than ample margin error designed to increase the power rating of our products.

隨著我們累積更多的測試時間並進行額外的可靠性測試，包括正在進行的第三方汽車認證測試，我們發現我們有充足的誤差範圍，旨在提高我們產品的功率等級。

Elevated product ratings will expand our SA to include additional applications.

更高的產品評級將擴大我們的SA範圍，使其涵蓋更多應用。

It will also strengthen our product's competitiveness in the marketplace as it translates to smaller, lower cost OEM products for customers to choose BTran as their power semiconductor solution.

這將增強我們產品在市場上的競爭力，因為這意味著客戶會選擇 BTran 作為其功率半導體解決方案，從而生產出更小、成本更低的 OEM 產品。

We previously mentioned that orders near term are not dependent upon the successful completion of automotive qualification. However, achieving third-party automotive qualification would provide additional confidence among industrial customers regarding BTran's long-term reliability. It would also provide evidence of the device's reliability under extreme conditions such as high humidity and temperature, which exceeds typical industrial application requirements.

我們之前提到過，近期訂單並不取決於汽車資格認證是否成功完成。然而，獲得第三方汽車認證將使工業客戶對 BTran 的長期可靠性更有信心。它還將提供證據，證明該設備在極端條件下（例如高濕度和高溫）的可靠性，這超過了典型的工業應用要求。

Additionally, given that engineers tend to be cautious when adopting new technologies, achieving automotive qualification could help accelerate the adoption of BTR-based products by early adopters in our initial target industrial markets.

此外，鑑於工程師在採用新技術時往往比較謹慎，獲得汽車認證有助於加快我們最初目標工業市場早期採用者對基於 BTR 的產品的採用。

Our BTR patent estate continues to grow. Currently we have 97 issued BTR patents with 47 of those issued outside the United States.

我們的BTR專利組合持續成長。目前我們擁有 97 項已頒發的 BTR 專利，其中 47 項是在美國境外頒發的。

Our patent coverage spans North America, China, Taiwan, Japan, South Korea, India, and Europe.

我們的專利涵蓋範圍包括北美、中國、台灣、日本、韓國、印度和歐洲。

All representing our high priority patent coverage geographies.

全部代表了我們高度重視的專利保護區域。

As a result of our continued innovation, our list of pending VTRN patents is now at 73.

由於我們不斷創新，我們目前待批准的 VTRN 專利數量已達 73 項。

To safeguard our intellectual property further, we treat the proven double-sided wafer process flow we developed to make our devices as a trade secret and do not disclose the identity of and work under strict confidentiality with our wafer fabrication partners. So even if a competitor studied our patents, they wouldn't have the know-how to fabricate the device.

為了進一步保護我們的智慧財產權，我們將我們開發的用於製造我們設備的成熟雙面晶圓製程視為商業機密，並且不會透露晶圓製造合作夥伴的身份，並與他們嚴格保密地合作。因此，即使競爭對手研究了我們的專利，他們也沒有製造該設備的專業知識。

Next, I'll discuss our financial results.

接下來，我將討論我們的財務表現。

Our third quarter 2025 cash burn from operating and investing activities was $2.7 million up from $2.4 million in the third quarter of 2024, and up from $2.5 million in the second quarter of this year.

2025 年第三季度，我們經營和投資活動的現金消耗為 270 萬美元，高於 2024 年第三季的 240 萬美元，也高於今年第二季的 250 萬美元。

Our Q3 cash burn was at the lower end of our guidance of $2.7 to $2.9 million.

我們第三季的現金消耗量處於預期範圍的下限，為 270 萬至 290 萬美元。

Our cash burn from operating investing activities for the first nine months of 2025 was $7.4 million up from $6.6 million in the first nine months of 2024.

2025 年前九個月，我們的經營投資活動現金消耗為 740 萬美元，高於 2024 年前九個月的 660 萬美元。

We continue to manage expenses prudently and aggressively. We expect fourth quarter 2025 cash burn to be approximately $2.5 to $2.7 million with a full year 2025 cash burn of approximately $10 million.

