iPower Inc.

Total revenue in fiscal Q3 2025 was $16.6 million, versus $23.3 million in the prior-year quarter. Gross profit was $7.2 million, compared with $10.3 million a year ago, and gross margin was 43.3% versus roughly 47% in the year-ago period. Operating expenses declined 15% to $7.4 million from $8.8 million. Net loss attributable to iPower was $340,000, or $0.01 per share, versus net income of $1 million, or $0.03 per share, in fiscal Q3 2024. Cash and cash equivalents were $2.2 million at March 31, 2025, and total debt was $3.6 million, down 43% from $6.3 million at June 30, 2024. Management did not provide formal next-quarter or full-year numerical guidance; it said it expects to report fiscal Q4 and full-year results in September.

Lawrence Tan emphasized operational resilience and supply-chain diversification as the main strategic priorities. He said the company is expanding manufacturing into the U.S., onboarding U.S.-based suppliers, and building alternative sourcing in other geographies to reduce volatility and improve long-term margins. He also highlighted SuperSuite as a key growth engine, noting it now makes up about 20% of revenue, and positioned the new Made in USA module as an early step in a broader domestic manufacturing initiative.

Kevin Vassily said the quarter was a difficult comparison because the prior year had elevated purchasing volumes from the largest channel partner. He pointed to $16.6 million of revenue, $7.2 million of gross profit, 43.3% gross margin, and $7.4 million of operating expenses, with the lower expense base driven by optimization initiatives, lower G&A, and lower selling and fulfillment costs tied to the largest channel partner. He also noted cash of $2.2 million, debt of $3.6 million, and said debt was reduced by 43% versus June 30, 2024; he added that debt fell nearly 20% during the quarter.

Analysts focused on where the company’s supply comes from after diversification efforts, how much inventory should be held in the U.S., and what gives iPower the expertise to support a Made in USA consulting/manufacturing effort. Management said China still supplies the majority of product, while Southeast Asia is growing and U.S.-based suppliers are now onboarded; it also said U.S. inventory should generally be kept at a reasonable two- to three-month level. On Made in USA, Tan said iPower brings sales channels, data-driven product and market research capabilities, and familiarity with local laws and resources needed to set up domestic manufacturing.