Tue, May 14, 8:36 PM (73 days ago)
iPower Inc.'s Q1 2024 financial report shows a 15.24% increase in revenues to $23.3 million, driven by higher sales volumes and new products. Costs of goods sold decreased slightly by 0.59%, leading to a gross profit increase of 40.51% to $10.9 million, with a gross margin rising to 46.97%. Operating expenses dropped by 2.66% to $9.3 million due to vendor credits and reduced advertising costs. Consequently, the company reported an operating income of $1.6 million, compared to a loss of $1.8 million in Q1 2023. Net income was $1.0 million, reversing a $1.5 million loss from the previous year. Cash flow from operations was $5.1 million, down from $7.8 million, primarily due to changes in working capital. The company’s working capital decreased to $6.6 million from $17.9 million as of June 30, 2023. Future uncertainties include potential supply chain disruptions due to global conflicts and the ongoing impact of COVID-19. The company is also addressing Nasdaq listing compliance issues.