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ITXP on OTC

Independence Power Holdings, Inc.

Independence Power Holdings, Inc. is an American engineering, accounting, research, management services company.1 It is headquartered in Dallas, Texas.1 Its shares trade on OTC under the symbol ITXP.1

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Last updated Oct 21, 2026.

Overview

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  • TickerITXP on OTC1
  • IndustryServices-Engineering, Accounting, Research, Management1
  • HeadquartersDallas, Texas1
  • Incorporated inNV2
  • Business address14114 N. Dallas Parkway, Suite 200, Dallas, Tx 752542
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2

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Independence Power Holdings, Inc. (f/k/a TriUnity Business Services Limited, the “Company” and, prior to the Merger (as defined herein), “TriUnity”), was incorporated under the laws of the State of Nevada on April 30, 2024. Prior to the Merger, TriUnity was headquartered in Kuala Lumpur, Malaysia and provided business related services such as accounting and bookkeeping, human resources management, payroll, administrative support, head-hunting and recruitment services to companies in Malaysia. Following the Merger, the Company significantly expanded its activities to include the business of Independence Power as described below and moved its headquarters to Dallas, Texas.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

97.4%Gross margin4
88.2%Operating margin4
70.9%Net margin4
93.8%Return on equity4
-$337.3KFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue3¢$2.5M
  • Research and development2¢$1.9M
  • Other costs5¢$5.3M
  • Interest1¢$688.3K
  • Income tax18¢$17.9M
  • Profit71¢$68.9M

Out of $97.2M in revenue.4

Financial statements

Revenue4$97.2M in 2025
0$25.0M$50.0M$75.0M$100.0M2024: $0$020242025: $97.2M$97.2M2025
Gross profit4$94.7M in 2025
0$25.0M$50.0M$75.0M$100.0M2024: $0$020242025: $94.7M$94.7M2025
Operating income4$85.7M in 2025
-$25.0M0$25.0M$50.0M$75.0M$100.0M2024: -$2.8M-$2.8M20242025: $85.7M$85.7M2025
Net income4$68.9M in 2025
-$20.0M0$20.0M$40.0M$60.0M$80.0M2024: -$2.8M-$2.8M20242025: $68.9M$68.9M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenue$97.2M$0
Cost of sales$2.5M$0
Gross profit$94.7M$0
Employment expenses$688.3K$762.8K
Research and development expenses$1.9M$1.1M
General and administrative expenses$6.4M$909.8K
Total operating expenses$9.0M$2.8M
Operating income (loss)$85.7M-$2.8M
Interest income$1.1M$26
Other income, net$24.2K$0
Total other income$1.1M$26
Income (loss) from operations before income taxes$86.8M-$2.8M
Provision for income taxes$17.9M$0
Net income (loss)$68.9M-$2.8M
Basic$0.31-$0.01
Diluted$0.31-$0.01
Basic224.2M shares224.0M shares
Diluted224.2M shares224.0M shares

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What it owns

What Independence Power Holdings, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$1258 Jul 31, 2025$108 Jul 31, 2024+1150.0%
Property and equipment, net$588.5K4 Dec 31, 2025$04 Dec 31, 2024
Operating-lease assets (leased space)$588.5K4 Dec 31, 2025$04 Dec 31, 2024

Intangibles and goodwill

ItemLatestA year beforeChange
Patents, net$298.9K4 Dec 31, 2025$268.2K4 Dec 31, 2024+11.5%

Properties, in its own words

Pursuant to a commercial lease agreement, Independence Power leases a property in Chippewa Falls, WI 54729, consisting of a warehouse of 13,320 square feet and office space of 9,600 square feet, for 12-month periods, beginning January 1, 2025, for a monthly payment of $50,000. The lease must be extended by Independence Power’s written notice 30 days’ prior to the expiration of the previous lease term, and has been extended through December 31, 2026. The leased property houses three BESS units for ongoing research and development, and office spaces as well as other uses and services necessarily related thereto.

The lease contains standard prohibitions against increasing fire insurance rates and against waste, nuisance, or unlawful use. Independence Power procures and maintains public liability insurance. Independence WI pays all utilities furnished to the leased property, and maintains and keeps the leased property in good condition, while Independence Power is responsible for any leasehold improvements made to the leased property. The property is leased from Independence WI LLC, a company owned and controlled by Independence Investors. See “Item 13. Certain Relationships and Related Transactions, and Director independence.”