我們繼續審慎而積極地控制支出。我們預計 2025 年第四季現金消耗約為 250 萬至 270 萬美元，2025 年全年現金消耗約 1,000 萬美元。

This compares to a 2024 cash burn of $9.2 million excluding the benefit of warrant proceeds.

相較之下，2024 年現金消耗為 920 萬美元，還不包括認股權證收益。

The higher forecasted cash burn in 2025 compared to 2024.

預計 2025 年的現金消耗量將高於 2024 年。

Due to increased semiconductor fabrication spending and hiring.

由於半導體製造支出和招聘增加。

Cash and cash equivalents totaled $8.4 million in September 30th, 2025.

截至 2025 年 9 月 30 日，現金及現金等價物總額為 840 萬美元。

We have no debt and a clean capital structure.

我們沒有債務，資本結構也很健康。

We recorded modest revenue for the 3rd quarter of 2025 as customers continue to evaluate our technology.

由於客戶仍在評估我們的技術，我們在 2025 年第三季錄得較為溫和的營收。

Initial orders from the large companies evaluating our products for potential inclusion in their OEM products will be small, with order sizes increasing as customers start to prototype their OEM products, progress through their design cycles, and build inventory for the rollout of their BTR-based products.

大型公司在評估我們的產品是否可能納入其 OEM 產品時，最初的訂單量會比較小；隨著客戶開始製作 OEM 產品原型、推進設計週期以及為推出基於 BTR 的產品建立庫存，訂單規模將會增加。

Operating expenses were $3 million in the third quarter of 2025 compared to $2.9 million in the third quarter of 2024, with the increase due to higher wafer fabrication costs at our second foundry.

2025 年第三季的營運費用為 300 萬美元，而 2024 年第三季為 290 萬美元，成長的原因是第二家代工廠的晶圓製造成本較高。

We expect operating expenses to increase modestly in the coming quarters due to recent and future hiring and costs associated with our development and commercialization efforts.

由於近期和未來的招聘以及與我們的研發和商業化工作相關的成本，我們預計未來幾季的營運費用將略有增加。

We also continue to expect some quarter to quarter variability in operating expenses, particularly our research and development spending, due to the timing of semiconductor fabrication runs, product development, other research and development activities, and hiring.

我們也預期營運費用，特別是研發支出，會因半導體製造運作、產品開發、其他研發活動和招募的時間安排而出現季度間的波動。

The timing of equity grants and related stock-based compensation expense recognition will also cause variability in our quarterly operating results.

股權授予的時間以及相關的股票選擇權費用確認也會對我們的季度經營業績造成影響。

Net loss in the third quarter of 2025 was $2.9 million compared to $2.7 million in the third quarter of 2024.

2025 年第三季淨虧損為 290 萬美元，而 2024 年第三季淨虧損為 270 萬美元。

Considering our asset white business model, no debt, and modest planned cash burn, we have sufficient liquidity on our balance sheet to fund operations through at least mid-2026. We'll potentially see several sources of funds over the next year, such as product sales, development agreements, and other commercial agreements with upfront payments.

考慮到我們資產淨值低、無債務且規劃現金消耗適中的商業模式，我們的資產負債表上有足夠的流動性，可以維持營運至少到 2026 年年中。未來一年，我們可能會看到幾個資金來源，例如產品銷售、開發協議以及其他需要預付款的商業協議。

Additionally, we are exploring strategic relationships with our well capitalized and large global partners, with these opportunities strengthening as we further advance these customer relationships.

此外，我們正在探索與資金雄厚的大型全球合作夥伴建立策略關係，隨著我們進一步推動與這些客戶的關係，這些機會也將得到加強。

As a publicly traded company, we also have access to the capital markets as necessary, providing us with additional financial flexibility.

作為一家上市公司，我們還可以根據需要進入資本市場，這為我們提供了額外的財務靈活性。

At the end of September we had 8,511,403 shares outstanding, 824,760 options and stock units outstanding, and 653,827 pre-funded warrants outstanding.

截至 9 月底，我們有 8,511,403 股流通股、824,760 份流通選擇權和股票單位，以及 653,827 份流通預付認股權證。

On September 30th, 2025, our fully diluted share count was 9,989,990 shares.

