Core Insights - iPower Inc. has achieved a significant milestone with the delivery of its packaging production line, which is part of its "Made-in-USA" initiative aimed at enhancing domestic manufacturing capabilities [1][2] - The company has received confirmed purchase orders and strong interest from prospective customers, indicating a positive market response to its manufacturing efforts [2] - The assembly of the production line is expected to take about one week, followed by a test run phase of two to four weeks, with full-scale production anticipated to commence shortly thereafter [3] Company Overview - iPower Inc. is a data and technology-driven e-commerce retailer and infrastructure company, focusing on expanding its manufacturing and logistics capabilities [5] - The company operates a nationwide fulfillment network and is actively pursuing initiatives in digital asset strategy and blockchain integration [5] - United Package NV LLC, a joint venture between iPower Inc. and Custom Cup Factory, is dedicated to establishing scalable U.S.-based packaging manufacturing operations [4]

Core Viewpoint - iPower Inc. is advancing its digital asset strategy to integrate blockchain capabilities into its operations and product offerings, aiming to enhance capital efficiency and generate income from reserve holdings [1][4][5] Digital Asset Treasury Strategy - iPower plans to allocate capital towards acquiring digital assets as reserve assets, utilizing institutional-grade lending structures to generate low-risk, predictable yields while preserving principal [3] - This strategy is designed to enhance capital efficiency and align with the company's responsibilities as a publicly traded entity [4] Consumer Crypto Product Roadmap - iPower is developing consumer-focused digital asset offerings, including: - Cloud Mining Resale for simplified access to mining rewards [5] - Hardware Wallet Distribution for self-custody solutions [5] - Crypto Financial Product Referrals for curated yield and custody solutions [5] - These products aim to integrate seamlessly into iPower's existing distribution channels, emphasizing utility, education, and security [5] Platform Infrastructure - iPower is preparing a commercial SaaS platform to support cross-border e-commerce, evaluating the use of stablecoin infrastructure for faster and lower-cost international settlements [6] Positioning and Vision - iPower invites strategic partners and investors to participate in building a sustainable crypto-native infrastructure, emphasizing a balanced strategy across treasury, product, and platform layers [7][8] - The company has a long history in e-commerce logistics and fulfillment, which positions it well for future growth in the digital asset space [8]

Core Viewpoint - iPower Inc. is undergoing a strategic transformation to become a crypto treasury and blockchain infrastructure services company, focusing initially on building a Bitcoin treasury strategy as a key growth component [1][2][5]. Group 1: Strategic Shift - The company plans to accumulate Bitcoin as a treasury reserve asset to create a long-term store of value and enhance financial resilience [2][3]. - CEO Lawrence Tan emphasized that the decision to enter Bitcoin is based on a long-term view of digital assets as a viable treasury component, aligning with the company's goals of enhancing balance sheet resilience [3][5]. Group 2: New Services and Integration - iPower intends to expand into blockchain-related retail services, leveraging its operational expertise to deliver consumer-facing offerings [3][4]. - The new services will be integrated into iPower's proprietary SuperSuite platform, which will evolve to support both eCommerce and blockchain-aligned business solutions [4][5]. Group 3: Future Outlook - The strategic pivot reflects iPower's goal of aligning operations with future-facing technologies and market demand, with a primary focus on the digital asset economy and consumer access to blockchain tools [5][6]. - Additional updates regarding treasury activities, new product offerings, and partnerships are expected in the coming months [6].

