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iPower Inc. (IPW-3.09%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $19,008,521 from $26,508,374 in the same quarter the previous year. The decrease is attributed to reduced orders from Amazon (AMZN-3.00%) and supply chain disruptions.
Cost of revenues for the quarter was $10,520,624, compared to $14,749,529 in the same quarter of the previous year. The decrease is due to lower sales and reduced freight costs.
The company reported a gross profit of $8,487,897 for the quarter, compared to $11,758,845 in the previous year, with the decline attributed to decreased sales.
Operating expenses decreased to $11,234,331 from $13,027,522, primarily due to reduced advertising, merchant fees, and delivery costs.
Net loss for the quarter was $2,032,117, compared to $1,289,351 in the previous year. The increase in net loss is due to the decrease in sales being greater than the decrease in operating expenses.
Cash used in operating activities was $1,415,643, while cash used in investing and financing activities was $202,140 and $3,308,599, respectively.
iPower had a working capital of $12.2 million as of September 30, 2024. The company believes its existing cash and cash equivalents and cash flows from operations will be sufficient to finance operations for the next 12 months.
The filing also details various financial agreements, including a third amendment to the credit agreement with JPMorgan Chase Bank (JPM-1.01%), extending the maturity date to November 8, 2027.
iPower continues to focus on expanding its product catalog and improving supply chain efficiencies, with plans to increase investments in product and brand development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iPower Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.