Ipower Inc Financials

IPW

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE June

This page shows Ipower Inc (IPW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 22/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Ipower Inc has an operating margin of -8.9%, meaning the company retains $-9 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -1.1% the prior year.

Growth

Ipower Inc's revenue declined 23.2% year-over-year, from $86.1M to $66.1M. This contraction results in a growth score of 0/100.

Leverage

Ipower Inc carries a low D/E ratio of 0.95, meaning only $0.95 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Ipower Inc's current ratio of 1.34 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Ipower Inc generated -$579K in operating cash flow, capex of $164K consumed most of it, leaving -$743K in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Ipower Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.12x

For every $1 of reported earnings, Ipower Inc generates $0.12 in operating cash flow (-$579K OCF vs -$5.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-13.7x

Ipower Inc earns $-13.7 in operating income for every $1 of interest expense (-$5.9M vs $427K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$66.1M

YoY-23.2%

5Y CAGR+10.6%

Ipower Inc generated $66.1M in revenue in fiscal year 2025. This represents a decrease of 23.2% from the prior year.

EBITDA

-$5.1M

YoY-2951.5%

Ipower Inc's EBITDA was -$5.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2951.5% from the prior year.

Free Cash Flow

-$743K

YoY-112.1%

Ipower Inc generated -$743K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 112.1% from the prior year.

Net Income

-$5.0M

YoY-225.1%

Ipower Inc reported -$5.0M in net income in fiscal year 2025. This represents a decrease of 225.1% from the prior year.

EPS (Diluted)

$-0.16

Ipower Inc earned $-0.16 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 220.0% from the prior year.

Cash & Debt

$1.8M

YoY-75.4%

5Y CAGR+12.7%

Ipower Inc held $1.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Ipower Inc had 1M shares outstanding in fiscal year 2025. This represents a decrease of 96.7% from the prior year.

Gross Margin

43.8%

YoY-0.5pp

5Y CAGR+6.0pp

Ipower Inc's gross margin was 43.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.

Operating Margin

-8.9%

YoY-7.8pp

5Y CAGR-16.2pp

Ipower Inc's operating margin was -8.9% in fiscal year 2025, reflecting core business profitability. This is down 7.8 percentage points from the prior year.

Net Margin

-7.5%

YoY-5.7pp

5Y CAGR-12.5pp

Ipower Inc's net profit margin was -7.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$164K

5Y CAGR+92.1%

Ipower Inc invested $164K in capex in fiscal year 2025, funding long-term assets and infrastructure.

IPW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$66.1M-23.2%	$86.1M-3.2%	$88.9M+11.9%	$79.4M+46.9%	$54.1M+35.4%	$39.9M
Cost of Revenue	$37.1M-22.5%	$48.0M-11.4%	$54.1M+17.1%	$46.2M+47.9%	$31.3M+26.0%	$24.8M
Gross Profit	$29.0M-23.9%	$38.1M+9.6%	$34.8M+4.8%	$33.2M+45.5%	$22.8M+50.8%	$15.1M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$12.7M+4.4%	$12.1M-5.3%	$12.8M+9.3%	$11.7M+83.4%	$6.4M+96.0%	$3.3M
Operating Income	-$5.9M-509.2%	-$963K+92.9%	-$13.5M-683.2%	$2.3M-21.9%	$3.0M+1.8%	$2.9M
Interest Expense	$427K-42.2%	$739K-24.6%	$980K+172.7%	$359K	$0+100.0%	-$168K
Income Tax	-$1.3M-399.1%	-$251K+90.7%	-$2.7M-581.3%	$559K-27.1%	$767K-0.9%	$773K
Net Income	-$5.0M-225.1%	-$1.5M+87.2%	-$12.0M-888.3%	$1.5M+295.7%	-$776K-139.0%	$2.0M
EPS (Diluted)	$-0.16	$-0.05+87.5%	$-0.40-827.3%	$0.06+237.5%	$-0.04	N/A

