iPower Expands SuperSuite’s Sales Channels with Temu US

Rhea-AI Summary

iPower, a data-driven online retailer specializing in consumer home, pet, and garden products, has been approved as a seller on Temu US. This approval introduces a new sales channel for iPower's SuperSuite clients, offering significant growth opportunities. Since starting on Temu in April 2024, iPower has seen rapid growth over two months. Temu's platform, akin to Amazon, provides global reach, aiding iPower's supply chain partners in expanding their market presence. CEO Lawrence Tan emphasizes that this aligns with the company's strategy to diversify and sustain long-term growth by continuously exploring additional sales channels.

Positive

• iPower approved as a Temu US seller.
• Introduction of a new sales channel for SuperSuite clients.
• Rapid growth experienced since starting on Temu in April 2024.
• Enhanced global reach for supply chain partners.
• Alignment with iPower's strategic vision for diversified sales channels and sustained long-term growth.

Negative

• No specific financial figures provided to quantify the growth or the impact of the Temu integration.
• Potential risk if the integration with Temu does not sustain long-term growth as anticipated.

RANCHO CUCAMONGA, Calif., June 13, 2024 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven online retailer and supplier of consumer home, pet and garden products, as well as a provider of value-added ecommerce services, today announced its approval as a Temu US seller. This achievement offers another compelling sales channel for iPower’s SuperSuite clients and unlocks new opportunities for the Company’s supply chain partners.

The integration of Temu into the SuperSuite platform introduces a valuable new sales channel, enhancing iPower's value proposition and expanding its existing offerings. Similar to Amazon, Temu features a broad range of products and presents significant opportunities for future growth. iPower began selling on the platform in April 2024 and has experienced rapid growth over the past two months.

Temu will provide iPower’s supply chain partners with access to a growing global customer base through the SuperSuite platform. Partners can leverage this greater reach to drive future sales while expanding their presence in their respective market.

“The addition of Temu to our SuperSuite platform equips our supply chain partners with a promising new sales channel,” said Lawrence Tan, CEO of iPower. “This enhancement is aligned with our strategic vision to empower supply chain partners with a diversified sales channel that enables sustained long-term growth. We are pleased with the early results from the Temu integration and we will continue exploring additional sales channels that could further enhance the value proposition of our SuperSuite platform.”

About iPower Inc.

iPower Inc. is a tech and data-driven online retailer and supplier of consumer home, pet and garden products, 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. With these capabilities, iPower efficiently moves 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.

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, as filed with the Securities and Exchange Commission, or the SEC, on September 15, 2023, its Quarterly Reports on Form 10-Q, and in its other SEC filings.

Investor Relations Contact:

Sean Mansouri, CFA
Elevate IR
(720) 330-2829
IPW@elevate-ir.com

FAQ

What recent sales channel approval did iPower receive?

iPower was approved as a seller on Temu US.

When did iPower start selling on Temu?

iPower began selling on Temu in April 2024.

How has iPower's growth been on Temu since starting?

iPower has experienced rapid growth over the past two months.

What opportunities does Temu provide for iPower's supply chain partners?

Temu provides iPower's supply chain partners with access to a growing global customer base, aiding in market expansion.

What is the strategic vision behind iPower's integration with Temu?

The integration aligns with iPower's strategy to diversify sales channels and sustain long-term growth.