iPower Reports Fiscal Fourth Quarter and Full Fiscal Year 2025 Results

Rhea-AI Summary

iPower (Nasdaq: IPW) reported fiscal Q4 and full-year results for the year ended June 30, 2025. Q4 revenue was $11.5M vs $19.5M a year ago; Q4 gross profit was $4.9M with a 43.0% gross margin. Q4 net loss attributable to iPower was $2.8M, or $(0.09) per share, versus prior-year net income of $0.7M.

For fiscal 2025 the company reduced total debt by 41% to $3.7M, maintained a 43.8% full-year gross margin, executed inventory optimization, and nearly completed a shift from China-based to primarily U.S.-based inventory. Cash was $2.0M at June 30, 2025, down from $7.4M a year earlier. The company launched a domestic JV manufacturing line and expanded its SuperSuite partner network including TCL.

Positive

• Total debt reduced by 41% to $3.7M as of June 30, 2025
• Full-year gross margin maintained at 43.8%
• Near-complete shift to U.S.-based inventory reducing tariff exposure
• Launched domestic JV manufacturing line to localize production

Negative

• Q4 revenue declined ~41% to $11.5M from $19.5M year-ago
• Q4 net loss of $2.8M versus prior-year net income of $0.7M
• Cash balance fell to $2.0M from $7.4M year-ago
• Operating expenses rose ~15% in Q4 to $8.5M

Insights

Financial Operations Analyst

Revenue fell sharply and the company posted a quarterly net loss, but gross margins held and leverage decreased.

Total revenue for fiscal Q4 2025 declined to $11.5 million from $19.5 million year‑over‑year while gross profit fell to $4.9 million and gross margin moved modestly from 44.6% to 43.0%. Operating expenses rose to $8.5 million, driven by higher marketing and promotional spend tied to clearing obsolete inventory, producing a net loss of $2.8 million or $(0.09) per share.

Key financial dependencies and risks include the company’s low cash balance of $2.0 million at June 30, 2025 and the material revenue concentration loss from its largest channel partner. Concrete near‑term items to monitor are revenue trajectory versus the lost partner, quarterly cash burn and working capital metrics, and the next reported cash and debt position (debt fell to $3.7 million from $6.3 million). Expect meaningful signal within the next one to two fiscal quarters.

Supply Chain and Strategic Analyst

Supply‑chain reshaping reduced some strategic risk, but transition costs and lower sales pressured results.

The company reports a near‑complete shift from China imports to primarily U.S. inventory and launched a domestic joint‑venture manufacturing line through United Package NV LLC, which should reduce tariff and freight exposure. Management also cites expansion of its SuperSuite supply‑chain platform and new brand partnerships such as TCL to diversify product mix.

These operational moves reduce policy vulnerability but create short‑term execution and cost risks, reflected in higher promotional spend and inventory changes. Watch implementation milestones for the U.S. manufacturing line, the pace of SuperSuite growth, and any quantified improvements in inventory turns and margin stability over the next two fiscal quarters. These items will determine whether the strategic shift translates into stable top‑line recovery and sustainable margin expansion.

RANCHO CUCAMONGA, Calif., Oct. 09, 2025 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a data and technology driven e-commerce retailer and infrastructure company, today announced its financial results for the fiscal fourth quarter and full fiscal year ended June 30, 2025.

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.

Media & Investor Contact

IPW.IR@meetipower.com

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
Total non-current liabilities		2,913,967				4,509,809
Total liabilities		17,366,765				28,279,824
Commitments and contingency		-				-
Stockholders' Equity
Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and
outstanding at June 30, 2025 and June 30, 2024		-				-
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 June 30, 2024		31,361				31,361
Additional paid in capital		33,450,885				33,463,883
Accumulated deficits		(15,198,889	)			(10,230,601	)
Non-controlling interest		(47,462	)			(38,204	)
Accumulated other comprehensive loss		40,107				(210,406	)
Total stockholders' equity		18,276,002				23,016,033
Total liabilities and stockholders' equity	$	35,642,767			$	51,295,857

