Ideal Power Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 13, 2026
IPWR$2.06-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001437749-26-017430
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001437749-26-027661
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 44 previous paragraphs and 51 current paragraphs.
19 unchanged; 20 reworded; 11 added; 5 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 0 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
*Revenue.*Revenue was $5,800 for the three months ended June 30, 2026, compared to $1,275 in the three months ended June 30, 2025. Revenue in the three months ended June 30, 2026 related to shipments under our purchase order from Stellantis. Revenue in the three months ended June 30, 2025 related to initial orders from customers evaluating our technology for use in their applications.
Current report
*Cost of Revenue.*Cost of revenue was $4,008 for the three months ended June 30, 2026, compared to $3,477 in the three months ended June 30, 2025. Cost of revenue in the three months ended June 30, 2026 related to the cost of products shipped under our purchase order from Stellantis. Cost of revenue in the three months ended June 30, 2025 related to initial low volume and high-cost shipments of prototype products.
Current report
Research and Development Expenses. Research and development expenses decreased by $469,885, or 25%, to $1,430,134 in the three months ended June 30, 2026 from $1,900,019 in the three months ended June 30, 2025. The decrease was due to lower semiconductor fabrication costs of $161,091, resulting from improvements in the efficiency of our manufacturing footprint, and lower stock-based compensation expense of $138,000, packaging and testing costs of $109,908, engineering services of $54,290 and other B-TRAN® development spending of $6,596.
Current report
General and Administrative Expenses. General and administrative expenses increased by $760,733, or 85%, to $1,657,972 in the three months ended June 30, 2026 from $897,239 in the three months ended June 30, 2025. The increase was due to higher stock-based compensation expense of $420,255, of which $266,926 related to the vesting of a performance stock unit with a performance condition that was previously deemed not probable, non-cash patent impairment charges of $215,133, higher personnel costs of $98,425 and other costs of $26,920.
Current report
Sales and Marketing Expenses. Sales and marketing expenses increased by $195,801, or 57%, to $536,834 in the three months ended June 30, 2026 from $341,033 in the three months ended June 30, 2025. The increase was due to higher personnel costs of $144,271, travel costs of $70,354, stock-based compensation expense of $31,800 and other spending of $9,543, partly offset by lower search and placement fees of $60,167.
Current report
Comparison of the six months ended June 30, 2026 to the six months ended June 30, 2025
Current report
*Cost of Revenue.*Cost of revenue was $4,008 for the six months ended June 30, 2026, compared to $34,339 in the six months ended June 30, 2025. Cost of revenue in the six months ended June 30, 2026 related to the cost of products shipped under our purchase order from Stellantis. Cost of revenue in the six months ended June 30, 2025 related primarily to initial low volume and high-cost shipments of prototype products. We generally expect negative gross margin from product revenue at low volumes with significant improvement in gross margins as we commence higher volume production and shipments in the future. Development revenue may result in either positive or negative gross margin depending on our scope for any specific program.
Current report
Interest Income, Net. Net interest income was $270,739 for the six months ended June 30, 2026 compared to $225,536 for the six months ended June 30, 2025 due primarily to the impact of a higher cash balance after the May 2026 Offering on interest earned on our money market accounts. This was partly offset by lower interest rates on these accounts in the first half of 2026 compared to the first half of 2025.
Current report
Net Loss. Our net loss for the six months ended June 30, 2026 was $7,044,431, or 23% higher, as compared to a net loss of $5,739,789 for the six months ended June 30, 2025, for the reasons discussed above.
Current report
Financing activities in the six months ended June 30, 2026 resulted in cash inflows of $40,259,375 in net proceeds from the issuance and sale of common stock and pre-funded warrants and $267 from the exercise of pre-funded warrants, partly offset by $256,988 in tax payments related to the vesting of restricted stock units.
Current report
Financing activities in the six months ended June 30, 2025 resulted in net cash outflows of $91,659 with a cash outflow of $91,769 in tax payments related to the vesting of restricted stock units slightly offset by a cash inflow of $110 from the exercise of pre-funded warrants.
Removed paragraphs (5)
Previous report
*Cost of Revenue.*Cost of revenue was $0 and $30,862 for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2025, our cost of revenue included cost of product sales and development expenses related to our first design win.