Item 2 of the 10-K filed Mar 31, 2026.3

Former names

  • TriUnity Business Services LtdOct 8, 2024 to Jan 7, 20262

Timeline

  1. Jul 28, 20268-K Executive or director change9
  2. Apr 14, 20268-K Executive or director change10
  3. Feb 20, 20268-K Executive or director change11
  4. Jan 30, 20268-K Change of auditor; Other events12
  5. Jan 27, 20268-K Change of auditor13
  6. Jan 7, 20268-K Entered a material agreement; Completed an acquisition or sale; Unregistered sale of shares14
  7. Dec 4, 20258-K Entered a material agreement; Unregistered sale of shares; Change in control15

Filings

27 filings to the SEC since October 2021: 2 annual reports, 5 quarterly reports, 7 major events, 13 other. The latest 20:

  1. Aug 17, 202615-15D EDGAR
  2. Aug 11, 202610-Q EDGAR
  3. Jul 28, 20268-K EDGAR
  4. May 12, 202610-Q EDGAR
  5. Apr 14, 20268-K EDGAR
  6. Mar 31, 202610-K EDGAR
  7. Feb 20, 20268-K EDGAR
  8. Jan 30, 20268-K/A FORM -8-K/A EDGAR
  9. Jan 27, 20268-K EDGAR
  10. Jan 7, 20268-K EDGAR
  11. Dec 4, 20258-K EDGAR
  12. Dec 2, 202510-Q EDGAR
  13. Sep 26, 202510-K EDGAR
  14. Jun 13, 202510-Q EDGAR
  15. Apr 7, 202510-Q EDGAR
  16. Feb 21, 2025EFFECT EDGAR
  17. Feb 19, 2025CORRESP EDGAR
  18. Feb 7, 2025S-1/A EDGAR
  19. Feb 4, 2025UPLOAD EDGAR
  20. Jan 28, 2025S-1/A EDGAR

The 27 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Independence Power Holdings, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARIndependence Power Holdings, Inc.1
  • CIK0002025878
  • Employer ID (EIN)35-28511063
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inNevada3
  • Fiscal year endsDecember 311
  • Industry code (SIC)8700 Services-Engineering, Accounting, Research, Management1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address14114 N. Dallas Parkway, Suite 200, Dallas, TX 752541
  • Phone903-944-71211
  • Shares outstanding70,450,000 as of May 12, 20266
  • Public float$21.5K as of Jun 30, 20253
  • AuditorWhitley Penn LLP, Dallas, Texas PCAOB ID 726; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceOct 8, 20241
  • Filings27 in all: 8-K (6), 10-Q (5), S-1/A (5), UPLOAD (4), 10-K (2), 15-15D (1), 8-K/A (1), CORRESP (1)1
    All 10 form types

    EFFECT (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Latest 8-K (8-K) Jul 28, 2026

Risk factors and legal proceedings

The risks Independence Power Holdings, Inc. names in Item 1A of its 10-K filed Mar 31, 2026: 44 risks under these headings, as written.3

