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iPower Inc. (IPW-3.09%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $19,072,571 from $16,800,122 in the same quarter the previous year. The increase is attributed to higher sales volume and additional logistics service income.
Cost of goods sold for the quarter was $10,682,685, compared to $9,481,882 in the previous year. The increase is due to costs related to logistics services and a decrease in freight and product costs.
The company reported a gross profit of $8,389,886 for the quarter, compared to $7,318,240 in the previous year, with the increase driven by lower freight and product costs.
Operating expenses decreased to $7,706,279 from $9,870,587, primarily due to reduced costs in advertising, merchant fees, and delivery fees.
Net income for the quarter was $215,664, up from a net loss of $1,917,983 in the previous year. This improvement is attributed to increased gross profit and decreased operating expenses.
Cash used in operating activities was $1,387,926, while cash used in investing and financing activities was $664,366 and $2,558,389, respectively.
iPower had a working capital of $13.8 million as of December 31, 2024. The company plans to manage payment terms with customers and vendors to address current challenges.
The filing also details various financial agreements, including an asset-based revolving loan with JPMorgan Chase Bank.
iPower is focused on expanding its product and brand development and is evaluating acquisition opportunities to complement its product catalog.
The company acknowledges potential impacts on its supply chain due to global economic disruptions and regulatory changes affecting the demand for hydroponic products.
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 February 14, 2025. To report an error, please email earnings@qz.com.