The company's revenue trajectory remains highly erratic, evidenced by a -100% year-over-year growth rate in 2026Q1 and a TTM gross margin of -60.11% that reflects the high cost of low-volume evaluation units.
| 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 |
|---|
| Sales/Revenue | 25.73K | 37.73K | 86.03K | 198.87K | 203.27K | 576.4K | 428.13K | 0 | 0 | 1.21M | 1.63M | 4.26M | 1.79M | 1.89M | 1.13M | 860.77K |
| Revenue Growth % | 33.32% | -56.15% | -56.74% | -2.16% | -64.73% | 34.63% | - | - | -100% | -25.57% | -61.77% | 137.44% | -5.2% | 67.93% | 30.92% | - |
| Cost of Goods Sold | 263.69K | 60.41K | 93.41K | 160.61K | 203.27K | 576.4K | 428.13K | 110.46K | 137.51K | 2.24M | 1.94M | 3.87M | 2.27M | 2.15M | 957.64K | 757.39K |
| COGS % of Revenue | - | 160.11% | 108.57% | 80.76% | 100% | 100% | 100% | - | - | 184.92% | 119.09% | 90.91% | 126.57% | 113.45% | 84.98% | 87.99% |
| Gross Profit | -237.97K | -22.68K | -7.38K | 38.26K | 0 | 0 | 0 | -110.46K | -137.51K | -1.03M | -310.97K | 387.24K | -476.76K | -254.55K | 169.27K | 103.38K |
| Gross Margin % | -925.04% | -60.11% | -8.57% | 19.24% | - | - | - | - | - | -84.92% | -19.09% | 9.09% | -26.57% | -13.45% | 15.02% | 12.01% |
| Gross Profit Growth % | - | -207.44% | -119.28% | - | - | - | 100% | 19.67% | 86.64% | -231.03% | -180.31% | 181.22% | -87.29% | -250.38% | 63.73% | - |
| Operating Expenses | 11.56M | 10.91M | 11.06M | 10.39M | 7.34M | 4.85M | 4.07M | 3.12M | 4.31M | 9.32M | 10.71M | 10.86M | 6.45M | 3.81M | 3.21M | 1.62M |
| OpEx % of Revenue | - | 28918.86% | 12860.1% | 5224.67% | 3612.43% | 841.25% | 950.18% | - | - | 769.08% | 657.33% | 254.92% | 359.58% | 201.26% | 284.64% | 187.75% |
| Selling, General & Admin | 5.29M | 4.86M | 4.86M | 4.65M | 3.98M | 2.92M | 2.35M | 2.07M | 3.44M | 5.14M | 5.48M | 5.34M | 4.19M | 2.6M | 2.08M | 701.21K |
| SG&A % of Revenue | - | 12890.42% | 5645.09% | 2336.76% | 1956.12% | 506.81% | 548.22% | - | - | 423.86% | 336.53% | 125.31% | 233.7% | 137.2% | 184.61% | 81.46% |
| Research & Development | 6.51M | 6.05M | 6.21M | 5.74M | 3.37M | 1.93M | 1.72M | 1.05M | 871.74K | 4.18M | 5.22M | 5.52M | 2.26M | 1.21M | 1.13M | 914.85K |
| R&D % of Revenue | - | 16028.44% | 7215.01% | 2887.91% | 1656.32% | 334.45% | 401.96% | - | - | 345.21% | 320.8% | 129.61% | 125.88% | 64.06% | 100.03% | 106.28% |
| Other Operating Expenses | -234.15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -11.8M | -10.93M | -11.07M | -10.35M | -7.34M | -4.85M | -4.07M | -3.12M | -4.31M | -10.35M | -11.02M | -10.47M | -6.93M | -4.06M | -3.04M | -1.51M |
| Operating Margin % | -45871.25% | -28978.98% | -12868.67% | -5205.43% | -3612.43% | -841.25% | -950.18% | - | - | -853.99% | -676.42% | -245.83% | -386.15% | -214.71% | -269.61% | -175.74% |
| Operating Income Growth % | - | 1.25% | -6.95% | -40.98% | -51.43% | -19.2% | -30.58% | 27.75% | 58.35% | 6.03% | -5.2% | -51.16% | -70.51% | -33.73% | -100.86% | - |
| EBITDA | -11.34M | -10.48M | -10.65M | -10.08M | -7.16M | -4.69M | -3.95M | -3M | -4.17M | -10.2M | -10.61M | -10.24M | -6.86M | -4.03M | -2.99M | -1.47M |
| EBITDA Margin % | -44071.31% | -27766.3% | -12384.52% | -5068.78% | -3520.4% | -813.92% | -921.65% | - | - | -841.23% | -651.45% | -240.36% | -382.37% | -213.14% | -264.99% | -170.99% |
| EBITDA Growth % | -3.26% | 1.68% | -5.7% | -40.87% | -52.53% | -18.9% | -31.32% | 28.01% | 59.07% | 3.89% | -3.63% | -49.26% | -70.08% | -35.07% | -102.89% | - |