  • Risks Related to Our Business
  • We are an early-stage company with an unproven business strategy and may never be able to fully implement our business plan or achieve profitability.
  • Our limited operating history makes it difficult to forecast revenues and plan operating expenses accurately.
  • We recognized a substantial amount of revenue on the GridCore Installation Project, most of it in the form of the GridCore Note, but we expect our revenues in the future to be primarily related to servicing BESS, and there can be no assurance that we will be able to enter into similar installation contracts in the future.
  • We expect to generate revenue in the future primarily related to servicing BESS and we have only one active servicing contract.
  • We may not receive payments under the GridCore Note
  • We may not be able to fully realize the value of the collateral securing the GridCore Note.
  • We are a holding company with no operations and will depend on distributions from our operating subsidiary to provide us with the funds necessary to meet our financial obligations.
  • We face a variety of risks related to our entry into a new line of business following the completion of the Merger and Acquisition of Independence Power.
  • We will require additional funds in the future to achieve our current business strategy, and our inability to obtain funding may cause our business to fail.
  • Technical issues with the Software Platform could disrupt our operations.
  • Our energy storage products and solutions, which are complex, could contain defects, or may not operate at expected performance levels, which may cause us to incur warranty expenses beyond current estimates and could adversely affect our business and results of operations.
The other 33 risks
  • Our customer relationships, business, financial results, and reputation may be adversely impacted due to events and incidents relating to storage, delivery, installation, operation, maintenance, and shutdowns of our energy storage solutions.
  • Substantially all of Independence Power’s revenue to date was derived in the three months ended September 30, 2025 pursuant to a single contract related to the installation of a battery software management system for the GridCore Installation Basin Project, and there can be no assurance that we will be successful in winning new customers for similar installation projects in the future.
  • Our ability to generate service revenue is dependent on our ability to establish and maintain a customer base that will generate a recurring stream of revenues. If that recurring stream of revenues does not increase as expected, our operating results will be adversely affected.
  • We operate in a highly competitive industry, and our inability to compete effectively could materially affect our business.
  • Our business and customer demand for our offerings depends in large part on government incentives and/or regulations relating to the use of renewable energy and/or energy storage.
  • Maintaining and enhancing our reputation and brand recognition is critical in a competitive energy storage market. If we are not able to maintain and strengthen our reputation and brand recognition, our business and results of operations may be harmed.
  • Our limited capital resources may restrict our marketing efforts and ability to attract customers.
  • We expect our operating results to fluctuate from quarter to quarter.
  • The historical financial results of the Company, may not be indicative of what the Company’s actual financial position or results of operations would have been.
  • Our future success depends on our ability to execute key elements of our business plan.
  • Our anticipated growth may strain our limited resources.
  • Our business depends heavily on the continued service of our Chief Executive Officer and Chief Financial Officer, and the loss of their leadership could harm our operations.
  • If we cannot effectively expand our sales and marketing capabilities, our revenues may not grow.
  • Technical issues, including data loss, system outages, or software errors, could impair our platform and lead to customer attrition.
  • We rely on third-party vendors and hosting providers, and interruptions in their services could adversely affect our business.
  • We do not maintain a formal cybersecurity risk management framework, which increases our vulnerability to cyber threats.
  • Risks Related to Our Intellectual Property and Technology
  • As a technology company selling commercial products, we run the risk of being sued by third parties for infringement, misappropriation, dilution, or other violation of their intellectual property or proprietary rights.
  • If our trademarks and trade names are not adequately protected or protectable, we may not be able to build name recognition in our markets of interest, and our competitive position may be harmed.
  • We may not be able to enforce our intellectual property rights throughout the world.
  • Compromises, interruptions, and shutdowns of our systems, including those managed by third parties, whether intentional or inadvertent, could lead to delays in our business operations and, if significant or extreme, affect our results of operations.
  • Risks Related to Ownership of our Class A Common Stock
  • Because we have no current plans to pay regular cash dividends on our Class A Common Stock for the foreseeable future, you may not receive any return on investment unless you sell your Class A Common Stock for a price greater than that which you paid for it.
  • The dual class structure of our Common Stock may adversely affect the trading market for our Class A Common Stock.
  • You may be diluted by future issuances of additional Class A Common Stock or Class B Common Stock; future sales of such shares in the public market, or the expectations that such sales may occur, could lower our stock price.
  • There is a limited market for our common shares, which may make it difficult for you to sell your stock.
  • Risks Related to Our Existing Shareholders
  • David J. Durrett, Independence Investors LLC and its affiliates may exercise substantial influence over us, and they may have interests that differ from those of our other stockholders.
  • The A&R Charter includes a corporate opportunity waiver.
  • Certain of our officers and Directors may have actual or potential conflicts of interest because of their positions with Independence Investors.
  • Risks Related to Nevada Law, the A&R Charter and Anti-Takeover Provisions
  • Case law in Nevada may be less likely to provide guidance for specific fact scenarios than in Delaware.
  • The Company’s directors and officers are protected from liability for a broad range of actions.
  • The A&R Charter provides that the Eighth Judicial District Court of Clark County, Nevada and, except where the NRS confers mandatory sole jurisdiction on the district court of the State of Nevada, any state or federal court located in Dallas County, Texas are the sole and exclusive forums for substantially all disputes between the Company and its stockholders, which could limit the stockholders’ ability to obtain a favorable judicial forum for disputes with the Company or its directors, officers or employees.
  • The Company’s governing documents and Nevada law could discourage takeover attempts and other corporate governance changes.
  • Risks Related to Operating as a Public Company
  • We may be required to incur significant costs and require significant management resources to evaluate our internal control over financial reporting as required under Section 404 of the Sarbanes-Oxley Act, and any failure to comply or any adverse result from such evaluation may have an adverse effect on our stock price.
  • We may not be able to meet the internal control reporting requirements imposed by the SEC, and any such failure could result in a possible decline in the price of our common stock and our inability to obtain future financing.

Legal proceedings

From time to time, we may become involved in legal proceedings arising in the ordinary course of business. As of the date of this Annual Report, we are not a party to any material pending legal proceedings, and, to our knowledge, no such proceedings have been threatened against us.

The opening of Item 3, Legal Proceedings.3

Sources

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