iPower Inc. (NASDAQ:IPW) Q4 2023 Results Conference Call September 14, 2023 4:30 PM ET

Company Participants

Lawrence Tan - Chairman and CEO

Kevin Vassily - CFO

Conference Call Participants

Scott Fortune - ROTH MKM

Thierry Wuilloud - Water Tower Research

Operator

Good afternoon, everyone and thank you for participating in today’s conference call to discuss iPower’s financial results for its Fiscal Fourth Quarter and Full Year 2023 ended June 30, 2023. Joining us today are iPower’s Chairman and CEO, Mr. Lawrence Tan and the Company’s CFO, Mr. Kevin Vassily.

Mr. Vassily, please go ahead.

Kevin Vassily

Thank you, operator, and good afternoon, everyone. By now, everyone should have access to our fiscal fourth quarter and full year 2023 earnings press release, which was issued earlier today at approximately 4:05 p.m. Eastern Time. The release is available in the Investor Relations section of our website at meetipower.com. This call will also be available for webcast replay on our website. Following our prepared remarks, we’ll open the call for your questions.

Before I introduce Lawrence, I’d like to remind listeners that certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time-to-time in the Company’s filings with the SEC. Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call. Except for what is required by law, the Company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements.

With that, I would now like to turn the call now over to iPower’s Chairman and CEO, Lawrence Tan. Lawrence?

Lawrence Tan

Thank you, Kevin, and good afternoon, everyone. Fiscal 2023 marked our third consecutive year of double-digit revenue growth, reaching record sales of almost $90 million. This was driven by the consistent strong demand for our in-house products and continued expansion of our non-hydroponics portfolio.

Throughout the year, we continued to prioritize our in-house brands, which made up of more than 90% of the revenue, demonstrating our ability to research, develop, and market high-demand products. We are seeing particularly strong momentum in our home category, which includes shelving and fans, as well as our pet category, as some of our older SKU gained market share. Additionally, we experienced incremental gains from new SKU introduced throughout the year. We will continue to invest in the development of new innovative segments to create even greater value for our customers.