截至 2025 年 9 月 30 日，我們的完全稀釋股份數為 9,989,990 股。

In summary, we are thrilled to share that our first Design Wing customer has successfully completed testing of the updated solidate circuit breakers and are now finalizing their product design.

總而言之，我們非常高興地宣布，我們的第一位 Design Wing 客戶已成功完成更新的固態斷路器的測試，目前正在最終確定其產品設計。

As they prepare for end customer sampling and production, we're also delighted to announce that not only securing the purchase order from Stantis for custom development and package BTRAN devices targeting multiple EV applications, but also completing our first of 5 deliverables under this purchase order.

在準備最終客戶樣品和生產的同時，我們也欣喜地宣布，我們不僅獲得了 Stantis 的採購訂單，用於定制開發和封裝 BTRAN 設備，以應對多種電動汽車應用，而且還完成了該採購訂單下的 5 項交付成果中的第一項。

Overall, it is an exciting time at Ideal Power, and I look forward to working with David to capture the significant market potential for BTR as an ultra low loss and bidirectional power semiconductor.

總的來說，對於 Ideal Power 而言，這是一個令人興奮的時刻，我期待與 David 合作，抓住 BTR 作為超低損耗雙向功率半導體的巨大市場潛力。

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

接線員，現在我想開放提問環節。

(Operator instruction)

（操作說明）

Casey Ryan of West Park Capital.

西園資本的凱西·瑞安。

Thank you. Good morning, gentlemen. David, welcome. It's great to have you on board, Tim, thank you for this good update. So I just wanted to start with, Generally automotive, it feels like the opportunities are with EV platforms and the growth of those platforms.

謝謝。早安，先生們。大衛，歡迎。提姆，很高興你能加入我們，謝謝你提供的最新消息。所以我想先說，總的來說，汽車產業的機會似乎在於電動車平台以及這些平台的成長。

Generally, and so I just want to sort of confirm that for myself before we go a little further.

一般來說，所以我想在繼續討論之前先確認一下這一點。

Yeah, thanks, Casey. I'm glad to be on the call and I appreciate the question. So automotive is one of multiple markets that we're able to sell our products into where it has a strong fit to the applications requirements.

謝謝你，凱西。很高興能參加這次電話會議，感謝您的提問。因此，汽車產業是我們能夠銷售產品的眾多市場之一，我們的產品與這些市場的應用需求非常契合。

As you understand, automotive is also one of the longer development cycles and projects are typically multi-year programs.

如您所知，汽車行業的開發週期也較長，專案通常是多年計劃。

So we continue to work to, I would say, move from the initial engagement through continued evaluation. Where we've made progress now in delivering, enhanced products to our customers, we've continued multiple stages of the development programs, and each of those is a necessary step in moving towards completing the R&D evaluation of the products and qualification and moving into series engineering and eventually landing into vehicles on the EB side.

因此，我們將繼續努力，從最初的接觸到持續的評估。在向客戶交付增強型產品方面，我們取得了進展，我們繼續推進多個開發階段，每個階段都是完成產品研發評估和認證、進入系列工程並最終應用於電動車輛的必要步驟。

Okay, terrific, and then sort of on that EV, the track.

好的，太棒了，然後就開著那輛電動車上賽道了。

What's what's driving the automakers to look for better solutions than say what they have currently or what they've had previously because, generally they must be facing some limitations with sort of existing solutions. Is it battery density or the power of the amount of electronics per vehicle, and I'm sort of happy for it for ideal power, but I'm curious what sort of driving it and what sort of barriers they're running into, what sort of their current solutions and of course you guys are bringing a better solution to market.

