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.

Ipower Inc Financials

IPW

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 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).

Rhea AI IPW FY2025 2026-05-20

iPower’s cash conversion has leaned on inventory reduction more than on stable operating profitability.

Inventory drawdown mattered more than earnings: inventory shrank to $8.1M from $20.6M over the last three years, which helped turn reported losses into cash in the middle of the period. With operating cash flow back at -$579K after reaching $9.2M, the latest year suggests that working-capital release is no longer enough to offset a smaller revenue base and steady overhead.

Gross margin stayed above 43.0% in the last two years, so the product-level economics held up better than the income statement alone suggests. The deeper drag is fixed overhead absorption: operating margin slipped to -8.9% because expenses did not fall as quickly as sales; the business looks more like a distribution model with meaningful fixed selling and admin costs than a purely variable-cost operation.

Liabilities have been cut to $17.4M from $39.2M, which means the company has materially delevered from its prior peak and is carrying less financing burden. But cash is only $2.0M and the current ratio is 1.3x, so deleveraging by shrinkage has not produced a large liquidity buffer.

Financial Health Signals

Financial Health Score 35/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Ipower Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Dilution

Revenue Progress

Balance Sheet

Altman Z-Score Distress

0.93

Ipower Inc scores 0.93, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

3/8

Ipower Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 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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Earnings & Revenue

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.

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.

Cash & Balance Sheet

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.

Cash & Debt

$1.7M

YoY-76.8%

5Y CAGR+11.4%

Ipower Inc held $1.7M 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.

Margins & Returns

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

-27.2%

YoY-20.5pp

5Y CAGR-95.0pp

Ipower Inc's ROE was -27.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 20.5 percentage points from the prior year.

Capital Allocation

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	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$3.5M-51.0%	$7.1M-40.6%	$12.0M0.0%	$12.0M-25.1%	$16.0M-15.9%	$19.1M+0.3%	$19.0M-2.3%	$19.5M
Cost of Revenue	$2.7M-31.3%	$4.0M-44.6%	$7.2M+6.7%	$6.8M-26.4%	$9.2M-14.0%	$10.7M+1.5%	$10.5M-2.4%	$10.8M
Gross Profit	$756K-75.9%	$3.1M-34.7%	$4.8M-8.6%	$5.3M-23.3%	$6.9M-18.3%	$8.4M-1.2%	$8.5M-2.2%	$8.7M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	$2.5M+89.3%	$1.3M-43.7%	$2.3M+22.6%	$1.9M-37.8%	$3.1M-42.1%	$5.3M+83.3%	$2.9M
Operating Income	-$1.1M+53.1%	-$2.4M-43.8%	-$1.7M+51.1%	-$3.5M-936.9%	-$335K-148.9%	$684K+124.9%	-$2.7M-318.5%	$1.3M
Interest Expense	$0-100.0%	$70K+13.9%	$62K-16.3%	$74K-10.0%	$82K-41.6%	$140K+6.9%	$131K-30.5%	$189K
Income Tax	-$327K+60.2%	-$821K-77.0%	-$464K+37.8%	-$745K-11804.1%	$6K-94.7%	$121K+118.9%	-$637K-289.3%	$336K
Net Income	-$3.5M-189.5%	-$1.2M-123.6%	-$534K+81.0%	-$2.8M-722.3%	-$342K-256.5%	$219K+110.8%	-$2.0M-408.8%	$657K
EPS (Diluted)	$-2.38-120.4%	$-1.08	$-0.51	N/A	$-0.33-257.1%	$0.21+110.8%	$-1.94	N/A

