iPower Inc. Q4 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

iPower Fiscal Q4 and Full Year 2023 Earnings Summary

  • Revenue: Fiscal Q4 2023 revenue was $23.4 million, a 6% increase compared to $22.1 million in Q4 2022. Full-year revenue rose 12% to $88.9 million versus $79.4 million in fiscal 2022.
  • Gross Profit: Flat at $9.1 million in Q4 2023. Full fiscal year gross profit increased 5% to $34.8 million from $33.2 million the previous year.
  • Gross Margin: Decreased to 38.7% in Q4 2023 from 41.2% in Q4 2022. For the full year, gross margin was 39.1%, down from 41.8% in fiscal 2022. Decline attributed to higher past inventory costs and freight charges.
  • Operating Expenses: Q4 operating expenses increased to $12 million from $10.6 million the prior year, driven by legal/arbitration costs and marketing efforts to clear higher-priced inventory.
  • Net Loss: Net loss for Q4 2023 was $3 million ($0.10/share), compared to $1.3 million ($0.05/share) in Q4 2022. Full-year net loss was $12 million ($0.40/share) versus net income of $1.5 million ($0.06/share) in FY2022, impacted by a $3 million goodwill impairment and non-operating legal costs.

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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 Fourth Quarter and Full Year 2023 ended June 30, 2023. 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, operator, and good afternoon, everyone. By now, everyone should have access to our fiscal fourth quarter and full year 2023 earnings press release, which was issued earlier today at approximately 4:05 p.m. Eastern Time. The release is available in the Investor Relations section of our 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 as 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 forward-looking statements, which

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