Ideal Power (IPWR) 2026 年第二季法說會：銷售管道突破 4 億美元

重點摘要

• Ideal Power 由於客戶持續進行產品送樣、購買開發套件及評估工作，公布 2026 年第二季營收呈現溫和增長。淨虧損自去年同期的 300 萬美元擴大至 340 萬美元。
• 銷售機會管線（Sales Funnel）超過 4 億美元，高於 5 月中旬的約 3 億美元。管理層表示，這大致平均分配於汽車與 AI 資料中心／其他工業應用之間。
• 截至 2026 年 6 月 30 日，受惠於 5 月籌資獲得的 2,770 萬美元淨收益，現金及現金等價物達到 4,130 萬美元。公司無任何負債。
• 第二季現金消耗為 250 萬美元，與去年同期持平，且處於財測低端。管理層預期第三季現金消耗為 270 萬至 290 萬美元，全年現金消耗為 1,030 萬至 1,050 萬美元。
• 該公司正在為其亞洲主要客戶完成搭載 B-TRAN 技術的固態斷路器 (SSCB) 原型。預計於 2026 年第四季獲得支援原型製作的初始小批量訂單。
• Ideal Power 的目標是在 2026 年第四季末交付一款智慧型 SSCB 原型，供正在開發輝達 (NVIDIA) Rubin Ultra 800 伏特直流資料中心電力系統的美國大型雲端服務商進行評估。

核心財務數據

營業費用的增加反映了股份報酬費用、人事成本及非現金專利減損增加。Ideal Power 表示，其 105 項已獲得的專利未受審查中專利申請合理化整合的影響。

業務與營運表現

Ideal Power 近期的商業重點是用於 800 伏特直流 AI 資料中心、能源基礎設施與電動車的固態電路保護。

針對其亞洲主要客戶，該公司計劃於本月晚些時候交付低電流 SSCB 原型以進行內部測試。客戶製作的原型預計將於 2026 年第四季提供給 800 伏特 AI 資料中心與電網客戶。此外，針對用於資料中心、儲能、電動車充電及工業微電網的中電流 SSCB 討論也已展開。

根據第二季簽署的意向書，Ideal Power 推動與產業夥伴共同開發智慧型 SSCB 原型。該產品計劃供一家美國超大型雲端業者評估，也可能提供給採用輝達 (NVIDIA) Rubin Ultra 或同等 800 伏特直流電源架構的其他營運商。

Ideal Power 向 Stellantis 交付了第二批第二代 B-TRAN 客製化封裝樣品與開發套件。系統級規格的詳細工作影響了採購訂單交付物的時間安排，但管理層表示，這並未改變對電動車接觸器機會的預期。下一個專案里程碑預計於 2026 年第四季達成。

該公司還與中國以外的一家亞洲車規級大產量晶圓代工廠簽署了長期供應協議，並成功實現了功能性首批晶片（First Silicon）。管理層表示，該代工廠已生產超過 10 億顆功率半導體，應能以符合 Ideal Power 規模化後毛利率逾 40% 目標的成本結構，支援大批量的工業與汽車需求。

為了加速客戶採用，Ideal Power 推出了 SSCB 參考設計套件。分銷夥伴已下達首筆進貨訂單，預計將於未來幾週內交貨，同時有多家客戶要求獲取該套件。

歐洲銷售活動促成了與一家全球車廠、一級（Tier 1）汽車供應商以及一家瞄準美歐資料中心、儲能與電動車應用的電路保護公司的早期合作洽談。

管理層財務預測

管理層將年度現金消耗預估自 2025 年的 960 萬美元增加歸因於額外招募銷售與工程人員。單季營業費用可能會隨晶圓流片（Fabrication Runs）、產品開發、招聘及股份報酬費用而有所波動。

公司預期近期營收將主要來自小額產品送樣與開發套件訂單，以及潛在的一次性工程費用（NRE）。隨著客戶完成設計、測試和認證週期，訂單規模可能會擴大，但管理層並未提供營收預測。

