iPower Revenue Plunges 50% to $19.2M as Operating Loss Widens in H1 2026

iPower Inc., a Nevada-based consumer products company, reported revenue of $19.2 million for the six months ending December 31, 2025, down 50% from $38.1 million in the prior-year period. The company posted an operating loss of $4.1 million compared to an operating loss of $2.1 million a year earlier. Read more earnings reports.

For the three months ending December 31, 2025, revenue fell 63% to $7.1 million from $19.1 million in the same quarter a year ago. The quarterly operating loss widened to $2.4 million versus operating income of $683,607 in the prior-year quarter.

Margins Under Pressure

Gross profit for the first half of fiscal 2026 dropped to $7.9 million from $16.9 million in the prior-year period, reflecting the revenue decline. Operating expenses for the six-month period reached $12.1 million, down from $18.9 million a year earlier.

Cost of revenue for the half-year totaled $11.2 million, compared to $21.2 million in the same period last year. Selling, general and administrative expenses fell to $3.8 million from $8.4 million.

Per-Share Results

iPower reported a loss of $1.60 per diluted share for the six months ending December 31, 2025, compared to a loss of $1.73 per share in the prior-year period. The quarterly loss came to $1.08 per share versus earnings of $0.21 per share a year earlier.

The company's weighted average diluted share count stood at 1.08 million shares for the half-year period, compared to 1.05 million shares in the prior year.

Balance Sheet and Cash

Total assets declined to $34.0 million as of December 31, 2025, from $35.6 million as of June 30, 2025. Current assets fell to $14.7 million from $19.4 million over the same period.

Cash and cash equivalents remained essentially flat at $2.0 million as of December 31, 2025, compared to $2.0 million at the end of the prior fiscal year. Inventory dropped sharply to $3.6 million from $8.1 million, while accounts receivable decreased to $5.2 million from $6.1 million.

Total liabilities stood at $16.0 million as of December 31, 2025, down from $17.4 million six months earlier. Current liabilities decreased to $8.0 million from $14.5 million.

Cash Flow

The company generated $763,906 in cash from operations during the six months ending December 31, 2025, a reversal from negative operating cash flow of $1.4 million in the prior-year period. Cash used in investing activities totaled $5.6 million, while financing activities provided $4.8 million.

Equity Position

iPower's retained deficit widened to $16.9 million as of December 31, 2025, from $15.2 million as of June 30, 2025. Additional paid-in capital increased to $34.9 million from $33.5 million. Common shares outstanding rose to 1.08 million from 1.05 million.