RANCHO CUCAMONGA, Calif., May 20, 2024 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq: IPW) ("iPower" or the "Company"), a tech and data-driven online retailer and supplier of consumer home, pet and garden products, as well as a provider of value-added ecommerce services, today announced the first anniversary of its SuperSuite supply chain business ("SuperSuite") and key differentiators fueling its transformative growth. "Since its inception in 2023, SuperSuite has emerged as a critical partner for innovative prod ...

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iPower Inc. (IPW) posted third-quarter fiscal 2024 results, wherein the top and bottom lines beat the Zacks Consensus Estimate. Also, both metrics improved year over year. The company witnessed robust performance during the quarter, registering double-digit revenue growth, gross margin expansion and improved operating leverage. It continues to drive savings in selling and performance operations, benefiting from a healthier supply-chain environment and reduced inventory levels. iPower emphasizes revenue dive ...

Over the last four quarters, the company has surpassed consensus EPS estimates two times. iPower, which belongs to the Zacks Consumer Products - Discretionary industry, posted revenues of $23.31 million for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 25.32%. This compares to year-ago revenues of $20.23 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recent ...

[PART I. Financial Information](index=3&type=section&id=PART%20I.%20Financial%20Information) [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The company presents its unaudited quarterly financial statements and notes, detailing key accounting policies and events [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities decreased to $50.4 million and $31.4 million respectively, driven by lower inventory and loan balances Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | March 31, 2024 | June 30, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $33,062,815 | $41,259,270 | | Inventories, net | $11,872,286 | $20,593,889 | | Cash and cash equivalents | $2,714,724 | $3,735,642 | | **Total Assets** | **$50,416,673** | **$60,094,287** | | **Total Current Liabilities** | $26,499,251 | $23,332,308 | | **Total Liabilities** | **$31,449,053** | **$39,229,546** | | **Total Stockholders' Equity** | **$18,967,620** | **$20,864,741** | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The company achieved a quarterly net income of $1.0 million, a significant turnaround from a prior-year loss of $1.5 million Statement of Operations Summary (Unaudited) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Nine Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $23,308,508 | $20,225,619 | $66,617,004 | $65,502,882 | | **Gross Profit** | $10,948,338 | $7,791,721 | $30,025,423 | $25,746,963 | | **Income (Loss) from Operations** | $1,601,276 | $(1,811,198) | $(2,219,748) | $(10,487,070) | | **Net Income (Loss) Attributable to iPower Inc.** | $1,016,082 | $(1,530,534) | $(2,185,261) | $(9,003,349) | | **Diluted EPS** | $0.03 | $(0.05) | $(0.07) | $(0.30) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations was $5.2 million for the nine-month period, a decrease from $7.8 million in the prior year Cash Flow Summary for Nine Months Ended March 31 (Unaudited) | Cash Flow Activity | 2024 | 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $5,151,956 | $7,785,832 | | **Net cash used in investing activities** | $0 | $(144,885) | | **Net cash used in financing activities** | $(6,100,000) | $(8,002,476) | | **Change in Cash** | $(1,020,918) | $(402,452) | | **Cash and cash equivalent, end of period** | $2,714,724 | $1,419,495 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a product mix shift, high customer concentration with Amazon, and a significant subsequent legal settlement - For the nine months ended March 31, 2024, sales of hydroponic products decreased to **21.7% of total sales** from 46% in the prior-year period[66](index=66&type=chunk) - The company performed a qualitative goodwill impairment analysis and noted **no impairment** for the period ended March 31, 2024, with the balance remaining at $3,034,110[46](index=46&type=chunk)[235](index=235&type=chunk) - For the nine months ended March 31, 2024, **Amazon accounted for 91% of total revenues**, indicating significant customer concentration[157](index=157&type=chunk) - On April 3, 2024, the company entered into a **$1.3 million settlement agreement** with Boustead Securities, LLC, to resolve a FINRA arbitration case[172](index=172&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Quarterly revenue grew 15.2% and gross margin improved to 47.0%, driving a return to operating profitability [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Q3 revenue grew 15.2% to $23.3 million and gross margin expanded to 47.0%, leading to operating income of $1.6 million Q3 Financial