Previous report
Gross Loss. We did not have a gross loss in the three months ended March 31, 2026. Our gross loss was $18,859 in the three months ended March 31, 2025 due to the higher costs associated with initial low volume production and costs exceeding revenue under the development agreement with our first design win customer. We expect a modest gross loss in the remainder of 2026 due to the higher costs associated with low volume production.
Previous report
We believe that our cash and cash equivalents on hand will be sufficient to meet our ongoing liquidity needs for at least the next twelve months from the date of filing this Quarterly Report on Form 10-Q; however, we may require additional funds in the future to fully implement our plan of operation and there can be no assurance that, if needed, we will be able to secure additional debt or equity financing on terms acceptable to us or at all. Although we believe we have adequate sources of liquidity over the long term, the success of our operations, the global economic outlook, and the pace of sustainable growth in our markets could each impact our business and liquidity.
Previous report
Financing activities in the three months ended March 31, 2026 resulted in cash inflows of $12,570,526, as net proceeds from the February 2026 Offering (see below) of $12,574,677 were only slightly offset by the payment of withholding taxes upon the vesting of restricted stock units of $4,151.
Previous report
Financing activities in the three months ended March 31, 2025 resulted in cash outflows of $9,346 from the payment of withholding taxes upon the vesting of restricted stock units.
Reworded paragraphs (20)
Previous wording
We are in the process of commercializing our B-TRAN® technology and have launched our first two commercial products, the discrete B-TRAN® and the SymCool® Power Module. We generated no revenue in the three months ended March 31, 2026 and $12,003 in revenue in the three months ended March 31, 2025.
Current wording
We are in the process of commercializing our B-TRAN® technology and have launched our first two commercial products, the discrete B-TRAN® and the SymCool® Power Module. We generated $5,800 in revenue in the six months ended June 30, 2026 and $13,278 in revenue in the six months ended June 30, 2025.
Previous wording
Upon product launch, we design and build initial prototypes for testing and to solicit customer feedback. Based on the results of testing and customer feedback, we incorporate any necessary changes into the product design, build final prototypes and complete additional testing prior to full commercial release. To date, our customers have purchased prototypes in small quantities for evaluation and provided us feedback that has been incorporated into our final product designs. We expect significantly higher volume orders from customers once we secure a design win from them and they start to build inventory in advance of launching their OEM products. For the products described above, we would expect the time from announcing a design win to the sale of the related OEM product to be roughly twelve to eighteen months, although it may vary considerably depending on the customer and application. We would expect a significantly longer design cycle for automotive applications. Design wins are expected to result in significant revenue growth for us over time as product life cycles tend to be relatively long for power electronics products as changing to another technology would require an OEM to redesign their product. See "First Design Win” below.
Current wording
Upon product launch, we design and build initial prototypes for testing and to solicit customer feedback. Based on the results of testing and customer feedback, we incorporate any necessary changes into the product design, build final prototypes and complete additional testing prior to full commercial release. To date, our customers have purchased prototypes in small quantities for evaluation and provided us feedback that has been incorporated into our product designs. We expect significantly higher volume orders from customers once we secure a design win from them and they start to build inventory in advance of launching their OEM products. For the products described above, we would expect the time from announcing a design win to the sale of the related OEM product to be roughly twelve to eighteen months, although it may vary considerably depending on the customer and application. We would expect a significantly longer design cycle for automotive applications. Design wins are expected to result in significant revenue growth for us over time as product life cycles tend to be relatively long for power electronics products as changing to another technology would require an OEM to redesign their product. See "First Design Win” below.
Previous wording
In 2022, we announced, and began the first phase of, a product development agreement with Stellantis, a top 10 global automaker, for a custom B-TRAN® power module for use in the automaker’s EV drivetrain inverters in its next generation EV platform. In the first phase of the program, we provided packaged B-TRAN® devices, test kits and technical data to Stellantis for their evaluation. In 2023, we secured, and began the second phase of, this program. In the second phase of the program, we collaborated with Stellantis and the program partners, including both the program’s packaging company and the organization building the initial drivetrain inverter, to supply B-TRAN® devices for integration into the custom power module and inverter designs. Also, as part of the second phase of the program, we provided Stellantis a comprehensive test plan for the testing required to achieve certification to automotive standards for B-TRAN®. The test plan was subsequently approved as submitted. In 2024, we successfully completed the second phase of the program. In August 2025, we secured an order from Stellantis for custom development and packaged devices targeting multiple EV applications. We completed the first of five deliverables under this purchase order in 2025. Also in 2025, Stellantis informed us that they are prioritizing the EV contactor application over the drivetrain inverter application. We are currently working to complete the remaining deliverables under the August 2025 purchase order and engaged with Stellantis on a potential EV contactor program.
