iPower Inc. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Period Ending: March 31, 2022
  • Revenue: $22.9 million, up 74% YoY from $13.1 million in Q3 FY21 — driven by strong demand and increased sales in primary channel.
  • In-House Product Revenue Mix: 82% of total revenue for the quarter, reflecting emphasis on proprietary SKU development and product lifecycle optimization.
  • Gross Profit: $9.2 million, up 59% YoY from $5.8 million.
  • Gross Margin: 40.3%, compared to 43.9% in Q3 FY21; decline attributed to product mix and elevated freight costs, partially offset by better operating margins through direct import programs.
  • Operating Expenses: $7.8 million, up from $5.0 million YoY; represented 34.3% of revenue vs. 37.9% in Q3 FY21, showing 360bps improvement despite added warehouse and G&A costs.
  • Net Income: $1.2 million, or $0.04/share, compared to a net loss of $0.2 million or $0.01 loss per share in Q3 FY21.
  • Cash & Equivalents: $2.6 million as of March 31, 2022 vs. $6.7 million as of June 30, 2021; decrease primarily due to timing of accounts receivable collection.
  • Total Long-Term Debt: $13.4 million, up from $0.5 million as of June 30, 2021, largely tied to use of revolving credit facility to manage working capital.

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Operator: Good afternoon, everyone and thank you for participating in today's conference call to discuss iPower's Financial Results for its Fiscal Third Quarter Ended March 31, 2022. 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. Kevin Vassily: Thank you, Charlie. Good afternoon, everyone. By now everyone should have had access to our fiscal third quarter 2022 earnings press release, which was issued earlier today at approximately 4:15 PM Eastern time. The release is available in the Investor Relations section of iPower's website at meetipower.com. This call will also be available for 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 Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any of these forward-looking statements which are being made only the

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