IPWR

Ideal Power is not a business yet; it is a science project with a ticker. After ~15 years it has booked $118M in cumulative net losses and generated just $37,728 of commercial revenue in FY2025 — down 56% YoY and below FY2024's $86K, FY2023's $199K, and FY2021's $576K. Revenue is shrinking toward zero, not scaling. Gross profit is negative (-$22.7K, -60% margin), so even the trivial sales it makes lose money before any operating cost. The company itself concedes in its 10-K that it 'cannot say with certainty when we will successfully commercialize our B-TRAN technology, if ever,' and that it 'may not generate significant commercial revenue in the near future, or ever' — language that frames the entire equity as a binary technology bet, not a fundamentals story.

The balance sheet is the near-term killer. FY2025 operating cash flow was -$9.14M against just $6.13M of cash (down 61% YoY), and total assets fell 49% to $10.0M. That is materially less than one year of runway at the current burn. The 10-K is explicit that operations are funded 'primarily through the sale of common stock and pre-funded warrants' and that it 'will need to raise additional funds [that] may not be available on commercially acceptable terms, if at all.' Shares outstanding already rose 45% YoY to 12.1M — existing holders are being diluted to keep the lights on, and another raise is effectively certain and imminent. There is no debt (liabilities/equity 0.28x), but that is cold comfort when the financing mechanism is issuing stock into a falling, near-bankruptcy-risk situation.