Flutter Entertainment beats Q3 earnings estimate despite sports results impact
AUSTIN - Ideal Power Inc. (NASDAQ:IPWR) announced Monday the appointment of David Somo as President and Chief Executive Officer, effective immediately. Somo, who also joins the company’s Board of Directors, succeeds Dan Brdar, who retired on November 2. The leadership change comes as the small-cap company, with a market capitalization of $47.67 million, has seen its stock price decline 25.7% year-to-date despite a recent three-month rally.
Somo brings over 30 years of semiconductor industry experience to the developer of B-TRAN bidirectional semiconductor power switch technology. He previously served as Senior Vice President at onsemi and most recently as President and CEO of Preciseley Microtechnology Corporation.
"I am thrilled to join Ideal Power at an inflection point," Somo said in the press release statement. "There is a multi-billion dollar addressable market for our B-TRAN technology."According to InvestingPro data, Ideal Power holds more cash than debt on its balance sheet, potentially providing runway for Somo to execute on the company’s growth strategy. Investors seeking deeper insights can access 14+ additional ProTips and comprehensive financial analysis through InvestingPro’s detailed research reports.
Michael C. Turmelle, Chairman of Ideal Power’s Board, cited Somo’s "deep understanding of global sales and marketing, business development, corporate strategy and new product development" as key factors in the appointment.
As part of his compensation package, Somo received inducement awards including restricted stock units for 247,438 shares vesting over three years and performance-based stock units for an additional 247,438 shares.
The company develops bidirectional semiconductor power switch technology aimed at electric vehicle, renewable energy, energy storage, and data center applications. While currently not profitable with a -$11.03 million net income over the last twelve months, InvestingPro analysis indicates analysts expect the company to become profitable this year. Ideal Power plans to discuss its third quarter 2025 results in a conference call scheduled for November 13, just 10 days away, which could serve as a significant catalyst for the stock that typically trades with high price volatility.
In other recent news, Ideal Power Inc. reported its Q2 2025 earnings, revealing a net loss of $3 million, which is slightly higher than the $2.7 million loss reported the previous year. Despite the increased loss, the company’s innovative developments in solid-state circuit breaker technology and strategic partnerships have garnered investor attention. Additionally, Ideal Power announced a 50% increase in the published power rating of its discrete B-TRAN bidirectional semiconductor power switch, from 50 amps to 75 amps. This enhancement allows customers to either increase system power with the same device count or maintain system power while reducing the number of devices required. These advancements could potentially lead to improved power density and smaller footprints for OEM products utilizing this technology. Such developments indicate the company’s ongoing commitment to innovation and efficiency.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.