iPower Inc. (NASDAQ:IPW) Q1 2023 Earnings Conference Call November 14, 2022 4:30 PM ET
Company Participants
Kevin Vassily - CFO
Lawrence Tan - Chairman and CEO
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 First Quarter 2023 ended September 30, 2022.
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 first 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'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 only as of the date of this call, except as required by law, the company undertakes no obligation to revise or publicly released the results of any revision to any forward-looking statements.
With that, I'd 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.
Our fiscal Q1 was a strong quarter despite lingering challenges from the supply chain environment. Although our gross margins dipped below 40% due to higher freight costs associated with older inventory. We generated approximately 50% year-over-year with revenue growth as we expanded both our hydroponics and non-hydroponics businesses.
Throughout the quarter, we were able to maintain concentration of our in-house product mix, which accounted for over 90% revenue compared to around 80% in fiscal Q1, 2022. We also continue to focus on diversifying our product mix with non-hydroponics household products, such as shelving supplies, home fans and chairs, accounting for over 65% of the sales during the quarter.