iPower Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data iPower Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	39.9	54.1	79.4	88.9	86.1	66.1
Cost of revenue	24.8	31.3	46.2	54.1	48	37.1
Gross profit	15.1	22.8	33.2	34.8	38.1	29
Selling, general and administrative	3.26	6.38	11.7	12.8	12.1	12.7
Operating expenses	12.2	19.9	30.9	48.3	39.1	34.9
Operating income	2.91	2.96	2.31	-13.5	-0.96	-5.87
Interest expense		0	0.36	0.98	0.74	0.43
Other non-operating income	-0.15	-2.97	-0.25	-1.18	-0.83	-0.37
Pre-tax income	2.76	-0.01	2.06	-14.7	-1.79
Income tax	0.77	0.77	0.56	-2.69	-0.25	-1.25
Net income to minority interests		0	-0.01	-0.01	-0.01	-0.01
Net income	1.99	-0.78	1.52	-12	-1.53	-4.97
EBITDA	2.91	2.97	2.59	-12.7	-0.17	-5.09
EPS, basic	0.11	-0.04	0.06	-0.40	-0.05	-0.16
EPS, diluted	0.11	-0.04	0.06	-0.40	-0.05	-0.16
Shares, basic (weighted)	18.3	19.2	27.8	29.7	29.9	31.4
Shares, diluted (weighted)	18.3	19.2	27.8	29.7	29.9	31.4

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.98	6.65	1.82	3.74	7.22	1.68
Receivables	6.07	7.9	17.4	14.1	14.7	6.12
Inventory	5.74	13.1	30.4	20.6	10.5	8.13
Other current assets	0.62	4.69	5.44	2.86	2.35	2.57
Total current assets	13.4	32.3	55.2	41.3	35	19.4
Property, plant and equipment	0.01	0.06	0.54	0.54	0.37	0.39
Lease right-of-use assets	0.26	1.82	10.5	7.84	6.12	3.92
Goodwill		0	6.09	3.03	3.03	3.03
Intangible assets		0	4.93	4.28	3.63	2.98
Other non-current assets	0	0.1	0.41	0.99	0.65	1.84
Total assets	13.7	35.6	78.6	60.1	51.3	35.6
Accounts payable	4.22	3.94	9.53	13.2	11.2	7.18
Deferred revenue	0.74	0.3	0.27	0.35
Short-term debt					0.49	0
Total current liabilities	10.2	9.02	22.9	23.3	23.8	14.5
Lease liabilities	0	1.17	8.27	6.11	4.51	2.91
Total liabilities	10.7	10.7	46.2	39.2	28.3	17.4
Total debt	0.5	0.46
Paid-in capital	0.39	23.2	29.1	29.6	33.5	33.5
Retained earnings	2.52	1.75	3.26	-8.7	-10.2	-15.2
Other comprehensive income		0	0.01	-0.06	-0.21	0.04
Shareholders' equity	2.93	25
Minority interests		0	-0.01	-0.02	-0.04	-0.05
Total equity	2.93	25	32.4	20.9	23	18.3
Total liabilities and equity	13.7	35.6	78.6	60.1	51.3	35.6
Shares outstanding	18.4	24	29.6	29.7	31.4	1.05

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1.99	-0.78	1.52	-12	-1.53	-4.97
Depreciation and amortization	0	0.01	0.28	0.8	0.8	0.78
Stock-based compensation	0	0.11	0.37	0.51	0.51
Deferred income tax	0	0	-0.45	-3.1	-0.29	-1.28
Change in receivables	-2.43	-1.83	-9.54	3.33	-0.95	7.05
Change in inventory	-2.72	-7.32	-17.6	9.6	9.96	2.75
Cash from operations	1.11	-12.8	-16.6	9.21	6.16	-0.58
Capital expenditures	-0.01	-0.06	-0.48	-0.14	0	-0.16
Cash from investing	-0.01	-0.06	-0.14	-0.14	0	-2.04
Stock issued	0.43	0.36		0	4.54	0
Cash from financing	-0.6	18.5	11.9	-7.15	-2.4	-3
Exchange rate effect		0	0	-0	-0.12	0.25
Net change in cash	0.51	5.67	-4.83	1.91	3.64	-5.37
Free cash flow	1.1	-12.8	-17.1	9.07	6.16	-0.74
Interest paid	0.06	0.15	0	0	0.31	0.32
Income taxes paid	0.25	0.7	1.85	0.06	0	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $1.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	40.3%	Gross profit / revenue.
Operating margin	-25.2%	Operating income / revenue.
EBITDA margin	-23.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-23.1%	Net income / revenue.
Operating cash flow margin	1.0%	Cash from operations / revenue.
Return on assets (ROA)	-25.6%	Net income / average total assets.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-23.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-23.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-4.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-109.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-112.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-30.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-23.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	21.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	11.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.20x	Current assets / current liabilities.
Quick ratio	1.18x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.2%	Total liabilities / total assets.
Interest coverage	-42.5x	Operating income / interest expense.
Working capital	$7.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.11x	Revenue / average total assets.
Fixed asset turnover	208x	Revenue / average property, plant and equipment.
Inventory turnover	8.42x	Cost of revenue / average inventory.
Days inventory	43 days	365 x average inventory / cost of revenue.
Receivables turnover	4.91x	Revenue / average receivables.
Days sales outstanding	74 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	66 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$5.50	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$23.85	Revenue / diluted weighted shares.
Operating cash flow per share	$0.24	Cash from operations / diluted weighted shares.
Cash per share	$0.40	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$976.3K	Share price x shares outstanding.
Enterprise value	$262.7K	Market cap + total debt - cash - short-term investments.
P/S	0.03x	Market cap / revenue.
P/OCF	2.78x	Market cap / cash from operations, when positive.
EV/Sales	0.01x	Enterprise value / revenue.
Earnings yield	-819.4%	Net income / market cap (the inverse of P/E).

What was iPower Inc.'s revenue in fiscal 2025?

iPower Inc. reported revenue of $66.1M for fiscal 2025, 23.2% lower than the year before.

Was iPower Inc. profitable in fiscal 2025?

No. It reported a net loss of $5.0M.

How much free cash flow did iPower Inc. generate in fiscal 2025?

Cash from operations of $579.2K minus capital expenditures of $163.6K left free cash flow of -$742.8K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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