Business
iPower Reports Fiscal First Quarter 2023 Results
- Fiscal Q1 Revenue up 50% to a Record $26.0 Million - - iPower Management to Host Conference Call Today at 4:30 p.m. Eastern Time - DUARTE, Calif., Nov. 14,
About this update from Ipower Inc.
[{"type":"text","content":"- Fiscal Q1 Revenue up 50% to a Record $26.0 Million - - iPower Management to Host Conference Call Today at 4:30 p.m. Eastern Time - DUARTE, Calif., Nov. 14, 2022 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq:IPW) (“iPower” or the “Company”), a leading online retailer and supplier of consumer home and garden products, today announced its financial results for its fiscal first quarter ended September 30, 2022. Fiscal Q1 2023 Results vs. Year-Ago Quarter Total revenue increased 50% to $26.0 million.Gross profit increased 37% to $10.0 million.As a percentage of revenue, gross margin was 38.4% compared to 42.1%.Net loss was $4.3 million or $(0.14) per share as compared to net income of $0.9 million or $0.03 per share. The decline was primarily driven by a $3.1 million goodwill impairment triggered by a decrease in the Company’s market capitalization and the net loss in the quarter. Management Commentary “Fiscal Q1 was a period of strong growth despite contending with lingering challenges in the supply chain,” said Lawrence Tan, CEO of iPower. “We generated 50% year-over-year revenue growth while also increasing our in-house product catalog and diversifying our sales with non-hydroponic products. This shift, coupled with our ability to materially grow sales, demonstrates our superior product research, design and merchandising expertise. “In the next week, we will be unveiling our new corporate rebrand and website. With non-hydroponic products now accounting for the majority of sales, we felt it was prudent to revamp our image to better showcase the new iPower businesses alongside our increasingly diverse product portfolio. This strategic decision will unify iPower’s various products and services as we continue to grow the business both domestically and abroad.” iPower CFO Kevin Vassily added, “Although certain headwinds in the macro environment persist, we have begun to see improvements in shipping lead times and a reduction in freight costs, which will enable us to lower inventory levels and reduce short-term warehouse expenses. We expect this to benefit our operating margins as well as our cash flow. Looking ahead, we plan to continue driving growth in both our hydroponic and non-hydroponic businesses, while maintaining our judicious approach to capital allocation and returning to profitability.”Fiscal First Quarter 2023 Financial Result...