Core Insights - iPower Inc. has announced a strategic partnership with Borg Rise U.S. to enhance its omnichannel presence through influencer-driven and content-based sales models on platforms like TikTok, Instagram, and YouTube [1][3] - The collaboration aims to leverage Borg Rise U.S.'s network of content creators and livestreaming infrastructure to create innovative social commerce campaigns that enhance consumer engagement and conversion [2][5] Company Overview - iPower Inc. is a tech and data-driven online retailer providing value-added eCommerce services, with capabilities including a full spectrum of online channels, robust fulfillment capacity, and a nationwide warehouse network [4] - Borg Rise U.S. focuses on livestreaming, influencer marketing, and cross-border social commerce, empowering brands through immersive digital experiences [5] Strategic Goals - The partnership will co-develop influencer campaigns, live selling initiatives, and digital storefronts to enhance iPower's service offerings in social commerce [7] - The collaboration will utilize content performance data to improve targeting and personalization, helping emerging brands scale through creator ecosystems [7]

Core Viewpoint - iPower Inc. has initiated a new manufacturing strategy by making a deposit payment for a fully integrated equipment line, marking a significant step in its "Made in USA" initiative under the SuperSuite platform [1][2]. Group 1: Manufacturing Strategy - The deposit payment secures the start of equipment production for iPower's joint venture, United Package NV LLC, aimed at reshoring manufacturing capabilities [2]. - The equipment production is expected to be completed within two months, with a full operational launch targeted for Q4 2025 [2]. Group 2: Strategic Goals - The CEO of iPower emphasized that this investment strengthens operational resilience and enhances value for partners and customers through improved delivery and quality control [3]. - The initiative aims to build a sustainable supply chain ecosystem in the U.S. by localizing key manufacturing functions [3]. Group 3: Joint Venture Benefits - United Package will leverage iPower's digital sales infrastructure and nationwide fulfillment capabilities, along with its partner's offline sales channels and established B2B customer base, to enhance market efficiency [3][4]. - The joint venture is designed to provide comprehensive support for domestic manufacturing, including legal compliance, facility setup, labor sourcing, logistics, and last-mile delivery [4]. Group 4: Operational Improvements - The initiative is expected to lead to shorter lead times and improved delivery reliability, localized control over production timelines and quality, optimized inventory management with real-time visibility, and expanded access to both digital and traditional sales channels [8].

Core Viewpoint - iPower Inc. has announced the formation of a joint venture, United Package NV LLC, marking a significant step in establishing a "Made in USA" manufacturing initiative within its SuperSuite Supply Chain Platform [1][2][3] Group 1: Joint Venture and Manufacturing Initiative - The joint venture aims to create a localized manufacturing infrastructure in the U.S. focused on producing packaging materials to meet the growing demands of domestic businesses [2][3] - This initiative is part of iPower's strategy to reshore critical manufacturing capabilities and enhance supply chain resilience [3][4] Group 2: Benefits of the "Made in USA" Module - The "Made in USA" module within the SuperSuite is designed to support manufacturing initiatives by providing legal guidance, facility planning, workforce development, and access to distribution and e-commerce infrastructure [3][7] - Key benefits include faster turnaround times, reduced exposure to global shipping volatility, enhanced sustainability, transparent vendor collaboration, and improved inventory responsiveness [7] Group 3: Future Plans - iPower plans to expand its "Made in USA" initiative by forming additional strategic ventures and supporting a new wave of domestic manufacturers across various categories [4]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $16.6 million, down from $23.3 million in the prior year, primarily due to lower product sales to the largest channel partner, partially offset by growth in SuperSuite offerings [12] - Gross profit decreased to $7.2 million from $10.3 million year-over-year, with gross margin at 43.3% compared to approximately 47% in the previous year [13] - Net loss attributable to iPower was $340,000 or a loss of $0.01 per share, compared to net income of $1 million or a profit of $0.03 per share in the same period last year [15] - Cash and cash equivalents were $2.2 million as of March 31, 2025, down from $7.4 million at June 30, 2024, while total debt was reduced by 43% to $3.6 million [15][16] Business Line Data and Key Metrics Changes - SuperSuite now accounts for approximately 20% of total revenue, indicating significant adoption of integrated supply chain offerings [6] - The company is enhancing SuperSuite capabilities by adding functions from value-added partners across logistics, merchandising, and data analytics [6][7] Market Data and Key Metrics Changes - The majority of supplies are still sourced from China, although there is a growing presence of US-based suppliers [18] - The company is actively diversifying its supply chain to reduce dependency on international logistics and respond to geopolitical dynamics [9][10] Company Strategy and Development Direction - The company is focusing on building a more agile and durable supply chain by expanding manufacturing into the US and onboarding more US-based suppliers [5] - The "Made in USA" initiative aims to support domestic manufacturing by providing resources for legal compliance, facility sourcing, and local management [7][8] - The company is committed to enhancing operational efficiency and building a resilient supply chain as a strategic priority [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a cautious demand environment but believes that diversification efforts and the momentum in SuperSuite will help navigate current market conditions [11] - The company is taking a disciplined approach to capital allocation while strengthening its operational foundation [10][11] Other Important Information - The company has reduced operating expenses by 15% to $7.4 million, driven by lower general and administrative costs [14] - The ongoing efforts to diversify the supply chain and optimize operations are expected to deliver long-term value to customers and shareholders [16] Q&A Session Summary Question: What is the exposure to different geographies based on sales in Q3? - Management indicated that while Southeast Asia is growing, the majority of supplies still come from China, with US-based suppliers now onboarded [18] Question: How does the current inventory situation affect the largest channel partner's reordering? - Management emphasized the importance of maintaining adequate inventory levels in the US to balance overall demand and avoid overstocking [20] Question: What expertise does the company have in supporting the "Made in USA" initiative? - Management highlighted their established sales channels, product capabilities, and understanding of local policies as critical to successfully launching manufacturing in the US [24]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $16.6 million, down from $23.3 million in the prior year, primarily due to lower product sales to the largest channel partner, partially offset by growth in SuperSuite offerings [13] - Gross profit decreased to $7.2 million from $10.3 million, with gross margin at 43.3% compared to approximately 47% in the previous year, driven by an increase in services income [14] - Net loss attributable to iPower was $340,000 or a loss of $0.01 per share, compared to net income of $1 million or a profit of $0.03 per share in the same period last year [16] - Cash and cash equivalents were $2.2 million as of March 31, 2025, down from $7.4 million at June 30, 2024, while total debt was reduced by 43% to $3.6 million [16][17] Business Line Data and Key Metrics Changes - SuperSuite now accounts for approximately 20% of total revenue, indicating significant adoption of integrated supply chain offerings [6] - The company is enhancing SuperSuite capabilities by adding functions from value-added partners across logistics, merchandising, and data analytics [6][8] Market Data and Key Metrics Changes - The majority of supplies are still sourced from China, although there is an ongoing effort to diversify suppliers, including onboarding US-based suppliers [19] - The company is actively engaging with a sales partner in the US to establish a comprehensive domestic production line, reflecting a strategic shift towards local manufacturing [9][11] Company Strategy and Development Direction - The company is focusing on diversifying its supply chain and expanding manufacturing into the US to build a more agile and durable supply chain [5][10] - The Made in USA initiative aims to support domestic manufacturing by providing resources for legal compliance, facility sourcing, and access to sales channels [8][9] - The commitment to enhancing operational efficiency and building a resilient supply chain remains a strategic priority [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a cautious demand environment but believes that diversification