風險與關注事項

• 將超過 4 億美元的潛在銷售機會轉化為設計贏得（Design Wins）、量產訂單和營收，仍是管理層的主要執行重點。
• 管理層表示，超大型雲端業者的評估時程難以預測，且必須與 800 伏特直流資料中心架構的預期採用時程保持一致。
• 隨著雙方精進系統級規格，與 Stellantis 相關的交付物時間有所變動，不過管理層表示更廣泛的合作機會依然完好。
• 預計在評估與認證階段，客戶初期訂單將維持小規模。
• 營業費用可能因半導體製造時程、開發活動、招聘和股權報酬而產生波動。

分析師問答亮點

管理層表示，Ideal Power 計劃積極參與資料中心供應鏈的各個環節，包括電路保護製造商、系統整合商，並在適當情況下直接與超大型雲端業者合作。該公司認為，比起單獨的 B-TRAN 元件，更高層級的智慧電路保護系統對超大型雲端業者可能更具吸引力。

在產能方面，管理層表示既有的代工合作關係已能支援兩年以上的產能需求。簽署新的長期協議旨在支援更大幅度的汽車與工業量產需求，同時有助於公司在達到規模化時實現 40% 以上的毛利率。

關於 Stellantis，管理層表示目前的討論比先前階段更深入且更為詳細。目前的重點工作包括系統最佳化、封裝，以及 Ideal Power 本身半導體貢獻之外的替代方案。

Ideal Power 表示，其 7 月提交的預架登記（Shelf Registration）屬於行政程序，目前並無籌集資金的打算。該預架登記可為未來的戰略投資提供靈活性，包括採用 B-TRAN 技術的客戶進行潛在股權投資。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Good morning, ladies and gentlemen, and welcome to the Ideal Power Second Quarter 2026 Results Conference Call.

At this time, all participants are in a listen-only mode. At the end of management's remarks, there will be a question-and-answer session.

[Operator Instructions]

As a reminder, this event is being recorded. I would now like to turn the conference over to Jeff Christensen. Please go ahead.

Jeff Christensen

Thank you, Jenny, and good morning, everyone. Thank you for joining Ideal Power's Second 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 second 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 a number of statements on this call are forward-looking statements. All statements on this call that are based on historical fact -- that are not based on historical fact are forward-looking statements. While management has based any forward-looking statements on its current expectations, the information which such expectations were based on may change.

These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside the company's control that could cause actual results to materially differ from such statements. Please refer to the company's SEC filings for some of the associated risks, uncertainties and other factors. We would also refer you to Ideal Power's website for more supporting company information.

Now I'd like to turn the call over to Ideal Power's President and Chief Executive Officer. David?

David Somo

Thank you, Jeff, and thank you to everyone joining us today. I'll begin with an update on our commercial progress from the start of the second quarter. Then Tim will review our financial results. And after our remarks, we look forward to your questions.

Let me start with our lead Asia customer. We're finalizing our low current solid-state circuit breaker or SSCB prototype development for shipment to the customer later this month for their internal testing. B-TRAN-enabled SSCB prototypes are expected to be available from this customer for their 800-volt AI data center and energy grid customers in the fourth quarter of 2026. With initial low-volume orders to support the prototype builds also expected in the fourth quarter. Beyond that initial project in an order of priority, we are engaged with this customer on 2 additional projects, one for a medium current SSCB designed for 800-volt DC data centers, energy storage applications, EV charging and industrial microgrids and the second for a low current SSCB for smart industrial buildings. Technical discussions on the medium current SSCB are already underway.

Second, under the letter of intent we signed in the second quarter, we advanced our co-development with an industry partner on a B-TRAN-enabled intelligent SSCB prototype for a planned evaluation by U.S. hyperscaler in its development for the NVIDIA Rubin Ultra 800-volt DC data center power system. We're targeting prototype delivery by the end of the fourth quarter of 2026. This prototype is also planned to be offered to additional hyperscalers and other AI data center operators adopting the NVIDIA Rubin Ultra Power architecture or comparable 800-volt DC AI data center power distribution systems for evaluation.

