iPower Inc. IPW released financial results for its fiscal second quarter ended December 31, 2022, revealing total revenue of $19.3 million, a 12% increase compared to $17.1 million for the same period in fiscal 2022.
Fiscal Q2 2023 Financial Highlights
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Gross profit increased 5% to $8.0 million compared to $7.6 million for the same quarter in fiscal 2022.
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As a percentage of revenue, gross margin was 41.4% compared to 44.1% in the year-ago period.
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Net loss attributable to iPower in the fiscal second quarter of 2023 was $3.3 million or $(0.11) per share, compared to net income of $0.8 million or $0.03 per share for the same period in fiscal 2022.
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As of December 31, 2022, net debt (total debt less cash) was reduced by 42% to $8.2 million compared to net debt of $14.2 million as of June 30, 2022.
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Cash and cash equivalents were $4.0 million at December 31, 2022, compared to $1.8 million at June 30, 2022.
“We generated double-digit revenue growth during our fiscal second quarter as we strategically leaned into sales and marketing to offload excess inventory that had built up in recent quarters,” stated Lawrence Tan, CEO of iPower. “During the fiscal second quarter, our in-house products accounted for the majority of our revenue mix, demonstrating the consistent, strong demand for iPower’s products. We anticipate our continued investment in product development will ensure our product catalog is stocked with market-leading offerings to drive future growth and profitability.”
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