Current wording
In 2022, we announced, and began the first phase of, a product development agreement with Stellantis, a top 10 global automaker, for a custom B-TRAN® power module for use in the automaker’s EV drivetrain inverters in its next generation EV platform. In the first phase of the program, we provided packaged B-TRAN® devices, test kits and technical data to Stellantis for their evaluation. In 2023, we secured, and began the second phase of, this program. In the second phase of the program, we collaborated with Stellantis and the program partners, including both the program’s packaging company and the organization building the initial drivetrain inverter, to supply B-TRAN® devices for integration into the custom power module and inverter designs. Also, as part of the second phase of the program, we provided Stellantis a comprehensive test plan for the testing required to achieve certification to automotive standards for B-TRAN®. The test plan was subsequently approved as submitted. In 2024, we successfully completed the second phase of the program. In August 2025, we secured an order from Stellantis for custom development and packaged devices targeting multiple EV applications. We completed the first deliverable under this purchase order in 2025. Also in 2025, Stellantis informed us that they are prioritizing the EV contactor application over the drivetrain inverter application. Recently, we delivered next generation B-TRAN® custom-packaged samples and development kits for evaluation to Stellantis for EV applications under the purchase order. We are currently working to complete the remaining deliverables under the August 2025 purchase order and engaged with Stellantis on a potential EV contactor program.
Previous wording
We have announced several engagements and/or initial orders with large companies, including Stellantis and other global automakers, Forbes Global 500 diverse power management market leaders, global tier 1 automotive suppliers, circuit protection market leaders, inverter / energy storage market leaders and others. These companies intend to test and evaluate, or are already in the process of testing and evaluating, our technology for use in their applications. These engagements could lead to future design wins or custom development agreements. We also announced agreements with multiple distribution partners. We may add other distribution partners in the future. Recently, we signed a letter of intent with a power module maker in Asia to manufacture and offer B-TRAN®-based power modules for sale to their customers. We may engage with other power module manufacturers or others in the power semiconductor ecosystem in the future to further expand the channels to market for products incorporating our technology.
Current wording
We have announced several engagements and/or initial orders with large companies, including Stellantis and other global automakers, Forbes Global 500 diverse power management market leaders, global tier 1 automotive suppliers, circuit protection market leaders, inverter / energy storage market leaders and others. Companies in our sales pipeline intend to test and evaluate, or are already in the process of testing and evaluating, our technology for use in their applications. These engagements could lead to future design wins or custom development agreements. We previously announced agreements with multiple distribution partners. We may add other distribution partners in the future. Recently, we signed a letter of intent with an industry partner to co-develop a B-TRAN®-enabled intelligent solid-state circuit breaker (“SSCB”) prototype for evaluation by a U.S. hyperscaler in its development environment for the NVIDIA Rubin Ultra 800V direct current AI data center power distribution system. We may engage with others in the power semiconductor ecosystem in the future to further expand the channels to market for products incorporating our technology.
Previous wording
In late 2024, we announced our first design win for solid-state circuit breakers ("SSCBs”) with one of the largest circuit protection equipment manufacturers in Asia serving the data center, renewable energy, energy storage, EV and other industrial markets. In connection with this design win, we entered into a joint development agreement for a SSCB product incorporating multiple B-TRAN® devices. The agreement included the product design, prototype builds and testing of the SSCB. We completed our deliverables, including SSCB prototypes, under this agreement in the first quarter of 2025. In the third quarter of 2025, the customer successfully completed their testing of updated SSCB prototypes that included enhancements requested by the customer. The customer plans on gathering feedback on this new product from their end customers ahead of product launch. In February 2026, we entered into a multi-year strategic cooperation agreement with this customer for the design, development and worldwide sales of circuit protection solutions including SSCBs, battery disconnect units and EV contactors featuring B-TRAN®. We expect to announce additional design wins and/or custom development agreements with this customer and/or other customers in 2026.
