iPower Inc. Files 2024 Annual 10-K Report

TL;DR

iPower filed its 2024 10-K. Full financials inside.

AI Summary

iPower Inc. filed its annual 10-K report for the fiscal year ending June 30, 2024. The company, based in Rancho Cucamonga, CA, operates in the retail building materials, hardware, and garden supply sector. The filing covers financial data and business operations for the period, with specific financial figures to be detailed within the full report.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of iPower Inc.'s financial performance and business operations for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a public company filing an annual report, there are inherent risks associated with financial performance, market conditions, and regulatory compliance that are detailed within the filing.

Key Numbers

• FY 2024 — Fiscal Year (Reporting period covered by the 10-K)
• 0630 — Fiscal Year End (Indicates the end of the financial reporting period)

Key Players & Entities

• iPower Inc. (company) — Filer of the 10-K report
• Rancho Cucamonga, CA (location) — Business and mailing address
• June 30, 2024 (date) — Fiscal year end for the 10-K report
• September 20, 2024 (date) — Filing date of the 10-K report

FAQ

Key Financial Figures

• $740 billion — of the home goods market in the US was $740 billion in 2020 and should reach close to $1,03
• $1,037 billion — llion in 2020 and should reach close to $1,037 billion by 2025, with a CAGR of 6. 6 %. Resear

Filing Documents

• ipower_i10k-063024.htm (10-K) — 1321KB
• ipower_ex2301.htm (EX-23.1) — 2KB
• ipower_ex3101.htm (EX-31.1) — 8KB
• ipower_ex3102.htm (EX-31.2) — 7KB
• ipower_ex3201.htm (EX-32.1) — 3KB
• ipower_ex3202.htm (EX-32.2) — 3KB
• uhyheader.jpg (GRAPHIC) — 14KB
• 0001683168-24-006560.txt ( ) — 6802KB
• ipw-20240630.xsd (EX-101.SCH) — 55KB
• ipw-20240630_cal.xml (EX-101.CAL) — 79KB
• ipw-20240630_def.xml (EX-101.DEF) — 192KB
• ipw-20240630_lab.xml (EX-101.LAB) — 450KB
• ipw-20240630_pre.xml (EX-101.PRE) — 382KB
• ipower_i10k-063024_htm.xml (XML) — 792KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 5 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure 47 Item 9A.

Controls and Procedures

Controls and Procedures 47 Item 9B. Other Information 48 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III Item 10. Directors, Executive Officers and Corporate Governance 49 Item 11.

Executive Compensation

Executive Compensation 54 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 56 Item 13. Certain Relationship and Related Transactions, and Director Independence 57 Item 14. Principal Accounting Fees and Services 58 PART IV Item 15. Exhibit and Financial Statement Schedules 59 Item 16. Form 10–K Summary 62

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K (including the section regarding Management's Discussion and Analysis and Results of Operations, the "Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements are based on our management's belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking

Forward-looking statements

Forward-looking statements include statements concerning the following: our inability to predict or anticipate the occurrence and duration of any economic and business consequences that may be caused by any epidemic, including the ongoing COVID-19 pandemic; our inability to predict or anticipate the duration or long-term economic effect of the ongoing conflict between Ukraine and Russia and any potential supply chain issues that may result; our limited operating history; our future results of operations; our current and future capital requirements necessary to support our efforts to open or acquire new complimentary businesses and channels of trade; our cash needs and financial plans; our competitive position; seasonality and how it may impact consumer behavior and resulting sales; our dependence on consumer interest in growing crops with the equipment and other products that we offer; evolving laws surrounding cannabis on a local, state, and federal level; the effectiveness of our internal controls; our dependence on third parties to manufacture and sell us inventory; our ability to maintain or protect our intellectual property; our ability to innovate and develop new intellectual property to continue enhancing our product and service offerings; our ability to protect our systems from unauthorized intrusions or theft of proprietary information; our ability to retain key members of our executive team; our ability to maintain our relationships with third-party vendors and suppliers; our ability to internally develop products and intellectual property; our ability to achieve expected technological advances by us or by third parties and our ability to leverage such advances; our potential growth opportunities; interpretations of current laws and the passage of future laws; acceptance of our business model by investors; the accuracy of our estimates regarding expenses and capital requirements; our ability to sell additional

forward-looking statements by terminology such as "may," "will," "should," "expects,"

forward-looking statements by terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue" or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements, because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed in the reports we file with the Securities and Exchange Commission, or the SEC. Actual events or results may vary significantly from those implied or projected by the forward-looking the documents that we reference in this Annual Report and the documentation we have filed as exhibits thereto with the SEC, with the understanding that our actual future results and circumstances may be materially different from what we expect.

Forward-looking statements

Forward-looking statements are made based on management's beliefs, estimates, and opinions on the date the statements are made, and we undertake no obligation to update forward-looking statements if these beliefs, estimates, and opinions or other circumstances should change, except as may be required by applicable law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Unless the context otherwise requires, the terms "the Company," "we," "us," and/or "our" in this Annual Report refer to iPower Inc. iii PART I

DESCRIPTION OF BUSINESS

ITEM 1. DESCRIPTION OF BUSINESS Our Business iPower Inc. (formerly BZRTH, Inc.), a California-based corporation, was formed in Nevada in April 2018 ("iPower," "we," or "us"). Driven by tech and data, iPower is an online retailer and supplier of consumer home, pet, garden products, outdoor and consumer electronics, as well as a provider of value-added ecommerce services for third-party products and brands. iPower's capabilities include a full spectrum of online channels, robust fulfillment capacity, a network of warehouses serving the U.S., competitive last mile delivery partners and a differentiated business intelligence platform. With these capabilities, iPower efficiently moves a diverse catalog of SKUs from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries. Our sales channels currently include Amazon Vendor, Amazon 3P, Walmart.com, Tiktok, Temu, and other market places as well as our e-commerce websites such as simpledeluxe.com and more, We are expanding our categories through product development, our SuperSuite supply chain partner and future acquisitions. We anticipate continuing to expand our reach across the United States and internationally through organic growth. iPower has developed a set of methodologies driven by proprietary data formulas to effectively bring products to market and increase sales. We are actively developing in-house branded products and through supply chain partners, which to date include iPower, Simple Deluxe and other brands and consist of products such as home goods, fans, pet products, outdoor, gardening and consumer electronics, some of which have been designated as Amazon Choice products and category best sellers, among others. For the fiscal year ended June 30, 2024, our top five product categories accounted for 68% of total sales. While we continue to focus on our top product categories, we are working to expand our product catalog to include new and a

View Full Filing

View this 10-K filing on SEC EDGAR