- Fiscal 2023 Revenue up 12% to Record
- iPower Management to Host Conference Call Today at
Fiscal Q4 2023 Results vs.
- Total revenue increased 6% to
$23.4 million as compared to$22.1 million . - Gross profit remained flat at
$9.1 million , with gross margin of 38.7% as compared to 41.2%. - Net loss attributable to iPower was
$3.0 million or$(0.10) per share, as compared to net loss of$1.3 million or$(0.05) per share. - As of
June 30, 2023 , net debt (total debt less cash) was reduced by 43% to$8.1 million as compared to net debt of$14.2 million as ofJune 30, 2022 .
Fiscal 2023 Results vs. Fiscal 2022
- Total revenue increased 12% to
$88.9 million as compared to$79.4 million . - Gross profit increased 5% to
$34.8 million as compared to$33.2 million , with gross margin of 39.1% compared to 41.8%. - Net loss attributable to iPower was
$12.0 million or$(0.40) per share, as compared to net income of$1.5 million or$0.06 per share. The fiscal 2023 period includes approximately$3 million related to a goodwill impairment incurred earlier in the fiscal year. - Cash flow from operations improved significantly to
$9.2 million as compared to cash used of$16.6 million .
Management Commentary
“Fiscal 2023 marked our third consecutive year of double-digit revenue growth driven by consistent, strong demand for our in-house products and continued expansion of our non-hydroponic portfolio,” said
iPower CFO,
Fiscal Fourth Quarter 2023 Financial Results
Total revenue in the fiscal fourth quarter of 2023 increased 6% to
Gross profit in the fiscal fourth quarter of 2023 remained flat at
Total operating expenses in the fiscal fourth quarter of 2023 were
Net loss attributable to iPower in the fiscal fourth quarter of 2023 was
Cash and cash equivalents were
Conference Call
The Company will hold a conference call today,
iPower’s management will host the conference call, which will be followed by a question-and-answer session.
The conference call details are as follows:
Date:
Time:
Dial-in registration link: here
Live webcast registration link: here
Please dial into the conference call 5-10 minutes prior to the start time. If you have any difficulty connecting with the conference call, please contact the Company’s investor relations team at IPW@elevate-ir.com.
The conference call will also be broadcast live and available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.
About
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
Investor Relations Contact:
Elevate IR
(720) 330-2829
IPW@elevate-ir.com
Consolidated Balance Sheets | |||||||
As of | |||||||
2023 | 2022 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalent | $ | 3,735,642 | $ | 1,821,947 | |||
Accounts receivable, net | 14,071,543 | 17,432,287 | |||||
Inventories, net | 20,593,889 | 30,433,766 | |||||
Other receivable - related party | - | 51,762 | |||||
Prepayments and other current assets | 2,858,196 | 5,444,463 | |||||
Total current assets | 41,259,270 | 55,184,225 | |||||
Non-current assets | |||||||
Right of use - non-current | 7,837,345 | 10,453,282 | |||||
Property and equipment, net | 536,418 | 544,633 | |||||
Deferred tax assets | 2,155,250 | - | |||||
Non-current prepayments | 531,456 | 925,624 | |||||
3,034,110 | 6,094,144 | ||||||
Investment in joint venture | 33,113 | 43,385 | |||||
Intangible assets, net | 4,280,071 | 4,929,442 | |||||
Other non-current assets | 427,254 | 406,732 | |||||
Total non-current assets | 18,835,017 | 23,397,242 | |||||
Total assets | $ | 60,094,287 | $ | 78,581,467 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities | |||||||
Accounts payable | 13,244,957 | 9,533,408 | |||||
Credit cards payble | 366,781 | 807,687 | |||||
Customer deposit | 350,595 | 273,457 | |||||
Other payables and accrued liabilities | 4,831,067 | 5,915,220 | |||||
Advance from shareholders | 85,200 | 92,246 | |||||
Investment payable | - | 1,500,000 | |||||