Current wording
In late 2024, we announced our first design win for SSCBs with one of the largest circuit protection equipment manufacturers in Asia serving the data center, renewable energy, energy storage, EV and other industrial markets. In connection with this design win, we entered into a joint development agreement for a SSCB product incorporating multiple B-TRAN® devices. The agreement included the product design, prototype builds and testing of the SSCB. We completed our deliverables, including SSCB prototypes, under this agreement in the first quarter of 2025. In the third quarter of 2025, the customer successfully completed their testing of updated SSCB prototypes that included enhancements requested by the customer. The customer plans on gathering feedback on this new product from their end customers ahead of product launch. In February 2026, we entered into a multi-year strategic cooperation agreement with this customer for the design, development and worldwide sales of circuit protection solutions including SSCBs, battery disconnect units and EV contactors featuring B-TRAN®. We expect to announce additional design wins and/or custom development agreements with this customer and/or other customers in the coming quarters.
Previous wording
Loss from Operations. Our loss from operations for the three months ended March 31, 2026 was $3,692,022, or 31% higher, as compared to the $2,824,832 loss from operations for the three months ended March 31, 2025, for the reasons discussed above.
Current wording
Loss from Operations. Our loss from operations for the three months ended June 30, 2026 was $3,623,148, or 15% higher, as compared to the $3,140,493 loss from operations for the three months ended June 30, 2025, for the reasons discussed above.
Previous wording
Interest Income, Net. Net interest income was $60,517 for the three months ended March 31, 2026, compared to $121,808 for the three months ended March 31, 2025, primarily as a result of the impact of decreased interest from a lower average daily cash balance and lower interest rate on our money market account.
Current wording
Interest Income, Net. Net interest income was $210,222 for the three months ended June 30, 2026, compared to $103,728 for the three months ended June 30, 2025, due primarily to the impact of a higher cash balance after the May 2026 Offering on interest earned on our money market accounts. This was partly offset by lower interest rates on these accounts in the second quarter of 2026 compared to the second quarter of 2025.
Previous wording
Net Loss. Our net loss for the three months ended March 31, 2026 was $3,631,505, or 34% higher, as compared to a net loss of $2,703,024 for the three months ended March 31, 2025, for the reasons discussed above.
Current wording
Net Loss. Our net loss for the three months ended June 30, 2026 was $3,412,926, or 12% higher, as compared to a net loss of $3,036,765 for the three months ended June 30, 2025, for the reasons discussed above.
Previous wording
*Revenue.*Revenue was $0 for the three months ended March 31, 2026, compared to $12,003 for the three months ended March 31, 2025. For the three months ended March 31, 2025, our revenue included product sales and development revenue related to our first design win. We expect to recognize modest revenue from both product sales and development agreements in the remainder of 2026.
Current wording
*Revenue.*Revenue was $5,800 for the six months ended June 30, 2026, compared to $13,278 in the six months ended June 30, 2025. Revenue in the six months ended June 30, 2026 related to shipments under our purchase order from Stellantis. Revenue in the six months ended June 30, 2025 included prototype product sales and development revenue related to our first design win. We expect to recognize modest revenue from both product sales and development agreements in the second half of 2026.
Previous wording
Research and Development Expenses. Research and development expenses increased by $464,321, or 30%, to $2,032,313 in the three months ended March 31, 2026 from $1,567,992 in the three months ended March 31, 2025. The increase was due to higher stock-based compensation expense of $327,521, semiconductor fabrication costs of $71,654, higher testing costs of $53,278 and other net B-TRAN® development spending of $11,868. We expect lower quarterly research and development expenses in the remainder of 2026 as compared to the first quarter of 2026 due to a decline in stock-based compensation expense as certain awards will be fully expensed early in the second quarter of 2026. There will also be quarter-to-quarterly variability in research and development expenses due to the timing of semiconductor fabrication runs and other development activities.
