Ideal Power Inc.

Good morning, ladies and gentlemen, and welcome to the Ideal Power first quarter 2026 results conference call. At this time, all participants are in a listen-only mode, and at the end of management's remarks, there will be a question and answer session. Investors can submit their questions anytime within the meeting webcast by typing them into the Q&A button on the left side of your viewing screen. Analysts who publish research may ask questions on the phone line. For analysts to ask questions on the phone line, please press star 1 on your telephone keypad. We do ask that while posing your question, you please pick up your handset if on speakerphone. As a reminder, this event is being recorded. And I would now like to turn the conference over to Mr. Jeff Christensen. Please go ahead, sir.

Thank you. And good morning, everyone. Thank you for joining Ideal Power's first quarter 2026 results conference call. On the call with me are David Somo, President and Chief Executive Officer, and Tim Burns, Chief Financial Officer. Ideal Power's first quarter 2026 financial results press release is available on the company's website at idealpower.com. Before we begin, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and the company's prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's SEC filings for a list of the associated risks. We would also refer you to the company's website for supporting company information. Now we'll turn the call over to Idaho Power's President and Chief Executive Officer, David.

Thank you, Jeff. I appreciate everyone joining us today. I'll provide an update on our commercial progress since the start of the first quarter. Afterward, I'll turn things over to Tim to discuss our financial results. We look forward to your questions after our remarks. First, our Lead Asia customer project for low-current solid-state circuit breakers, or SSCBs, continues to advance through product development and remains on track for prototype units for 800-volt AI data center and energy grid customer evaluations. The prototype units are expected to be available in the fourth quarter of 2026. with initial low volume sales orders to support the prototype built. Beyond that initial project, we started two new projects with this customer, one for a medium current SSCB designed for 800 volt DC data centers, energy storage applications, EV charging, and industrial microgrids, and a second for a low current SSCB for smart industrial buildings. Second, we signed a letter of intent with an industry partner to co-develop a BTRAN-enabled intelligent SSCB prototype for evaluation by a US hyperscaler in its development environment for the NVIDIA Rubin Ultra 800-volt DCAI data center power distribution system. Prototype delivery is targeted for the end of Q4 2026 with an expected purchase order for the delivery of the prototype units. This prototype is also planned to be offered to additional U.S. hyperscalers and other AI data center operators, adopting the NVIDIA Rubin UltraRack architecture, our comparable 800-volt DC AI data center, power distribution systems for evaluation. Third, we delivered initial next-generation vTRAN custom package samples and development kits for evaluation to Stellantis for EV applications. We are on track to complete the remaining deliverables under our existing purchase order with Stellantis by mid-2026. Fourth, we engage new Asia-based global suppliers of power solutions for the potential development of DETRAN-enabled SSCBs for use in solid-state transformers, or SSTs, targeting 800-volt DC AI data centers, energy storage systems, EV charging, and the energy grid. SSTs represent a meaningful opportunity for BTRAN, and these are our first SST-specific customer engagements. Fifth, we engage several multinational customers for the potential development of BTRAN-based SSCBs across AI data centers, smart industrial building applications, energy storage systems, and the renewable energy grid. Sixth, strategic investment discussions with global market-leading customers continue to be part of our commercial strategy. I have ongoing discussions with potential strategic investors and plan to continue to see those through. Reflecting this progress, our sales opportunity funnel increased to over 300 million revenue opportunity today, up from approximately 200 million at the time of our investor business update call at the end of February. These opportunities continue to diversify across AI data centers, industrial and automotive applications, as well as across multiple geographies. While a growing funnel is encouraging, converting it into design wins, production orders, and revenue is the top priority. We are focused on execution and working closely with customers to complete their product development and testing to advance projects through the funnel and into volume production orders and revenue. At the Advanced Power Electronics Conference in March, we met with approximately 30 companies that expressed interest in B-TRAN during and following the conference. And some of those discussions have since progressed into qualified sales funnel opportunities. In addition, during my recent two-week business trip in Asia, my second such trip to Asia this year, I highlighted that we initiated two new projects with our lead Asia customer, our first opportunities with SST customers, and we saw strong interest in DTRAN-enabled solid-state circuit protection applications spanning AI data centers, energy storage systems, grid infrastructure, and the industrial sector. Now I'd like to briefly touch on the upcoming market inflection in the industry's transition of power architectures. We continue to see growing industry momentum in the adoption of next-generation high-voltage DC power architectures for AI data centers and grid infrastructure. Importantly, the AI data center build-out has driven extraordinary growth in GPUs, CPUs, and training chips. But the power systems delivering electricity to operate the next generation of those chips are now the limiting factor, and the industry is mobilizing to address it. Legacy 400 to 400 volt AC-based data centers were designed for rack power levels of 10 to 50 kilowatts. Next generation AI workloads are pushing those requirements to 100 to 150 kilowatts in the near term, and eventually beyond 500 kilowatts, with some industry planning scenarios targeting one megawatt per rack by 2030. To support that scale, the industry is transitioning the higher voltage DC or 800-volt DC power architectures. A shift in NVIDIA has been actively driving through its GPU platform roadmap. We believe this transition is in its earliest stages and will expand demand for solid-state circuit protection capable of handling bidirectional current flow, microsecond fault detection, and intelligent control that traditional mechanical breakers were simply not designed to support. At the recent Advanced Power Electronics Conference, we presented a paper highlighting why solid-state circuit breakers are essential for emerging 800-volt AI data center power distribution architectures and how vTRAN effectively addresses the key design challenges customers face, including power efficiency, controllability, fast fault response, power density, and system cost, challenges that have made silicon carbide solutions a difficult fit for this application. Building on this emerging market opportunity, we also added our first potential solid state transformer projects to the sales funnel with prospective customers in Asia. Our addressable market opportunity is large and is expanding as the industry's power worker transition unfolds across multiple markets. Shifting topics, our patent coverage spans North America, China, Taiwan, Japan, South Korea, India, and Europe. all representing our priority patent coverage geographies. As a result of our continued innovation, our list of issued BTRAN patents is now at 103, with 50 of those issued outside of the United States. To safeguard our intellectual property further, we treat the double-sided wafer process flow we develop to make our devices as a trade secret and do not disclose the identity of and work under strict confidentiality with our wafer fabrication partners. So even if a competitor studied our patents, they wouldn't have the know-how to fabricate the device. In addition, to minimize the potential for infringement, we exclusively work with foundries and packaging houses in countries that have a history of respecting intellectual property rights. In closing, commercial momentum continues to build with prototype programs progressing with our Lead Asia customer. co-development of prototype units with an industry partner for evaluation by U.S. Hyperscaler, Solanus deliverables progressing on schedule, our first opportunities for BTRAN-enabled SSPs, and engagement expanding with several new SSCB opportunities with multinational customers. The industry's transition toward high-voltage DC power architectures and AI data centers and energy infrastructure is expanding the opportunity for advanced solid-state circuit protection that traditional mechanical breakers do not address. And BTRAN is uniquely positioned to meet that need. Our focus remains on converting our expanding sales funnel and customer engagement into production orders, revenue, and long-term shareholder value creation. The strategic priorities we have set are designed to achieve these goals. Now I'd like to hand the call over to Tim Burns to review our financials. Tim?