是什麼促使汽車製造商尋求比目前或以前擁有的更好的解決方案？因為一般來說，他們肯定在現有解決方案方面面臨一些限制。是電池密度還是每輛車電子設備的功率？我對理想的功率感到滿意，但我很好奇他們是如何駕駛的，遇到了哪些障礙，他們目前有哪些解決方案，當然，你們正在為市場帶來更好的解決方案。

Sure, well, one of the fundamental trends in power electronics is a move to higher power architectures, and one of the fundamental ones in EV architectures is the adoption of 800 volt, main battery systems, which is driving, redesign of the overall architecture and fraction inverter charging systems, contactors, battery disconnect units, and so forth. So that's what's the reason for continuing to evaluate. Technologies that provide higher power efficiency, improved power density, and manage the cost.

當然，電力電子領域的基本趨勢之一是向更高功率架構發展，而電動車架構的基本趨勢之一是採用 800 伏特主電池系統，這推動了整體架構和部分逆變器充電系統、接觸器、電池斷開裝置等的重新設計。所以這就是我們繼續評估的原因。能夠提高功率效率、提升功率密度並控製成本的技術。

Okay, terrific and then, sort of quickly on like on like charging stations which I think is also a potential market for ideal power I think charging stations are also moving to 800 volt systems, right, which might cause the same sort of trend where people would be interested in your solution.

好的，太棒了。然後，簡單來說，充電站也是理想電源的潛在市場。我認為充電站也在向 800 伏特系統發展，對吧？這可能會引發同樣的趨勢，讓人們對你的解決方案感興趣。

Yeah, fast DC charging stations actually continue to increase the power to multiple kilovolts, gets partitioned out across multiple terminals, so it does present an opportunity for us. Also, in some instances, particularly home charging, there's bidirectionality involved where you can feed into the battery pack and then off hours feed out from the battery pack back in that district power. So that's, unique to the. The design of our BTR technology.

是的，快速直流充電站實際上不斷提高功率至數千伏，並將電力分配到多個終端，因此這確實為我們提供了一個機會。此外，在某些情況下，特別是家庭充電，存在雙向供電的問題，您可以向電池組供電，然後在非高峰時段從電池組向區域電力系統供電。所以，這是獨一無二的。我們的BTR技術設計。

Okay terrific that's really helpful and then I wanted to ask about the Asian, I think Power Management Company is what we're talking about them as a customer, so it sounds like, and Tim you said sort of a couple $100,000 might be kind of a target range for potential revenues in year one, but what I wanted to ask was, is the product currently available for sale, hypothetically today, or will it start to go on sale.

好的，太好了，這真的很有幫助。然後我想問一下關於亞洲的那家公司，我想我們說的應該是Power Management Company，他們是我們的客戶。聽起來，Tim，你說過第一年的潛在收入目標範圍大概在幾十萬美元左右。但我想問的是，這款產品目前是否可以銷售，假設今天就可以銷售，還是以後才會開始銷售？

To to the commercial market sometime in 26.

預計在 26 年某個時候進入商業市場。

Yeah, so it's not currently for sale, so they're finalizing their product design. We're working with them to do that right now. I don't know the specific timing, whether it'll be here, later this year or whether it will be next year. That's something we can cover here when we have the update call.

是的，目前還沒有上市銷售，他們正在最終確定產品設計。我們正在與他們合作，著手實現這一目標。我不知道具體時間，是今年稍後還是明年。這是我們下次電話會議討論的內容。

In terms of timing, but, they have the updated prototypes. They've completed testing. It was successful, so those prototypes look good, and we're just, waiting for them to share a little bit more on their timing specifics as it relates to their roll out plan.

就時間安排而言，他們已經有了更新的原型。他們已經完成了測試。測試很成功，所以這些原型看起來不錯，我們只是在等待他們分享更多關於其推廣計劃的時間安排細節。

Yeah, well, I mean from my perspective what's significant right is going from concept to testing to sort of turning into a commercial product is having completed that cycle I think is really impressive so that's it for me right now thank you for the terrific update.

是的，我的意思是，從我的角度來看，目前最重要的是從概念到測試再到最終成為商業產品，完成這個週期真的非常了不起，所以我現在就說這些，謝謝你提供的精彩更新。

Nice. I appreciate it.

好的。謝謝。

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

非常感謝。現在我將把電話轉回給傑夫·克里斯滕森，讓他宣讀透過網路直播提交的問題。

Thank you.

謝謝。

Thank you, Jenny.

