iPower Inc. (NASDAQ:IPW) Q2 2023 Results Conference Call February 14, 2023 4:30 PM ET

Company Participants

Lawrence Tan - Chairman and Chief Executive Officer

Kevin Vassily - Chief Financial Officer

Conference Call Participants

Scott Fortune - ROTH Capital Partners

Michael Baker - D.A. Davidson

Operator

Good afternoon, everyone and thank you for participating in today’s conference call to discuss iPower’s Financial Results for its Fiscal Second Quarter 2023 ended Decelerating 31, 2022.

Joining us today are iPower’s Chairman and CEO, Mr. Lawrence Tan; and the company’s CFO Mr. Kevin Vassily.

Mr. Vassily, you may begin.

Kevin Vassily

Thank you, operator and good afternoon everyone. By now everyone should have access to our fiscal second quarter earnings press release, which was issued earlier today at approximately 04:05 PM 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 will open the call for your questions.

Before I introduce Lawrence, I would 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 only as of the date of this call, except as 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 like to now turn the call over to iPower’s Chairman and CEO, Lawrence Tan. Lawrence.

Lawrence Tan

Thank you, Kevin, and good afternoon, everyone. We generated a double-digit revenue growth during our fiscal second quarter, as we strategically leaned into sales and marketing to offload excess inventory buildup over recent quarters.

The top-line growth was led by our in-house product, which demonstrates the consistent, strong demand for iPower’s extensive and evolving product portfolio. Throughout the quarter, we continued to grow and diversify our product portfolio with non-hydroponics offerings. A few of our most notable products were within the shelving, office and PET categories, which continue to receive strong customer feedback.