Business
iPower Reports Fiscal Second Quarter 2023 Results
- Fiscal Q2 Revenue up 12% to 19.3 Million - - iPower Management to Host Conference Call Today at 4:30 p.m. Eastern Time - DUARTE, Calif., Feb. 14, 2023
About this update from Ipower Inc.
[{"type":"text","content":"- Fiscal Q2 Revenue up 12% to 19.3 Million - - iPower Management to Host Conference Call Today at 4:30 p.m. Eastern Time - DUARTE, Calif., Feb. 14, 2023 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq:IPW) (“iPower” or the “Company”), a leading online retailer and supplier of consumer home and garden products, today announced financial results for its fiscal second quarter ended December 31, 2022. Fiscal Q2 2023 Results vs. Year-Ago Quarter (unless otherwise noted) Total revenue increased 12% to $19.3 million.Gross profit increased 5% to $8.0 million, with gross margin of 41.4% compared to 44.1%.Net loss attributable to iPower was $3.3 million or $(0.11) per share, compared to net income of $0.8 million or $0.03 per share.As of December 31, 2022, net debt (total debt less cash) was reduced by 42% to $8.2 million compared to net debt of $14.2 million as of June 30, 2022. Management Commentary “We generated double-digit revenue growth during our fiscal second quarter as we strategically leaned into sales and marketing to offload excess inventory that had built up in recent quarters,” said Lawrence Tan, CEO of iPower. “During the fiscal second quarter, our in-house products accounted for the majority of our revenue mix, demonstrating the consistent, strong demand for iPower’s products. We anticipate our continued investment in product development will ensure our product catalog is stocked with market-leading offerings to drive future growth and profitability.” iPower CFO Kevin Vassily added, “Toward the end of the calendar year, the supply chain environment began to stabilize with freight and shipping costs returning to pre-covid levels. With an improved supply chain, we made the strategic decision to increase our marketing spend to significantly reduce our inventory. This ongoing effort will enable us to eliminate extra warehousing space and the higher cost associated with it. We expect these actions, coupled with continued revenue growth, will drive improvements to our bottom line in the quarters ahead.” Fiscal Second Quarter 2023 Financial Results Total revenue in the fiscal second quarter of 2023 increased 12% to $19.3 million compared to $17.1 million for the same period in fiscal 2022. The increase was driven by strong demand for iPower’s in-house product portfolio, including shelving, office and pet products, as well as hydroponic e...