謝謝你，珍妮。

Gentlemen, the first submitted question is any additional context around the CEO transition? Is this something that was planned for?

各位先生，第一個提交的問題是：關於CEO交接還有其他補充資料嗎？這是事先計畫好的嗎？

So yes, Dan's retirement was planned. There was an extensive search was conducted and led by our board, that Dan was involved with to identify our next CEO, and that resulted in us bringing David on board, and I'm actually really excited, particularly because of his, past experience in semiconductors and commercial expertise, that it's a great time to bring him on because I think it will really help with what obviously is our priority and what's on investors' mind in terms of revenue generation.

是的，丹的退休是計劃好的。董事會進行了廣泛的遴選工作，丹也參與其中，最後我們聘請了戴維擔任執行長。我對此感到非常興奮，尤其因為他過去在半導體領域的經驗和商業專長，我認為現在正是讓他加入的好時機，因為這將真正有助於我們實現首要任務，也是投資者最關心的創收目標。

Thank you.

謝謝。

Our next submitted question is how do you see the markets evolving, and this is a question for David, how do you see the markets evolving, including data centers, industrial, and automotive, and what are you most excited about with ideal power opportunities?

我們提交的下一個問題是，您如何看待市場的發展？這個問題是問David的，您如何看待市場的發展，包括資料中心、工業和汽車領域？您對理想電力機會最興奮的是什麼？

Okay, so Casey alluded to part of this question, but I'll give a more thorough answer here. Our BTR enabled solutions, from my perspective, it's Excel and high power applications delivering lower conduction losses for improved power efficiency, smaller system size for improved power density, bi-directionality, and enabling lower systems cost. Power levels have continued to trend up, as I mentioned a moment ago. Across these applications, including the AI Data Center, which is now planning to move to 800 volt rack architectures, commencing sometime in 2027, automotive EV with the adoption of 800 volt battery systems and fast DC charging terminals, as well as other industrial infrastructure applications as the power grid is enhanced to support these growing applications.

好的，凱西已經提到了這個問題的一部分，但我在這裡會給出更詳細的答案。從我的角度來看，我們的 BTR 解決方案能夠實現 Excel 和高功率應用，從而降低傳導損耗以提高功率效率，縮小系統尺寸以提高功率密度，實現雙向性，並降低系統成本。正如我剛才提到的，電力水準持續呈上升趨勢。在這些應用中，包括人工智慧資料中心（目前計劃從 2027 年某個時候開始過渡到 800 伏特機架架構）、電動車（採用 800 伏特電池系統和快速直流充電終端）以及其他工業基礎設施應用（隨著電網的增強以支援這些不斷增長的應用）。

In addition, grid the system and system to grid power transfer requires bidirectionality, where there is also a growing trend to migrate from electromechanical to solid state semiconductor enabled systems.

此外，電網系統和系統到電網的電力傳輸需要雙向性，同時，從機電系統遷移到固態半導體系統的趨勢也在不斷增長。

Each of these major technology trends involve applications such as circuit breaking and protection, UPS, and battery disconnect system, among others, that BTR solutions excel at enabling.

這些主要技術趨勢中的每一個都涉及電路斷開和保護、UPS 和電池斷開系統等應用，而 BTR 解決方案在實現這些應用方面表現出色。

So in summary we could see a continued trend towards higher power levels across these multiple applications looking for improved power efficiency, improved power density, and managing costs that are all.

綜上所述，我們可以看到，在這些尋求提高電源效率、提高功率密度和控製成本的眾多應用中，功率等級持續上升的趨勢。

Strong fit for BTran technology.

與 BTran 技術非常契合。

Thank you.

謝謝。

The next submitted question is, do you expect the initial sales ramp and milestones to be achieved within 2025?

下一個提交的問題是，您預計初始銷售成長目標和里程碑能否在 2025 年內實現？

So having been in the siege here, a total of 8 days.

所以，我在這裡被圍困了總共 8 天。

I'm currently spending my time deepening my understanding of the details of our business.

我目前正在花時間深入了解我們業務的細節。

Once I've been through that process, including the opportunity for face to face meetings with key customers to understand.