Performance vs. Prior Year | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Variance | | :--- | :--- | :--- | :--- | | Revenues | $23,308,508 | $20,225,619 | 15.24% | | Gross Profit | $10,948,338 | $7,791,721 | 40.51% | | Gross Profit % | 46.97% | 38.52% | N/A | | Operating Income (Loss) | $1,601,276 | $(1,811,198) | 188.41% | | Net Income (Loss) | $1,012,469 | $(1,533,772) | 166.01% | - The increase in Q3 revenue was mainly due to **higher sales volume from Amazon** and growth in the Company's SuperSuite supply chain offerings[195](index=195&type=chunk) - The increase in Q3 gross profit ratio was mainly driven by **slightly increased selling prices and a decrease in freight charges**[197](index=197&type=chunk) - The decrease in nine-month operating expenses was largely due to a **$3.1 million impairment loss on goodwill** recorded in the prior-year period that did not recur[209](index=209&type=chunk) [Liquidity and Capital Resources](index=48&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity is supported by cash from operations and a JPM credit facility, which is currently under renewal negotiation - Cash and cash equivalents **decreased by $1.0 million** to $2.7 million as of March 31, 2024, from June 30, 2023[215](index=215&type=chunk) - The company's asset-based revolving loan with JPM, which had approximately **$18 million in unused credit available**, matures on November 12, 2024, and is currently being renewed[217](index=217&type=chunk)[218](index=218&type=chunk) - Working capital **decreased to $6.6 million** as of March 31, 2024, from $17.9 million as of June 30, 2023[219](index=219&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a "smaller reporting company," the company is not required to provide market risk disclosures - As a "smaller reporting company," iPower is **not required to provide** quantitative and qualitative disclosures about market risk[245](index=245&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective due to identified material weaknesses - Management concluded that **internal controls over financial reporting were not effective** as of March 31, 2024[247](index=247&type=chunk) - **Material weaknesses** identified include ineffective communication in subsidiaries and inadequately designed financial closing process controls[247](index=247&type=chunk) - Management is implementing remediation plans, including **hiring additional personnel** and implementing new controls and procedures[247](index=247&type=chunk) [PART II. Other Information](index=54&type=section&id=PART%20II.%20Other%20Information) [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company settled a FINRA arbitration case with Boustead Securities for $1.3 million subsequent to the quarter's end - On April 3, 2024, the company **settled a FINRA arbitration case** with Boustead Securities, LLC (BSL) for $1.3 million[251](index=251&type=chunk) - The settlement resolves a dispute over the company's choice of underwriter for its IPO and is being paid in **four equal installments of $325,000**[251](index=251&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) The company faces a potential delisting from Nasdaq due to its failure to maintain the minimum bid price requirement - The company is at **risk of being delisted from Nasdaq** for failing to meet the minimum $1.00 bid price requirement[253](index=253&type=chunk) - Nasdaq has granted an extension until **August 19, 2024**, for the company to regain compliance[254](index=254&type=chunk) - The company is considering available options, including a **potential reverse stock split**, to regain compliance before the deadline[253](index=253&type=chunk)[255](index=255&type=chunk) [Unregistered Sale of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[256](index=256&type=chunk) [Defaults Upon Senior Securities](index=54&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None[257](index=257&type=chunk) [Mine Safety Disclosures](index=55&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[258](index=258&type=chunk) [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter - No director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the quarter[259](index=259&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including CEO/CFO certifications and XBRL data files - Lists filed exhibits, including **CEO/CFO certifications (302 and 906)** and XBRL data[260](index=260&type=chunk)[262](index=262&type=chunk)

Exhibit 99.1 iPower Reports Fiscal Third Quarter 2024 Results Fiscal Q3 Revenue up 15% to $23.3 Million Driven In-Part by Accelerated Growth of iPower SuperSuite Business Gross Margin Expansion and Improved Operating Leverage Enables Return to Profitability Strong Fiscal Q3 Performance Lays Foundation for Further Growth and Profitability DUARTE, CA, May 14, 2024 -- iPower Inc. (Nasdaq: IPW) ("iPower" or the "Company"), a tech and data-driven online retailer and supplier of consumer home, pet and garden prod ...

