Ipower Inc - IPW STOCK NEWS

iPower Inc. (Nasdaq:IPW) will hold a conference call on May 16, 2022, at 4:30 p.m. ET to discuss its fiscal Q3 financial results for the period ending March 31, 2022. The earnings report will precede the call, where management will discuss performance and answer questions. Investors can join via a toll-free number or listen to the live webcast available on iPower's website. The company is a leading online retailer of hydroponic equipment, serving both commercial and individual customers across various platforms.

iPower (Nasdaq: IPW), a leading online hydroponics supplier, will participate in three investor conferences in March 2022. The events include D.A. Davidson’s Consumer Growth Conference on March 10, where CEO Lawrence Tan will engage in a fireside chat. Following that, at Roth’s 34th Annual Conference from March 13-15, both Tan and CFO Kevin Vassily will present on March 15. Lastly, the Maxim’s 2022 Growth Conference will be held virtually from March 28-30, featuring a pre-recorded presentation and one-on-one meetings. For inquiries, investors can contact iPower’s investor relations team.

iPower Inc. (Nasdaq:IPW) held its Annual Meeting of Stockholders on February 23, 2022, where all proposals were unanimously approved. This included the election of five directors for a one-year term, ratification of its independent auditors, UHY, LLP, and approval of executive compensation. Additionally, stockholders approved the ability to determine the frequency of advisory votes on executive compensation. iPower is a leading online retailer of hydroponics equipment and accessories, serving a diverse customer base.

iPower Inc. (Nasdaq:IPW) has acquired Anivia Limited for US$12 million, expanding its production and R&D capabilities. The acquisition, effective February 15, 2022, grants iPower control over its primary global co-engineering partner, Daheshou Shenzhen Information Technology Co. Ltd (DHS), which generated $9 million in gross sales in fiscal 2021. The deal enhances iPower's supply chain management and e-commerce abilities, reducing supplier turnover risks. The transaction includes $1.5 million cash, a $3.5 million promissory note, and 3,083,700 shares of common stock.

iPower Inc. (IPW) reported a remarkable 52% increase in fiscal Q2 revenue, reaching $17.1 million and driven by strong in-house branded product sales, which surged 72%. Gross profit rose 53% to $7.6 million, with a gross margin of 44.1%. Net income also improved 39% to $0.8 million or $0.03 per share. Despite challenges in the supply chain, management is optimistic about growth initiatives like the launch of the Flourish nutrient line and expansion into Europe. However, total long-term debt increased to $7.4 million.

iPower Inc. (Nasdaq:IPW) announced a joint venture with a social media marketing company to create Global Social Media LLC, aimed at developing a social commerce platform. iPower will invest $100,000 for a 60% equity stake, leveraging the partners' social media expertise to enhance its brand visibility via TikTok and other channels. CEO Lawrence Tan emphasized the potential of social commerce and its alignment with iPower’s strategic goals for growth in the e-commerce industry.

iPower Inc. (Nasdaq:IPW) will host a conference call on February 14, 2022, at 4:30 p.m. Eastern time to discuss its financial results for the fiscal second quarter ended December 31, 2021. The results will be released prior to the call, which will also include a question-and-answer segment. Investors can join via a toll-free number or watch the live webcast. iPower specializes in hydroponic equipment and accessories, providing a vast selection on its platform, zenhydro.com.

iPower Inc. (Nasdaq:IPW) has launched a joint venture with Titanium Plus Autoparts, creating Box Harmony LLC, a full-service e-commerce logistics company. iPower is investing $50,000 for a 40% equity stake with an option to increase to 60%. The venture aims to enhance iPower's logistics capabilities, supporting growth in the e-commerce market and optimizing supply chain efficiencies for its hydroponic equipment business. The partnership became effective on January 14, 2022.

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.