Welcome back, everyone. We have an update from Ideal Power, trades on the NASDAQ under the symbol IPWR. It's pioneering the development and commercialization of its broadly patented bi-directional semiconductor power switch, creating highly efficient and eco-friendly energy control solutions for electric vehicle, electric vehicle charging, renewable energy, energy storage, UPS data center, solid-state circuit breaker, and other industrial and military applications. Happy to welcome back. We have Dan Brdar as well as, I don't see your name on the screen. All right, gentlemen, welcome back to Emerging Growth. Give us an update. Sure. So it's Tim Burns. Okay, Tim. I'll just give an update really over our progress over the last six to eight weeks and what to expect here, in the near term. But for us, it started in mid-February. We were able to announce that we started fulfilling customer orders for our SymCool power module. That's a power module really targeting the industrial markets for solid-state circuit breakers. That works very well with our technology because of the ultra-low conduction losses of B-TRAN. The SymCool is a multi-die module targeting that market. We have two companies in our test and evaluation program that are actually Forbes Global 500 power management market leaders, so companies with tens of billions of dollars of revenue that are really focused on this market and can drive significant revenue for us. We followed that up with announcing that we had completed early phase II of our development agreement with Stellantis for a custom B-TRAN module for the EV drivetrain. We're in the midst right now of finalizing the scope of phase III of that program, which the expectation is, would be, involve automotive qualification. So that's a process that would start here later this year and complete next year with the really the opportunity there, for significant revenue in 2026. That's different than the solid-state circuit breaker in industrial markets. We're expecting to start to see that ramp, as early as later this year, but particularly in 2025, we expect a significant ramp, in those markets. So it'll be the industrial markets first, followed by the automotive market. Also in March, we announced our first distributor for our products, Richardson Electronics. They're global. They have a great technical sales team, so it's a great fit for our technology since it is a new power semiconductor device. We expect to follow that up here with additional distributors, and also adding reps for different regions as well over time here, and particularly in 2024. And then most recently, we were able to raise additional capital. So for us, it's been a, I would say, a tough market in general for microcap companies in terms of raising capital, but we're extremely pleased with the capital raise that we closed on recently. We were able to bring in several long-only quality institutional investors. Both of our largest investors participated, actually led the transaction, and the book was more than two times oversubscribed. So it was tremendous demand in this market for a transaction that was common stock only. It was not one of these deals you see getting done at 100% or 200% warrant coverage. It was a common stock-only deal, that we're able to get done, which gives us cash really through at least the middle of 2026, if not longer. So, that is great, particularly as we are commercializing the technology, the large companies that we're working with want to see a strong balance sheet from their vendors, right? So it was important for us in terms of securing some of these longer-term arrangements, that we had the capital on our balance sheet that really enabled us to do that. As we look forward here, just in the short term, we expect to secure phase III of that development agreement with Stellantis. They're a large company, so it's a little bit hard to predict timing. It took a couple of months to go from phase I to phase II just to get all the agreements in place and scope finalized with Stellantis. So we're hoping that will happen on a similar schedule or even shorter. We did finish that program early, so I don't know if that will actually help us get the PO earlier or actually stretch it out a little bit, but we're very confident in getting phase III of that program. We're nearing qualification of a second high volume production fab. So this fab is located in Europe. The run is going extremely well for the qualification. Absent any last-minute challenges, we think we'll be able to qualify the second high-volume fab for us here in the near term. Then we're expecting orders from particularly the solid-state circuit breaker market, where we hope to announce that some of the companies in our test and evaluation program have actually converted into initial orders to further evaluate the technology and potentially build prototypes. Then lastly, I would just mention that we're still working on the SymCool IQ. We expect orders for that here later this year as well. That really opens up some new additional markets for us, things like renewable energy, energy storage, and EV charging. So that ramp will also probably precede the automotive ramp. It will come after the industrial markets for solid-state circuit breakers. So we'll have a good base of other markets, and we'll really be driving our revenue ramp prior to the significant volume that's associated with the EV market. So that's a quick overview of us here, just what we've accomplished in the last six or eight weeks in terms of commercialization and what we're expecting here in the short term. And with that, be happy to answer any questions that any of the audience has. Great. Thank you, Tim. We do have some questions. You mentioned the solid-state circuit breaker. When do you expect your first 100,000+ order for that? So in terms of pure product sales, I would say it's probably gonna be in the first half of next year. We expect a really modest revenue this year because these companies have to get through their design cycles, which are typically