Boston, MA 03/10/2014 (wallstreetpr) –Ideal Power Inc. (NASDAQ:IPWR) reported its financial results for the period ending December 31, 2013 and believes the company is well positioned for rapid growth in its commercial and industrial grid storage, as well as in other markets in the current fiscal year
Ideal Power Inc. (NASDAQ:IPWR) in 2013 was able to successfully complete an initial public offering, in which it succeeded to secure enough capital as it strives to advance its technology and strengthening its intellectual property portfolio. The company’s Chief executive officer Dan Brdar sees tremendous opportunities in the coming months that should enable the company position itself as a leader in commercial grid storage and EV fast charging
Ideal Power Financial results
Ideal Power Inc. (NASDAQ:IPWR) full year revenue clocked in at a high of $1.9 million with most of the revenues coming from its ARPA-E and SBIR grants as well as from customer sales of battery converters The company’s total cash usage for the from financing activities came in at $3.5 million with $3.2 million for operating cash flows and $0.2 million in capital expenses for patents and fixed assets acquisitions.
Ideal Power Inc. (NASDAQ:IPWR) non-cash expense as well as interest expense for the year amounted to $5.5 million mainly as a result of amortization and beneficial conversion from IPO promissory notes. The company was also able to convert all its convertible notes into common shares following the IPO offering
Ideal Power Inc. (NASDAQ:IPWR) net loss clocked in at highs of $9.6 million an amount that was made up of $4.1 million of the company’s operating loss and $5.5 million in non-cash interest expense. Cash and cash equivalents as of close of business on December 31, 2013 clocked in at $14.1 million with the company not having any outstanding debt under its belt.
Ideal Power Inc. (NASDAQ:IPWR) closed the week on a low going down by 1.04% to close the week at low trading margins of $9.50