Current wording
Research and Development Expenses. Research and development expenses decreased by $5,564, or less than 1%, to $3,462,447 in the six months ended June 30, 2026 from $3,468,011 in the six months ended June 30, 2025. We expect flat to lower quarterly research and development expenses in the second half of 2026 as compared to the first half of 2026 due to a decline in stock-based compensation expense as certain awards were fully expensed upon vesting in the first half of 2026. There will also be quarter-to-quarterly variability in research and development expenses due to the timing of semiconductor fabrication runs and other development activities.
Previous wording
General and Administrative Expenses. General and administrative expenses increased by $320,190, or 36%, to $1,220,011 in the three months ended March 31, 2026 from $899,821 in the three months ended March 31, 2025. The increase was due to higher stock-based compensation expense of $277,824, related to inducement awards granted to our new CEO in the fourth quarter of 2025, and higher personnel costs of $116,095, partly offset by lower investor relations spending of $70,631 and other spending of $3,098. We expect slightly higher quarterly general and administrative expenses, exclusive of stock-based compensation, in the remainder of 2026 as compared to the first quarter of 2026.
Current wording
General and Administrative Expenses. General and administrative expenses increased by $1,080,923, or 60%, to $2,877,983 in the six months ended June 30, 2026 from $1,797,060 in the six months ended June 30, 2025. The increase was due to higher stock-based compensation expense of $698,079, of which $266,926 related to the vesting of a performance stock unit with a performance condition that was previously deemed not probable, non-cash patent impairment charges of $215,133, higher personnel costs of $214,521 and other spending of $9,524, partly offset by lower professional fees of $56,334. We expect flat to slightly higher quarterly general and administrative expenses, exclusive of stock-based compensation, in the second half of 2026 as compared to the first half of 2026.
Previous wording
Sales and Marketing Expenses. Sales and marketing expenses increased by $101,538, or 30%, to $439,698 in the three months ended March 31, 2026 from $338,160 in the three months ended March 31, 2025. The increase was due to higher personnel costs of $82,991, travel costs of $12,855 and other spending of $5,692. We expect higher quarterly sales and marketing expenses in the remainder of 2026 as compared to the first quarter of 2026 as we add sales personnel, expand our engagement and sales pipeline with prospective customers, and further commercialize our B-TRAN® technology and related products.
Current wording
Sales and Marketing Expenses. Sales and marketing expenses increased by $297,339, or 44%, to $976,532 in the six months ended June 30, 2026 from $679,193 in the six months ended June 30, 2025. The increase was due to higher personnel costs of $227,262, travel costs of $83,209, stock-based compensation expense of $33,300 and other spending of $14,869, partly offset by lower search and placement fees of $61,301. We expect higher quarterly sales and marketing expenses in the second half of 2026 as compared to the first half of 2026 as we add sales personnel, expand our engagement and sales pipeline with prospective customers, and further commercialize our B-TRAN® technology and related products.
Previous wording
At March 31, 2026, we had cash and cash equivalents of $16.4 million. Our net working capital at March 31, 2026 was $15.3 million. We had no outstanding debt at March 31, 2026.
Current wording
At June 30, 2026, we had cash and cash equivalents of $41.3 million. Our net working capital at June 30, 2026 was $40.1 million. We had no outstanding debt at June 30, 2026.
Previous wording
Operating activities in the three months ended March 31, 2025 resulted in cash outflows of $2,066,774 which were due to the net loss for the period of $2,703,024, partly offset by stock-based compensation of $384,595, favorable balance sheet timing of $139,102 and other non-cash items of $112,553.
Current wording
Operating activities in the six months ended June 30, 2026 resulted in cash outflows of $4,473,167, which were due to the net loss for the period of $7,044,431, partly offset by stock-based compensation of $1,635,526, favorable balance sheet timing of $480,283, patent impairment charges of $215,133, depreciation and amortization of $194,454, and other non-cash items of $45,868.
Previous wording
Operating activities in the three months ended March 31, 2026 resulted in cash outflows of $2,034,860, which were due to the net loss for the period of $3,631,505, partly offset by stock-based compensation of $991,440, favorable balance sheet timing of $488,259 and other non-cash items of $116,946.
Current wording
Operating activities in the six months ended June 30, 2025 resulted in cash outflows of $4,425,301, which were due to the net loss for the period of $5,739,789, partly offset by stock-based compensation of $714,625, depreciation and amortization of $182,107 and favorable balance sheet timing and other non-cash items of $417,756.