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	$1.7M-76.8%	$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	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$31.3M-7.9%	$34.0M+18.9%	$28.6M-19.8%	$35.6M-12.0%	$40.5M-7.7%	$43.9M+3.5%	$42.4M-17.4%	$51.3M
Current Assets	$14.5M-1.3%	$14.7M+24.1%	$11.8M-38.9%	$19.4M-21.9%	$24.8M-12.3%	$28.3M+7.4%	$26.3M-24.8%	$35.0M
Cash & Equivalents	$714K-64.5%	$2.0M+122.5%	$904K-46.1%	$1.7M-23.5%	$2.2M-23.8%	$2.9M+11.6%	$2.6M-64.3%	$7.2M
Inventory	$2.5M-29.8%	$3.6M-16.6%	$4.3M-46.7%	$8.1M-16.8%	$9.8M+6.4%	$9.2M+5.9%	$8.7M-17.8%	$10.5M
Accounts Receivable	$7.1M+36.7%	$5.2M+1.2%	$5.1M-16.6%	$6.1M-39.8%	$10.2M-26.9%	$13.9M+13.4%	$12.3M-16.7%	$14.7M
Goodwill	$0-100.0%	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M0.0%	$3.0M
Total Liabilities	$14.2M-11.6%	$16.0M+50.0%	$10.7M-38.5%	$17.4M-12.2%	$19.8M-10.7%	$22.2M+4.3%	$21.3M-24.8%	$28.3M
Current Liabilities	$6.6M-17.7%	$8.0M-1.2%	$8.1M-43.8%	$14.5M+11.6%	$12.9M-10.8%	$14.5M+2.3%	$14.2M-40.3%	$23.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$17.2M-4.6%	$18.0M+0.4%	$17.9M-2.0%	$18.3M-11.8%	$20.7M-4.5%	$21.7M+2.7%	$21.1M-8.2%	$23.0M
Retained Earnings	-$20.4M-20.4%	-$16.9M-7.6%	-$15.7M-3.5%	-$15.2M-22.8%	-$12.4M-2.8%	-$12.0M+1.8%	-$12.3M-19.8%	-$10.2M

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	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	-$334K+63.8%	-$923K-154.7%	$1.7M+2235.5%	-$79K-108.9%	$888K+3102.8%	$28K+102.0%	-$1.4M-239.9%	$1.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$1.0M
Investing Cash Flow	-$77K+98.3%	-$4.6M-339.3%	-$1.0M-98.6%	-$522K+38.9%	-$856K-85.1%	-$462K-128.7%	-$202K	$0
Financing Cash Flow	-$884K-113.4%	$6.6M+471.2%	-$1.8M-1148.6%	$170K+127.8%	-$611K-181.4%	$750K+122.7%	-$3.3M-189.4%	$3.7M
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	-27.2%-20.5pp	-6.6%+50.7pp	-57.4%-62.0pp	4.7%+7.8pp	-3.1%-70.9pp	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	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	21.6%-22.4pp	44.0%+4.0pp	40.0%-3.8pp	43.8%+1.0pp	42.7%-1.3pp	44.0%-0.7pp	44.6%+0.1pp	44.6%
Operating Margin	-32.7%+1.5pp	-34.2%-20.1pp	-14.1%+14.8pp	-28.9%-26.8pp	-2.1%-5.7pp	3.6%+18.0pp	-14.4%-20.9pp	6.5%
Net Margin	-98.8%-82.0pp	-16.7%-12.3pp	-4.4%+19.0pp	-23.4%-21.3pp	-2.1%-3.3pp	1.1%+11.8pp	-10.7%-14.1pp	3.4%
Return on Equity	-20.1%-13.5pp	-6.6%-3.7pp	-3.0%+12.4pp	-15.4%-13.8pp	-1.7%-2.7pp	1.0%+10.6pp	-9.6%-12.4pp	2.9%
Return on Assets	-11.0%-7.5pp	-3.5%-1.6pp	-1.9%+6.0pp	-7.9%-7.1pp	-0.9%-1.4pp	0.5%+5.3pp	-4.8%-6.1pp	1.3%
Current Ratio	2.20+0.4	1.83+0.4	1.46+0.1	1.34-0.6	1.92-0.0	1.95+0.1	1.86+0.4	1.47
Debt-to-Equity	0.83-0.1	0.89+0.3	0.60-0.4	0.950.0	0.96-0.1	1.02+0.0	1.01-0.2	1.23
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	5.2%

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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 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 return on equity (ROE)?

Ipower Inc (IPW) has a return on equity of -27.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

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 $1.7M in cash against an annual operating cash burn of $579K. This gives an estimated cash runway of approximately 35 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 Altman Z-Score?

Ipower Inc (IPW) has an Altman Z-Score of 0.93, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Ipower Inc's Piotroski F-Score?

Ipower Inc (IPW) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 35 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.