nine to 12 months. So they'll start ordering product now just for further evaluation, again, to build prototypes of their products. They also have to do their own product planning associated with, the products that would incorporate B-TRAN. So we really expect once we get through that design cycle, is when you expect to see the ramp and you expect to see, you know, larger orders. Hong Ma asks: "When will you announce a non-distributor commercial contract?". So a non-distributed commercial contract, if that is a long-term kind of supply agreement, a design win, or a custom development agreement, I would say we've had, we have our first custom development agreement with Stellantis that's providing revenue. We're expecting later this year to announce other either custom development agreements or design wins with associated order flow. So I would say the answer to that is we're expecting more than one of them, and we're expecting it this year. A few questions from Kelly Thurman again, "Are there utilities right now ready to purchase the solid-state circuit breakers, and will the utilities buy direct or through Richardson? Yeah, so I would say probably neither. So in terms of who we would be selling to, we would be selling to people that are actually making the OEMs that are making the solid-state circuit breakers. So those are companies like Siemens and Schneider and Eaton and ABB, and then those companies would be selling to the utilities. So it would not go through distribution, it would be direct to the OEM. Bruce asks, "Do you plan to produce B-TRAN on larger wafers than the six-inch size being currently produced this year, or will that be in 2025? We'll do that in 2025 as part of ramping up our production and also as part of our need to just continue to drive cost down along with that. We wanna make sure we've got a really well-established process with both fabs that we are currently working with, and then from there, we'll scale up to a larger diameter wafer. Kelly also asks, "When do you expect an update on the first top ten automakers from two years ago?". Yeah, so that's one that we're actually. I would say they were relatively slow to engage prior to the Stellantis announcement and Stellantis naming us as a Venture Award finalist. Their activity level has picked up significantly, so we're meeting now with them on a regular basis. And we're looking now to work with them on what's the next step in terms of is that a custom development agreement, do they want parts for initial evaluation, other than the packaged individual B-TRAN die that we previously provided to them, whether they want to look at the SymCool. So, those discussions are in process right now, but we're highly engaged with that top 10 automaker and hope to have a related announcement here later this year. When will there be a UPS unit commercially available with the B-TRAN in it? Can you talk about that? So we do have a very large company in our test and evaluation program that's specifically looking at UPS systems. But I would say that market is not gonna be one of the first to transact. I think the Navy program that we had really drove a great amount of interest in the solid-state circuit breaker market, and that's why we elected to have our initial product launch with the SymCool power module targeting that market. I would say the UPS market is gonna be behind both the solid-state circuit breaker market and also the initial markets in terms of renewable energy, energy storage, and EV charging that we're really attacking with the SymCool IQ that will be out later this year. Dave Schneider says, "It seems the public believes EV is a component company, so what can you do to broaden their understanding of what IPWR is? Yeah, so I think we've been pretty clear here in our messaging that, first off, our revenue ramp is initially gonna be fueled by industrial markets. It will not be fueled by the EV market. We've kind of set the expectation that Stellantis is really a high-volume opportunity for 2026. I mean, it may start in late 2025, but really for 2026 if they're looking at their 2027 model years. So, I think and even with the SymCool IQ launch, that's not targeting the EV market, it's targeting renewable energy, it's targeting energy storage and microgrids, it's targeting EV charging. So for us, really, in terms of what, what's hitting the revenue line, it is gonna be all about other markets other than EV, really until likely late 2025 or 2026. That's something where our technology has broad applicability to many markets, and we just as a small team just need to be systematic in how we approach it. With that, Jonas asks, "Are there any EV startups outside legacy OEMs that are using and testing your technology?". So the only additional EV company in our test and evaluation program, actually, there's one that's doing EV charging, but there's one that's doing commercial EV vehicles, commercial electric vehicles. So that's one that we formally engage with in terms of our test and evaluation program. But we expect to broaden that, but for us, with, again, with a small team, we need to be focused and really focused on the largest opportunities and then have distribution relationships, such as our recently announced relationship with Richardson Electronics, to supply the smaller OEMs that are out there. Great. Tim, Dan, do you have any closing remarks for our viewers? No, just appreciate everybody joining us to get an update on what we're doing. This is gonna be an exciting year for us, as well as next year. We're really well positioned to start to commercialize the technology, and we're looking forward to being able to name some of these large customers that we're working with, beyond Stellantis, because I think people will be impressed with the caliber of companies that are spending time and resources, on our technology. Wonderful. Well, thank you, gentlemen, for this update. We look forward to following you along in your journey. Congrats. Thank you. Take care. Okay, everyone, stay with us. We'll be right back with ANGLE plc.