The firm maintains a vulnerable capital structure with an accumulated deficit of $121.7M as of 2026Q1, while total assets have eroded to $20.5M from $23.9M in 2024Q1 due to sustained R&D spending.
Ideal Power Inc. (IPWR) balance sheet — 15-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 41.6M | 6.54M | 16.3M | 9.11M | 16.9M | 23.45M | 3.45M | 3.31M | 4.69M | 10.78M | 6.14M | 16.84M | 8.87M | 15.14M | 2.7M | 354.05K |
| Cash & Short-Term Investments | 41.29M | 6.13M | 15.84M | 8.47M | 16.35M | 23.17M | 3.16M | 3.07M | 3.26M | 10.02M | 4.2M | 15.02M | 7.91M | 14.14M | 1.97M | 120.67K |
| Cash Only | 41.29M | 6.13M | 15.84M | 8.47M | 16.35M | 23.17M | 3.16M | 3.06M | 3.26M | 10.02M | 4.2M | 15.02M | 7.91M | 14.14M | 1.97M | 120.67K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 29.8K | 24K | 692 | 70K | 65.94K | 233.26K | 170.29K | 0 | 0 | 5.62K | 378.66K | 872.87K | 446.52K | 252.41K | 485.67K | 103.36K |
| Days Sales Outstanding | 329.71 | 232.19 | 2.94 | 128.48 | 118.4 | 147.71 | 145.18 | - | - | 1.69 | 84.86 | 74.79 | 90.84 | 48.68 | 157.31 | 43.83 |
| Inventory | 62.42K | 9.7K | 96.41K | 81.45K | 0 | 0 | 0 | 0 | 0 | 251.36K | 1.25M | 648.01K | 251.34K | 519.66K | 217.87K | 130.02K |
| Days Inventory Outstanding | 61.76 | 58.61 | 376.71 | 185.1 | - | - | - | - | - | 40.93 | 234.3 | 61.08 | 40.4 | 88.35 | 83.04 | 62.66 |
| Other Current Assets | 0 | 57.26K | 77.81K | 131.97K | 109.69K | 17.22K | 0 | 48.13K | 1.21M | 296.5K | 71.75K | 68K | 77.99K | 24.24K | 2K | 0 |
| Total Non-Current Assets | 3.45M | 3.51M | 3.53M | 3.14M | 2.5M | 2.43M | 1.69M | 1.96M | 1.48M | 2.79M | 2.86M | 2.41M | 1.41M | 694.63K | 502.69K | 225.8K |
| Property, Plant & Equipment | 798.8K | 774.11K | 898.73K | 545.79K | 448.82K | 363.33K | 116.84K | 307.61K | 63.21K | 669.57K | 936.49K | 925.9K | 374.38K | 85.72K | 27.9K | 72.42K |
| Fixed Asset Turnover | 0.04x | 0.05x | 0.10x | 0.36x | 0.45x | 1.59x | 3.66x | - | - | 1.81x | 1.74x | 4.60x | 4.79x | 22.08x | 40.39x | 11.88x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.57M | 2.69M | 2.61M | 2.58M | 2.04M | 2.06M | 1.57M | 1.63M | 1.4M | 2.08M | 1.91M | 1.47M | 1.01M | 608.91K | 474.79K | 153.38K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 82.43K | 44.46K | 19.35K | 13.03K | 11.19K | 11.19K | 0 | 17.92K | 17.92K | 37.5K | 17.92K | 17.92K | 17.92K | 0 | -502.69K | 0 |
| Total Assets | 45.05M | 10.05M | 19.83M | 12.25M | 19.4M | 25.88M | 5.13M | 5.27M | 6.17M | 13.57M | 9M | 19.25M | 10.28M | 15.84M | 3.21M | 579.85K |
| Asset Turnover | 0.00x | 0.00x | 0.00x | 0.02x | 0.01x | 0.02x | 0.08x | - | - | 0.09x | 0.18x | 0.22x | 0.17x | 0.12x | 0.35x | 1.48x |
| Asset Growth % | 122.4% | -49.33% | 61.88% | -36.86% | -25.03% | 404.22% | -2.54% | -14.6% | -54.55% | 50.72% | -53.24% | 87.28% | -35.09% | 393.77% | 453.07% | - |
| Total Current Liabilities | 1.49M | 973.16K | 560.81K | 930.89K | 449.32K | 542.87K | 659.53K | 685.21K | 1.14M | 1.43M | 1.5M | 2.58M | 1.21M | 1M | 2.18M | 415.49K |
| Accounts Payable | 437.1K | 408.4K | 104.12K | 405.1K | 130.5K | 130.5K | 101.98K | 182.96K | 94.2K | 212.82K | 346.77K | 1.34M | 441.64K | 539.14K | 684.56K | 248.67K |
