iPower Reports Fiscal Fourth Quarter and Full Fiscal Year 2025 Results

RANCHO CUCAMONGA, Calif., Oct. 09, 2025 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq: IPW) (“iPower” or the “Company”), a data and technology driven e-commerce retailer and infrastructure company, today announced its financial results for the fiscal fourth quarter and full fiscal year ended June 30, 2025.

Fiscal Q4 2025 Results vs. Year-Ago Quarter

Total revenue was $11.5 million compared to $19.5 million.Gross profit was $4.9 million compared to $8.7 million, with gross margin of 43.0% compared to 44.6%.Net loss attributable to iPower was $2.8 million or $(0.09) per share, compared to net income attributable to iPower of $0.7 million or $0.02 per share.

Fiscal 2025 Summary vs Fiscal 2024

Reduced total debt as of June 30, 2025 by 41% to $3.7 million, strengthening liquidity and balance-sheet flexibility.Maintained gross margin of 43.8% despite revenue pressure, demonstrating resilient unit economics.Executed targeted inventory optimization, leading to improved working-capital efficiency and supporting future margin expansion opportunities.Nearly completed transition from China-import-based supply chain to primarily U.S.-based inventory, materially reducing exposure to tariff and freight policy changes — two of the most significant historical risk factors in iPower’s operations.Launched a domestic joint-venture manufacturing line through United Package NV LLC to further localize production and enhance cost control.Expanded SuperSuite supply-chain platform and added new brand partnerships, including TCL, to diversify product mix.

Management Commentary

“Fiscal 2025 was a pivotal year for iPower as we realigned our operations to support long-term growth and profitability,” said Lawrence Tan, CEO of iPower. “Amid challenging tariff-related disruptions in 2025, we maintained stable gross margins, significantly reduced debt, and took decisive actions to streamline operations and optimize inventory. A key achievement was our near-complete shift from a China import–based supply chain to a predominantly U.S.-based inventory model, which enhances logistical control and mitigates future exposure to tariff and freight policy risks.”

“In parallel, we launched a domestic joint-venture manufacturing line to anchor our U.S. supply chain strategy and support future margin stability. While this transition required difficult decisions—including exiting certain partnerships that no longer met our profitability thresholds—our disciplined execution preserved the balance sheet and positioned us to build a more resilient operational foundation.”

“Looking ahead, we have a leaner inventory position, reduced debt, and positive operational momentum, including new partnerships with leading brands like TCL. We intend to further expand our SuperSuite partner network and continue building out our domestic manufacturing infrastructure to enhance supply chain agility and support long-term scalability. These efforts reflect our ongoing focus on operational optimization, diversification, and creating long-term value for our stakeholders.”

Fiscal Fourth Quarter 2025 Financial Results

Total revenue in the fiscal fourth quarter of 2025 was $11.5 million compared to $19.5 million for the same period in fiscal 2024. The decrease was driven primarily by lower product sales to the Company’s largest channel partner, partially offset by growth in iPower’s SuperSuite supply chain offerings.

Gross profit in the fiscal fourth quarter of 2025 was $4.9 million compared to $8.7 million in the same quarter in fiscal 2024. As a percentage of revenue, gross margin was 43.0% compared to 44.6% in the year-ago period. The decrease in gross margin was primarily driven by an increase in services income in the quarter.

Total operating expenses in the fiscal fourth quarter of 2025 were $8.5 million compared to $7.4 million for the same period in fiscal 2024. The increase in operating expenses was driven primarily by higher marketing and promotional costs associated with the reduction of obsolete and slow-moving inventory.

Net loss attributable to iPower in the fiscal fourth quarter of 2025 was $2.8 million or $(0.09) per share, compared to net income attributable to iPower of $0.7 million or $0.02 per share for the same period in fiscal 2024.

Cash and cash equivalents were $2.0 million at June 30, 2025, compared to $7.4 million at June 30, 2024. As a result of the Company’s debt paydown, total debt was reduced by 41% to $3.7 million compared to $6.3 million as of June 30, 2024.

