Business
iPower Reports Fiscal Fourth Quarter and Full Year 2023 Results
- Fiscal 2023 Revenue up 12% to Record $88.9 Million, with Cash Flow from Operations of $9.2 Million - - iPower Management to Host Conference Call Today at
About this update from Ipower Inc.
[{"type":"text","content":"- Fiscal 2023 Revenue up 12% to Record $88.9 Million, with Cash Flow from Operations of $9.2 Million - - iPower Management to Host Conference Call Today at 4:30 p.m. Eastern Time - DUARTE, Calif, Sept. 14, 2023 (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 financial results for its fiscal fourth quarter and full fiscal year ended June 30, 2023. Fiscal Q4 2023 Results vs. Year-Ago Quarter Total revenue increased 6% to $23.4 million as compared to $22.1 million.Gross profit remained flat at $9.1 million, with gross margin of 38.7% as compared to 41.2%.Net loss attributable to iPower was $3.0 million or $(0.10) per share, as compared to net loss of $1.3 million or $(0.05) per share.As of June 30, 2023, net debt (total debt less cash) was reduced by 43% to $8.1 million as compared to net debt of $14.2 million as of June 30, 2022. Fiscal 2023 Results vs. Fiscal 2022 Total revenue increased 12% to $88.9 million as compared to $79.4 million.Gross profit increased 5% to $34.8 million as compared to $33.2 million, with gross margin of 39.1% compared to 41.8%.Net loss attributable to iPower was $12.0 million or $(0.40) per share, as compared to net income of $1.5 million or $0.06 per share. The fiscal 2023 period includes approximately $3 million related to a goodwill impairment incurred earlier in the fiscal year.Cash flow from operations improved significantly to $9.2 million as compared to cash used of $16.6 million. Management Commentary “Fiscal 2023 marked our third consecutive year of double-digit revenue growth driven by consistent, strong demand for our in-house products and continued expansion of our non-hydroponic portfolio,” said Lawrence Tan, CEO of iPower. “Throughout the fiscal year, we emphasized in-house products sales which accounted for over 90% of revenue while continuing to diversify our product offerings beyond hydroponics, which grew to more than 75% of sales in fiscal 2023. We believe that our ability to generate double-digit growth while shifting our product mix into new categories demonstrates our superior product research, design and merchandising capabilities.” iPower CFO, Kevin Vassily, added, “During the year, we continue...