iPower Inc. (NASDAQ:IPW) Q3 2022 Results Conference Call May 16, 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

Operator

Good afternoon, everyone and thank you for participating in today's conference call to discuss iPower's Financial Results for its Fiscal Third Quarter Ended March 31, 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, Charlie. Good afternoon, everyone. By now everyone should have had access to our fiscal third quarter 2022 earnings press release, which was issued earlier today at approximately 4:15 PM Eastern time. The release is available in the Investor Relations section of iPower's 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 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 of these forward-looking statements which are being made only 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 like to turn the call over to iPower's Chairman and CEO, Lawrence Tan. Lawrence?

Lawrence Tan

Thank you, Kevin, and good afternoon, everyone. Our fiscal third quarter was another period of exceptional growth for iPower, revenue was up 74% year over year to a record 22.9 million, which was driven by continuing a strong demand for our product and increased sales in our largest channel.

As mentioned on previous calls, the sale of in-house products is always top of mind. In our fiscal third quarter this make up roughly 82% of revenue throughout the quarter. We continue to introduce new SKUs in each of our product categories by working diligently with our partner, including recently acquired global co-engineering partner DHS, while also retiring SKUs that are slower moving.