Home Top Movers Why did Ideal Power Inc. (IPWR) stock plunge on Friday?

Why did Ideal Power Inc. (IPWR) stock plunge on Friday?

Ideal Power Inc. (IPWR) shares lost 6.68% in after-hours on Friday, July 2, 2021, and closed the week at $12.02 per share. Earlier in the morning session, IPWR’s stock lost 1.08% to close Friday’s morning session at $12.88 per share. IPWR shares have risen 122.07% over the last 12 months, and they have moved down 5.22% in the past week. Over the past three months, the stock has gained 2.63%, while over the past six months, it has declined 57.65%.

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Let’s see what is happening recently with IPWR?


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Ideal Power collaboration with Diversified Technologies, Inc.

On June 16, 2021, Ideal Power Inc announced its partnership with Diversified Technologies, Inc. (DTI), to develop a B-TRAN™-driven low-loss 13.8 kV alternating current (AC) Solid State Circuit Breaker (SSCB)under a Phase I Small Business Innovation Research (SBIR) grant from the Department of Energy (DOE). The SSCB is intended to be used in medium voltage power distribution and renewable energy/microgrid connection to the United States main power grid.

Read More

DTI and Ideal Power will design a 50 MW13.8 kV-class SSCB, build and demonstrate B-TRAN™ switch modules to interrupt AC power; and confirm the efficiency and speed of the B-TRAN™ devices in AC operation.

Participation in the recent conferences

  • Ideal Power Inc recently participated in Water Tower Research Fireside Chat Series which held on Thursday, June 10, 2021.

The company’s Vice President Business DevelopmentJeff Knapp presented the company.

  • The company took part in the 16th Annual Needham Virtual Technology & Media Conference which held on May 17-20, 2021. The company’s, President and Chief Executive OfficerDan Brdar, and Tim Burns, Chief Financial Officer, presented the company and had one-on-one meetings with the investors.

Recent financial results announcement

On May 13, 2021, Ideal Power Inc released its financial results for its first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Ideal Power reported a grant revenue of $0.2 million in the first quarter of 2021 compared to zero revenue in Q1 2020.
  • Operating expenses were 0.9 million in Q1 2021 and the same in Q1 2020.
  • The company suffered a net loss of $0.9 million in Q1 2021 same as in Q1 2020.
  • Net loss per share basic and fully diluted was $0.17 in Q1 2021 compared to $0.31 in Q1 2020
  • The company used $0.8 million of cash in operating activities in Q1 2021 which was the same as in Q1 2020.
  • As of March 31, 2021, the company had cash and cash equivalents totaled $26.8 million.

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Conclusion

Well as of this writing, we are unable to find and latest news or developments which could justify its poor performance on Friday. we hope that after the long weekend IPWR will recover its loos on Tuesday.

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