iPower Delivers First Order of Hydroponic Equipment for the European Market

Rhea-AI Summary

iPower Inc. (Nasdaq:IPW) has announced its expansion into the European market with the successful delivery of hydroponic equipment to Amazon for consumers in the UK and Germany. The order, including trimming devices and air filtration systems, represents iPower's entry into a developing market with long-term growth potential. CEO Lawrence Tan emphasized the importance of establishing a strong presence in these populous countries, viewing them as significant opportunities for market share and brand awareness. The sale was recognized in the fiscal second quarter ended December 31, 2021.

Positive

• Successful entry into the European hydroponic market.
• Partnership with Amazon to reach consumers in the UK and Germany.
• Growing demand for hydroponic products in developing markets.

Negative

• None.

Initial Order Includes Trimming Devices, Air Filtration, Tents and Other Accessories to be Sold by Amazon Throughout the UK and Germany

DUARTE, Calif., Jan. 05, 2022 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq:IPW) (“iPower” or the “Company”), one of the leading online hydroponic equipment suppliers and retailers, is announcing its expansion into the European market with the completion of its first order delivery to Amazon (NASDAQ:AMZN) for consumers in the UK and Germany.

In December 2021, iPower delivered several of its own branded products for customer(s) in the UK and Germany, including trimming devices, air filters, grow bags, tents and other accessories. This delivery marks iPower’s official entrance into the European hydroponic market, which is in the early stages of development and presents a long-term growth opportunity for iPower.

“We continue to deepen our relationships with key partners as we enter two new hydroponic markets with very limited penetration,” said iPower CEO Lawrence Tan. “The UK and Germany are two of the most populous countries in Europe and we believe each represents a significant early-mover opportunity to gain market share and drive awareness of our core iPower and Simply Deluxe brands, as well as our recently launched Nutrient line--Flourish. We look forward to partnering with Amazon to serve this new set of hydroponic consumers with high quality products at an affordable price.”

The initial sale of hydroponic equipment for Europe was recognized during the Company’s fiscal second quarter ended December 31, 2021.

About iPower Inc.

iPower Inc. is one of the leading online retailers and suppliers of hydroponics equipment and accessories. iPower offers thousands of stock keeping units from its in-house brands as well as hundreds of other brands through its website, www.zenhydro.com, and its online platform partners. iPower has a diverse customer base that includes both commercial businesses and individuals. For more information, please visit iPower's website at https://ir.meetipower.com/.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement 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 occurring 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 in iPower's registration statement and in its other filings with the SEC.

US & Canada Investor Relations Contact:
Sean Mansouri, CFA
Elevate IR
(949) 200-4603
IPW@elevate-ir.com

Asia Investor Relations Contact:
Sherry Zheng
Weitian Group LLC
(718) 213-7386
shunyu.zheng@weitian-ir.com      

 

FAQ

What recent announcement did iPower Inc. make regarding its European market expansion?

iPower Inc. announced its first order delivery of hydroponic equipment to Amazon for consumers in the UK and Germany, marking its entry into the European market.

What products did iPower deliver as part of its initial order to Amazon?

iPower delivered trimming devices, air filtration systems, grow bags, tents, and other accessories in its initial order to Amazon.

How does iPower view its market opportunities in the UK and Germany?

iPower sees the UK and Germany as significant early-mover opportunities due to their large populations and limited market penetration.

When was the sale of hydroponic equipment recognized by iPower?

The initial sale of hydroponic equipment was recognized during iPower's fiscal second quarter ended December 31, 2021.