Sales Funnel Expansion
Sales opportunity funnel increased to $300 million from $200 million at the February investor update, a $100 million (50%) increase, with opportunities diversified across AI data centers, industrial and automotive applications and multiple geographies.
Commercial Progress and Customer Engagements
Advancing prototype and development projects with multiple customers: lead Asia customer prototype units expected in 2026 (800V low-current SSCB evaluations); two new projects with the lead customer (medium-current SSCB and low-current SSCB for smart industrial buildings); LOI to co-develop a B-TRAN enabled intelligent SSCB prototype for evaluation by a U.S. hyperscaler (targeted delivery end of Q4 2026); Stellantis evaluation kits delivered and remaining deliverables on track to complete by mid-2026.
Intellectual Property and Competitive Positioning
Issued B-TRAN patent count at 103 (50 issued outside the U.S.), with additional IP protection via a trade-secret double-sided wafer process and selective foundry/packaging partnerships to reduce infringement risk.
Manufacturing Readiness and Supply Engagements
Established relationships with multiple foundries and packaging houses positioned to handle the expected production ramp and a roadmap to support long-term capacity and cost reduction; engaged new Asia-based global suppliers and added first potential solid state transformer (SST) projects to the funnel.
Cash Position and Operational Discipline
Cash and cash equivalents of $16.4 million at 03/31/2026, no debt and a clean capital structure; Q1 2026 cash burn of $2.3 million was below guidance ($2.6–$2.8M). Management expects Q2 cash burn of ~$2.5–$2.7M and emphasized expense management while scaling sales and engineering teams.
Near-Term Commercial Catalysts
Near-term expected catalysts include automotive qualification completion this summer, Stellantis deliverables and potential purchase orders as customers progress design cycles—company expects additional commercial announcements and small initial orders over the next 3–6 months.