iPower Inc. (NASDAQ:IPW) Q1 2024 Earnings Conference Call November 14, 2023 4:30 PM ET

Company Participants

Lawrence Tan - Chairman and Chief Executive Officer

Kevin Vassily - Chief Financial Officer

Conference Call Participants

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 Year First Quarter 2024 ending September 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. Good afternoon, everyone. By now, everyone should have access to our fiscal first quarter 2024 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. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, state of the economy and other future conditions.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes and circumstances that are often difficult to predict, maybe outside of our control. Our actual results and financial condition may differ materially from those indicated 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, including our annual report on Form 10-K, which was filed with the SEC on September 15, 2023. Do not place undue reliance on any forward-looking statements, which are being made only as of this date. 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 now over to iPower’s Chairman and CEO, Lawrence Tan. Lawrence?

Lawrence Tan

Thank you, Kevin and good afternoon everyone. During the quarter, we continued to generate revenue growth overcoming a record comp in the year ago period. This was due to in part to the continued strong demand for our high-quality products as well as material growth in our super suite supply chain partnerships, which is now generating approximately $7 million in annualized run rate revenue.