Metric	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23	Q3'23
Revenue	$12.0M-27.5%	$16.6M-13.1%	$19.1M+0.3%	$19.0M-18.4%	$23.3M+38.7%	$16.8M-36.6%	$26.5M+31.1%	$20.2M
Cost of Revenue	$7.2M-23.2%	$9.4M-12.1%	$10.7M+1.5%	$10.5M-18.7%	$12.9M+36.5%	$9.5M-35.7%	$14.7M+18.6%	$12.4M
Gross Profit	$4.8M-33.0%	$7.2M-14.5%	$8.4M-1.2%	$8.5M-18.1%	$10.4M+41.7%	$7.3M-37.8%	$11.8M+50.9%	$7.8M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.3M-31.0%	$1.9M-37.8%	$3.1M-42.1%	$5.3M+60.2%	$3.3M+13.2%	$2.9M-1.0%	$3.0M-3.3%	$3.1M
Operating Income	-$1.7M-530.2%	-$269K-139.4%	$684K+124.9%	-$2.7M-271.5%	$1.6M+162.7%	-$2.6M-101.2%	-$1.3M+30.0%	-$1.8M
Interest Expense	$62K-24.6%	$82K-41.6%	$140K+6.9%	$131K-27.3%	$180K+16.7%	$155K-28.3%	$215K-1.4%	$219K
Income Tax	-$464K-1881.9%	$26K-78.4%	$121K+118.9%	-$637K-268.8%	$377K+154.7%	-$689K-149.7%	-$276K+53.2%	-$590K
Net Income	-$534K-57.1%	-$340K-255.2%	$219K+110.8%	-$2.0M-299.7%	$1.0M+153.1%	-$1.9M-48.8%	-$1.3M+15.9%	-$1.5M
EPS (Diluted)	$-0.51-5000.0%	$-0.01-200.0%	$0.01+100.5%	$-1.94-6566.7%	$0.03+150.0%	$-0.06-50.0%	$-0.04+20.0%	$-0.05

IPW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$35.6M-30.5%	$51.3M-14.6%	$60.1M-23.5%	$78.6M+120.5%	$35.6M+160.6%	$13.7M
Current Assets	$19.4M-44.7%	$35.0M-15.1%	$41.3M-25.2%	$55.2M+70.8%	$32.3M+141.0%	$13.4M
Cash & Equivalents	$1.8M-75.4%	$7.2M+93.3%	$3.7M+105.0%	$1.8M-72.6%	$6.7M+580.4%	$978K
Inventory	$8.1M-22.9%	$10.5M-48.8%	$20.6M-32.3%	$30.4M+132.9%	$13.1M+127.5%	$5.7M
Accounts Receivable	$6.1M-58.5%	$14.7M+4.8%	$14.1M-19.3%	$17.4M+120.8%	$7.9M+30.1%	$6.1M
Goodwill	$3.0M0.0%	$3.0M0.0%	$3.0M-50.2%	$6.1M	$0	N/A
Total Liabilities	$17.4M-38.6%	$28.3M-27.9%	$39.2M-15.1%	$46.2M+333.5%	$10.7M-0.8%	$10.7M
Current Liabilities	$14.5M-39.2%	$23.8M+1.9%	$23.3M+2.0%	$22.9M+153.6%	$9.0M-11.9%	$10.2M
Long-Term Debt	N/A	N/A	N/A	N/A	$459K-8.3%	$500K
Total Equity	$18.3M-20.6%	$23.0M+10.3%	$20.9M-35.6%	$32.4M+29.7%	$25.0M+752.6%	$2.9M
Retained Earnings	-$15.2M-48.6%	-$10.2M-17.6%	-$8.7M-366.7%	$3.3M+87.0%	$1.7M-30.8%	$2.5M