RANCHO CUCAMONGA, Calif., April 29, 2024 (GLOBE NEWSWIRE) -- iPower Inc. (NASDAQ:IPW) ("iPower" or the "Company"), a tech and data-driven online retailer and supplier of consumer home, pet and garden products, as well as a provider of value-added ecommerce services, will host a conference call on Tuesday, May 14, 2024 at 4:30 p.m. Eastern time to discuss its financial results for the fiscal third quarter ended March 31, 2024. The Company's results will be reported in a press release prior to the call. iPowe ...

RANCHO CUCAMONGA, Calif., April 15, 2024 (GLOBE NEWSWIRE) -- iPower Inc. (NASDAQ:IPW) ("iPower" or the "Company"), a tech and data-driven online retailer and supplier of consumer home and garden products, as well as a provider of value-added ecommerce services, today announced its Chief Financial Officer, Kevin Vassily, will participate in the upcoming Water Tower Research Fireside Chat Series taking place virtually on Thursday, April 18, 2024 at 2:00 p.m. ET. The fireside will be hosted by Thierry Wuilloud ...

For the quarterly period ended December 31, 2023 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File Number 001-40391 iPower Inc. (Exact name of registrant as specified in its charter) (State ...

Financial Data and Key Metrics Changes - Net loss attributable to the company improved by $1.3 million, resulting in a loss of $0.04 per share compared to a net loss of $4.2 million or $0.14 per share in the same period of fiscal 2023 [11] - Total revenue increased by 2% to $26.5 million compared to $26 million in the prior year, driven by growth from super suite supply chain offerings and strong sales from in-house products [36] - Gross profit increased by 18% to $11.8 million compared to $10 million in the same quarter of fiscal 2023, with gross margin rising 600 basis points to 44.4% [36] Business Line Data and Key Metrics Changes - Sales of in-house products accounted for over 90% of total revenue, with strong results in fans, shelving, and outdoor pergola furniture [15] - Non-hydroponics products represented over 75% of total revenue for the second consecutive quarter, indicating a successful diversification strategy [15] Market Data and Key Metrics Changes - The super suite supply chain partnerships are generating approximately $600,000 in monthly revenue, contributing to the overall revenue growth [16] - Cash flow from operations improved significantly to $4 million compared to less than $400,000 in the prior fiscal year, driven by better supply chain conditions [18] Company Strategy and Development Direction - The company is focusing on diversifying its revenue mix and achieving greater operational efficiencies while continuing to invest in high-quality hydroponics products as dictated by consumer demand [15][35] - The company is leveraging social commerce channels, particularly TikTok, to enhance brand reputation and drive product sales [8][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer demand for their product portfolio and highlighted the importance of operational improvements and debt reduction [35][38] - The company is well-positioned to capitalize on prospective acquisition opportunities while executing profitable growth initiatives [35] Other Important Information - Total operating expenses improved by 11% to $13 million compared to $14.6 million for the same period in 2023, primarily due to a decrease in impairment loss on goodwill [17] - Cash and cash equivalents were $2.7 million as of September 30, 2023, down from $3.7 million on June 30, 2023, while total debt decreased to $7 million from $11.8 million [37] Q&A Session Summary Question: Insights on TikTok as a selling platform - Management noted that TikTok is ramping up quickly, with home and kitchen goods performing well, and highlighted the attractive economics of selling on the platform due to lower merchant fees and subsidized shipping [20][22] Question: Future gross margin expectations - Management indicated that gross margins are expected to remain above 40% in a steady-state environment, with fluctuations based on product mix and sales performance [24][41] Question: Expansion of SuperSuite partnerships - Management confirmed plans to continue adding high-quality partners to the SuperSuite business, with expectations for revenue growth in that category [28][29]