The Ideal Power team will be attending the Open Compute Project Global Summit in October, together with our industry partner to introduce this intelligent SSCB prototype concept to AI data center and infrastructure providers for their consideration.

Third, we delivered a second set of Gen 2 B-TRAN custom packaging samples and development kits to Stellantis for their evaluation. We are working closely with the customer on a detailed analysis of our solid-state contactor system-level specification to optimize the solution and align the remaining deliverables under the purchase order. While this has impacted the timing of our expected completions of deliverables under the PO, it is not delayed or otherwise impacted our expectations regarding the EV contactor opportunity with Stellantis.

The deliverables we've completed support the next project milestone scheduled for the fourth quarter of 2026. We will work to promptly complete future deliverables as they are agreed with the customer to support subsequent project milestones.

Fourth, we achieved an important operational milestone. We entered into a long-term supply agreement with a high-volume wafer foundry in Asia, not China, and achieved functional first silicon after initiating discussions with them in the first quarter of this year. This is an automotive-qualified fab that has built more than 1 billion power semiconductors. This foundry has the capacity to support high-volume industrial and automotive customers at a cost structure, we believe, supports our targeted gross margins at scale.

Fifth, we're seeing accelerating demand to support 800-volt DC architectures from a growing number of potential customers, including leading global electromechanical breaker manufacturers now seeking SSCB solutions. I've been asked how we are helping customers speed up adoption. And I would like to take a moment to explain the progress we're making.

We introduced a new SSCB reference design kit or RDK, to assist customers with evaluating our technology and accelerate the development of their own SSCB products. This is critical to adoption as companies that have traditionally supplied electromechanical breakers may not have internal expertise with solid-state solutions or may not have started developing SSCB products. With the rollout of 800-volt AI data center power architectures expected to start in the second half of next year, these companies need a close to market-ready solution to enable timely product introductions.

We are already seeing traction as one of our distribution partners has placed its first stocking order for these SSCB RDKs for delivery in the coming weeks and multiple customers have requested access to our new RDKs.

Sixth, after recently adding a Europe-based sales director, our team met with more than 20 potential customers at PCIM in Germany. Our European sales efforts have already led to early engagements with the European-based global automaker and Tier 1 automotive suppliers. We recently met with one of these global Tier 1s preproduction and production teams as we are finding significant interest in solid-state EV contactor and battery disconnect unit solutions.

We also have a new engagement with the European-based circuit protection company interested in a broad set of applications, including solid-state breakers for data centers and energy storage as well as battery disconnect units for EVs. They're targeting both U.S. and European markets on an aggressive time line.

Seventh, our newly formed Advisory Board now includes its first member, Dr. Sanjay Parthasarathi, Chief Marketing Officer of Coherent Corporation, a key supplier for AI data center infrastructure. Sanjay brings more than 35 years of leadership across data centers, optical networking and related technology markets, aligning with our near-term revenue opportunities. His deep market expertise and industry network directly support our plans to accelerate the commercialization of our high-value, high-impact solutions.

Let me spend a moment on the data center market. When people picture the AI boom, they think graphics chips, processors and servers. But the bottleneck is increasingly power, getting it to the data center in distributing and managing it once there. The forthcoming migration to the 800-volt DC power architectures in AI data centers and the supporting energy infrastructure is a catalyst that is accelerating the demand for high-voltage power semiconductors.

This is reflected in the industry's growing backlog for power semiconductors and is expected to drive rapid growth over the next several years. SSCBs are essential in high-voltage DC systems as they enable ultrafast fault handling for reliability. B-TRAN provides an ideal solution for solid-state circuit protection with its inherent bidirectional operation, low conduction losses, microsecond fault handling and 1200-volt rated operation provided ample safety margin for 800-volt power delivery systems.

The industry is in the early stages of a secular megatrend in power semiconductors that presents an exciting growth opportunity. I'll briefly discuss our product reliability testing and qualification plans. A simple way to think about it is that industrial and automotive qualification typically reflect the requirements of each end market. JEDEC industrial qualification supports our near-term opportunities in AI data centers, energy storage and grid infrastructure markets while AECQ or automotive qualification is designed for automotive applications.

