iPower Inc.

Listed Company

IPWCIK 0001830072NasdaqEmerging GrowthRetail-Building Materials, Hardware, Garden SupplyNevadaFY ends Jun 30

Period

FY 2025

Revenue

$66.14M

Net Income

—

Total Assets

$35.64M

Equity

$18.28M

Shares Out

1.32M

Op. Cash Flow

$-579.2K

Business

iPower Inc. is an online retailer and supplier that sources, markets, and distributes consumer home, pet, garden, outdoor and consumer electronics products while providing value-added e‑commerce services. It offers in‑house branded and third‑party products including hydroponic systems, grow lights and HVAC components, fans, shelving, pet supplies, outdoor lifestyle items and consumer electronics, plus merchandising, fulfillment and business intelligence services. Its business comprises marketplace sales, owned e‑commerce sites, warehousing/fulfillment operations and supply‑chain partnerships, along with joint ventures for logistics and packaging. iPower distributes primarily through Amazon, Walmart.com, TikTok, Temu and other online marketplaces and its webstores to customers in the U.S. and internationally via a network of U.S. warehouses and third‑party carriers.

Summary from filing dated 2025-10-09

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Total revenues	66	86	89	79	54
Total cost of revenues	37	48	54	46	31
GROSS PROFIT	29	38	35	33	23
Selling and fulfillment	22	27	—	—	—
General and administrative	13	12	13	12	6
Total operating expenses	35	39	48	31	20
INCOME (LOSS) FROM OPERATIONS	−6	−962,892	−13	2	3
Interest expenses	−436,201	−788,425	−1	−458,159	−153,785
Loss on equity method investment	−14,342	−5,508	−10,001	−6,616	0
Other non-operating income (expenses)	84,270	−35,988	−107,749	296,366	−3
Total other expenses, net	−366,273	−829,921	−1	−248,419	−3
INCOME (LOSS) BEFORE INCOME TAXES	−6	−2	—	—	—
PROVISION FOR INCOME TAX EXPENSE (BENEFIT)	−1	−251,365	−3	558,975	766,762
NET INCOME (LOSS)	−5	−2	—	—	—
Non-controlling interest	−9,258	−13,289	−11,683	−13,232	0
NET INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.	−5	−2	—	—	—
Foreign currency translation adjustments	250,513	−148,272	−67,812	5,678	—
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.	−5	−2	−12	2	—
Basic (shares)	31	30	30	28	21
Diluted (shares)	31	30	30	28	21
Basic (per share)	−0.16	−0.05	−0.4	0.06	−0.04
Diluted (per share)	−0.16	−0.05	−0.4	0.06	−0.04

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash and cash equivalent	2	7	4	—	—
Accounts receivable, net	6	15	14	17	8
Inventories, net	8	11	21	30	13
Prepayments and other current assets, net	3	2	3	5	5
Total current assets	19	35	41	55	32
Right of use - non-current	4	6	8	10	2
Property and equipment, net	390,349	370,887	536,418	544,633	55,659
Deferred tax assets, net	4	2	2	0	—
Goodwill	3	3	3	6	0
Investment in joint venture	385,180	27,605	—	—	—
Intangible assets, net	3	4	4	5	0
Other non-current assets	2	652,050	991,823	406,732	99,645
Total non-current assets	16	16	19	23	3
Total assets	36	51	60	79	36
Accounts payable, net	7	11	13	10	4
Other payables and accrued liabilities	2	4	366,781	807,687	584,311
Lease liability - current	1	2	2	3	731,944
Short-term loan payable	0	491,214	—	—	—
Short-term loan payable - related party	0	350,000	0	—	—
Revolving loan payable, net	4	6	0	—	—
Income taxes payable	280,155	276,158	276,683	299,563	—
Total current liabilities	14	24	23	23	9
Lease liability - non-current	3	5	6	8	1
Total non-current liabilities	3	5	16	23	2
Total liabilities	17	28	39	46	11
Commitments and contingency	—	—	—	—	—
Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2025 and June 30, 2024	0	0	0	0	0
Common stock, $0.001 par value; 180,000,000 shares authorized; 31,359,899 and 31,359,899 shares issued and outstanding at June 30, 2025 and 2024	31,361	31,361	29,712	29,573	26,449
Additional paid in capital	33	33	30	29	23
Accumulated deficits	−15	−10	−9	3	2
Non-controlling interest	−47,462	−38,204	−24,915	−13,232	0
Accumulated other comprehensive loss	40,107	−210,406	−62,134	5,678	0
Total stockholders' equity	18	23	21	32	25
Total liabilities and stockholders' equity	36	51	60	79	36

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Depreciation and amortization expense	779,976	796,225	796,375	—	—
Inventory reserve	−335,358	88,926	238,899	224,426	0
Credit loss reserve	2	285,386	249,128	70,000	0
Stock-based compensation expense	−12,998	512,542	—	—	—
Amortization of operating lease right of use assets	2	2	3	—	—
Amortization of debt premium / discount and non-cash financing costs	125,906	233,617	214,800	158,203	2
Accounts receivable	7	−953,936	3	−10	−2
Inventories	3	10	10	−18	−7
Deferred tax assets	−1	−290,355	−3	—	—
Prepayments and other current assets, net	−764,676	511,663	2	637,865	−4
other non-current assets	334,490	306,660	373,646	−254,380	−99,645
Accounts payable	−4	−2	4	6	−279,384
Other payables and accrued liabilities	−2	−2	−619,497	2	546,583
Operating lease liabilities	−2	−2	−3	—	—
Income taxes payable	3,997	0	−22,880	−489,258	69,612
Net cash (used in) provided by operating activities	−579,187	6	9	−17	−13
Purchase of equipment	−163,588	0	−140,813	−484,172	−61,498
Disposal of equipment	13,183	0	—	—	—
Investment in joint venture	−371,917	0	—	—	—
Prepayments for software development	−2	0	—	—	—
Net cash used in investing activities	−2	0	−140,813	−139,386	−61,498
Capital injection	0	85,711	—	—	—
Advance from shareholders	0	−85,200	—	—	—
Payments of offering cost settlement	−325,000	−975,000	—	0	−3
Net proceeds from sale of common stock	0	5	0	—	359,000
Proceeds from short-term loans - related party	0	2	134,262	0	571,824
Proceeds from short-term loans	0	483,599	—	—	—
Payments on short-term loans - related party	−350,000	−2	−82,500	−51,762	−705,617
Payments on promissory note	−483,599	−2	—	—	—
Proceeds from revolving loan	8	7	—	—	—
Payments on revolving loan	−10	−12	—	—	—
Net cash used in financing activities	−3	−2	−7	12	18
EFFECT OF EXCHANGE RATE ON CASH	250,852	−124,080	−3,141	717	0
CHANGES IN CASH AND CASH EQUIVALENT	−5	4	2	−5	6
Cash paid for income tax	0	0	55,000	2	696,119
Cash paid for interest	323,078	308,590	0	0	153,785
Shares returned and cancelled	0	1	0	—	—
Termination of operating leases	434,033	0	—	—	—
Right of use assets acquired under new operating leases	0	632,732	0	10	—

Filings

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