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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of report (date of earliest event reported):
February 14, 2024
iPower
Inc.
(Exact name of registrant as specified in its charter)
Nevada |
|
001-40391 |
|
82-5144171 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
8798
9th Street
Rancho
Cucamonga, CA 91730
(Address Of Principal Executive Offices) (Zip Code)
(626)
863-7344
(Registrant’s Telephone Number, Including
Area Code)
___________________________
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock $0.001 per share |
|
IPW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 |
Results of Operations and Financial Condition. |
On February 14, 2024, iPower
Inc., a Nevada corporation (the “Company”), issued a press release announcing its earnings for the second fiscal quarter ended
December 31, 2023. The press release also announced that the Company will hold a conference call to discuss its second quarter financial
results on Wednesday, February 14, 2024 at 4:30 p.m. Eastern Time.
The conference call details
are as follows:
Date: |
Wednesday, February 14, 2024 |
Time: |
4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time |
Dial-in Registration Link: |
https://register.vevent.com/register/BIe2be9f347c1e4143a294c9398c9d50d1 |
Live Webcast Registration Link: |
https://edge.media-server.com/mmc/p/m8ihqe7j/ |
The conference call will be
broadcast live and will also be available for replay in the Events & Presentations section of the Company’s website at www.meetipower.com.
A copy of the press release
is attached hereto and incorporated herein by reference.
In accordance with General
Instruction B.2 of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
of that Section. Such information may be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933,
as amended, only if and to the extent that such subsequent filing specifically references such information.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
iPower Inc. |
Dated: February 14, 2024 |
|
|
|
By: |
/s/ Kevin Vassily |
|
Name: |
Kevin Vassily |
|
Title: |
Chief Financial Officer |
Exhibit 99.1
iPower
Reports Fiscal Second Quarter 2024 Results
- iPower Management
to Host Conference Call Today at 4:30 p.m. Eastern Time -
DUARTE, CA, February
14, 2024 -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a tech and data-driven online retailer
and supplier of consumer home and garden products, as well as a provider of value-added ecommerce services, today 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 improved 42%
to $1.9 million or $(0.06) per share, compared to net loss attributable to iPower of $3.3 million or $(0.11) per share. |
| · | As of December 31, 2023, net debt (total debt
less cash) was reduced by 56% to $3.6 million compared to net debt of $8.1 million as of June 30, 2023. |
Management Commentary
“In our fiscal
second quarter, we continued to drive gross margin expansion, operating cost reductions and another period of positive cash flow from
operations,” said Lawrence Tan, CEO of iPower. “Due to improvements in the supply chain environment, our largest channel partner
has progressively tightened their inventory management as shipping lead times have become more favorable. Although this led to lower order
volumes for the quarter, we believe this channel partner’s inventory is now at a preferred level and we are well equipped to meet
demand with the high-quality products our customers expect.
“We also continued
to gain traction in our SuperSuite business as we leverage our superior supply chain, warehousing and merchandising expertise to drive
sales growth for partners with innovative product catalogs. We look forward to growing this exciting segment of our business as we further
evaluate prospective partners in the months ahead.”
iPower CFO, Kevin Vassily,
added, “Our gross margin and operating expense improvements were primarily driven by the reduction of high-cost inventory and excess
warehousing space. Additionally, we reduced total debt obligations by approximately $2 million during the quarter, demonstrating our commitment
to strengthening the balance sheet. We believe these actions, coupled with early signs of normalized order volumes with our largest channel
partner, will enable us to deliver on our goals with the aim of returning to profitability in 2024.”
Fiscal Second Quarter 2024 Financial Results
Total revenue in the
fiscal second quarter of 2024 was $16.8 million compared to $19.3 million for the same period in fiscal 2023. The decrease was driven
primarily by lower promotional activity given iPower’s normalized inventory level, as well as lower order volumes from the Company’s
largest channel partner who is more tightly managing inventory levels due to the improved supply chain environment. This was partially
offset by growth in the Company’s SuperSuite supply chain offerings.
Gross profit in the fiscal
second quarter of 2024 was $7.3 million compared to $8.0 million in the same quarter in fiscal 2023. As a percentage of revenue, gross
margin increased 220 basis points to 43.6% compared to 41.4% in the year-ago period. The increase in gross margin was primarily driven
by favorable product mix.
Total operating expenses
in the fiscal second quarter of 2024 improved 18% to $9.9 million compared to $12.1 million for the same period in fiscal 2023. The decrease
was driven primarily by lower selling, fulfillment and marketing expenses.
Net loss attributable
to iPower in the fiscal second quarter of 2024 improved 42% to $1.9 million or $(0.06) per share, compared to net loss attributable to
iPower of $3.3 million or $(0.11) per share for the same period in fiscal 2023. The improvement was driven primarily by the higher gross
margin and lower operating expenses.