Given the accelerating demand for power semiconductors to support AI data centers and energy infrastructure, which represent our nearest-term revenue opportunities, we are prioritizing work on industrial reliability testing and qualification. We plan to begin the industrial qualification process during the current quarter and completed in the fourth quarter.

Automotive reliability testing and qualification will be planned to align with customer time lines. Importantly, automotive qualification is typically required for use in vehicle production but is not a gating item to advance product development for automotive opportunities, including our EV contactor opportunity with Stellantis. As such, adjusting the timing of automotive qualification is not expected to affect our sales opportunities.

Our commercial progress is showing up in the size and quality of our sales funnel, which has grown to over $400 million in total revenue opportunity, up from about $300 million at our mid-May call. It's split roughly 50-50 between automotive and the combination of AI data centers and other industrial applications, and it is global.

Applications are primarily SSCBs and solid-state EV contactors with growing interest in solid-state transformers, all of which broadly fit into the category of circuit protection. While growing funnel is encouraging, converting it into design wins, production orders and revenue remains our top priority. We are focused on execution and working closely with customers to complete their evaluations, product development and testing to advance projects through the funnel and into volume production orders and revenue growth.

In closing, commercial momentum continued to build this quarter with prototype SSCB units being finalized for internal testing by our lead Asia customer, progress toward the planned evaluation of a co-developed intelligent SSCB prototype for U.S. hyperscaler, a growing pipeline of engagements with regional and multinational customers across multiple markets, and the rollout and first stocking order for our new SSCB reference design kit designed to accelerate customer adoption.

We also achieved an important operational milestone by entering into a long-term supply agreement with a high-volume automotive qualified foundry that we expect to be a cost-effective partner for us for years to come.

Overall, the industry's transition to high-voltage DC power architectures in AI data centers and energy infrastructure is serving as a catalyst for power semiconductors and solid-state circuit protection solutions, and B-TRAN enables a differentiated solution to fill that need. Our focus remains on advancing customer opportunities in the volume production orders, revenue growth and long-term shareholder value creation.

Now I'd like to hand the call over to Tim Burns to review our financials. Tim?

Timothy Burns

Thank you, David, and good morning, everyone. I'll begin by summarizing our recent capital raise. We raised $27.7 million in net proceeds from a registered direct offering of common stock and prefunded warrants that closed on May 18. We are excited that the financing was led by the company's largest institutional shareholders. The offering significantly strengthened our balance sheet. At June 30, 2026, cash and cash equivalents totaled $41.3 million. Post offering, we still have a clean capital structure and no debt.

Our second quarter 2026 cash burn was $2.5 million, flat compared to $2.5 million in the second quarter of 2025 and up from $2.3 million in the first quarter of 2026. Our Q2 cash burn was at the lower end of our guidance of $2.5 million to $2.7 million. Even with the flexibility provided by our recent capital raise, we will continue to manage expenses prudently and aggressively. We expect third quarter 2026 cash burn to be approximately $2.7 million to $2.9 million with a full year 2026 cash burn of approximately $10.3 million to $10.5 million. This compares to a 2025 cash burn of $9.6 million. The higher forecasted cash burn in 2026 compared to 2025 is due primarily to the hiring of additional sales and engineering personnel.

We recorded modest revenue in the second quarter of 2026. Initial orders from the companies evaluating our products for potential inclusion in their OEM products are expected to be small with order sizes increasing as customers progress through their design cycles, perform product qualification and build inventory for the commercialization of their B-TRAN-based products.

Operating expenses were $3.6 million in the second quarter of 2026 compared to $3.1 million in the second quarter of 2025. The increase was driven primarily by higher stock-based compensation expense, personnel costs and noncash patent impairments as we proactively rationalized our pending patent portfolio. Our 105 issued patents were unaffected by this rationalization and the streamlining of the portfolio lowers our future patent spend.