iPower Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Loss
For the Three Months and Years Ended June 30, 2025 and 2024
	For the Three Months Ended June 30,								For the Years Ended June 30,
	2025				2024				2025				2024
	(Unaudited)				(Unaudited)
REVENUES
Product sales	$	10,089,772			$	18,850,539			$	61,518,306			$	84,752,116
Service income		1,402,237				603,942				4,624,473				1,319,369
Total revenues		11,492,009				19,454,481				66,142,779				86,071,485
COST OF REVENUES
Product costs		5,299,926				10,226,651				33,191,202				46,818,232
Service costs		1,253,146				550,656				3,957,883				1,131,885
Total cost of revenues		6,553,072				10,777,307				37,149,085				47,950,117
GROSS PROFIT		4,938,937				8,677,174				28,993,694				38,121,368
OPERATING EXPENSES:
Selling and fulfillment		6,126,355				4,518,191				22,201,828				26,963,291
General and administrative		2,346,514				2,902,127				12,657,628				12,120,969
Total operating expenses		8,472,869				7,420,318				34,859,456				39,084,260
INCOME (LOSS) FROM OPERATIONS		(3,533,932	)			1,256,856				(5,865,762	)			(962,892	)
OTHER INCOME (EXPENSE)
Interest expenses		(73,599	)			(196,249	)			(436,201	)			(788,425	)
Loss on equity method investment		(11,635	)			(2,890	)			(14,342	)			(5,508	)
Other non-operating income		35,941				(67,991	)			84,270				(35,988	)
Total other expenses, net		(49,293	)			(267,130	)			(366,273	)			(829,921	)
INCOME (LOSS) BEFORE INCOME TAXES		(3,583,225	)			989,726				(6,232,035	)			(1,792,813	)
PROVISION FOR INCOME TAX (BENEFIT) EXPENSE		(764,505	)			336,309				(1,254,489	)			(251,365	)
NET INCOME (LOSS)		(2,818,720	)			653,417				(4,977,546	)			(1,541,448	)
Non-controlling interest		(493	)			(3,685	)			(9,258	)			(13,289	)
NET INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.	$	(2,818,227	)		$	657,102			$	(4,968,288	)		$	(1,528,159	)
OTHER COMPREHENSIVE LOSS
Foreign currency translation adjustments		246,993				(56,432	)			250,513				(148,272	)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.	$	(2,571,234	)		$	600,670			$	(4,717,775	)		$	(1,676,431	)
WEIGHTED AVERAGE NUMBER OF COMMON STOCK
Basic		31,473,134				29,943,439				31,445,633				29,878,196
Diluted		31,473,134				29,943,439				31,445,633				29,878,196
EARNINGS (LOSSES) PER SHARE
Basic	$	(0.09	)		$	0.02			$	(0.16	)		$	(0.05	)
Diluted	$	(0.09	)		$	0.02			$	(0.16	)		$	(0.05	)

FAQ

What were iPower (IPW) fiscal Q4 2025 revenue and EPS results?

iPower reported Q4 revenue of $11.5M and a net loss of $2.8M, $(0.09) per share for the quarter ended June 30, 2025.

How much did iPower reduce debt in fiscal 2025 and what is the new balance?

iPower reduced total debt by 41% to a balance of $3.7M as of June 30, 2025.

What caused iPower's revenue decline in Q4 2025?

The revenue decrease was driven primarily by lower product sales to the company's largest channel partner, partially offset by growth in SuperSuite services.

What is iPower's cash position at fiscal year‑end June 30, 2025?

Cash and cash equivalents were $2.0M at June 30, 2025, down from $7.4M a year earlier.

Did iPower change its supply chain strategy in fiscal 2025?

Yes. iPower nearly completed a shift from a China-import-based supply chain to primarily U.S.-based inventory and launched a domestic JV manufacturing line.

How did gross margin perform for iPower in fiscal 2025?

iPower maintained resilient unit economics with a full-year gross margin of 43.8% despite revenue pressure.