efforts and the momentum in SuperSuite will help navigate current market conditions [12] - The company is taking a disciplined approach to capital allocation while strengthening its operational foundation [11][12] Other Important Information - The company has reduced operating expenses by 15% to $7.4 million, driven by lower general and administrative costs and reduced selling and fulfillment expenses [14][15] - The ongoing efforts to diversify the supply chain are expected to yield operational benefits, including improved production economics and streamlined logistics [11][17] Q&A Session Summary Question: What is the exposure to different geographies based on sales in Q3? - Management indicated that while Southeast Asia is growing, the majority of supplies still come from China, with efforts ongoing to diversify further [19] Question: How does the inventory situation affect the largest channel partner's reordering? - Management emphasized the importance of maintaining adequate inventory levels in the US to balance overall demand and avoid overstocking [20][22] Question: What expertise does the company have in supporting the Made in USA initiative? - Management highlighted their established sales channels, product capabilities, and understanding of local policies as critical components for successfully launching manufacturing in the US [25][26][27]

[PART I. Financial Information](index=4&type=section&id=PART%20I.%20Financial%20Information) [Item 1. Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The unaudited statements show decreased assets, lower revenue, and a net loss for Q3 FY2025 [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities declined, driven by a significant drop in cash and repayment of loans Condensed Consolidated Balance Sheet Data (in USD) | Balance Sheet Item | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash and cash equivalents | $2,192,254 | $7,377,837 | | Accounts receivable, net | $10,179,237 | $14,740,093 | | Inventories, net | $9,772,699 | $10,546,273 | | **Total Assets** | **$40,506,481** | **$51,295,857** | | **Current Liabilities** | | | | Accounts payable, net | $8,034,949 | $11,227,116 | | Revolving loan payable, net (current) | $– | $5,500,739 | | **Total Liabilities** | **$19,788,534** | **$28,279,824** | | **Total Stockholders' Equity** | **$20,717,947** | **$23,016,033** | [Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20(Loss)%20Income) Q3 FY2025 revenue fell 28.9%, resulting in a net loss of $0.34 million versus a prior-year profit Three Months Ended March 31, (in USD) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $16,569,678 | $23,308,508 | -28.9% | | Gross Profit | $7,176,974 | $10,367,109 | -30.8% | | (Loss) Income from Operations | $(269,003) | $1,601,276 | -116.8% | | Net (Loss) Income Attributable to iPower Inc. | $(339,599) | $1,016,082 | -133.4% | | Basic & Diluted EPS | $(0.01) | $0.03 | -133.3% | Nine Months Ended March 31, (in USD) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenues | $54,650,770 | $66,617,004 | -18.0% | | Gross Profit | $24,054,757 | $29,444,194 | -18.3% | | (Loss) from Operations | $(2,331,830) | $(2,219,748) | +5.0% | | Net Loss Attributable to iPower Inc. | $(2,150,061) | $(2,185,261) | -1.6% | | Basic & Diluted EPS | $(0.07) | $(0.07) | 0.0% | [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations turned negative, and total cash decreased by $5.2 million in the nine-month period Cash Flow Summary for Nine Months Ended March 31, (in USD) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(500,214) | $5,151,956 | | Net cash used in investing activities | $(1,519,928) | $– | | Net cash used in financing activities | $(3,168,925) | $(6,100,000) | | **Change in Cash and Cash Equivalents** | **$(5,185,583)** | **$(1,020,918)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the VIE structure, a $1.57 million credit loss, debt amendments, a legal settlement, and high revenue concentration with Amazon - The company recorded a credit loss of **$1,569,029** for the nine months ended March 31, 2025, after determining that the collectability of certain amounts withheld by sales channel partners was remote[40](index=40&type=chunk)[92](index=92&type=chunk) - On November 8, 2024, the company amended its credit agreement with JPMorgan Chase, reducing the aggregate revolving commitment to **$15 million** and extending the maturity date to November 8, 2027[102](index=102&type=chunk) - The company settled a legal dispute with Boustead Securities for **$1.3 million**, paid in four installments, which was fully paid off as of March 31, 2025[162](index=162&type=chunk) - For the nine months ended March 31, 2025, sales through Amazon accounted for **85% of the company's total