We expect operating expenses to increase modestly in the coming quarters due to growth in our sales and engineering teams to support our commercialization efforts as well as our growing number of customer engagements. We continue to expect some quarter-to-quarter variability in operating expenses, particularly research and development spending due to the timing of semiconductor fabrication runs, product development and other research and development activities as well as hiring.

The timing of equity award grants and performance stock unit vestings and related noncash stock-based compensation expense recognition will also cause variability in our quarterly operating expenses as it has in the last 2 quarters. Net loss in the second quarter of 2026 was $3.4 million compared to $3 million in the second quarter of 2025.

At the end of June, we had 16,421,520 shares outstanding, 1,238,553 options and stock units outstanding and 3,410,086 prefunded warrants outstanding. At June 30, 2026, our fully diluted share count was 21,070,159 shares.

At this time, I'd like to open up the call for questions. Operator?

Operator

[Operator Instructions]

Our first question is coming from Casey Ryan of AmerX.

分析師問答

Casey Ryan

I wanted to ask about the hyperscaler opportunity. Are you partnered with other component makers? And I'm just wondering if they're really sourcing their own solutions at this point, looking for better products and better pieces. And if one hyperscaler is doing it, do we think all of them will start to do it? Or is it sort of a personality of the hyperscaler in terms of how much they want to control versus turning that over to external parties like us.

David Somo

Casey, I'll take that one. So I'll use your terminology. It's more of the personality of the hyperscalers. They're each involved at different levels depending on how they work with their partners that are supplying different components and systems that are deployed in the data center, either those who are all the way down to kind of the component levels that could integrate in bigger systems that then get deployed, there are those who stay at a higher level. So the opportunity here and working with our industry partners to deliver something that's more at a circuit protection level but bring some intelligence that's intended to help with managing how power is utilized and optimized across the power distribution system inside hyperscalers, which is why we believe it has relevance to them likely be less relevant for us to show up with a B-TRAN for them to evaluate.

But when it's at a more of a system level that they can potentially integrate in their environment that becomes potentially more interest and that's what we're working towards.

Casey Ryan

What do you think sort of the evaluation period, I mean does it feel fair to think that maybe it's a 1-year type of evaluation period shorter or longer, I guess.

David Somo

Yes, difficult to call. And what I would refer to is for those who are looking to be on the front end of the 800-volt DC data center power evolution that's anticipated or projected to happen starting from the second half of next year and see some aggressive adoption as we go into the end of the year and into 2028. So the evaluation time line if it's going to be used early in that environment would have to line up with that schedule.

Casey Ryan

Yes. Okay. I mean that's actually consistent with what we've heard from a few other companies who are in your base necessarily, but are exposed to data center as well.

Are you guys -- do you -- are there conversations with other data center component companies that you sell with or partner with? And I'm not trying to draw a straight line to Coherent, but I did see that you added someone there to your advisory board and I think that's a positive, but obviously, Coherent is a big player in data center as well. But are you sort of with a partner or a group of companies partnering to sort of sell solutions? Or are each of you still pursuing your own direct access to say a certain hyperscaler or a certain customer opportunity in a data center?

Timothy Burns

So let me describe it this way, and I'll use the automotive market analogy. If you think about the way automotive works now, it was historically component suppliers, semiconductor suppliers like us would sell to Tier 1s who then would sell to the automotive OEMs and about 8 to 10 years ago, that began to shift where the OEMs wanted direct relationships with some of the semiconductor suppliers to know what's coming down the pipe and evaluate newer technology sooner and then have some influence over what their Tier 1 suppliers are providing them at a systems level.

I think there's opportunity here. Our traditional model would be us selling our semiconductor components, B-TRAN to somebody who's going to build a solid-state circuit breaker or a solid-state contactor for automotive that then gets integrated by the next level customer and goes eventually into a data center environment or industrial grid or something along those lines. I think the opportunity here is with the rapid pace of innovation to be able to take something that's more like a circuit breaker circuit protection level and introduce new concepts directly to -- those who are doing higher-level system integration or even in some cases, the hyperscalers themselves.

