Fri, Sep 20, 5:25 PM (91 days ago)
For the fiscal year ending June 30, 2024, iPower Inc. reported revenues of $86,071,485, a decrease of 3.18% from $88,902,048 in the previous year, attributed to a slight decline in sales volume despite stable pricing. The cost of goods sold fell by 13.47% to $46,818,232, resulting in a gross profit of $39,253,253, up 12.80%, boosting the gross profit margin to 45.61%. Operating expenses decreased 16.70% to $40,216,145, leading to a significant reduction in the loss from operations to $962,892 compared to $13,483,543 in the prior year. The net loss attributable to iPower was $1,528,159, a substantial improvement from $11,965,390, signaling enhanced operational efficiency. The company successfully raised $5,000,002 through a registered direct offering and private placement, increasing cash reserves to $7,377,837. However, risks remain, including reliance on Amazon for 90% of sales and potential supply chain disruptions due to geopolitical tensions and changing regulations in the cannabis sector. iPower is focused on expanding its product lines and improving supply chain efficiencies to mitigate these risks and enhance market position.