Austin, Texas-based power conversion company Ideal Power has posted solid financial results for the second quarter of the year, revealing increased revenues and lower losses than previously expected.
Revenue for Q2 reached $1.2 million, up from $0.4 million a year previously, while the Q2 net loss of $2.3 million despite being an increase on Q2 2014s loss of $1.6 million actually represented a more positive performance than analysts at Zacks Investment Research had anticipated.
Loss per share was $0.28, whereas the analysts had predicted losses to be $0.32 per share.
Ideal Powers guidance revealed various strands of positivity. The partnership with Kaco whereby the German inverter manufacturer will resell Ideal Power products under the Kaco label in North and Central America should give the company a broader reach in strong solar markets, while an increased R&D budget of $1.1 million has seen the companys new grid-resilient 30 kW 2 port and multi-port PCS achieve certification.
Ideal Power also revealed that it had received 5 MW of orders in June, including its largest order to date, and ended June with an order backlog of $2.2 million.
"During the second quarter we made excellent progress on all aspects of our business, broadening our network of channel partners, securing additional volume orders across our full product portfolio, receiving initial orders from new customers, and continuing to develop our technology and expand our patent portfolio," said Ideal Power CEO and chairman Dan Brdar.
The growth of the storage industry is proving key for Ideal Powers continued growth, the CEO added. "It is evident that energy storage has gained a great deal of momentum," Brdar said. "The declining cost of batteries and the convergence of solar and storage are creating new channel partners and business models that can utilize our unique products and technology.
"We believe that by having our power converters incorporated into energy storage solutions developed by key industry players, it will enable us to establish a leading market position."