We're looking at new technology and how to prepare for this HVDC transition. And so we want to work at each level, direct with our more traditional customers that are building circuit protection devices or contactors for EVs, then their customers who may be doing the integration level and ultimately, to the hyperscaler, if possible, where there could be interest and they want to work at that level.

Casey Ryan

That's actually very, very helpful for me to hear that and sort of get a better understanding of that. On the capacity agreements, getting those feel positive, but it also maybe feels encouraging because perhaps customers were asking you about capacity and wanted you to sort of demonstrate a plan, which would sort of suggest some interest on their side. So I'm curious how much getting this sort of penciled out and contracted was sort of part of maybe satisfying some of the sales conversations that you're having with certain potential end customers.

Timothy Burns

Yes. So with the existing fabs that we have, I mean, we had capacity for 2-plus years with the existing relationships. But for us, particularly as you look longer term, you look at things like the automotive market, our new long-term supply agreement really supports the long-term scaling of our business and probably even more importantly, it's at a cost structure that we believe support our targeted gross margins, right? So we've publicly say we're looking for gross margins of 40% plus, and we have a long-term relationship now that we believe will support that.

Casey Ryan

Yes, 40% plus. Okay. All right. Terrific. And then last question, I guess, with Stellantis, we always are encouraged by any progress there. But I guess what do you think is Stellantis sort of unpredictable for you and there's no way to sort of say, when will they start to integrate some of these products or make a decision in a definitive way. How do we think about that? And has the opportunity narrowed or widened since maybe we first started talking about them 18 months ago, 24 months ago?

David Somo

Yes. So I'll take that one, Casey. We are now -- the level of depth in the discussions with Stellantis towards working for the solid-state contactor program has definitely increased. Over the past couple of months, we are working with them very closely on the definition of their system solution level to understand how B-TRAN can be used in their environment to be able to optimize the performance and the capabilities of their system, looking and evaluating different alternatives that extend beyond our contribution to the system. It includes things like packaging and so forth that need to be considered as the total system solution.

And so I'm encouraged with the improved depth of the conversations that we have as we continue to work closely with them for the contactor program. And so that's -- for me helps to understand as the discussions deepen, you get into more details that's typically a positive sign of where things are progressing.

Operator

Well, we appear to have reached the end of our question-and-answer session on the phone lines. I will now turn the call back to Jeff Christensen to read questions submitted through the webcast. Thank you.

Jeff Christensen

Thanks, Jenny. The first question submitted is, why are the foundry agreement and functional first silicon so important for Ideal Power?

Timothy Burns

Yes. And I kind of addressed this in responding to one of Casey's questions, but One, it's a long-term supply agreement, right? So this will allow us not just to get through the initial ramp, which we had already planned for with our existing fabs, but really gets us in a place where several years out when things like automotive volumes are potentially much more significant. We have an existing relationship now that will support that.

The other thing, obviously, is in a larger fab, more established fab, there's a cost structure, right? So I had mentioned in answering Casey, that we believe that we can get to our targeted gross margins at scale with this new foundry relationship. And we have. And it does provide confidence to the customers because they'll recognize the fab if we disclose it to them under NDA, and they'll know that we'll be able to supply them even if their volumes grow very rapidly.

Jeff Christensen

[Operator Instructions]

Our next submitted question was what gives management confidence that Ideal Power was successfully commercialized?

David Somo

Yes, I'll take that one, Jeff. And I think you laid that out during the prepared remarks, but essentially, there are 3 I would say. One is that B-TRAN possesses benefits and advantages for the applications that we're targeting, primarily around solid-state circuit protection that span data centers, energy infrastructure and EV applications. We think we have some unique and differentiated capabilities that I described during the call that serve us well and make us very competitive in those applications.

The second is the continued expansion of customer engagements and our sales opportunity funnel. I'm seeing continued progress with adding new opportunities to the funnel and deepening engagements with customers. That helps move us along that development time line in working towards production systems.