Metric	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23	Q3'23
Total Assets	$28.6M-29.4%	$40.5M-7.7%	$43.9M+3.5%	$42.4M-15.9%	$50.4M+2.7%	$49.1M-4.9%	$51.6M-13.2%	$59.4M
Current Assets	$11.8M-52.3%	$24.8M-12.3%	$28.3M+7.4%	$26.3M-20.4%	$33.1M+8.3%	$30.5M-7.1%	$32.8M-18.5%	$40.3M
Cash & Equivalents	$904K-58.8%	$2.2M-23.8%	$2.9M+11.6%	$2.6M-5.1%	$2.7M+82.4%	$1.5M-45.5%	$2.7M+92.3%	$1.4M
Inventory	$4.3M-55.7%	$9.8M+6.4%	$9.2M+5.9%	$8.7M-27.0%	$11.9M-24.8%	$15.8M+4.8%	$15.1M-23.4%	$19.6M
Accounts Receivable	$5.1M-49.8%	$10.2M-26.9%	$13.9M+13.4%	$12.3M-27.1%	$16.8M+43.2%	$11.8M-11.1%	$13.2M-15.7%	$15.7M
Goodwill	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M
Total Liabilities	$10.7M-46.1%	$19.8M-10.7%	$22.2M+4.3%	$21.3M-32.4%	$31.4M+0.4%	$31.3M-1.8%	$31.9M-10.6%	$35.7M
Current Liabilities	$8.1M-37.3%	$12.9M-10.8%	$14.5M+2.3%	$14.2M-46.5%	$26.5M+2.7%	$25.8M+22.5%	$21.1M-1.9%	$21.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$17.9M-13.5%	$20.7M-4.5%	$21.7M+2.7%	$21.1M+11.4%	$19.0M+6.8%	$17.8M-9.8%	$19.7M-17.0%	$23.7M
Retained Earnings	-$15.7M-27.1%	-$12.4M-2.8%	-$12.0M+1.8%	-$12.3M-12.6%	-$10.9M+8.5%	-$11.9M-19.2%	-$10.0M-74.0%	-$5.7M

IPW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$579K-109.4%	$6.2M-33.1%	$9.2M+155.5%	-$16.6M-30.1%	-$12.8M-1250.3%	$1.1M
Capital Expenditures	$164K	$0-100.0%	$141K-70.9%	$484K+687.3%	$61K+883.7%	$6K
Free Cash Flow	-$743K-112.1%	$6.2M-32.0%	$9.1M+153.1%	-$17.1M-33.3%	-$12.8M-1262.4%	$1.1M
Investing Cash Flow	-$2.0M	$0+100.0%	-$141K-1.0%	-$139K-126.7%	-$61K-883.7%	-$6K
Financing Cash Flow	-$3.0M-25.1%	-$2.4M+66.5%	-$7.2M-160.1%	$11.9M-35.6%	$18.5M+3199.6%	-$597K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23	Q3'23
Operating Cash Flow	$1.7M+90.0%	$888K+3102.8%	$28K+102.0%	-$1.4M-1432.7%	$106K-89.3%	$993K-75.5%	$4.1M+53052.4%	$8K
Capital Expenditures	N/A	N/A	$0	N/A	$0	$0	$0-100.0%	$18K
Free Cash Flow	N/A	N/A	$1.0M	N/A	$106K-89.3%	$993K-75.5%	$4.1M+41057.6%	-$10K
Investing Cash Flow	-$1.0M-21.2%	-$856K-85.1%	-$462K-128.7%	-$202K	$0	$0	$0+100.0%	-$18K
Financing Cash Flow	-$1.8M-191.2%	-$611K-181.4%	$750K+122.7%	-$3.3M-407.8%	$1.1M+151.2%	-$2.1M+58.6%	-$5.1M-106.1%	-$2.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IPW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	43.8%-0.5pp	44.3%+5.1pp	39.1%-2.7pp	41.8%-0.4pp	42.2%+4.3pp	37.9%
Operating Margin	-8.9%-7.8pp	-1.1%+14.1pp	-15.2%-18.1pp	2.9%-2.6pp	5.5%-1.8pp	7.3%
Net Margin	-7.5%-5.7pp	-1.8%+11.7pp	-13.5%-15.4pp	1.9%+3.3pp	-1.4%-6.4pp	5.0%
Return on Equity	N/A	N/A	N/A	4.7%	N/A	67.8%
Return on Assets	-13.9%-11.0pp	-3.0%+16.9pp	-19.9%-21.8pp	1.9%+4.1pp	-2.2%-16.7pp	14.5%
Current Ratio	1.34-0.1	1.47-0.3	1.77-0.6	2.41-1.2	3.58+2.3	1.31
Debt-to-Equity	0.95-0.3	1.23-0.7	1.88+0.5	1.43+1.4	0.02-0.2	0.17
FCF Margin	-1.1%-8.3pp	7.2%-3.0pp	10.2%+31.7pp	-21.5%+2.2pp	-23.7%-26.5pp	2.8%

