Ideal Power Inc. (NASDAQ:IPWR) Q3 2023 Results Conference Call November 14, 2023 10:00 AM ET

Company Participants

Jeff Christensen - IR

Dan Brdar - President and Chief Executive Officer

Tim Burns - Chief Financial Officer

Conference Call Participants

David Williams - The Benchmark Company

Jeff Grampp - Alliance Global Partners

Brian Dobson - Chardan Capital Markets

Operator

Good morning, ladies and gentlemen. And welcome to the Ideal Power Third Quarter 2023 Results 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 [Operator Instructions]. As a reminder, this event is being recorded. I would now like to turn the conference over to Jeff Christensen. Please go ahead.

Jeff Christensen

Thank you, operator, and good morning, everyone. Thank you for joining Ideal Power's third quarter 2023 conference call. With me on the call are Dan Brdar, President and Chief Executive Officer; and Tim Burns, Chief Financial Officer. Ideal Power's third quarter 2023 financial results press release is available on the company's Web site at idealpower.com. Before we begin, I'd like to remind everyone that statements made on the call and webcasts, including those regarding future financial results and industry perspectives are forward-looking and maybe subject to a number of risk and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's SEC filings for a list of associated risks, and we would also refer you to the company's website for more supporting industry information. Now, I'll turn the call over to Ideal Power’s President and CEO, Dan Brdar. Dan?

Dan Brdar

Thank you, Jeff. Good morning, everyone. And welcome to our third quarter 2023 financial results conference call. I'll update you on our progress since the start of the third quarter, including the successful completion of all of our 2023 milestones to date, as well as our priorities for the balance of the year to commercialize our B-TRAN semiconductor technology. Then Tim Burns, our CFO, will take you through the numbers after which we'll take your questions. The third quarter and all of 2023 showed continued excellent progress and continued execution against our published milestones focused on our transition from a technology development company to a commercial company. We're stacking sequential quarters of some of the most significant accomplishments in the company's history. This quarter, we accomplished several key advances that underscored the technical and commercial progress of our B-TRAN commercialization roadmap. We're thrilled about our momentum and recent success in six major areas. First, we successfully completed Phase 1 and secured Phase 2 of our development program with a top 10 global automaker. Second, we added the SymCool IQ Intelligent Power module, our second commercial product to our commercial product offerings. Third, we completed shipments to all the large companies in our customer test and evaluation program, and recently added a global power conversion supplier to the program. Fourth, in response to customer requests, we're providing volume quotes through large test and evaluation program participants. Participants in the program have expanded their plans for B-TRAN to include additional applications. Fifth, we delivered hundreds of tested and packaged B-TRAN devices with diversified technologies to complete our work under the NAVSEA solid state circuit breaker program. And sixth, we began discussions with potential distributors for our SymCool and SymCool IQ power modules.