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- **Revenue contraction but Super Suite growth**: Q3 revenue down 28.7% YoY to $16.6M, but Super Suite now 20% of mix.
- **Supply chain diversification progress**: 80% of products still from China, but U.S. and SEA manufacturing partnerships expanding.
- **Financial stabilization**: 15% opex reduction, 43% debt paydown, and 2-3 month inventory turnover strategy.
- **Strategic differentiation**: 'Made in USA' module offers unique combo of sales channels, data analytics, and local compliance support.

**【CEO Opening Remarks】**
- Q3 2025 revenue: $16.6 million (-28.7% YoY), driven by lower product sales to largest channel partner, partially offset by 20% Super Suite revenue mix growth.
- Strategic initiatives: 
  - Expanded U.S.-based suppliers and Southeast Asian manufacturing partnerships.
  - Launched 'Made in USA' module to support domestic manufacturing with end-to-end services (legal compliance, facility setup, sales channel access).
  - Added new warehouse locations for faster, cost-efficient delivery in key U.S. markets.
- Operational focus: 
  - 2-3 months inventory levels to balance demand without overstocking.
  - Streamlined logistics and cost optimization to improve margins.

**【CFO Financial Highlights】**
- Gross margin: 43.3% (-3.7ppt YoY) due to higher services revenue mix.
- Operating expenses: $7.4 million (-15% YoY) from G&A and sales cost reductions.
- Net loss: $0.3 million (-100% YoY) vs. $1 million profit in Q3 2024.
- Balance sheet: 
  - Cash: $2.2 million (-70% YoY).
  - Debt: $3.6 million (-43% YoY) through disciplined debt repayment.

**【Key Q&A Takeaways】**
- **Supply Chain Geography**: 80% of products still sourced from China, with U.S. and Southeast Asia diversification underway.
- **Inventory Strategy**: U.S. inventory critical for channel partner flexibility, maintained at 2-3 months turnover.
- **Made in USA Competitiveness**: Differentiated by: 
  - Established U.S. sales channels (online + offline retailers).
  - Data-driven market insights and analytics.
  - Local regulatory expertise and resource network.
  - Integration with Super Suite ecosystem for end-to-end solutions.

iPower (IPW)-15 May 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

IPW

IPW fundamentals

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