Ideal Power Inc. IAccess Alpha Virtual Best Ideas Fall Investment Conference 2026

Please go ahead. Okay. Thank you, and thank you for all those who are joining us today.

This is David Somo, President and CEO of Ideal Power. To start off with, I'd like to quickly introduce who's on the call with you today. In addition to myself, we have Tim Burns, our Chief Financial Officer. To round out the executive staff here at Ideal Power, two members that are not, or excuse me, at Ideal Power, two members that are not here with us on the call today would be Clay Beltran, our Chief Operating Officer, who joined us early this year, and Mark Russell, our Chief Commercial Officer, who has been with us since the end of 2025.

From a shares outstanding basis, we have just over 16 million shares outstanding. There are about 3.4 million pre-funded warrants. We also have about 1.2 million employee options and stock units. So altogether, about 21 million fully diluted shares. Our cash balance, and this is as of last reporting, which was June 30th, is just over $41 million, which provides us with several years of cash, and we have a clean balance sheet with no debt.

Now I'd like to talk about how I view the investment thesis in Ideal Power. This is something that I used as a formula for evaluating companies in previous roles where I was responsible for M&A and how I evaluated my decision to join Ideal Power in November of last year. When looking at technology companies, the first thing I tend to do is look at technology and products. Do they have a product in their technology that has a strong fit to secular mega trends in the market that is well-protected from competition and differentiated? The second area is looking at markets. Are the company and the technology and products they develop addressing large and growing markets? Do they have access to key customers that can help validate their products in market and scale revenue with the company?

And do they have an operating model that as they scale revenues, that drops a strong operating profit and overall profitability for the company? Evaluating here at Ideal Power, I think we check each one of those boxes. From a technology and products perspective, we have a unique and differentiated product that is highly patented, specifically for the applications we are targeting in solid-state circuit protection and related applications. We are addressing a multi-billion dollar market opportunity that is growing over the next several years as part of a secular mega trend in high voltage DC power applications. We have access to global customers and have a growing sales funnel of more than $400 million in opportunities today and an operating model that is CapEx, low CapEx requirements that can scale as we grow revenue with the company. So what is B-TRAN? For those of you who may not be familiar with it's a monolithic bidirectional power switch that was developed here at Ideal Power.

Its uniqueness is really in that we develop a symmetrical device on both the top and the bottom side of the wafer, which allows us to conduct and block current flow and voltages in both directions natively with a single device.

The same device can be deployed across multiple applications, and the compelling advantages for B-TRAN for the applications that we are targeting, which are generally conducting applications in areas like solid-state circuit protection, EV contactors, and battery disconnect units, is its native bidirectional conduction and blocking capability, the lower conduction losses that it was designed to deliver in always-on or conducting applications, and that by doing so, with fewer components needed to conduct and block in both directions, you can actually achieve higher power density and lower system costs with fewer components. Quickly looking at the competitive landscape for B-TRAN in the applications that we are targeting around bidirectional power switching. If you look at more traditional devices, they typically have anywhere between two and four devices that are required for bidirectional conduction and blocking.

In the case of silicon carbide, it requires a minimum of two devices in a back-to-back configuration to be able to conduct and block in both directions, whereas B-TRAN is able to do that with a single device. Older IGBT technology does that typically with four devices or more. B-TRAN was specifically optimized to deliver low conduction losses, and in the bottom left graph here, you can see that when compared to IGBTs or silicon carbide MOSFETs, it can deliver substantial reduction in losses, which improves power efficiency. It makes simpler the thermal solution for the device and results in energy savings where it's deployed. Now, looking at the portfolio of products that we've developed, the first is a B-TRAN discrete device that's in an industry-standard package. It's rated to 1,200 volts and 75 amps.

Again, this one device is able to conduct and block in both directions in the applications it's used in. The second device we are developing for release is SymCool, which incorporates four B-TRAN die in the first version, thereby increasing the current rating of what the device can conduct, and providing a convenient small form factor where customers may be developing applications that require higher current ratings than a single device is capable of achieving. This is also rated 1,200 volts and 200 amps currently. Then the final product that we will offer is B-TRAN die, which is for those customers who are developing their own modules or their own packaging solutions, want to buy known good die that has been tested, to prove functionality and to be able to integrate that in their specific packaging, depending on their system requirements.

B-TRAN, from a patent perspective, is now at 105 patents, and as you can see here on the slide, those are across multiple regions and geographies, with 54 patents issued in the U.S. and 51 foreign patents to protect our inventions. Sorry, we're waiting for the slides to catch up here.

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