Ideal Power Write-up w/Mgmt Analysis (IPWR).

IPWR (deep dive): Pre-commercial power semiconductor attempting B-TRAN commercialization into 800VDC AI data centers & EV applications. New CEO Somo (ex-onsemi) + CCO Russell + COO Beltran since Nov'25. Lazzen strategic deal for SSCBs targeting AI data centers, Asian module LOI, Stellantis dev PO. FY25 rev $37K (down from $86K), neg gross margin, $10.6M net loss. Feb'26 raise $12.6M, ~$16M cash post-Q1. $200M 3yr qualified funnel, not backlog. Key catalyst: Lazzen production order late 2026. Trades ~$3.80, ~$59M FD mkt cap, ~$43M EV. WestPark PT $10.75 (financing advisor, thin). Risks: customer conversion, automotive qual cycles, mfg yield on 6' wafers, incumbent SiC/GaN ecosystems, dilution. Bull case: NVIDIA 800VDC architecture shift validates bidirectional static protection need; 30%+ funnel conversion = ~$20M/yr rev approaching breakeven at 40-60% GM. Bear: tech advantages don't translate to production orders before next dilutive raise. Mgmt quality 6.5/10: right semiconductor commercialization background but <6mo tenure, zero revenue proof. Milestone-driven asymmetric option; size for binary commercialization validation, not fundamentals.

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