| Days Payables Outstanding | 632.77 | 2.47K | 406.84 | 920.6 | 234.34 | 82.64 | 86.95 | 604.54 | 250.05 | 34.65 | 65.25 | 126.18 | 70.99 | 91.66 | 260.92 | 119.84 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.31M | 20K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 181.99K | 0 | 269.62K | 0 | 147.76K | 0 | 85.14K | 1M | 1.23M | 629.64K | 624.06K | 224.17K | 212.03K | 0 | 0 |
| Current Ratio | 27.86x | 6.72x | 29.06x | 9.79x | 37.62x | 43.19x | 5.23x | 4.82x | 4.11x | 7.53x | 4.11x | 6.53x | 7.30x | 15.14x | 1.24x | 0.85x |
| Quick Ratio | 27.82x | 6.71x | 28.89x | 9.70x | 37.62x | 43.19x | 5.23x | 4.82x | 4.11x | 7.36x | 3.27x | 6.28x | 7.10x | 14.62x | 1.14x | 0.54x |
| Cash Conversion Cycle | -241.3 | -2.18K | -27.2 | -607.03 | - | - | - | - | - | 7.97 | 253.91 | 9.68 | 60.26 | 45.37 | -20.57 | -13.35 |
| Total Non-Current Liabilities | 1.08M | 1.2M | 1.41M | 1.26M | 1.04M | 1.18M | 643.44K | 691.3K | 428.16K | 456.23K | 265.42K | 1.34M | 441.64K | 539.14K | 1.13M | 1.34M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 91.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.13M | 1.34M |
| Capital Lease Obligations | 1.19M | 309.9K | 403.33K | 132.3K | 202.99K | 267.58K | 0 | 82.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 824.56K | 886.54K | 1.01M | 1.13M | 838.46K | 917.1K | 552.03K | 609.24K | 428.16K | 456.23K | 265.42K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.58M | 2.17M | 1.97M | 2.19M | 1.49M | 1.73M | 1.3M | 1.38M | 1.57M | 1.89M | 1.76M | 2.58M | 1.21M | 1M | 3.31M | 1.75M |
| Total Debt | 358.45K | 403.33K | 486.02K | 202.99K | 267.58K | 326.45K | 173.46K | 265.17K | 0 | 0 | 0 | 0 | 0 | 0 | 2.45M | 1.36M |
| Net Debt | -40.94M | -5.73M | -15.36M | -8.27M | -16.08M | -22.84M | -2.98M | -2.79M | -3.26M | -10.02M | -4.2M | -15.02M | -7.91M | -14.14M | 473.54K | 1.23M |
| Debt / Equity | 0.01x | 0.05x | 0.03x | 0.02x | 0.01x | 0.01x | 0.05x | 0.07x | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.43x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | -374.58x | -1542.65x | -730.08x | - | - | - | - | - | -0.74x | -1.89x | -6.35x |
| Total Equity | 42.47M | 7.88M | 17.86M | 10.06M | 17.91M | 24.15M | 3.83M | 3.89M | 4.6M | 11.68M | 7.24M | 16.67M | 9.06M | 14.83M | -101.39K | -1.17M |
| Equity Growth % | 142.03% | -55.88% | 77.49% | -43.83% | -25.84% | 530.68% | -1.54% | -15.41% | -60.63% | 61.33% | -56.57% | 83.93% | -38.9% | 14730.99% | 91.34% | - |
| Book Value per Share | 2.51 | 0.86 | 2.19 | 1.62 | 2.91 | 4.07 | 1.08 | 2.35 | 3.28 | 8.83 | 7.58 | 19.62 | 12.92 | 76.07 | -0.69 | -8.49 |
| Total Shareholders' Equity | 42.47M | 7.88M | 17.86M | 10.06M | 17.91M | 24.15M | 3.83M | 3.89M | 4.6M | 11.68M | 7.24M | 16.67M | 9.06M | 14.83M | -101.39K | -1.17M |
| Common Stock | 16.42K | 8.54K | 8.34K | 6K | 5.93K | 5.89K | 3.27K | 2.1K | 14.03K | 14K | 9.56K | 9.55K | 7.05K | 6.93K | 3.52K | 3.46K |
| Retained Earnings | -125.09M | -118.05M | -107.47M | -97.05M | -87.1M | -79.91M | -75.14M | -67.34M | -63.41M | -55.41M | -45.07M | -34.09M | -23.65M | -16.75M | -7.2M | -2.55M |
| Treasury Stock | -13.21K | -13.21K | -13.21K | -13.21K | -13.21K | -13.21K | -13.21K | -13.21K | -13.21K | -7.49K | -5.92K | -2.66K | -2.66K | -2.66K | -2.66K | -2.66K |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -323.46K | -957.47K | -581.09K | -308.78K | -120.28K | -115.63K | -97K | -46.52K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying IPWR stock.
