Ideal Power Inc. has reported its financial results for the first quarter ending March 31, 2025. The company experienced a net loss of $2.7 million, compared to a net loss of $2.5 million in the same quarter of 2024. Commercial revenue fell significantly to $12,003 from $78,739 in the first quarter of the previous year. Operating expenses rose to $2.8 million from $2.5 million in the first quarter of 2024, mainly due to increased research and development spending. Cash used in operating and investing activities totaled $2.1 million compared to $2.0 million in the previous year. As of March 31, 2025, Ideal Power held $13.7 million in cash and cash equivalents, with no long-term debt outstanding. The company also highlighted several milestones for 2025, including securing the next phase of its development program with Stellantis, capturing additional design wins and custom development agreements, starting an initial sales ramp in the second half of the year, increasing the power rating of its products, and completing third-party automotive qualification testing. Ideal Power continues to expand its B-TRAN® patent estate, which now includes 94 issued patents, with 45 of those issued outside the United States, and 70 patents pending.