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iPower (Nasdaq: IPW) released its fiscal Q3 2024 results, showing a 15% revenue increase to $23.3 million, driven by the growth of its SuperSuite business and higher product sales to its largest channel partner.
Gross profit rose 41% to $10.9 million with a gross margin of 47%, up from 38.5% in the previous year. Operating expenses decreased to $9.3 million, improving to 40.1% of revenue.
Net income improved to $1.0 million or $0.03 per share, compared to a net loss of $1.5 million in the previous year. Adjusted net income was $1.6 million or $0.05 per share.
iPower reduced its net debt by 59% to $3.3 million. The company has shifted focus from hydroponics to core consumer products, enhancing profitability and growth.
Datasea Inc. (NASDAQ: DTSS) pre-announced estimated revenue of $12.5 million for April 2024, supporting its revenue guidance of $86 million for fiscal 2024, reflecting a 1,128% year-over-year increase. The Company serves over 48 million enterprises and users in China with 5G-AI multimodal communication technology, leading to a strong revenue projection. Datasea's core products include acoustic solutions for clean environments and ultrasonic sleep aids, with plans to expand its market reach in the US.
iPower Inc. (Nasdaq: IPW) has scheduled a conference call on May 14, 2024, at 4:30 p.m. ET to discuss its financial results for the fiscal third quarter ended March 31, 2024. The call will be hosted by iPower management and will include a question-and-answer period.