The following is a summary of the IPower Inc (IPW) Q3 2024 Earnings Call Transcript:

Financial Performance:

• IPower reported Q3 revenue of $23.3 million, showing a 15% increase from $20.2 million in the previous year.

• The company's gross margin reached a record 47%, rising from 38.5% in the same quarter of fiscal 2023, due primarily to improved pricing through key supplier negotiations and favorable product mix.

• For fiscal Q3, the net income stood at $1 million or $0.03 per share, a significant improvement from the net loss of $1.5 million in the same period for fiscal 2023.

• There was substantial reduction in total debt, from $11.8 million to $6 million, as the company continued to focus on paying down the debt.

Business Progress:

• The company's super suite supply chain business has shown positive growth, contributing to approximately 10% of total revenue.

• Expansion of online presence was achieved through collaborations with social e-commerce platforms like TikTok Shop, and by launching sales channels on the Tmall platform.

• IPower intends to sunset its commercial hydroponics business in the future, focusing on its core competence as a data-driven consumer products and services company.

• Several initiatives have been launched for future growth, including accelerating the super suite's expansion into new e-commerce channels.

More details: iPower IR

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