IPW

MKT CAP:$1M

iPower Inc.

Market Cap

$1M

Consumer Cyclical·Specialty Retail·🇺🇸 United States·NASDAQ

Consumer Cyc.·Specialty Retail·🇺🇸·NASDAQ

Stock Price

$1.07-$6.52 (-85.90%)

Apr 23, 2026

Company Details

iPower Inc. engages in the online retail of hydroponics equipment in the United States. It offers various products, including advanced indoor and greenhouse grow-light systems, ventilation systems, activated carbon filters, nutrients, growi...

CEO

Chenlong Tan

IPO Date

May 12, 2021

Website

www.meetipower.com

Key Metrics TTM

Revenue

$50M

-44.8% YoY

Net Income

-$7M

EPS (Diluted)

-$6.21

Free Cash Flow

-$936.4K

Revenue / Share

$45.06

Gross Margin

43.0%

Operating Margin

-21.0%

Net Margin

-13.2%

FCF Margin

-1.9%

P/S

0.0x

P/E

—

Earnings Reports

Q3 2026

May 14, 2026

PENDING

Q2 2026

Feb 20, 2026

$7MEPS -$1.08

Q1 2026

Nov 14, 2025

$12M-36.8%EPS -$0.51

Q4 2025

Oct 9, 2025

$11MEPS -$2.68

Q1 2025

Nov 14, 2024

$19M-28.3%EPS -$1.94

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$15M	$7M	$242.4K
Q1 22	$17M	$7M	$1M
Q2 22	$17M	$8M	$1M
Q3 22	$23M	$9M	$1M
Q4 22	$22M	$9M	-$1M
Q1 23	$26M	$10M	-$5M
Q2 23	$19M	$8M	-$4M
Q3 23	$20M	$8M	-$2M
Q4 23	$23M	$9M	-$3M
Q1 24	$27M	$12M	-$1M
Q2 24	$17M	$7M	-$3M
Q3 24	$23M	$10M	$2M
Q1 25	$19M	$8M	-$3M
Q4 25	$11M	$5M	-$4M
Q1 26	$12M	$5M	-$2M
Q2 26	$7M	$3M	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	3.1x	—
Q1 22	2.2x	—
Q2 22	1.1x	—
Q3 22	0.7x	51.7x
Q4 22	0.4x	22.5x
Q1 23	0.2x	—
Q2 23	0.2x	—
Q3 23	0.2x	—
Q4 23	0.4x	—
Q1 24	0.2x	—
Q2 24	0.2x	—
Q3 24	0.2x	—
Q1 25	0.7x	—
Q4 25	0.3x	—
Q1 26	0.2x	—
Q2 26	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$8M	-$8M
Q1 22	-$5M	-$5M
Q2 22	-$7M	-$7M
Q3 22	-$3M	-$3M
Q4 22	-$2M	-$2M
Q1 23	$379.0K	$321.0K
Q2 23	$7M	$7M
Q3 23	$7.6K	-$9.9K
Q4 23	$694.9K	$699.0K
Q1 24	$4M	$4M
Q2 24	$993.4K	$993.4K
Q3 24	$106.2K	$106.2K
Q1 25	-$874.1K	-$874.1K
Q4 25	-$79.0K	-$242.6K
Q1 26	$2M	$1M
Q2 26	-$922.6K	-$922.6K

Capital Expenditures

Quarter	CapEx
Q4 21	$1
Q1 22	$50.4K
Q2 22	$6.0K
Q3 22	$15.0K
Q4 22	$442.8K
Q1 23	$58.0K
Q2 23	$69.4K
Q3 23	$17.5K
Q4 23	$4.1K
Q1 24	$0
Q2 24	$0
Q3 24	$3
Q1 25	$4
Q4 25	$163.6K
Q1 26	$583.6K
Q2 26	$3

