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Investor Relations Contact Sean Mansouri, CFA or Aaron D’SouzaElevate IR(720) 330-2829IPW@elevate-ir.com iPower Inc.and SubsidiariesUnaudited Condensed Consolidated Balance SheetsAs of March 31, 2025 and June 30, 2024 March 31, June 30, 2025 2024 (Unaudited) ASSETS Current assets Cash and cash equivalent$2,192,254 $7,377,837 Accounts receivable, net 10,179,237 14,740,093 Inventories, net 9,772,699 10,546,273 Prepayments and other current assets, net 2,660,968 2,346,534 Total current assets 24,805,158 35,010,737 Non-current assets Right of use - non-current 4,281,622 6,124,163 Property and equipment, net 271,473 370,887 Deferred tax assets, net 2,961,886 2,445,605 Goodwill 3,034,110 3,034,110 Intangible assets, net 3,143,671 3,630,700 Other non-current assets 2,008,561 679,655 Total non-current assets 15,701,323 16,285,120 Total assets$40,506,481 $51,295,857 LIABILITIES AND EQUITY Current liabilities Accounts payable, net$8,034,949 $11,227,116 Other payables and accrued liabilities 3,241,283 3,885,487 Lease liability - current 1,392,146 2,039,301 Short-term loan payable - 491,214 Short-term loan payable - related party - 350,000 Revolving loan payable, net - 5,500,739 Income taxes payable 278,769 276,158 Total current liabilities 12,947,147 23,770,015 Non-current liabilities Long-term revolving loan payable, net 3,573,896 - Lease liability - non-current 3,267,491 4,509,809 Total non-current liabilities 6,841,387 4,509,809 Total liabilities 19,788,534 28,279,824 Commitments and contingency - - Stockholders' Equity Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2025 and June 30, 2024 - - Common stock, $0.001 par value; 180,000,000 shares authorized; 31,359,899 shares issued and outstanding at March 31, 2025 and June 30, 2024 31,361 31,361 Additional paid in capital 33,321,103 33,463,883 Accumulated deficits (12,380,662) (10,230,601)Non-controlling interest (46,969) (38,204)Accumulated other comprehensive loss (206,886) (210,406)Total stockholders' equity 20,717,947 23,016,033 Total liabilities and stockholders' equity$40,506,481 $51,295,857 iPower Inc.and SubsidiariesUnaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) IncomeFor the Three and Nine Months Ended March 31, 2025 and 2024 For the Three Months Ended March 31, For the Nine Months Ended March 31, 2025 2024 2025 2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited)REVENUES Product sales$15,546,233 $22,593,081 $51,428,534 $65,901,577 Service income 1,023,445 715,427 3,222,236 715,427 Total revenues 16,569,678 23,308,508 54,650,770 66,617,004 COST OF REVENUES Product costs 8,512,709 12,360,170 27,891,276 36,591,581 Service costs 879,995 581,229 2,704,737 581,229 Total cost of revenues 9,392,704 12,941,399 30,596,013 37,172,810 GROSS PROFIT 7,176,974 10,367,109 24,054,757 29,444,194 OPERATING EXPENSES: Selling and fulfillment 5,531,751 5,444,649 16,075,473 22,445,100 General and administrative 1,914,226 3,321,184 10,311,114 9,218,842 Total operating expenses 7,445,977 8,765,833 26,386,587 31,663,942 (LOSS) INCOME FROM OPERATIONS (269,003) 1,601,276 (2,331,830) (2,219,748) OTHER INCOME (EXPENSE) Interest expenses (81,968) (181,199) (362,602) (592,176)Loss on equity method investment (986) (792) (2,707) (2,618)Other non-operating income (expenses) 35,601 (29,669) 48,329 32,003 Total other expenses, net (47,353) (211,660) (316,980) (562,791) (LOSS) INCOME BEFORE INCOME TAXES (316,356) 1,389,616 (2,648,810) (2,782,539) PROVISION FOR INCOME TAX EXPENSE (BENEFIT) 26,017 377,147 (489,984) (587,674)NET (LOSS) INCOME (342,373) 1,012,469 (2,158,826) (2,194,865) Non-controlling interest (2,774) (3,613) (8,765) (9,604) NET (LOSS) INCOME ATTRIBUTABLE TO IPOWER INC.$(339,599) $1,016,082 $(2,150,061) $(2,185,261) OTHER COMPREHENSIVE (LOSS) INCOME Foreign currency translation adjustments (97,556) 69,122 3,520 (91,840) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO IPOWER INC.$(437,155) $1,085,204 $(2,146,541) $(2,277,101) WEIGHTED AVERAGE NUMBER OF COMMON STOCK Basic 31,455,248 29,821,811 31,434,479 29,791,990 Diluted 31,455,248 29,821,811 31,434,479 29,791,990 (LOSSES) EARNINGS PER SHARE Basic$(0.01) $0.03 $(0.07) $(0.07) Diluted$(0.01) $0.03 $(0.07) $(0.
With our ongoing efforts to diversify our supply chain, accelerating momentum in SuperSuite, and an optimized operating structure, we believe we are well positioned to navigate the current market environment and deliver long term value to our customers and shareholders alike.” Fiscal Third Quarter 2025 Financial Results Total revenue in the fiscal third quarter of 2025 was $16.6 million compared to $23.3 million for the same period in fiscal 2024.
Net loss attributable to iPower in the fiscal third quarter of 2025 was $0.3 million or $(0.01) per share, compared to net income attributable to iPower of $1.0 million or $0.03 per share for the same period in fiscal 2024.