Cash and cash equivalents
were $1.5 million at December 31, 2023, compared to $3.7 million at June 30, 2023. Total debt as of December 31, 2023 was $5.0 million
compared to $11.8 million as of June 30, 2023. As a result of the Company’s debt paydown, net debt (total debt less cash) was reduced
by 56% to $3.6 million compared to $8.1 million as of June 30, 2023.
Conference Call
The Company will hold
a conference call today, February 14, 2024, at 4:30 p.m. Eastern Time to discuss its results for the fiscal second quarter ended December
31, 2023.
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: Wednesday, February 14, 2024
Time: 4:30 p.m. Eastern 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 iPower Inc.
iPower Inc. is a tech
and data-driven online retailer and supplier of consumer home and garden products, as well as a provider of value-added ecommerce services
for third-party products and brands. iPower offers thousands of stock keeping units from its in-house brands as well as hundreds of other
brands through its ecommerce channel partners and its websites, www.zenhydro.com and www.simpledeluxe.com. iPower has a diverse customer
base that includes both commercial businesses and individuals. For more information, please visit iPower's website at www.meetipower.com.
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 SEC
on September 15, 2023, its Quarterly Reports on Form 10-Q, as filed with the SEC on November 15, 2023 and February 14, 2024, and in its
other SEC filings.
Investor Relations Contact:
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
IPW@elevate-ir.com
iPower Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
As of December 31, 2023 and June 30, 2023
| |
December 31, | | |
June 30, | |
| |
2023 | | |
2023 | |
| |
| (Unaudited) | | |
| | |
ASSETS | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash
and cash equivalents | |
$ | 1,488,027 | | |
$ | 3,735,642 | |
Accounts
receivable, net | |
| 11,765,833 | | |
| 14,071,543 | |
Inventories,
net | |
| 15,782,322 | | |
| 20,593,889 | |
Prepayments
and other current assets | |
| 1,483,209 | | |
| 2,858,196 | |
Total
current assets | |
| 30,519,391 | | |
| 41,259,270 | |
| |
| | | |
| | |
Non-current assets | |
| | | |
| | |
Right of
use - non-current | |
| 7,141,633 | | |
| 7,837,345 | |
Property
and equipment, net | |
| 456,006 | | |
| 536,418 | |
Deferred
tax assets | |
| 3,122,363 | | |
| 2,155,250 | |
Non-current
prepayments | |
| 390,612 | | |
| 531,456 | |
Goodwill | |
| 3,034,110 | | |
| 3,034,110 | |
Investment
in joint venture | |
| 31,287 | | |
| 33,113 | |
Intangible
assets, net | |
| 3,955,385 | | |
| 4,280,071 | |
Other
non-current assets | |
| 419,289 | | |
| 427,254 | |
Total
non-current assets | |
| 18,550,685 | | |
| 18,835,017 | |
| |
| | | |
| | |
Total
assets | |
$ | 49,070,076 | | |
$ | 60,094,287 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts
payable | |
$ | 13,931,800 | | |
$ | 13,244,957 | |
Credit cards
payable | |
| 340,912 | | |
| 366,781 | |
Customer
deposit | |
| 340,876 | | |
| 350,595 | |
Other payables
and accrued liabilities | |
| 3,715,996 | | |
| 4,831,067 | |
Advance from
shareholders | |
| 87,305 | | |
| 85,200 | |
Lease liability
- current | |
| 2,065,177 | | |
| 2,159,173 | |
Short-term
loan payable - related party | |
| 1,032,189 | | |
| – | |
Long-term
promissory note payable - current portion | |
| 1,150,508 | | |
| 2,017,852 | |
Revolving
loan payable, net | |
| 2,862,857 | | |
| – | |
Income
taxes payable | |
| 283,519 | | |
| 276,683 | |
Total
current liabilities | |
| 25,811,139 | | |
| 23,332,308 | |
| |
| | | |
| | |
Non-current liabilities | |
| | | |
| | |
Long-term
revolving loan payable, net | |
| – | | |
| 9,791,191 | |
Lease
liability - non-current | |
| 5,503,365 | | |
| 6,106,047 | |
Total
non-current liabilities | |
| 5,503,365 | | |
| 15,897,238 | |
| |
| | | |
| | |
Total
liabilities | |
| 31,314,504 | | |
| 39,229,546 | |
| |
| | | |
| | |
Commitments and contingency | |
| – | | |
| – | |
| |
| | | |
| | |
Stockholders' Equity | |
| | | |
| | |
Preferred
stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2023 and June 30, 2023 | |
| – | | |
| – | |
Common stock,
