Fiscal Q4 2025 Results vs. Year-Ago Quarter
Total revenue was $11.5 million compared to $19.5 million.
Gross profit was $4.9 million compared to $8.7 million, with gross margin of 43.0% compared to 44.6%.
Net loss attributable to iPower was $2.8 million or $(0.09) per share, compared to net income attributable to iPower of $0.7 million or $0.02 per share.
Fiscal 2025 Summary vs Fiscal 2024
Reduced total debt as of June 30, 2025 by 41% to $3.7 million, strengthening liquidity and balance-sheet flexibility.
Maintained gross margin of 43.8% despite revenue pressure, demonstrating resilient unit economics.
Executed targeted inventory optimization, leading to improved working-capital efficiency and supporting future margin expansion opportunities.
Nearly completed transition from China-import-based supply chain to primarily U.S.-based inventory, materially reducing exposure to tariff and freight policy changes, two of the most significant historical risk factors in iPower's operations.
Launched a domestic joint-venture manufacturing line through United Package NV LLC to further localize production and enhance cost control.
Expanded SuperSuite supply-chain platform and added new brand partnerships, including TCL, to diversify product mix.
Management Commentary
"Fiscal 2025 was a pivotal year for iPower as we realigned our operations to support long-term growth and profitability," said Lawrence Tan, CEO of iPower. "Amid challenging tariff-related disruptions in 2025, we maintained stable gross margins, significantly reduced debt, and took decisive actions to streamline operations and optimize inventory. A key achievement was our near-complete shift from a China import–based supply chain to a predominantly U.S.-based inventory model, which enhances logistical control and mitigates future exposure to tariff and freight policy risks."
"In parallel, we launched a domestic joint-venture manufacturing line to anchor our U.S. supply chain strategy and support future margin stability. While this transition required difficult decisions—including exiting certain partnerships that no longer met our profitability thresholds—our disciplined execution preserved the balance sheet and positioned us to build a more resilient operational foundation."
"Looking ahead, we have a leaner inventory position, reduced debt, and positive operational momentum, including new partnerships with leading brands like TCL. We intend to further expand our SuperSuite partner network and continue building out our domestic manufacturing infrastructure to enhance supply chain agility and support long-term scalability. These efforts reflect our ongoing focus on operational optimization, diversification, and creating long-term value for our stakeholders."
Fiscal Fourth Quarter 2025 Financial Results
Total revenue in the fiscal fourth quarter of 2025 was $11.5 million compared to $19.5 million for the same period in fiscal 2024. The decrease was driven primarily by lower product sales to the Company's largest channel partner, partially offset by growth in iPower's SuperSuite supply chain offerings.
Gross profit in the fiscal fourth quarter of 2025 was $4.9 million compared to $8.7 million in the same quarter in fiscal 2024. As a percentage of revenue, gross margin was 43.0% compared to 44.6% in the year-ago period. The decrease in gross margin was primarily driven by an increase in services income in the quarter.
Total operating expenses in the fiscal fourth quarter of 2025 were $8.5 million compared to $7.4 million for the same period in fiscal 2024. The increase in operating expenses was driven primarily by higher marketing and promotional costs associated with the reduction of obsolete and slow-moving inventory.
Net loss attributable to iPower in the fiscal fourth quarter of 2025 was $2.8 million or $(0.09) per share, compared to net income attributable to iPower of $0.7 million or $0.02 per share for the same period in fiscal 2024.
Cash and cash equivalents were $2.0 million at June 30, 2025, compared to $7.4 million at June 30, 2024. As a result of the Company's debt paydown, total debt was reduced by 41% to $3.7 million compared to $6.3 million as of June 30, 2024.
About iPower Inc.
iPower Inc. (NASDAQ:IPW) is a technology- and data-driven online retailer and a provider of value-added e-commerce services for third-party products and brands. iPower operates a nationwide fulfillment network and is expanding infrastructure across software, logistics, and manufacturing, with an aim to also pursue initiatives in digital assets and blockchain integration. For more information, please visit www.meetipower.com.
Forward-Looking Statements
All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that iPower believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. iPower undertakes no obligation to update forward-looking statements to reflect subsequent events or circumstances, or changes in its expectations, except as may be required by law. Although iPower believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and iPower cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results and performance in iPower's Annual Report on Form 10-K and in its other SEC filings, including its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
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iPower Inc. and Subsidiaries
Consolidated Balance Sheets
As of June 30, 2025 and June 30, 2024
June 30,
June 30,
2025
2024
ASSETS
Current assets
Cash and cash equivalent
$
2,007,890
$
7,377,837
Accounts receivable, net
6,124,008
14,740,093
Inventories, net
8,131,203
10,546,273
Prepayments and other current assets, net
3,111,210
2,346,534
Total current assets
19,374,311
35,010,737
Non-current assets
Right of use - non-current
3,915,539
6,124,163
Property and equipment, net
390,349
370,887
Deferred tax assets, net
3,724,462
2,445,605
Goodwill
3,034,110
3,034,110
Investment in joint venture
385,180
27,605
Intangible assets, net
2,981,328
3,630,700
Other non-current assets
1,837,488
652,050
Total non-current assets
16,268,456
16,285,120
Total assets
$
35,642,767
$
51,295,857
LIABILITIES AND EQUITY
Current liabilities
Accounts payable, net
7,180,009
11,227,116
Other payables and accrued liabilities
1,893,921
3,885,487
Lease liability - current
1,361,111
2,039,301
Short-term loan payable
-
491,214
Short-term loan payable - related party
-
350,000
Revolving loan payable, net
3,737,602
5,500,739
Income taxes payable
280,155
276,158
Total current liabilities
14,452,798
23,770,015
Non-current liabilities
Lease liability - non-current
2,913,967
4,509,809
