Start Time: 17:00 January 1, 0000 5:38 PM ET

Ideal Power Inc. (NASDAQ:IPWR)
Q1 2024 Earnings Conference Call
May 15, 2024, 17:00 PM ET

Company Participants

Dan Brdar - President and CEO
Tim Burns - CFO
Jeff Christensen - Darrow Associates, IR

Conference Call Participants

Brian Dobson - Chardan

Operator

Good morning, ladies and gentlemen, and welcome to the Ideal Power First Quarter 2024 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 first quarter 2024 conference call. With me on the call are Dan Brdar, President and Chief Executive Officer; and Tim Burns, Chief Financial Officer. Ideal Power's first quarter 2024 financial results press release is available on the company's website at idealpower.com.

Before we begin, I'd like to remind everyone that statements made on the call and webcast including those regarding future results and company prospects are forward-looking and may be subject to a number of risks 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 the associated risks and we would also refer you to the company's website for supporting company information.

Now I'd like to turn the call over to Ideal Power's President and CEO, Dan Brdar. Dan?

Dan Brdar

Thank you, Jeff, and everyone for joining us on the first quarter 2024 conference call this morning. I'm eager to share some recent updates on the business since the start of the first year and review our priorities for 2024. Then I'll turn things over to Tim Burns to review our financials. We'll be pleased to answer your questions after our remarks.

This was an exciting quarter for us as we made significant progress in our customer engagements and commercialization efforts as evidenced by the conversion of customers in our test and evaluation program moving to commercial orders, shipping our first commercial products, the addition of our first distributor and their subsequent customer orders, successfully completing the current program phase with Stellantis, and the addition of new large companies to our test and evaluation program. We'll take a look at each of these activities and some additional progress against our objectives for the year, but for those new to Ideal Power, I want to briefly address the markets we serve and the opportunity for our technology.