$0.001 par value; 180,000,000 shares authorized; 29,710,939 and 29,710,939 shares issued and outstanding at December 31, 2023 and
June 30, 2023 | |
| 29,712 | | |
| 29,712 | |
Additional
paid in capital | |
| 29,883,647 | | |
| 29,624,520 | |
Accumulated
deficits | |
| (11,903,785 | ) | |
| (8,702,442 | ) |
Non-controlling
interest | |
| (30,906 | ) | |
| (24,915 | ) |
Accumulated
other comprehensive loss | |
| (223,096 | ) | |
| (62,134 | ) |
Total
stockholders’ equity | |
| 17,755,572 | | |
| 20,864,741 | |
| |
| | | |
| | |
Total
liabilities and stockholders’ equity | |
$ | 49,070,076 | | |
$ | 60,094,287 | |
iPower Inc. and Subsidiaries
Unaudited Condensed
Consolidated Statements of Operations
For the Three and
Six Months Ended December 31, 2023 and 2022
| |
For the Three Months Ended December 31, | | |
For the Six Months Ended December 31, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | | |
(Unaudited) | |
| |
| | |
| | |
| | |
| |
REVENUES | |
$ | 16,800,122 | | |
$ | 19,254,590 | | |
$ | 43,308,496 | | |
$ | 45,277,263 | |
| |
| | | |
| | | |
| | | |
| | |
TOTAL REVENUES | |
| 16,800,122 | | |
| 19,254,590 | | |
| 43,308,496 | | |
| 45,277,263 | |
| |
| | | |
| | | |
| | | |
| | |
COST OF REVENUES | |
| 9,481,882 | | |
| 11,285,064 | | |
| 24,231,411 | | |
| 27,322,021 | |
| |
| | | |
| | | |
| | | |
| | |
GROSS PROFIT | |
| 7,318,240 | | |
| 7,969,526 | | |
| 19,077,085 | | |
| 17,955,242 | |
| |
| | | |
| | | |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Selling and fulfillment | |
| 6,936,980 | | |
| 9,338,737 | | |
| 17,000,451 | | |
| 17,757,549 | |
General and administrative | |
| 2,933,607 | | |
| 2,713,355 | | |
| 5,897,658 | | |
| 5,813,531 | |
Impairment loss - goodwill | |
| – | | |
| – | | |
| – | | |
| 3,060,034 | |
Total operating expenses | |
| 9,870,587 | | |
| 12,052,092 | | |
| 22,898,109 | | |
| 26,631,114 | |
| |
| | | |
| | | |
| | | |
| | |
LOSS FROM OPERATIONS | |
| (2,552,347 | ) | |
| (4,082,566 | ) | |
| (3,821,024 | ) | |
| (8,675,872 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME (EXPENSE) | |
| | | |
| | | |
| | | |
| | |
Interest expenses | |
| (182,612 | ) | |
| (314,119 | ) | |
| (410,977 | ) | |
| (562,160 | ) |
Loss on equity method investment | |
| (801 | ) | |
| (3,938 | ) | |
| (1,826 | ) | |
| (7,328 | ) |
Other non-operating income | |
| 128,838 | | |
| 59,600 | | |
| 61,672 | | |
| 271,360 | |
Total other expenses, net | |
| (54,575 | ) | |
| (258,457 | ) | |
| (351,131 | ) | |
| (298,128 | ) |
| |
| | | |
| | | |
| | | |
| | |
LOSS BEFORE INCOME TAXES | |
| (2,606,922 | ) | |
| (4,341,023 | ) | |
| (4,172,155 | ) | |
| (8,974,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
PROVISION FOR INCOME TAX BENEFIT | |
| (688,939 | ) | |
| (1,047,749 | ) | |
| (964,821 | ) | |
| (1,495,545 | ) |
NET LOSS | |
| (1,917,983 | ) | |
| (3,293,274 | ) | |
| (3,207,334 | ) | |
| (7,478,455 | ) |
| |
| | | |
| | | |
| | | |
| | |
Non-controlling interest | |
| (3,155 | ) | |
| (2,835 | ) | |
| (5,991 | ) | |
| (5,640 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS ATTRIBUTABLE TO IPOWER INC. | |
$ | (1,914,828 | ) | |
$ | (3,290,439 | ) | |
$ | (3,201,343 | ) | |
$ | (7,472,815 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER COMPREHENSIVE LOSS | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustments | |
| (160,255 | ) | |
| 47,149 | | |
| (160,962 | ) | |
| (64,326 | ) |
| |
| | | |
| | | |
| | | |
| | |
COMPREHENSIVE LOSS ATTRIBUTABLE TO IPOWER INC. | |
$ | (2,075,083 | ) | |
$ | (3,243,290 | ) | |
$ | (3,362,305 | ) | |
$ | (7,537,141 | ) |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED AVERAGE NUMBER OF COMMON STOCK | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 29,790,242 | | |
| 29,742,620 | | |
| 29,777,378 | | |
| 29,687,878 | |
| |
| | | |
| | | |
| | | |
| | |
Diluted | |
| 29,790,242 | | |
| 29,742,620 | | |
| 29,777,378 | | |
| 29,687,878 | |
| |
| | | |
| | | |
| | | |
| | |
LOSSES PER SHARE | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.06 | ) | |
$ | (0.11 | ) | |
$ | (0.11 | ) | |
$ | (0.25 | ) |
| |
| | | |
| | | |
| | | |
| | |
Diluted | |
$ | (0.06 | ) | |
$ | (0.11 | ) | |
$ | (0.11 | ) | |
$ | (0.25 | ) |
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