一旦我完成了這個過程，包括有機會與重要客戶面對面交流以了解情況。

Thoroughly the details of the engagements that we have with them.

詳細記錄我們與他們之間的所有合作細節。

I anticipate scheduling a call and webcast to share more detailed information and discuss certain topics in greater depth, including my outlook for product commercialization.

我計劃安排一次電話會議和網路直播，分享更詳細的信息，並更深入地討論某些主題，包括我對產品商業化的展望。

Revenue is a priority, and I plan on leveraging my go to market experience achieved in my 30+ years in semiconductors.

營收是首要任務，我計劃利用我在半導體產業 30 多年累積的市場推廣經驗。

Across many in sectors and customers to drive revenue growth in our target markets.

我們面向眾多行業和客戶，以推動目標市場的收入成長。

Thank you. We have several investors that have submitted questions and please submit your questions using the ask a question button and as you think of questions, submit them. Don't, you don't need to accumulate all your questions and submit it at one time.

謝謝。我們已經收到幾位投資人的提問，請使用「提問」按鈕提交您的問題，想到什麼問題就提交。不要這樣做，你不需要把所有問題都攢起來一次性提交。

Our next submitted question is what is ideal Power doing to expand the sales pipeline.

我們提交的下一個問題是：理想電力公司正在採取哪些措施來拓展銷售管道？

Yeah, so as discussed in our prepared remarks and shared by Tim, we have added direct sales in Asia.

是的，正如我們在準備好的演講稿中討論過以及蒂姆分享的那樣，我們已經在亞洲增加了直銷業務。

And are already conducting meetings with current and prospective customers.

他們已經開始與現有客戶和潛在客戶會面。

We're excited about the opportunity for BTR in the region as Asian companies generally adopt new technologies faster than their North American and European counterparts.

我們對 BTR 在該地區的發展機會感到興奮，因為亞洲公司通常比北美和歐洲的同行更快地採用新技術。

While we continue to expand the sales funnel we have a strong focus on closing many opportunities available to us from current customer engagements, so having the additional sales.

在不斷擴大銷售管道的同時，我們非常注重掌握現有客戶互動中蘊藏的諸多商機，從而實現額外的銷售目標。

Capability on the ground in Asia is important to us, and we view it as a market that can actually move faster in adopt new technology than some of the others.

在亞洲的實地能力對我們很重要，我們認為亞洲市場在採用新技術方面實際上比其他一些市場進展更快。

Thank You.

謝謝。

How would you compare BTran to competitors, including silicon and silicon carbide solutions?

您如何將 BTran 與競爭對手（包括矽和碳化矽解決方案）進行比較？

Yes, I think about it in this way. BTran has two significant advantages. First, it has ultra low conduction losses.

是的，我也是這麼想的。BTran 有兩個顯著優勢。首先，它的傳導損耗極低。

Leading to higher power efficiency and improved power density, and second, it's bidirectional.

首先，它能帶來更高的功率效率和更高的功率密度；其次，它是雙向的。

These advantages translate to more power efficient and compact customer products at lower cost compared to alternative silicon and silicon carbide power solutions that are in the market today.

與目前市場上其他矽和碳化矽電源解決方案相比，這些優勢轉化為更節能、更緊湊、成本更低的客戶產品。

Okay, thanks.

好的，謝謝。

Can you provide us with any additional information on tier ones and OEMs besidesolantus and the automotive?

除了solantus和汽車產業之外，您能否提供一些關於一級供應商和OEM廠商的其他資訊？

Yeah, so we're engaged with several automotive OEMs and tier one suppliers as we've previously said.

是的，正如我們之前所說，我們正在與多家汽車原始設備製造商和一級供應商合作。

These prospective customers are considering a range of applications that include power switching, EV contactors, and battery disconnect units, charging systems, and inverters. With the auto makers increasingly moving to the 800 volt architectures as I talked about earlier in my comments.

