Welcome to our dedicated page for iPower news (Ticker: IPW), a resource for investors and traders seeking the latest updates and insights on iPower stock.
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 Inc. announced a 16% revenue increase to $17.4 million for fiscal Q1 2022, driven by strong in-house product sales that grew by 21%. Gross profit rose by 31% to $7.3 million, with gross margin expanding by 490 basis points to 42.1%. Net income increased 17% to $0.89 million. The company also noted challenges from supply chain disruptions but anticipates lower shipping costs in fiscal Q2. Total operating expenses were $6.0 million, up from $4.5 million.
iPower Inc. (Nasdaq:IPW) will host a conference call on November 11, 2021, at 4:30 p.m. ET to discuss its financial results for the fiscal first quarter ending September 30, 2021. The results will be released in a press release before the call. Participants can join via toll-free number (888) 705-0179 or international dial-in (409) 981-0009 using Conference ID 5848879. The call will also be available for replay on iPower's website. iPower is a leading online retailer of hydroponic equipment in the U.S.
iPower (Nasdaq:IPW) reported its fiscal Q4 and year-end results for June 30, 2021, showing total revenue of $14.7 million, a slight increase year-over-year. While gross profit fell slightly to $6.5 million, net loss reached $(1.9) million compared to a net income of $1.2 million in Q4 2020. Notably, FY 2021 revenue increased 35% to $54.1 million with 51% growth in gross profit. The company expects continued growth in FY 2022, targeting 25% organic revenue growth despite a volatile cost environment.
iPower Inc (NASDAQ: IPW) will host its quarterly earnings conference call on September 27, 2021, at 4:30 p.m. ET, to discuss its fiscal fourth quarter and full year results ending June 30, 2021. Investors can join by dialing (833) 882-8474 using conference ID 3283489. The call will also be available via webcast at this link. A replay will be accessible on iPower's investor relations website following the call.
iPower Inc. (Nasdaq:IPW), a key player in the online hydroponics market, has announced a lease agreement for a new logistics facility in Rancho Cucamonga, California. This state-of-the-art warehouse spans approximately 100,000 sq ft, more than doubling the company's current warehouse capacity. CEO Chenlong Tan noted that the expansion is crucial for meeting the growing demand for hydroponic products, with the facility strategically located near Ontario International Airport. This move aligns with iPower's plans for robust growth.
iPower Inc (NASDAQ: IPW) reported a 34.4% increase in revenue to $13.1 million for the third quarter ending March 31, 2021, up from $9.8 million in the same period last year. Operating income rose by 132% to $788,734, while gross margin improved to 43.9% from 32.3%. However, net income declined by 194%, resulting in a loss of $206,823, hampered by non-cash charges related to Convertible Notes and Warrant liabilities. The company held $474,000 in cash and $4.6 million in working capital at quarter-end.
iPower Inc (NASDAQ: IPW) announced a quarterly earnings conference call for its third quarter ending March 31, 2021, scheduled for June 24, 2021, at 4:30 p.m. ET. The call will last approximately one hour and can be accessed via a toll-free number. Interested participants are encouraged to join at least fifteen minutes early to ensure full access to the live broadcast. iPower is a leading supplier of hydroponic equipment in the U.S., offering a wide variety of products through its website and fulfillment centers in California.
iPower Inc. (Nasdaq: IPW), a top online hydroponic equipment provider, celebrated its recent Nasdaq listing by ringing the Closing Bell on May 27, 2021. The company began trading on the Nasdaq Capital Market on May 12, 2021. CEO Chenlong Tan expressed gratitude for the achievement, highlighting it as a milestone for growth supported by the iPower team and stakeholders. iPower offers a wide range of products through its website and operates two fulfillment centers in California, serving both commercial and individual customers.
iPower Inc. (Nasdaq: IPW) announced the sale of 504,000 additional shares at $5.00 each, following the full exercise of the underwriters' overallotment option. This adds $2.52 million to the $16.80 million gross proceeds from the recent IPO, totaling $19.32 million before expenses. The funds will support e-commerce expansion, inventory purchases, and R&D efforts. The offering was managed by D.A. Davidson & Co. and others, with a prospectus available through their channels and the SEC's website.
iPower Inc. announced its initial public offering (IPO) of 3,360,000 shares at a price of US$5.00 per share on the Nasdaq under the ticker symbol IPW. The offering, expected to close on or about May 14, 2021, will yield approximately US$16.8 million in gross proceeds. Funds will be allocated for expanding its eCommerce platform, inventory acquisition, and various operational enhancements. An additional option for underwriters to purchase 504,000 shares is available within 45 days of the offering.
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