$IPW iPower Inc | Understand Stock

What Do They Do?

Helps brands, manufacturers and other businesses source, store and move products, and is pursuing AI infrastructure purchases, financing and equipment leasing.

How Do They Make Money?

Most revenue comes from customers buying products, with product sales earned when goods ship; service revenue is earned when the work is completed.

revenue

Segment	Share	Revenue	How money arrives
Product Sold outright	92%		Sold outright
Service Sold outright	7.7%		Sold outright

Who Are Their Customers?

Brands, manufacturers and other businesses order through iPower’s business-to-business platform. GPM buys products as a distributor, while Amazon Vendor and Seller customers are also among its buyers.

Customers above 10% of revenue, FY2026

of revenue from two customers (38%, 37%)

FY2025: 82% from one customer

Do Revenues Turn Into Profits?

No. It lost $11.6M in FY2026.

Operating income, FY2026

−72% of revenue

▲ +128% (Loss) vs FY2025 (−$6.3M, −10%)

Net income, FY2026

−58% of revenue

▲ +133% (Loss) vs FY2025 (−$5M, −8%)

Free cash flow, FY2026

−1% of revenue

▼ −78% (Loss) vs FY2025 (−$742.8K, −1%)

How Are They Changing?

Shrinking. Revenue fell 75% in 4 years, from $79.4M in FY2022 to $20M in FY2026, about 29% a year.

Broader operating focus The earlier report centered on branded and third-party home, garden and pet products sold through online retail channels to consumers. The latest describes supply-chain services for businesses and adds AI infrastructure acquisition, financing and equipment leasing as a current strategic focus.

Revenue over time

Product Service

$100M$50M$0

FY2024 FY2025 FY2026