Ideal Power (NASDAQ: IPWR) reported Q2 EPS of ($0.28), $0.04 better than the analyst estimate of ($0.32). Revenue for the quarter came in at $1.2 million versus the consensus estimate of $1.07 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. We achieved key certifications for our grid-resilient 30 kW products and shipped our first grid-resilient 125kW 2 port and multi-port PCS for applications where certification is not mandatory. We expect our grid-resilient 125 kW PCS, which is scheduled to be certified later this year, to be a significant growth driver for Ideal Power going forward," stated Dan Brdar, Chairman and CEO.

"After recently attending the Energy Storage Association Conference and Intersolar North America Conference, it is evident that energy storage has gained a great deal of momentum. 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. Many of these companies want a turn-key solution that is competitive in price, offers the best performance and payback, and is backed by a company who can provide financing and a performance guarantee. 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 while creating barriers to entry," Mr. Brdar went on to say.

For earnings history and earnings-related data on Ideal Power (IPWR) click here.