| ITEM 15: | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
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(a) Documents Filed with Report
(1)Financial Statements.
Report of Independent Registered Accounting Firm (PCAOB ID: 207)
Balance Sheets as of December 31, 2025 and 2024
Statements of Operations for the years ended December 31, 2025 and 2024
Statement of Stockholders’ Equity for the years ended December 31, 2025 and 2024
Statements of Cash Flows for the years ended December 31, 2025 and 2024
(2)Schedules.
All financial statement schedules have been omitted because they are not required, are not applicable or the information is included in the consolidated financial statements or related notes thereto.
(3)Exhibits.
The following exhibits are filed as part of this Annual Report on Form 10-K or incorporated by reference, as indicated:
EXHIBIT INDEX
| Exhibit No. | Description of Document |
| 3.1 | Delaware Certificate of Conversion including Certificate of Incorporation of Ideal Power Inc. (1) |
| 3.2 | Certificate of Amendment of the Certificate of Incorporation of Ideal Power Inc. (2) |
| 3.3 | Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock (3) |
| 3.4 | Second Amended and Restated Bylaws of Ideal Power Inc. (4) |
| 4.1 | Specimen Common Stock Certificate (5) |
| 4.2 | Form of Series B Pre-Funded Common Stock Warrant (6) |
| 4.3 | Form of Pre-Funded Warrant issued in March 2024 (7) |
| 4.4 | Form of Pre-Funded Warrant issued in February 2026 (17) |
| 4.5 | Description of Registrant’s Securities * |
| 10.1 | Ideal Power Inc. Amended and Restated 2013 Equity Incentive Plan (8) + |
| 10.2 | Employment Agreement, effective November 3, 2025, between Ideal Power Inc. and David Somo (9) + |
| 10.3 | Employment Agreement between the registrant and Timothy W. Burns dated September 16, 2014 (10) + |
| 10.4 | Second Revised and Restated Employment Agreement between the Company and R. Daniel Brdar dated April 8, 2020 (11) + |
| 10.5 | Retirement and Transition Services Agreement, dated November 2, 2025, between Ideal Power Inc. and R. Daniel Brdar (12) + |
| 10.6 | Form of Restricted Stock Units Agreement (13) + |
| 10.7 | Form of Performance Stock Units Agreement (14) + |
| 10.8 | Securities Purchase Agreement for February 2026 Offering (18) |
| 19 | Insider Trading Policy (15) |
| 23.1 | Consent of BPM LLP, Independent Registered Public Accounting Firm* |
| 31.1 | Certification of Principal Executive Officer, pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |
| 31.2 | Certification of Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* |
| 32.1 | Certification of Principal Executive Officer and Principal Financial and Accounting Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** |
| 97 | Incentive Compensation Recovery Policy (16) |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101). |
| + | Indicates a management contract or compensatory agreement |
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| (1) | Incorporated by reference to Exhibit 3.1 to the registrant’s registration statement on Form S-1, file no. 333-190414, originally filed with the Securities and Exchange Commission on August 6, 2013, as amended. |
| (2) | Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 20, 2019. |
| (3) | Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 27, 2017. |
| (4) | Incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 17, 2022. |
| (5) | Incorporated by reference to Exhibit 4.1 to the registrant’s Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on May 14, 2021. |
| (6) | Incorporated by reference to Exhibit 4.2 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 13, 2019. |
| (7) | Incorporated by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 28, 2024. |
| (8) | Incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 16, 2023. |
| (9) | Incorporated by reference to Exhibit 10.2 of the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 3, 2025. |
| (10) | Incorporated by reference to Exhibit 10.2 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 19, 2014. |
| (11) | Incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 14, 2020. |
| (12) | Incorporated by reference to Exhibit 10.1 of the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 3, 2025 |
| (13) | Incorporated by reference to Exhibit 99.1 of the registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on November 3, 2025 |
| (14) | Incorporated by reference to Exhibit 99.2 of the registrant’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on November 3, 2025 |
| (15) | Incorporated by reference to Exhibit 19 to the registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 28, 2025. |
| (16) | Incorporated by reference to Exhibit 97 to the registrant’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 1, 2024. |
| (17) | Incorporated by reference to Exhibit 4.1 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2026 |
| (18) | Incorporated by reference to Exhibit 10.1 to the registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2026 |
