iPower Inc. (NASDAQ:IPW)

Q4 2022 Results Conference Call

September 27, 2022 4:30 PM ET

Company Participants

Kevin Vassily - Chief Financial Officer

Lawrence Tan - Chairman, Chief Executive Officer, President & Secretary

Conference Call Participants

Scott Fortune - ROTH Capital Partners

Michael Baker - DA Davidson

Presentation

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 ended June 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, Latif. Good afternoon, everyone. By now everyone should have access to our fiscal fourth quarter and full year 2022 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 made 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'd now like to turn the call over to iPower's Chairman and CEO, Lawrence Tan. Lawrence?

Lawrence Tan

Thank you, Kevin. Good afternoon, everyone. Fiscal 2022 was a record year of growth and profitability for iPower, highlighted by almost 50% increase in revenue, over 40% gross margins and a positive net income, all in excess of the guidance we issued for the year. Throughout the year, we focused on prioritizing our in-house product mix which accounted for over 80% of revenue compared to approximately 73% in fiscal 2021. More recently we have begun to strategically diversify our product offerings into categories outside hydroponics, with products such as commercial fans, shelving equipment and chairs to name a few.