iPower Q2 revenue down 13% to $16.8M; net loss narrows to $1.9M

iPower Inc.

2024-Q2 EPS reported -$0.11 vs consensus $2.42 ▼ miss (-104.5%)

Revenue of $16.8M vs $19.3M YoY, driven by lower promotional activity and tighter inventory management by largest channel partner.
Net loss attributable to iPower improved 42% to $1.9M ($0.06 loss per share) from $3.3M ($0.11 loss per share) in prior year.
Gross margin expanded 220 bps to 43.6% from 41.4%, driven by favorable product mix.
Net debt reduced 56% to $3.6M from $8.1M as of June 30, 2023, reflecting debt paydown.
Management aims for return to profitability in 2024, citing normalized channel partner inventory and SuperSuite growth.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

iPower Inc. reported the fiscal second quarter ended December 31, 2023 results: revenue $16.8 million, net income $1.9 million or $(0.06) per share, EPS $(0.06) per share.

Period: the fiscal second quarter ended December 31, 2023
Revenue: $16.8 million
Net income: $1.9 million or $(0.06) per share
EPS: $(0.06) per share
Result: reported results

Exact text from the filing

announced its financial results for the fiscal second quarter ended December 31, 2023. Fiscal Q2 2024 Results vs. Fiscal Q2 2023 (unless otherwise noted) · Total revenue was $16.8 million compared to $19.3 million. · Gross profit was $7.3 million compared to $8.0 million, with gross margin up 220 bps to 43.6% compared to 41.4%. · Net loss attributable to iPower

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Source: SEC EDGAR

accession 0001683168-24-000974

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