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+0.5%	+12.3%
Q1 22	+16.1%	+15.8%
Q2 22	+52.2%	+53.7%
Q3 22	+73.7%	+73.6%
Q4 22	+50.2%	+63.0%
Q1 23	+49.8%	+90.4%
Q2 23	+12.4%	+45.9%
Q3 23	-11.3%	+2.8%
Q4 23	+5.8%	+11.8%
Q1 24	+1.9%	-9.3%
Q2 24	-12.7%	-17.1%
Q3 24	+15.2%	-1.5%
Q1 25	-18.8%	-17.6%
Q4 25	-56.6%	-45.9%
Q1 26	-28.5%	-29.1%
Q2 26	-69.4%	-55.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$103.1K	0.6%
Q2 22	$54.4K	0.3%
Q3 22	$149.3K	0.7%
Q4 22	$65.6K	0.3%
Q1 23	$137.9K	0.5%
Q2 23	$132.3K	0.7%
Q3 23	$117.6K	0.6%
Q4 23	$0	0.0%
Q1 24	$117.9K	0.4%
Q2 24	$141.2K	0.8%
Q3 24	$130.5K	0.6%
Q1 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$150.2K	1.2%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 21	$2M	$4M	—
Q1 22	$2M	$4M	—
Q2 22	$3M	$4M	—
Q3 22	$3M	$5M	—
Q4 22	$4M	$7M	—
Q1 23	$3M	$8M	—
Q2 23	$3M	$9M	—
Q3 23	$3M	$7M	—
Q4 23	$4M	$8M	—
Q1 24	$3M	$10M	—
Q2 24	$3M	$7M	—
Q3 24	$3M	$5M	—
Q1 25	$5M	$6M	—
Q4 25	$2M	$6M	—
Q1 26	$1M	$5M	—
Q2 26	—	—	$6M

Revenue Segments

Quarter	Product	Service
Q1 26	$10M	$2M
Q2 26	$7M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$3M	$0	$3M
Q4 22	$2M	$0	$2M
Q1 23	$5M	$0	$5M
Q2 23	$4M	$0	$4M
Q3 23	$1M	$0	$1M
Q4 23	$4M	$0	$4M
Q1 24	$3M	$0	$3M
Q2 24	$1M	$0	$1M
Q3 24	$3M	$0	$3M
Q4 24	$7M	$0	$7M
Q1 25	$3M	$0	$3M
Q2 25	$3M	$0	$3M
Q3 25	$2M	$0	$2M
Q4 25	$2M	$0	$2M
Q1 26	$904.0K	$0	$904.0K
Q2 26	$4M	$0	$4M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	795K	-10.3%	+18.1%
Q1 22	883K	+11.0%	+22.6%
Q2 22	883K	-0.0%	+22.6%
Q3 22	935K	+5.9%	+5.4%
Q4 22	989K	+5.8%	+24.3%
Q1 23	989K	+0.0%	+12.0%
Q2 23	991K	+0.3%	+12.3%
Q3 23	991K	-0.0%	+6.0%
Q4 23	992K	+0.1%	+0.3%
Q1 24	992K	+0.1%	+0.3%
Q2 24	993K	+0.1%	+0.2%
Q3 24	994K	+0.1%	+0.3%
Q1 25	1M	+5.3%	+5.6%
Q4 25	1M	+0.1%	+5.6%
Q1 26	1M	+0.1%	+5.7%
Q2 26	1M	+5.0%	+10.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$701.3K	21
Q1 22	$827.0K	21
Q2 22	$815.5K	21
Q3 22	$1M	21
Q4 22	$276.5K	80
Q1 23	$325.3K	80
Q2 23	$240.7K	80
Q3 23	$252.8K	80
Q4 23	$334.3K	70
Q1 24	$378.7K	70
Q2 24	$240.0K	70
Q3 24	$333.0K	70
Q1 25	$316.8K	60
Q4 25	$1M	10
Q1 26	$1M	10
Q2 26	$713.4K	10

Revenue / Employee