iPower Completes First Purchase Order Shipment from Vietnam in September

Rhea-AI Summary

iPower Inc. (Nasdaq: IPW) has successfully shipped its first purchase order (PO) from Vietnam in September, marking a significant milestone in the company's supply chain diversification strategy. This initiative aims to expand iPower's global reach and ensure greater stability and efficiency. The company anticipates cost-saving opportunities from reduced production and logistics expenses, enabling more competitive pricing and improved margins.

Additional shipments are scheduled for October and beyond. iPower's collaboration with Vietnamese manufacturers is part of a larger strategy to explore new sourcing opportunities globally, reinforcing its competitive position and ability to meet growing consumer demand. CEO Lawrence Tan emphasized that this milestone positions iPower for greater efficiency and long-term stability.

Positive

• Successful shipment of first purchase order from Vietnam
• Potential for reduced production and logistics expenses
• Opportunity for more competitive pricing and improved margins
• Expansion of global reach and supply chain diversification

Negative

• None.

RANCHO CUCAMONGA, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven ecommerce services provider and online retailer, today announced the successful shipment of its first purchase order (PO) from Vietnam in September. This marks a significant milestone in iPower's ongoing strategy to diversify its supply chain and expand its global reach.

Building on its previous engagements with manufacturers in Vietnam, iPower is now realizing the first tangible outcomes of this collaboration. The initial PO was shipped in September, with additional shipments scheduled for this month and continuing thereafter. By diversifying the Company’s supply chain with global partners, iPower ensures greater stability and efficiency while reducing reliance on specific regions.

The expansion into Vietnam presents meaningful cost-saving opportunities for iPower. As products begin to arrive in the U.S. and commence sales, the Company anticipates benefiting from reduced production and logistics expenses. These lower costs will enable iPower to offer more competitive pricing while improving margins, an essential factor for long-term, sustainable growth.

iPower remains dedicated to expanding and diversifying its supply chain to build a more resilient and efficient global network. Collaborating with Vietnamese manufacturers is a key component of a larger strategy to explore new sourcing opportunities across the globe. This initiative is aimed at bolstering iPower’s capabilities to meet growing consumer demand while reinforcing its competitive position in the marketplace.

“The shipment of our first purchase order from Vietnam marks a critical milestone in our supply chain diversification strategy,” said Lawrence Tan, CEO of iPower. “By reducing costs and expanding our global reach, we are positioning iPower for greater efficiency and long-term stability. We look forward to continuing our efforts to diversify and strengthen our supply chain through future shipments and strategic partnerships.”

About iPower Inc.

iPower Inc. is a tech and data-driven online retailer, as well as a provider of value-added ecommerce services for third-party products and brands. iPower's capabilities include a full spectrum of online channels, robust fulfillment capacity, a network of warehouses serving the U.S., competitive last mile delivery partners and a differentiated business intelligence platform. iPower believes that these capabilities will enable it to efficiently move a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. For more information, please visit iPower's website at www.meetipower.com.

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
IPW@elevate-ir.com

FAQ

When did iPower (IPW) ship its first purchase order from Vietnam?

iPower (IPW) shipped its first purchase order from Vietnam in September 2024.

What are the expected benefits of iPower's (IPW) supply chain diversification into Vietnam?

The expected benefits include reduced production and logistics expenses, more competitive pricing, improved margins, and greater stability and efficiency in the supply chain.

How does iPower (IPW) plan to continue its supply chain diversification strategy?

iPower (IPW) plans to continue shipping additional orders from Vietnam and explore new sourcing opportunities across the globe to build a more resilient and efficient global network.

What is the significance of iPower's (IPW) first purchase order shipment from Vietnam?

It marks a critical milestone in iPower's supply chain diversification strategy, positioning the company for greater efficiency, long-term stability, and improved competitiveness in the marketplace.