| D&A (Non-Cash Add-back) | 463.03K | 457.52K | 416.52K | 271.75K | 187.08K | 157.56K | 122.15K | 110.46K | 137.51K | 154.76K | 406.64K | 232.85K | 67.79K | 29.71K | 52.14K | 40.86K |
| EBIT | -11.72M | -10.93M | -11.07M | -10.35M | -7.34M | -4.85M | -7.79M | -3.12M | -4.27M | -4.21M | -11.02M | -10.47M | -6.9M | -4.06M | -3.04M | -1.51M |
| Net Interest Income | 213.81K | 354.77K | 653.36K | 398.07K | 153.61K | -12.7K | -5.05K | -4.27K | 0 | 0 | 36.05K | 31.47K | 27.71K | -5.49M | -1.61M | -238.26K |
| Interest Income | 213.81K | 354.77K | 653.36K | 398.07K | 153.61K | 0 | 0 | 0 | 0 | 17.59K | 36.05K | 31.47K | 27.71K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 12.7K | 5.05K | 4.27K | 0 | 0 | 0 | 0 | 0 | 5.49M | 1.61M | 238.26K |
| Other Income/Expense | 293.48K | 354.77K | 653.36K | 398.07K | 153.61K | 78.71K | -3.73M | -4.27K | 40.02K | -6.21M | 36.05K | 31.47K | 27.71K | -5.49M | -1.61M | -238.26K |
| Pretax Income | -11.51M | -10.58M | -10.42M | -9.95M | -7.19M | -4.77M | -7.79M | -3.12M | -4.27M | -10.34M | -10.98M | -10.44M | -6.9M | -9.55M | -4.65M | -1.75M |
| Pretax Margin % | -44730.42% | -28038.65% | -12109.23% | -5005.26% | -3536.86% | -827.6% | -1820.46% | - | - | -852.54% | -674.21% | -245.09% | -384.61% | -504.73% | -412.39% | -203.42% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.59K | -36.05K | -31.47K | -27.71K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.17% | 0.33% | 0.3% | 0.4% | 0% | 0% | 0% |
| Net Income | -11.51M | -10.58M | -10.42M | -9.95M | -7.19M | -4.77M | -7.79M | -3.93M | -7.9M | -10.34M | -10.98M | -10.44M | -6.9M | -9.55M | -4.65M | -1.75M |
| Net Margin % | -44730.42% | -28038.65% | -12109.23% | -5005.26% | -3536.86% | -827.6% | -1820.46% | - | - | -852.54% | -674.21% | -245.09% | -384.61% | -504.73% | -412.39% | -203.42% |
| Net Income Growth % | -8.03% | -1.54% | -4.66% | -38.46% | -50.71% | 38.79% | -98.22% | 50.26% | 23.51% | 5.88% | -5.18% | -51.31% | 27.76% | -105.54% | -165.41% | - |
| Net Income (Continuing) | -11.51M | -10.58M | -10.42M | -9.95M | -7.19M | -4.77M | -7.79M | -3.12M | -4.27M | -10.34M | -10.98M | -10.44M | -6.9M | -9.55M | -4.65M | -1.75M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -808.13K | -3.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.03 | -1.16 | -1.28 | -1.61 | -1.12 | -0.81 | -2.20 | -2.38 | -5.64 | -7.82 | -11.50 | -12.29 | -9.83 | -48.98 | -31.71 | -12.70 |
| EPS Growth % | 1.65% | 9.38% | 20.5% | -43.75% | -38.27% | 63.18% | 7.56% | 57.8% | 27.88% | 32% | 6.43% | -25.03% | 79.93% | -54.46% | -149.69% | - |
| EPS (Basic) | - | -1.16 | -1.28 | -1.61 | -1.12 | -0.81 | -2.20 | -2.38 | -5.65 | -7.82 | -11.50 | -12.29 | -9.83 | -48.98 | -31.71 | -12.70 |
| Diluted Shares Outstanding | 11.16M | 9.14M | 8.17M | 6.19M | 6.16M | 5.94M | 3.54M | 1.65M | 1.4M | 1.32M | 954.84K | 849.57K | 701.69K | 195.02K | 146.57K | 137.86K |
| Basic Shares Outstanding | 11.16M | 9.14M | 8.17M | 6.19M | 6.16M | 5.94M | 3.54M | 1.65M | 1.4M | 1.32M | 954.84K | 849.57K | 701.69K | 195.02K | 146.57K | 137.86K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital structure dilution risk
As indicated by recent financial filings, IPWR's revenue trajectory is characterized by extreme volatility, with quarterly figures frequently dropping to near-zero levels, such as the reported $0 revenue in 2026Q1, underscoring the company's current status as a pre-commercial entity reliant on sporadic, non-recurring project-based engineering contracts.
