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iPower Inc. (Nasdaq: IPW) is a prominent online retailer and supplier of hydroponic equipment and accessories in North America. The company primarily operates through its own website and partners with major online channels, including Amazon, Walmart, and eBay. iPower Inc. stands out in the industry for its comprehensive range of products designed to support the cultivation of plants in controlled environments.
In Fiscal Q1 2024, iPower reported notable financial results compared to the same period in 2023. The management has scheduled a conference call to discuss these results in more detail, which will be held on Tuesday, November 14, 2023, at 4:30 p.m. Eastern time. Interested parties can register for the dial-in or live webcast via the provided links.
Further enhancing its market presence, iPower has formed a strategic partnership with Datasea Inc. (Nasdaq: DTSS), a leader in digital technology solutions, focusing on acoustic high tech and 5G-AI communication technology. This collaboration aims to boost product distribution within the US online market, leveraging Datasea's advanced technology and iPower's robust eCommerce platform. iPower Inc. will promote and distribute Datasea's innovative acoustic intelligence products, aiming to enhance the customer experience and drive growth for both companies.
iPower's commitment to quality is evident in its carefully curated product lines, which cater to both novice and experienced growers. The company's dedication to customer satisfaction is reflected in its strong logistics capabilities, ensuring timely delivery and exceptional service.
With a focus on continuous improvement and market expansion, iPower is poised to capitalize on emerging opportunities in the hydroponic industry. The company's strategic initiatives, including its partnership with Datasea, underscore its dedication to innovation and excellence.
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.
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