Q4 2024 iPower Inc Earnings Call Transcript
Key Points
- iPower Inc (IPW) achieved record levels of gross margin and operating expense reductions in fiscal 2024.
- The company onboarded several high-quantity supply chain partners onto its SuperSuite services platform.
- iPower Inc (IPW) expanded its channel distribution by launching sales on new platforms like TikTok Shop and Temu.
- The company integrated Amazon Logistics services to enhance last-mile delivery capabilities.
- iPower Inc (IPW) reduced its inventory levels by almost 50% compared to December 31, 2023, improving cash flow generation.
- Total revenue for fiscal Q4 was $19.5 million, down from $23.4 million in the prior year.
- The company experienced a slowdown in order rates from its largest online partner after a strong rebound in the March quarter.
- The demand environment for hydroponics, a previously significant category, has not been strong.
- Cash flow from operations for fiscal Q4 was $960,000, down from the year-ago period.
- The benefits from the new manufacturing partner in Vietnam are not yet reflected in the financials.
Good afternoon, everyone, and thank you for participating in today's conference call to discuss iPower's financial results for its fiscal fourth quarter and full-year 2024 ended June 30, 2024.
Joining us today are iPower's Chairman and CEO, Mr. Lawrence Tan; and the company's CFO, Mr. Kevin Vassily. Mr. Vassily, please go ahead.
Thanks, Josh. Good afternoon, everyone. By now, everyone should have access to our fiscal fourth quarter and full-year 2024 earnings press release, which was issued earlier today at approximately 4:05 PM Eastern time. Release is available in the Investor Relations section of our website at meetipower.com as well.
This call will also be available for a webcast replay on our website. Following our prepared remarks, we'll open the call for your questions.
Before I introduce Lawrence, I'd like to remind listeners that certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities
Access to All Earning Calls and Stock Analysis | |
30-Year Financial on one screen | |
All-in-one Stock Screener with unlimited filters | |
Customizable Stock Dashboard | |
Real Time Insider Trading Transactions | |
8,000+ Institutional investors’ 13F holdings | |
Powerful Excel Add-in and Google sheets Add-on | |
All data downloadable | |
Quick customer support | |
And much more... |