iPower Inc. IPW reported financial results for its fiscal second quarter ended December 31, 2021.
Q2 2022 Financial Highlights
- Total revenue increased 52% year-over-year to $17.1 million.
- Gross profit increased 53% to $7.6 million. As a percentage of revenue, gross margin was 44.1% compared to 44%.
- Total operating expenses in the fiscal second quarter were $6.4 million compared to $4.1 million for the same period in fiscal 2021.
- Net income in the fiscal second quarter of 2022 increased 39% to $0.8 million or $0.03 per diluted share, compared to net income of $0.6 million or $0.03 per diluted share for the same period in fiscal 2021.
- Cash and cash equivalents were $1 million at December 31, 2021, compared to $6.7 million at June 30, 2021.
“Our fiscal second quarter marked our strongest period of year-over-year revenue growth since completing our IPO last year,” Lawrence Tan, CEO of iPower, said. “We are beginning to realize the benefits of continuously rolling out new high-demand, in-house branded products. During the quarter, our in-house product sales increased approximately 72% from the year ago quarter and accounted for approximately 87% of revenue—a company record.
Tan also highlighted that over the last period, iPower has executed on multiple key growth initiatives, including the launch of its first in-house nutrient line, as well as the initial expansion into Europe through the UK and Germany.
“We are continuing to navigate the volatile supply chain environment, which has not materially improved since our last quarterly report despite signs of recovery last fall,” CFO Kevin Vassily, explained. “We plan to continue mitigating the cost volatility through our diversified network of partners and continue to expect fiscal 2022 to be another strong year of growth and execution for iPower.”
The company will conduct a conference call at 4:30 p.m. Eastern time on Monday, February 14, 2022, to discuss the results for its fiscal second quarter ended December 31, 2021.
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