About iPower Inc.

iPower Inc. (Nasdaq: IPW) is a technology- and data-driven online retailer and a provider of value-added e-commerce services for third-party products and brands. iPower operates a nationwide fulfillment network and is expanding infrastructure across software, logistics, and manufacturing, with an aim to also pursue initiatives in digital assets and blockchain integration. For more information, please visit 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 and in its other SEC filings, including its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Media & Investor Contact

[email protected]

iPower Inc. and SubsidiariesConsolidated Balance SheetsAs of June 30, 2025 and June 30, 2024 June 30, June 30, 2025 2024 ASSETS Current assets Cash and cash equivalent$2,007,890 $7,377,837 Accounts receivable, net 6,124,008 14,740,093 Inventories, net 8,131,203 10,546,273 Prepayments and other current assets, net 3,111,210 2,346,534 Total current assets 19,374,311 35,010,737 Non-current assets Right of use - non-current 3,915,539 6,124,163 Property and equipment, net 390,349 370,887 Deferred tax assets, net 3,724,462 2,445,605 Goodwill 3,034,110 3,034,110 Investment in joint venture 385,180 27,605 Intangible assets, net 2,981,328 3,630,700 Other non-current assets 1,837,488 652,050 Total non-current assets 16,268,456 16,285,120 Total assets$35,642,767 $51,295,857 LIABILITIES AND EQUITY Current liabilities Accounts payable, net 7,180,009 11,227,116 Other payables and accrued liabilities 1,893,921 3,885,487 Lease liability - current 1,361,111 2,039,301 Short-term loan payable - 491,214 Short-term loan payable - related party - 350,000 Revolving loan payable, net 3,737,602 5,500,739 Income taxes payable 280,155 276,158 Total current liabilities 14,452,798 23,770,015 Non-current liabilities Lease liability - non-current 2,913,967 4,509,809 Total non-current liabilities 2,913,967 4,509,809 Total liabilities 17,366,765 28,279,824 Commitments and contingency - - Stockholders' Equity Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2025 and June 30, 2024 - - Common stock, $0.001 par value; 180,000,000 shares authorized; 31,359,899 and 31,359,899 shares issued and outstanding at June 30, 2025 and June 30, 2024 31,361 31,361 Additional paid in capital 33,450,885 33,463,883 Accumulated deficits (15,198,889) (10,230,601)Non-controlling interest (47,462) (38,204)Accumulated other comprehensive loss 40,107 (210,406)Total stockholders' equity 18,276,002 23,016,033 Total liabilities and stockholders' equity$35,642,767 $51,295,857

iPower Inc. and SubsidiariesConsolidated Statements of Operations and Comprehensive LossFor the Three Months and Years Ended June 30, 2025 and 2024 For the Three Months Ended June 30, For the Years Ended June 30, 2025 2024 2025 2024 (Unaudited) (Unaudited) REVENUES Product sales$10,089,772 $18,850,539 $61,518,306 $84,752,116 Service income 1,402,237 603,942 4,624,473 1,319,369 Total revenues 11,492,009 19,454,481 66,142,779 86,071,485 COST OF REVENUES Product costs 5,299,926 10,226,651 33,191,202 46,818,232 Service costs 1,253,146 550,656 3,957,883 1,131,885 Total cost of revenues 6,553,072 10,777,307 37,149,085 47,950,117 GROSS PROFIT 4,938,937 8,677,174 28,993,694 38,121,368 OPERATING EXPENSES: Selling and fulfillment 6,126,355 4,518,191 22,201,828 26,963,291 General and administrative 2,346,514 2,902,127 12,657,628 12,120,969 Total operating expenses 8,472,869 7,420,318 34,859,456 39,084,260 INCOME (LOSS) FROM OPERATIONS (3,533,932) 1,256,856 (5,865,762) (962,892) OTHER INCOME (EXPENSE) Interest expenses (73,599) (196,249) (436,201) (788,425)Loss on equity method investment (11,635) (2,890) (14,342) (5,508)Other non-operating income 35,941 (67,991) 84,270 (35,988)Total other expenses, net (49,293) (267,130) (366,273) (829,921) INCOME (LOSS) BEFORE INCOME TAXES (3,583,225) 989,726 (6,232,035) (1,792,813) PROVISION FOR INCOME TAX (BENEFIT) EXPENSE (764,505) 336,309 (1,254,489) (251,365)NET INCOME (LOSS) (2,818,720) 653,417 (4,977,546) (1,541,448) Non-controlling interest (493) (3,685) (9,258) (13,289) NET INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.$(2,818,227) $657,102 $(4,968,288) $(1,528,159) OTHER COMPREHENSIVE LOSS Foreign currency translation adjustments 246,993 (56,432) 250,513 (148,272) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO IPOWER INC.$(2,571,234) $600,670 $(4,717,775) $(1,676,431) WEIGHTED AVERAGE NUMBER OF COMMON STOCK Basic 31,473,134 29,943,439 31,445,633 29,878,196 Diluted 31,473,134 29,943,439 31,445,633 29,878,196 EARNINGS (LOSSES) PER SHARE Basic$(0.09) $0.02 $(0.16) $(0.05) Diluted$(0.09) $0.02 $(0.16) $(0.05)