Metric	Q1'25	Q3'25	Q2'24	Q1'24	Q3'24	Q2'23	Q1'23	Q3'23
Gross Margin	40.0%-3.3pp	43.3%-0.7pp	44.0%-0.7pp	44.6%+0.2pp	44.5%+0.9pp	43.6%-0.8pp	44.4%+5.8pp	38.5%
Operating Margin	-14.1%-12.5pp	-1.6%-5.2pp	3.6%+18.0pp	-14.4%-21.3pp	6.9%+22.1pp	-15.2%-10.4pp	-4.8%+4.2pp	-8.9%
Net Margin	-4.4%-2.4pp	-2.1%-3.2pp	1.1%+11.8pp	-10.7%-15.0pp	4.4%+15.8pp	-11.4%-6.6pp	-4.9%+2.7pp	-7.6%
Return on Equity	N/A	N/A	1.0%	N/A	5.4%	N/A	N/A	N/A
Return on Assets	-1.9%-1.0pp	-0.8%-1.3pp	0.5%+5.3pp	-4.8%-6.8pp	2.0%+5.9pp	-3.9%-1.4pp	-2.5%+0.1pp	-2.6%
Current Ratio	1.46-0.5	1.92-0.0	1.95+0.1	1.86+0.6	1.25+0.1	1.18-0.4	1.56-0.3	1.88
Debt-to-Equity	0.60-0.4	0.96-0.1	1.02+0.0	1.01-0.7	1.66-0.1	1.76+0.1	1.62+0.1	1.50
FCF Margin	N/A	N/A	N/A	N/A	0.5%-5.5pp	5.9%-9.4pp	15.3%+15.3pp	-0.1%

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Frequently Asked Questions

What is Ipower Inc's annual revenue?

Ipower Inc (IPW) reported $66.1M in total revenue for fiscal year 2025. This represents a -23.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ipower Inc's revenue growing?

Ipower Inc (IPW) revenue declined by 23.2% year-over-year, from $86.1M to $66.1M in fiscal year 2025.

Is Ipower Inc profitable?

No, Ipower Inc (IPW) reported a net income of -$5.0M in fiscal year 2025, with a net profit margin of -7.5%.

What is Ipower Inc's earnings per share (EPS)?

Ipower Inc (IPW) reported diluted earnings per share of $-0.16 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Ipower Inc's EBITDA?

Ipower Inc (IPW) had EBITDA of -$5.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Ipower Inc's gross margin?

Ipower Inc (IPW) had a gross margin of 43.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ipower Inc's operating margin?

Ipower Inc (IPW) had an operating margin of -8.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ipower Inc's net profit margin?

Ipower Inc (IPW) had a net profit margin of -7.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ipower Inc's free cash flow?

Ipower Inc (IPW) generated -$743K in free cash flow during fiscal year 2025. This represents a -112.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ipower Inc's operating cash flow?

Ipower Inc (IPW) generated -$579K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ipower Inc's total assets?

Ipower Inc (IPW) had $35.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ipower Inc's capital expenditures?

Ipower Inc (IPW) invested $164K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Ipower Inc have outstanding?

Ipower Inc (IPW) had 1M shares outstanding as of fiscal year 2025.

What is Ipower Inc's current ratio?

Ipower Inc (IPW) had a current ratio of 1.34 as of fiscal year 2025, which is considered adequate.

What is Ipower Inc's debt-to-equity ratio?

Ipower Inc (IPW) had a debt-to-equity ratio of 0.95 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ipower Inc's return on assets (ROA)?

Ipower Inc (IPW) had a return on assets of -13.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ipower Inc's cash runway?

Based on fiscal year 2025 data, Ipower Inc (IPW) had $1.8M in cash against an annual operating cash burn of $579K. This gives an estimated cash runway of approximately 37 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Ipower Inc's Piotroski F-Score?

Ipower Inc (IPW) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ipower Inc's earnings high quality?

Ipower Inc (IPW) has an earnings quality ratio of 0.12x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Ipower Inc cover its interest payments?

Ipower Inc (IPW) has an interest coverage ratio of -13.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Ipower Inc?

Ipower Inc (IPW) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.