As of 2025, Ideal Power Inc. (IPWR) had total assets of $10.0M including $6.5M in current assets.
Ideal Power Inc. (IPWR) carries total debt of $0.4M, offset by $6.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ideal Power Inc. (IPWR) has total shareholders' equity (book value) of $7.9M ($0.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ideal Power Inc. (IPWR) reported a current ratio of 6.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and dilution risk
Metrics are mathematically derived from official filings.
Asset Base Erosion Through Burn
As reported in recent financial filings, Ideal Power's total assets have declined from $23.9M in 2024Q1 to $20.5M in 2026Q1, reflecting a consistent erosion of the balance sheet as the company funds its ongoing research and development activities through its existing cash reserves.
The downward trend in total assets suggests that the company is consuming its capital base to sustain operations without a corresponding replenishment from commercial revenue. Investors should monitor this trajectory, as the continued depletion of assets may limit the company's operational flexibility if commercialization milestones are further delayed.
Cash Runway Facing Significant Pressure
Based on the company's reported figures, cash and equivalents plummeted from $20.2M in 2024Q1 to $16.4M in 2026Q1, with a notable dip to $6.1M in 2025Q4, indicating that the firm's liquidity buffer is highly sensitive to the timing of its R&D-heavy operating cycles.
While the current ratio remains elevated, this metric is somewhat misleading for a pre-revenue firm where liquidity is primarily a function of cash on hand rather than working capital efficiency. The volatility in cash levels suggests that the company may be forced to seek external financing to maintain its current burn rate.
Accumulated Deficit Weighs on Equity
According to the balance sheet data, the company's retained earnings have deteriorated significantly, reaching a deficit of $121.7M as of 2026Q1, which highlights the substantial historical capital investment required to develop the B-TRAN technology without achieving a self-sustaining commercial profit profile.
The persistent growth of the accumulated deficit underscores the high-risk nature of the company's business model, where equity value is entirely dependent on future technology adoption. Shareholders should be aware that this deficit may continue to expand until the company successfully transitions to a high-volume, revenue-generating phase.
Intangible Asset Valuation Risk Exposure
As indicated in the provided financial statements, the company carries $2.7M in goodwill, a figure that has remained static since 2025Q3, which warrants further investigation regarding the potential for future impairment if the B-TRAN technology fails to meet its projected commercialization and market adoption targets.
The presence of goodwill on the balance sheet of a pre-revenue company introduces a non-obvious risk, as any failure to validate the underlying technology could necessitate a write-down. This would further erode the company's equity base and potentially trigger negative sentiment regarding the firm's long-term asset valuation.