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iPower Reports Fiscal Third Quarter 2023 Results
iPower Management to Host Conference Call Today at 4:30 p.m. Eastern Time DUARTE, Calif., May 15, 2023 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq: IPW) (“iPower”
About this update from Ipower Inc.
[{"type":"text","content":"iPower Management to Host Conference Call Today at 4:30 p.m. Eastern Time\nDUARTE, Calif., May 15, 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 third quarter ended March 31, 2023. Fiscal Q3 2023 Results vs. Year-Ago Quarter (unless otherwise noted) Total revenue was $20.2 million compared to $22.8 million.Gross profit was $7.8 million, with gross margin of 38.5% compared to 40.4%.Net loss attributable to iPower was $1.5 million or $(0.05) per share, compared to net income of $1.2 million or $0.04 per share.As of March 31, 2023, 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 had a challenging comp this quarter given our record 74% revenue growth in fiscal Q3 2022; however, we demonstrated continued momentum in clearing out inventory buildup from prior periods,” said Lawrence Tan, CEO of iPower. “Throughout the quarter, we prioritized our in-house brands which made up more than 90% of revenue, underscoring the steady demand for our high-quality products. We will continue to focus on diversifying our product portfolio beyond hydroponics, while adding depth to our in-house product catalog. We expect these initiatives to further enhance our market position and deliver value to our partners and customers around the world.” iPower CFO, Kevin Vassily, added, “We have continued to sell-through excess inventory that incurred higher freight rates from calendar 2022, which has been a drag on our gross margin. While we still have some older product to sell through, we have cycled through the bulk of that older inventory and expect that gross margin headwind to ease thereafter, while also lowering operating expenses as we recently eliminated excess warehousing costs. With an improved supply chain environment and normalized inventory levels, coupled with continued demand for our in-house products, we believe we are well-positioned to return to profitability in fiscal 2024.” Fiscal Third Quarter 2023 Financial Results Total revenue in the fiscal third quarter of 2023 was $20.2 million compared to $22.8 million for the same period in fiscal 2022. The decrease was primarily driven by l...