And then the final is that we're actually going to be in the right place at the right time from a market perspective, with respect to the growth outlook and secular megatrend that's taking place around high-voltage DC for data centers and energy infrastructure, and that fits well with where we've targeted B-TRAN from an applications perspective and from a growth opportunity.

Jeff Christensen

Thank you. Are there a couple of milestones that Ideal Power will achieve with the recent capital raise?

Timothy Burns

Yes. So for us, I mean, our strategy doesn't change on how we're attacking the market. We don't expect enormous increases in our spend just because we have more capital on the balance sheet. We'll continue to be aggressive in managing our cash spend. So what it does do is we have over $40 million -- over $41 million actually on the balance sheet at June 30. So we have a strong balance sheet. That will be viewed very favorably by both vendors and customers as we move forward. So it puts us in a better position to commercialize our technologies and give our partners the confidence that we have adequate capital for several years.

Jeff Christensen

The company issued a shelf registration on July 10. And any additional commentary on that?

Timothy Burns

Yes. So from my perspective, it's good housekeeping. So our prior shelf was expiring or it expired and we wanted to put up a shelf. We have no intention on raising capital right now. We will have it available to issue registered shares if there is a strategic investment that comes along. We're in discussions with companies on that possibility. Obviously, that would be great for validation of the technology and for revenue generation as well. But again, it's -- does not indicate that we have any intent to raise capital. It is just good housekeeping. It's a 3-year instrument. So 2, 3 years from now, there is a reason for us to raise capital or if there's a strategic investment opportunity that comes along, and just gives us the flexibility to these registered shares.

Jeff Christensen

Thank you. The next question is, the company includes in its strategic priorities in the press release and in the presentation to continue to explore strategic opportunities with global market leaders. Is that -- the question about that was, does that mean corporate investors taking equity stakes or -- and/or is that the investment community?

David Somo

So it would be customers, right? So this would be a customer that is going to potentially adopt our technology. It gives them an incentive for us to succeed. We could potentially have a very positive relationship in terms of driving revenue growth. And we had a lot of the large companies that we're talking to in terms of prospective customers have equity branches that actually do invest in key suppliers and key technologies for their OEM products. So that's what we're potentially looking at there.

Jeff Christensen

[Operator Instructions]

The next submitted question was what third-party validations exist around B-TRAN? Any comment on that?

Timothy Burns

So we're in the process of -- and David talked about this extensively in his comments, but going through JEDEC qualification for the industrial markets, which is key for our near-term revenue opportunities. We also will align our time line for automotive qualification with the automotive opportunities in our pipeline, including Stellantis. We've worked with multiple actual third-party testing houses to generate a lot of data on B-TRAN. A lot of that is included in the data sheets that we have published on our website.

And all of our customers just don't take for granted what's in the data sheet. They evaluate the technology. They bring it into their lab. They test it themselves to understand the operating conditions and how it operates under different conditions. So from that perspective, I think we're in really good shape.

Jeff Christensen

The next submitted question is, can you help investors understand the types of current customer paid engagements?

Timothy Burns

Yes. So for us right now, there's a couple really. So one is product sampling and development kits. And these are generally will be small volume orders where they want to get the technology in their lab and evaluate it for use in their applications. The other thing is potentially NRE fees for custom development projects. So if prospective customer wants, for instance, a custom package for their application, that's something that we would potentially do and earn NRE dollars for doing that. So those are the main types of revenue near term. And then longer term, obviously, we'll be looking at much higher volume orders in some of these companies actually adopt our technology for their end products.

Jeff Christensen

Thank you. That concludes our question-and-answer session. I would now like to turn the call over to -- back over to David Somo for closing remarks.

David Somo

Thanks, Jeff. I want to thank our employees. Their innovation and hard work are what's driving our progress. And thank you to everyone who joined us today and your support. I look forward to our next quarterly results call in November as we execute on our plan to commercialize B-TRAN.

Operator, you may end the call.

Operator

Thank you very much. This concludes today's conference call. All parties may disconnect and have a great day.