The lack of consistent top-line growth suggests that the company has yet to secure a repeatable commercial sales cycle for its B-TRAN technology. Investors should monitor the transition from evaluation-based revenue to volume-driven product sales, as the current reliance on NRE services provides little visibility into long-term scalability.
Based on the company's reported income statements, gross margins have frequently dipped into negative territory, including a -60.11% TTM figure, which highlights the significant cost burden of producing low-volume evaluation units that currently fail to cover the underlying manufacturing and material expenses.
These negative margins are typical for early-stage semiconductor firms but underscore the immense pressure on the company to achieve economies of scale. Until the firm transitions to a fabless model where fixed costs are amortized over higher unit volumes, profitability will likely remain elusive.
According to historical income statements, IPWR's operating expenses are dominated by R&D spending, which consistently dwarfs gross profit, resulting in operating margins that have plummeted as low as -5,234% in 2024Q3, illustrating a complete lack of operating leverage at this stage of the business lifecycle.
The company's cost structure is heavily skewed toward personnel and development, which are necessary to validate its proprietary semiconductor architecture. This suggests that any near-term improvement in operating income will require a massive, non-linear increase in revenue rather than simple cost-cutting measures.
As reported in recent quarterly filings, stock-based compensation remains a significant component of the company's expense profile, reaching $991.4K in 2026Q1, which effectively obscures the true cash-burn rate and highlights the reliance on equity-based incentives to preserve limited liquid capital reserves.
The use of equity to compensate talent is a common survival mechanism for cash-constrained firms, but it creates a persistent dilution risk for existing shareholders. Analysts should carefully adjust for these non-cash charges to understand the true underlying operational cash requirements of the business.
Based on the provided financial data, the company's $6.1M cash position against a backdrop of persistent quarterly operating losses suggests that the firm may face a liquidity crunch, potentially forcing dilutive capital raises if commercial design-in cycles do not accelerate significantly within the next year.
Short-term observers may focus on the risk that the B-TRAN technology fails to meet the rigorous qualification standards of Tier 1 automotive partners. The lack of a clear path to positive cash flow warrants caution, as the company's valuation appears to be driven more by technical promise than by tangible financial performance.
Quick answers to the most common questions about buying IPWR stock.
For fiscal year 2025, Ideal Power Inc. (IPWR) reported total revenue of $0.0M. This represents a 95.6% decline compared to $0.9M in 2011.
Ideal Power Inc. (IPWR) reported a net loss of $10.6M for the fiscal year ending 2025.
Ideal Power Inc. (IPWR) reported an operating income of $-10.9M, resulting in an operating profit margin of -28979.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Ideal Power Inc. (IPWR) generated $-0.0M in gross profit for the year, representing a gross profit margin of -60.1%. This demonstrates the company's core pricing power and production efficiency.