Lease liability - current | 2,159,173 | 2,582,933 | |||||
Long-term promissory note payable - current portion | 2,017,852 | 1,879,065 | |||||
Income taxes payable | 276,683 | 299,563 | |||||
Total current liabilities | 23,332,308 | 22,883,579 | |||||
Non-current liabilities | |||||||
Long-term revolving loan payable, net | 9,791,191 | 12,314,627 | |||||
Long-term promissory note payable, net | - | 1,781,705 | |||||
Deferred tax liabilities | - | 939,115 | |||||
Lease liability - non-current | 6,106,047 | 8,265,611 | |||||
Total non-current liabilities | 15,897,238 | 23,301,058 | |||||
Total liabilities | 39,229,546 | 46,184,637 | |||||
Commitments and contingency | - | - | |||||
Stockholders' Equity | |||||||
Preferred stock, | - | - | |||||
Common stock, | 29,712 | 29,573 | |||||
Additional paid in capital | 29,624,520 | 29,111,863 | |||||
(Accumulated deficits) Retained earnings | (8,702,442 | ) | 3,262,948 | ||||
Non-controlling interest | (24,915 | ) | (13,232 | ) | |||
Accumulated other comprehensive income (loss) | (62,134 | ) | 5,678 | ||||
Total equity | 20,864,741 | 32,396,830 | |||||
Total liabilities and equity | $ | 60,094,287 | $ | 78,581,467 |
Consolidated Statements of Operations | |||||||||||||||
For the Years Ended | |||||||||||||||
For the Three Months Ended | For the Years Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||
REVENUES | $ | 23,399,166 | $ | 22,117,831 | $ | 88,902,048 | $ | 79,418,473 | |||||||
TOTAL REVENUES | 23,399,166 | 22,117,831 | 88,902,048 | 79,418,473 | |||||||||||
COST OF REVENUES | 14,348,668 | 12,998,903 | 54,104,587 | 46,218,580 | |||||||||||
GROSS PROFIT | 9,050,498 | 9,118,928 | 34,797,461 | 33,199,893 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Selling and fulfillment | 8,133,299 | 6,842,363 | 32,427,972 | 19,180,390 | |||||||||||
General and administrative | 3,913,672 | 3,767,117 | 12,792,998 | 11,707,466 | |||||||||||
Impairment loss - goodwill | - | - | 3,060,034 | - | |||||||||||
Total operating expenses | 12,046,971 | 10,609,480 | 48,281,004 | 30,887,856 | |||||||||||
(LOSS) INCOME FROM OPERATIONS | (2,996,473 | ) | (1,490,552 | ) | (13,483,543 | ) | 2,312,037 | ||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||
Interest expenses | (265,497 | ) | (231,017 | ) | (1,066,280 | ) | (458,159 | ) | |||||||
Other financing expenses | - | - | - | (80,010 | ) | ||||||||||
Loss on equity method investment | (1,376 | ) | 5,673 | (10,001 | ) | (6,616 | ) | ||||||||
Other non-operating income | (306,874 | ) | 210,893 | (107,749 | ) | 296,366 | |||||||||
Total other expenses, net | (573,747 | ) | (14,451 | ) | (1,184,030 | ) | (248,419 | ) | |||||||
(LOSS) INCOME BEFORE INCOME TAXES | (3,570,220 | ) | (1,505,003 | ) | (14,667,573 | ) | 2,063,618 | ||||||||
PROVISION FOR INCOME TAX (BENEFIT) EXPENSE | (605,374 | ) | (146,570 | ) | (2,690,500 | ) | 558,975 | ||||||||
NET (LOSS) INCOME | (2,964,846 | ) | (1,358,433 | ) | (11,977,073 | ) | 1,504,643 | ||||||||
Non-controlling interest | (2,805 | ) | (9,162 | ) | (11,683 | ) | (13,232 | ) | |||||||
NET (LOSS) INCOME ATTRIBUTABLE TO IPOWER INC. | $ | (2,962,041 | ) | $ | (1,349,271 | ) | $ | (11,965,390 | ) | $ | 1,517,875 | ||||
OTHER COMPREHENSIVE LOSS | |||||||||||||||
Foreign currency translation adjustments | (21,090 | ) | 8,904 | (67,812 | ) | 5,678 | |||||||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO IPOWER INC. | $ | (2,983,131 | ) | $ | (1,340,367 | ) | $ | (12,033,202 | ) | $ | 1,523,553 | ||||
WEIGHTED AVERAGE NUMBER OF COMMON STOCK | |||||||||||||||
Basic | 29,747,497 | 29,662,448 | 29,713,354 | 27,781,493 | |||||||||||
Diluted | 29,747,497 | 29,662,448 | 29,713,354 | 27,781,493 | |||||||||||
(LOSSES) EARNINGS PER SHARE | |||||||||||||||
Basic | $ | (0.100 | ) | $ | (0.045 | ) | $ | (0.403 | ) | $ | 0.055 | ||||
Diluted | $ | (0.100 | ) | $ | (0.045 | ) | $ | (0.403 | ) | $ | 0.055 |
Source:
2023 GlobeNewswire, Inc., source