這些潛在客戶正在考慮一系列應用，包括電源開關、電動車接觸器和電池斷路器、充電系統和逆變器。正如我之前在評論中提到的，汽車製造商正越來越多地轉向 800 伏特架構。

The opportunity for us in this market is expanding. At this point, it also seems likely there'll be a replacement of electromechanical contractors with solid state solutions in EVs.

我們在這個市場的機會正在擴大。目前看來，電動車中機電接觸器很可能會被固態解決方案所取代。

Okay, thanks.

好的，謝謝。

Our next submitted question is, when mentioning EVs with Stantis, is either the drive train or contactor program likely to be included in hybrids?

我們提出的下一個問題是，當提到 Stantis 的電動車時，驅動系統或接觸器程式是否有可能包含在混合動力車中？

Yeah, the Stantis program is really focused on electric vehicles, but our technology would bring the same benefits to hybrid electric vehicles. So we're obviously engaged with several global automakers, several tier one automotive suppliers. I assume once we start getting adopted EVs, hybrid is also a natural extension of that. So there's definitely an opportunity there for Bron.

是的，Stantis 計畫確實專注於電動車，但我們的技術也能為混合動力電動車帶來相同的益處。顯然，我們與多家全球汽車製造商和多家一級汽車供應商都有合作關係。我認為，一旦電動車開始普及，混合動力車也會自然而然地隨之而來。所以，這對勒布朗來說絕對是一個機會。

Thank you.

謝謝。

Our next submitted question is a long one. I just to understand, you upgraded the power rating to 75 amps. You stated in the release that this maintains a significant design margin to a tested long-term continuous basis of 150 amps. What does that mean? How would you at some point in time increase to 150 amps, or would you have to test it at above that at a safe design margin? Is there a standard margin that the industry uses and how does the 75, 150 margin fit within the standard?

我們提交的下一個問題比較長。我只是想確認一下，你們把功率升級到了75安培。您在新聞稿中指出，這在經過測試的長期連續 150 安培的基礎上，保持了相當大的設計裕度。這意味著什麼？如果將來某個時候電流增加到 150 安培，你會怎麼做？或者你需要在安全的設計裕度內進行高於該電流的測試嗎？產業內是否有統一的標準利潤率？ 75,150 的利潤率如何符合標準？

Sure, so I'll take that one. You can think about it in the following manner. Increasing our power rating enables customers to evaluate our BTR solutions for a wider range of applications, as well as increase the power rating while lowering conduction losses of existing applications in their current designs.

好的，那我就選這個了。你可以這樣思考。提高我們的功率等級，使客戶能夠評估我們的 BTR 解決方案在更廣泛的應用領域中的適用性，同時提高現有應用的功率等級，並降低其當前設計中的傳導損耗。

There isn't a specific industry guideline for safe design margin. However, we remain very conservative in rating the device at 75 amps, and we've tested it up to 150 amps. We want to ensure that we're providing the proper safety margin to our customers, and that varies by customer and by applications, but I would say that we have sufficient headroom to continue to scale the device up. For higher power solutions as the trend continues in that direction.

目前業界沒有關於安全設計裕度的具體指導原則。不過，我們仍然非常保守地將該設備的額定電流定為 75 安培，並且我們已經測試過其在 150 安培電流下的性能。我們希望確保為客戶提供適當的安全裕度，這因客戶和應用而異，但我認為我們有足夠的餘地繼續擴大設備規模。隨著高功率解決方案的不斷發展，這一趨勢仍在持續。

Thank you.

謝謝。

Our next submitted question is, please provide any color on where we stand with manufacturing.

我們接下來要提出的問題是，請就我們在生產製造方面的現狀提供一些具體資訊。

Yeah, so we have two foundries, as we've mentioned. One of them is in Europe, one of them is in Asia. We've been working with the Asian Foundry for a little bit longer than we had the European Foundry, so I'd say they probably are still ahead of the European Foundry in terms of things like yield, but we're comfortable that we could utilize devices from either one for end product sales to customers, and we also have a great relationship with. Two packaging houses, one that we're using, we use primarily for production, that's actually in Asia and one here in the US that we also continue to do some development work with that we could use for production if necessary, for instance, if we proceed with a government program that required US manufacturing. So overall I think we're in really good shape right now. It's just about commercializing the technology.

