Business
iPower Reports Fiscal Third Quarter 2022 Results
- Fiscal Q3 Revenue up 74% to a Record $22.8 Million - - iPower Management to Host Conference Call Today at 4:30 p.m. Eastern Time - DUARTE, Calif., May 16,
About this update from Ipower Inc.
[{"type":"text","content":"- Fiscal Q3 Revenue up 74% to a Record $22.8 Million - - iPower Management to Host Conference Call Today at 4:30 p.m. Eastern Time - DUARTE, Calif., May 16, 2022 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq:IPW) (“iPower” or the “Company”), a leading online hydroponic equipment suppliers and retailers, today announced financial results for its fiscal third quarter ended March 31, 2022. Fiscal Q3 2022 Results vs. Year-Ago Quarter Total revenue increased 74% to $22.8 million.Gross profit increased 59% to $9.2 million.As a percentage of revenue, gross margin was 40.3% as compared to 43.9%.Net income increased significantly to $1.2 million or $0.04 per share as compared to $(0.01) per share for Q3 2021. Management Commentary “During our fiscal third quarter 2022 we experienced another period of significant growth with record revenue and gross profit,” said Lawrence Tan, CEO of iPower. “We continued to emphasize in-house product sales, which made up approximately 82% of revenue for the quarter, while driving additional sales velocity through our largest online channel partner. Our continued strong growth and in-house product mix speaks to our superior product research, design and merchandising expertise. “We began multiple new strategic initiatives this past quarter, including the launch of our business in Europe as well as the launch of two new joint ventures targeting the eCommerce, logistics and social media markets. In addition, we closed our first ever M&A transaction by acquiring our largest global co-engineering partner, serving to expand our production capacity and deepen our R&D capabilities.” iPower CFO Kevin Vassily added, “Although we experienced record high freight costs in the supply chain, we managed to maintain gross margin above 40% by leveraging our diversified supplier network. We also expanded operating margins despite adding new warehouse capacity during the quarter that is still ramping up to support higher volumes. We expect to close out the year on a strong note as we deliver on our business and operational objectives in fiscal 2022.” Fiscal Third Quarter 2022 Financial Results Total revenue in the fiscal third quarter of 2022 increased 74% to $22.8 million compared to $13.1 million for the same period in fiscal 2021. The increase was driven by greater product sales to the Company’s largest channel partner as well ...