Powow posts 47% increase in IPW revenue, net loss

Fiscal 2022 revenue for IPW was $79.4 million, a 47% increase year-over-year increase, according to the financial results for its fiscal fourth quarter and full year ended June 30, 2022.

Net loss was $1.9 million or 0.08 per share, compared to a net loss of $1.3 million or 0.05 per share.

During fiscal 2022, we generated a record year of growth and profitability, highlighted by an almost 50% increase in revenue, while keeping gross margins above 40% and generating positive net income, said Lawrence Tan, CEO of iPower. Throughout the year, we focused on prioritizing our in-house product mix and strategically diversifying our product offerings into categories outside of hydroponics. Our product mix is diversified, and our ability to grow sales profitably shows our product research, merchandising and supply chain expertise.

In fiscal 2022 we delivered on a number of strategic initiatives including the expansion of our business to Europe, the launch of two joint ventures, and closing our first M&A transaction. The joint ventures provided low-cost opportunities to extend our logistics expertise to the e-commerce and social media industries, while the acquisition of our global co-engineering partner strengthened our production capacity and R&D capabilities.