Ideal Power Inc. reported its financial and operational results for the third quarter ended September 30, 2025. The company highlighted continued execution of its B-TRAN® commercial roadmap, including securing a purchase order from Stellantis for custom development and packaged B-TRAN® devices targeting multiple electric vehicle $(EV)$ applications. Ideal Power completed the first of five deliverables under the Stellantis purchase order, with the remaining deliverables expected to be completed next year. The company's first design win customer completed testing of updated solid-state circuit breaker (SSCB) prototypes, and Ideal Power is working with them to finalize their product design for a launch targeting AI data center customers. A sixth global automaker has begun evaluating B-TRAN® devices for EV power switching and protection applications. The company also increased the power rating of its discrete B-TRAN® product by 50% and commenced sampling with customers. Third-party automotive qualification and reliability testing of B-TRAN® devices is ongoing, with positive results reported and no failures to date. Ideal Power's B-TRAN® patent portfolio now includes 97 issued patents and 73 pending patents, with international coverage. Financially, cash used in operating and investing activities was $2.7 million in the third quarter of 2025, compared to $2.4 million in the same period of 2024. For the first nine months of 2025, cash used totaled $7.4 million, up from $6.6 million in the prior year. Cash and cash equivalents stood at $8.4 million as of September 30, 2025.