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iPower Inc. IPW, released its financial results for its fiscal fourth quarter and full year ended June 30, 2022, revealing fiscal 2022 revenue of $79.4 million, a 47% increase year-over-year.
Fiscal Q4 2022 Results vs. Year-Ago Quarter
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Total revenue was $22.1 million, an increase of 50% compared to $14.7 million in Q4 2021.
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Gross profit was $9.1 million, an increase of 39% compared to $6.5 million in Q4 2021.
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As a percentage of revenue, gross margin was 41.2% compared to 44.4%.
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Net loss improved to $1.3 million or $(0.05) per share compared to a net loss of $1.9 million or $(0.08) per share.
Fiscal 2022 Results vs. Fiscal 2021
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Gross profit increased 46% to $33.2 million.
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As a percentage of revenue, gross margin was 41.8% compared to 42.2%.
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Net income increased significantly to $1.5 million or $0.05 per share compared to a net loss of $0.8 million or $(0.04) per share.
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Cash and cash equivalents were $1.8 million at June 30, 2022, compared to $6.7 million at June 30, 2021. Total long-term debt as of June 30, 2022 was $14.1 million compared to $0.5 million as of June 30, 2021.
“We generated a record year of growth and profitability in fiscal 2022, highlighted by an almost 50% increase in revenue while maintaining gross margins above 40% and generating positive net income,” stated Lawrence Tan, CEO of iPower. “Throughout the year, we focused on prioritizing our in-house product mix and strategically diversifying our product offerings into categories outside of hydroponics. Our ability to shift the product mix into new categories while continuing to grow sales profitably demonstrates our product research, merchandising and supply chain expertise.
“We delivered on multiple strategic initiatives in fiscal 2022, including the expansion of our business to Europe, the launch of two joint ventures, and closing our first M&A transaction. The joint ventures provided low-cost opportunities to extend our logistics expertise to the e-commerce and social media industries, while the acquisition of our global co-engineering partner strengthened our production capacity and R&D capabilities.”
Photo by Mackenzie Marco on Unsplash
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Image and article originally from www.benzinga.com. Read the original article here.