Previous wording
We expect a modest increase in cash outflows from operating activities in the remainder of 2026 as compared to the first quarter of 2026 as we further commercialize our B-TRAN® technology.
Current wording
We expect a modest increase in cash outflows from operating activities in the remainder of 2026 as compared to the first two quarters of 2026 as we further commercialize our B-TRAN® technology.
Previous wording
Investing activities in the three months ended March 31, 2026 and 2025 resulted in cash outflows of $253,966 and $69,878, respectively, for the acquisition of intangible assets and fixed assets.
Current wording
Investing activities in the six months ended June 30, 2026 and 2025 resulted in cash outflows of $364,048 and $220,337, respectively, for the acquisition of intangible assets and fixed assets.
Previous wording
On May 14, 2026, we entered into a definitive agreement with certain institutional investors for the purchase and sale of 3,220,961 shares of our common stock at a price of $5.67 per share and 2,070,044 pre-funded warrants to purchase shares of common stock at a price of $5.669 per pre-funded warrant in a registered direct offering (the "May 2026 Offering”). The pre-funded warrants have an exercise price of $0.001 per share and no expiration date. The estimated net proceeds to us from the May 2026 Offering are $27.7 million. The closing of the May 2026 Offering is expected to occur on or about May 18, 2026, subject to the satisfaction of customary closing conditions. We intend to use the net proceeds from the May 2026 Offering to fund further commercialization and development of our B-TRAN® technology and products and general corporate and working capital purposes.
Current wording
In May 2026, we issued and sold 3,220,961 shares of our common stock at a price of $5.67 per share and 2,070,044 pre-funded warrants to purchase shares of common stock at a price of $5.669 per pre-funded warrant in a registered direct offering (the "May 2026 Offering”). The pre-funded warrants have an exercise price of $0.001 per share and no expiration date. The net proceeds to us from the May 2026 Offering were $27.7 million. We intend to use the net proceeds from the May 2026 Offering to fund further commercialization and development of our B-TRAN® technology and products and general corporate and working capital purposes.
Previous wording
In February 2026, we issued and sold 3,505,855 shares of our common stock at a price of $2.75 per share and 952,881 pre-funded warrants to purchase shares of common stock at a price of $2.749 per pre-funded warrant in an underwritten public offering, and also sold 631,332 pre-funded warrants to purchase shares of common stock at a price of $2.749 per pre-funded warrant in a concurrent private placement (taken together, the "February 2026 Offering”). The shares of common stock underlying the pre-funded warrants issued in the concurrent private placement were subsequently registered for resale on the Registration Statement on Form S-1 (File No. 333-294696) declared effective on April 3, 2026. The pre-funded warrants have an exercise price of $0.001 per share and no expiration date. The estimated net proceeds to us from the February 2026 Offering are $12.6 million. We intend to use the net proceeds from the February 2026 Offering to fund further commercialization and development of our B-TRAN® technology and products and general corporate and working capital purposes.
Current wording
In February 2026, we issued and sold 3,505,855 shares of our common stock at a price of $2.75 per share and 952,881 pre-funded warrants to purchase shares of common stock at a price of $2.749 per pre-funded warrant in an underwritten public offering and also sold 631,332 pre-funded warrants to purchase shares of common stock at a price of $2.749 per pre-funded warrant in a concurrent private placement (taken together, the "February 2026 Offering”). The shares of common stock underlying the pre-funded warrants issued in the concurrent private placement were subsequently registered for resale on the Registration Statement on Form S-1 (File No. 333-294696) declared effective on April 3, 2026. The pre-funded warrants have an exercise price of $0.001 per share and no expiration date. The net proceeds to us from the February 2026 Offering were $12.6 million. We intend to use the net proceeds from the February 2026 Offering to fund further commercialization and development of our B-TRAN® technology and products and general corporate and working capital purposes.
Previous wording
There have been no significant changes during the three months ended March 31, 2026 to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Current wording
There have been no significant changes during the six months ended June 30, 2026 to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Loss from Operations. Our loss from operations for the six months ended June 30, 2026 was $7,315,170, or 23% higher, as compared to the $5,965,325 loss from operations for the six months ended June 30, 2025, for the reasons discussed above.