iPower Inc. Reports Strong Q3 2024 Results with 15% Revenue Growth

iPower Inc., a tech-driven online retailer, reports impressive fiscal third-quarter results, with 15% revenue growth to $23.3 million, driven by the expansion of its SuperSuite business, gross margin expansion, and improved operating leverage, marking a return to profitability. The company's strong performance demonstrates its ability to adapt to the competitive e-commerce landscape, with implications for the industry as a whole." This description focuses on the primary topic of iPower's financial results, the main entity being the company itself, and the context of the competitive e-commerce landscape. It highlights the significant actions of revenue growth, gross margin expansion, and improved operating leverage, as well as the implications for the industry. The description provides objective and relevant details that will guide the AI in creating an accurate visual representation of the article's content, such as a graph showing revenue growth or an image of an e-commerce platform.

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Nitish Verma
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iPower Inc. Reports Strong Q3 2024 Results with 15% Revenue Growth

iPower Inc. Reports Strong Q3 2024 Results with 15% Revenue Growth

iPower Inc. (Nasdaq: IPW), a tech and data-driven online retailer and supplier of consumer home, pet, and garden products, has announced impressive financial results for its fiscal third quarter ended March 31, 2024. The company reported a 15% revenue growth to $23.3 million, driven by the accelerated expansion of its iPower SuperSuite business, gross margin expansion, and improved operating leverage, enabling a return to profitability.

Why this matters: iPower's strong Q3 results demonstrate the company's ability to adapt to the competitive e-commerce landscape, which has broader implications for the industry as a whole. As the company continues to invest in its product catalog and expand its SuperSuite business, it may set a new standard for online retailers and suppliers in the consumer goods sector.

iPower's strong performance in Q3 2024 showcases the company's ability to navigate the competitive e-commerce landscape and capitalize on growth opportunities. The 15% increase in revenue to $23.3 million was accompanied by a 41% rise in gross profit to $10.9 million, with a gross margin expansion of 850 basis points to 47.0%. The company also successfully reduced its total operating expenses to 40.1% of revenue, down from 47.5% in the year-ago period.

Lawrence Tan, CEO of iPower, expressed his satisfaction with the company's financial results, stating, "We generated strong financial results in our fiscal third quarter as we achieved double-digit revenue growth, material gross margin expansion, and improved operating leverage, resulting in our return to profitability." Tan also highlighted the growing momentum in iPower's SuperSuite supply chain business, which now accounts for approximately 10% of total revenue and contributed significantly to the company's top-line growth in the current quarter.

iPower's net income attributable to the company improved to $1.0 million, or $0.03 per share, compared to a net loss of $1.5 million, or $0.05 per share, in the same period in fiscal 2023. The company's adjusted net income, a non-GAAP financial measure, also showed significant improvement, reaching $1.6 million, or $0.05 per share, compared to an adjusted net loss of $1.4 million, or $0.05 per share, in the year-ago period.

Looking ahead, iPower remains focused on investing in its product catalog to meet the growing demand across its sales channels. Tan emphasized, "We will continue to invest in our product catalog to ensure we are stocked with high-quality products to meet the growing demand across our sales channels." The company's commitment to expanding its offerings and strengthening its market position bodes well for its future growth prospects.

iPower Inc.'s impressive financial results for the fiscal third quarter of 2024 demonstrate the company's resilience and ability to thrive in a competitive market. With strong revenue growth, gross margin expansion, and a return to profitability, iPower is well-positioned to capitalize on the growing demand for its products and services. As the company continues to invest in its product catalog and expand its SuperSuite business, investors and industry observers will be closely watching its progress in the coming quarters.

Key Takeaways

  • iPower reports 15% revenue growth to $23.3 million in Q3 2024.
  • Gross profit rises 41% to $10.9 million with 850 basis point margin expansion.
  • Company returns to profitability with net income of $1.0 million, or $0.03 per share.
  • iPower's SuperSuite business contributes significantly to top-line growth, now 10% of revenue.
  • Company to continue investing in product catalog to meet growing demand across sales channels.