是的，正如我們之前提到的，我們有兩個鑄造廠。其中一個在歐洲，一個在亞洲。我們與亞洲晶圓代工廠的合作時間比與歐洲晶圓代工廠的合作時間稍長一些，所以我認為他們在良率等方面可能仍然領先於歐洲晶圓代工廠，但我們相信我們可以利用來自這兩家工廠的器件進行最終產品銷售給客戶，而且我們與他們也保持著良好的關係。我們有兩家包裝公司，一家是我們正在使用的，主要用於生產，它實際上位於亞洲；另一家位於美國，我們也繼續與它進行一些開發工作，如有必要，我們可以將其用於生產，例如，如果我們繼續推進一項需要在美國製造的政府計劃。所以總的來說，我認為我們目前的狀況非常好。關鍵在於將這項技術商業化。

Thank you.

謝謝。

Our next question is, what are the main barriers to closing sales?

我們的下一個問題是，達成交易的主要障礙是什麼？

Mm, introducing BTR with it being a new semiconductor technology and device structure begins with educating the customers.

嗯，引進BTR這種新型半導體技術和裝置結構，首先要對客戶進行教育。

Engineers are generally familiar with IGBTs and moss fits, but Brian features innovative and distinct architecture that functions differently from traditional semiconductor devices.

工程師通常都熟悉IGBT和莫斯裝置，但Brian採用了創新且獨特的架構，其工作原理與傳統的半導體裝置不同。

So to help our prospective customers evaluate our products for their applications, we provide evaluation kits and reference designs to simplify this undertaking.

因此，為了幫助潛在客戶評估我們的產品是否適合他們的應用，我們提供評估套件和參考設計，以簡化這項工作。

Additionally, engineers often adopt a cautious approach which can extend the evaluation period.

此外，工程師通常採取謹慎的態度，這可能會延長評估期。

Achieving automotive qualification, as we mentioned during our prepared remarks, will help to speed up adoption by demonstrating the technology's proven long-term reliability for their applications.

正如我們在準備好的演講稿中所提到的，獲得汽車行業認證將有助於加快該技術的應用普及，因為它證明了該技術在其應用中具有久經考驗的長期可靠性。

Thank you.

謝謝。

Our next question is how should investors think about tariffs and trade policies on ideal power.

我們的下一個問題是，投資者應該如何看待關稅和貿易政策對理想電力的影響。

Yeah, we continue to see that the tariff situation is very fluid, but we anticipate minimal impact on our operations from tariffs in place today, and notably, power semiconductors are often exempt from many of these tariffs, which really limits the potential effect on us.

是的，我們看到關稅情況仍然非常不穩定，但我們預計目前實施的關稅對我們的營運影響甚微，值得注意的是，功率半導體通常免徵許多此類關稅，這確實限制了對我們的潛在影響。

While the situation continues to evolve, we're confident that we're well positioned to manage and mitigate the impact of future tariff changes, trade policy shifts, and also supply chain disruptions.

儘管情況仍在不斷變化，但我們有信心能夠妥善應對和減輕未來關稅變化、貿易政策轉變以及供應鏈中斷的影響。

Thank you.

謝謝。

That concludes our question-and-answer session. I'd like to turn the call back over to David Somo for closing remarks.

我們的問答環節到此結束。我謹將電話交還給大衛·索莫，請他作總結發言。

Thank you, Jeff. I want to thank everybody for participating in today's calls and for the good questions.

謝謝你，傑夫。我要感謝大家參與今天的電話會議，以及大家提出的好問題。

As I mentioned earlier, we anticipate scheduling a call and webcast in advance of our year-end results call to share more detailed information and discuss some of the topics explored today in greater depth. Operator, you may end the call.

正如我之前提到的，我們計劃在年終業績電話會議之前安排一次電話會議和網路直播，以分享更詳細的信息，並更深入地討論今天探討的一些主題。接線員，您可以結束通話了。

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

謝謝。今天的會議到此結束。所有參與者都可以斷開連接，祝大家有美好的一天。