revenues**[149](index=149&type=chunk) - During the quarter ended March 31, 2025, the company reassessed stock option performance conditions, resulting in a reversal of **$674,720** in previously recorded stock-based compensation expense[137](index=137&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the revenue decline due to tariff uncertainty, decreased operating expenses, and reduced liquidity [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q3 revenue fell 28.9% due to tariff uncertainty, leading to an operating loss, while nine-month revenue dropped 18.0% - Q3 2025 revenue decreased **28.9% YoY**, primarily due to uncertainty over tariffs and a reduction in Amazon vendor orders[178](index=178&type=chunk) - Nine-month 2025 revenue decreased **18.0% YoY**, mainly from a decrease in sales volume as the company offered fewer promotions and clearance activities[188](index=188&type=chunk) - Q3 2025 operating expenses decreased **15.1% YoY**, mainly due to a $1.4 million decrease in G&A expenses, which included a reversal of stock-based compensation expense of $674,720[181](index=181&type=chunk) - Nine-month 2025 operating expenses decreased **16.7% YoY**, driven by a $6.4 million reduction in selling and fulfillment expenses, partially offset by a $1.1 million increase in G&A expenses[191](index=191&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) Cash decreased by $5.2 million to $2.2 million, but management believes liquidity is sufficient for the next 12 months Liquidity Overview (in millions USD) | Metric | March 31, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $2.2 | $7.4 | | Working Capital | $11.9 | $11.2 | - Net cash used in operating activities for the nine months ended March 31, 2025 was **$(500,214)**, a significant decline from $5,151,956 in cash provided by operations in the prior year period[201](index=201&type=chunk) - The company has approximately **$11.5 million in unused credit** under its revolving line of credit with JPM[198](index=198&type=chunk) [Critical Accounting Policies and Estimates](index=45&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Key accounting estimates involve revenue recognition, credit loss allowances, inventory valuation, and goodwill impairment - Key critical accounting policies include: **Revenue Recognition, Accounts Receivable, Inventory, Variable Interest Entities, Goodwill, Intangible Assets, Stock-based Compensation, and Income Taxes**[205](index=205&type=chunk)[206](index=206&type=chunk)[210](index=210&type=chunk)[213](index=213&type=chunk) - The company recorded an additional allowance for credit losses of **$1,569,031** for the nine months ended March 31, 2025, after determining the collectability of certain amounts from sales channel partners was remote[212](index=212&type=chunk) - Goodwill is not amortized but is reviewed for impairment annually or when triggering events occur; **no impairment was noted** during the nine months ended March 31, 2025[219](index=219&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is a smaller reporting company and is not required to provide this information - As a "smaller reporting company," iPower Inc. is **not required to provide** quantitative and qualitative disclosures about market risk[227](index=227&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that internal controls over financial reporting were not effective due to a material weakness - Management concluded that as of March 31, 2025, the company's internal controls over financial reporting were **not effective**[229](index=229&type=chunk) - The identified material weakness relates to controls over the financial statement closing process, which were **not adequately designed** to identify material misstatements on a timely basis[229](index=229&type=chunk) - **Remediation plans** are being implemented, including hiring additional accountants and consultants[229](index=229&type=chunk) [PART II. Other Information](index=49&type=section&id=PART%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently party to any material legal proceedings - The company is **not presently party** to any material legal proceedings or claims[232](index=232&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) Key risks include potential Nasdaq delisting for low stock price and significant uncertainty from U.S.-China trade policies - The company received a notice from Nasdaq for failing to meet the minimum $1.00 bid price requirement and faces a **potential delisting** if compliance is not regained by July 1, 2025[234](index=234&type=chunk) - Changes in U.S. and international trade policies, particularly with China, pose a significant risk, as **tariff volatility could adversely affect** demand and financial results[237](index=237&type=chunk)[238](index=238&type=chunk) [Item 2. Unregistered Sale of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities were reported during the period - None[240](index=240&type=chunk) [Item 3. Defaults Upon Senior Securities](index=50&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported during the period - None[241](index=241&type=chunk) [Item 4. Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business - Not Applicable[242](index=242&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter - No directors or officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[243](index=243&type=chunk) [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including CEO/CFO certifications and Inline XBRL data - Exhibits filed include **CEO and CFO certifications** (31.1, 31.2, 32.1, 32.2) and Inline XBRL documents[248](index=248&type=chunk)

[Management Commentary](index=1&type=section&id=Management%20Commentary) Management discussed strategic supply chain diversification, SuperSuite business growth, and improved operating expenses and debt reduction - The company is actively diversifying its supply chain by expanding manufacturing into the U.S. and sourcing from new geographies to reduce external volatility[2](index=2&type=chunk) - The **SuperSuite business** has grown to represent approximately **20% of the total revenue mix**, indicating strong demand for its end-to-end supply chain solutions[2](index=2&type=chunk) - Despite revenue challenges, the company achieved a **10% improvement in operating expenses** and reduced **total debt obligations by nearly 20%** during the quarter[2](index=2&type=chunk) [Fiscal Third Quarter 2025 Financial Results](index=1&type=section&id=Fiscal%20Third%20Quarter%202025%20Financial%20Results) iPower reported **$16.6 million** revenue and a **$0.3 million** net loss, offset by improved operating expenses and reduced total debt Fiscal Q3 2025 vs. Fiscal Q3 2024 Key Metrics | Metric | Fiscal Q3 2025 | Fiscal Q3 2024 | | :--- | :--- | :--- | | Total Revenue | $16.6 million | $23.3 million | | Gross Profit | $7.2 million | $10.4 million | | Gross Margin | 43.3% | 44.5% | | Net (Loss) Income | $(0.3) million | $1.0 million | | (Loss) Earnings Per Share | $(0.01) | $0.03 | - The decrease in revenue was primarily driven by lower product sales to the Company's largest channel partner, partially offset by growth in SuperSuite supply chain offerings[3](index=3&type=chunk) - Total operating expenses improved by **15% to $7.4 million**, down from **$8.8 million** in the prior-year quarter, due to optimization initiatives and lower fulfillment costs[6](index=6&type=chunk) - Total debt was reduced by **43% to $3.6 million** as of March 31, 2025, compared to **$6.3 million** as of June 30, 2024, strengthening the company's balance sheet[4](index=4&type=chunk)[7](index=7&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The unaudited condensed consolidated financial statements detail the company's financial position and performance, reflecting reduced assets and liabilities [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to **$40.5 million** and total liabilities significantly reduced to **$19.8 million** Balance Sheet Summary (As of March 31, 2025 vs. June 30, 2024) | Account | March 31, 2025 (Unaudited) | June 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalent | $2,192,254 | $7,377,837 | | Total current assets | $24,805,158 | $35,010,737 | | Total assets | $40,506,481 | $51,295,857 | | Total current liabilities | $12,947,147 | $23,770,015 | | Total liabilities | $19,788,534 | $28,279,824 | | Total stockholders' equity | $20,717,947 | $23,016,033 | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, total revenues were **$16.6 million**, resulting in a **$0.3 million** net loss Statement of Operations Summary (Three Months Ended March 31) | Account | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Total revenues | $16,569,678 | $23,308,508 | | Gross Profit | $7,176,974 | $10,367,109 | | Total operating expenses | $7,445,977 | $8,765,833 | | (Loss) Income from Operations | $(269,003) | $1,601,276 | | Net (Loss) Income Attributable to iPower | $(339,599) | $1,016,082 | | Basic (Losses) Earnings Per Share | $(0.01) | $0.03 | [Conference Call](index=2&type=section&id=Conference%20Call) iPower will host a conference call on May 15, 2025, at 4:30 p.m. ET to discuss fiscal Q3 2025 results, with webcast available - A conference call to discuss results is scheduled for **Thursday, May 15, 2025, at 4:30 p.m. Eastern time**[8](index=8&type=chunk)[10](index=10&type=chunk) - A live webcast and replay of the call will be accessible in the Events & Presentations section of the company's website, **www.meetipower.com**[11](index=11&type=chunk)