iPower Inc.

What they do

iPower operates as a data-driven online retailer, leveraging proprietary analytics to launch and optimize products across multiple e-commerce channels. Its sales channels include Amazon Vendor Central and Seller Central, Walmart.com, TikTok, Temu, and direct-to-consumer websites. The company sells both in-house brands (iPower, Simple Deluxe) and third-party brands, and provides value-added e-commerce services to other brands.

Revenue drivers

• Amazon (Vendor + Seller Central) — Approximately 99% of revenue derived from Amazon.com, Walmart, and eBay collectively; Amazon is the dominant channel.
• Walmart.com — Multi-channel marketplace contributing to sales, though smaller than Amazon.
• TikTok and Temu — Emerging channels included in the company's sales platforms.
• Owned e-commerce websites — Brand websites that support direct sales and brand building.

Recent performance

Annual revenue declined from $86.1M in 2024 to $66.1M in 2025, with net loss widening to $5.0M from $1.5M. Quarterly revenue fell sharply from $12.0M in September 2025 to $3.5M in March 2026. Operating cash flow was negative $579K in 2025. Cash & equivalents were only $713,685 as of March 31, 2026. The company has experienced supply chain disruptions and rising costs related to global conflicts and tariffs.

Strategy

Management is executing a Digital Treasury Strategy initiated on June 17, 2025, to hold digital assets as part of treasury. It also plans to expand its product catalog through in-house development and supplier partnerships. The company continues to focus on its core product categories while seeking growth through e-commerce and logistics infrastructure. A reverse stock split (1:20 to 1:30) was approved to maintain listing compliance.

Risks

• Platform concentration — Approximately 99% of revenue relies on third-party platforms (Amazon, Walmart, eBay); disruption on any platform would severely impact sales.
• Supply chain and tariff exposure — Most products are sourced from China; U.S.-China trade tensions and increased tariffs raise costs and disrupt inventory.
• Digital asset volatility — New Digital Treasury Strategy exposes the company to volatile digital asset markets with unproven impact on business.
• Liquidity risk — Low cash balance ($713,685) and continued losses may limit ability to fund operations and growth.

Outlook

Management cannot predict the success of the Digital Treasury Strategy or its long-term effect on the business. The company faces ongoing pressure from supply chain delays and higher shipping costs, which may reduce profitability. Near-term results are expected to remain pressured as the company navigates seasonality and evolving market conditions.