iPower Inc (IPW) 2025 Q3 法說會逐字稿

Good afternoon, everyone. And thank you for participating in today's conference call to discuss iPower's financial results for its fiscal third quarter of 2025 ending March 31, 2025. Joining us today are iPower's Chairman and CEO Mr. Lawrence Tan and a company CFO Mr. Kevin Vassily. Mr. Vassily, please go ahead.

大家下午好。感謝您參加今天的電話會議，討論 iPower 截至 2025 年 3 月 31 日的 2025 財年第三季度的財務業績。今天與我們一起出席的有 iPower 董事長兼首席執行官 Lawrence Tan 先生和公司首席財務官 Kevin Vassily 先生。瓦西里先生，請繼續。

Thank you, Victor. Good afternoon, everyone. By now, everyone should have seen the release of our fiscal third quarter 2025 earnings, issued earlier today at approximately 4:05 PM. Eastern time. The release is available in the investor relations section of our website at meetir.com. This call will also be available for webcast replay on our website.

謝謝你，維克多。大家下午好。到目前為止，每個人都應該已經看到了我們今天早些時候於下午 4:05 左右發布的 2025 財年第三季財報。東部時間。新聞稿可在我們網站 meetir.com 的投資者關係版塊查閱。本次電話會議也可在我們網站上進行網路直播重播。

Following our prepared remarks, we'll open the call for your questions. Before I introduce Lawrence, I'd like to remind listeners that certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995.

在我們準備好發言之後，我們將開始回答您的問題。在介紹勞倫斯之前，我想提醒聽眾，根據 1995 年《私人證券訴訟改革法案》，本次電話會議和網路廣播中發表的某些評論被視為前瞻性陳述。

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the state of the economy, and other future conditions because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, and many of which are outside of our control.

前瞻性陳述既不是歷史事實，也不是對未來表現的保證。相反，它們僅基於我們當前對業務未來、未來計劃和策略、預測、預期事件和趨勢、經濟狀況和其他未來條件的信念、期望和假設，因為前瞻性陳述與未來有關，它們受制於難以預測的固有不確定性、風險和情況變化，其中許多是我們無法控制的。

Our actual results and financial condition may differ materially from those indicated in these forward-looking statements.

我們的實際結果和財務狀況可能與這些前瞻性陳述中所示的存在重大差異。

These forward-looking statements are also subject to other risks and certainties that are described from time to time in the company's filings with the SEC, including our annual report on Form 10-K, which was filed with the SEC on September 20, 2024, and that place undue reliance on any forward-looking statements which are being made only as of the date of this call.

這些前瞻性陳述也受到本公司向美國證券交易委員會 (SEC) 提交的文件中不時描述的其他風險和確定性的影響，包括我們於 2024 年 9 月 20 日向美國證券交易委員會提交的 10-K 表年度報告，這些風險和確定性導致人們過分依賴截至本次電話會議之日所做的任何前瞻性陳述。

Except as required by law, the company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements.

除法律規定外，本公司不承擔修改任何前瞻性陳述或公開發布修改結果的義務。

With that, I'd like to now turn the call over to iPower's Chairman and CEO Lawrence Tan.

現在，我想將電話轉給 iPower 董事長兼執行長 Lawrence Tan。

Thank you, Kevin. And good afternoon, everyone. We took important steps to strengthen our operational foundation during the quarter even as we navigate a more cautious demand environment.

謝謝你，凱文。大家下午好。儘管我們面臨更謹慎的需求環境，但我們在本季採取了重要措施來加強營運基礎。

In response, we have accelerated efforts to diversify our supply chain by expanding manufacturing into the US, onboard more US-based suppliers, as well as continuing to cultivate relationships with alternative suppliers in other geographics.

作為回應，我們加快了努力實現供應鏈多元化，將製造業務擴展到美國，吸收更多美國供應商，並繼續與其他地區的替代供應商建立關係。

These actions are central to our strategy to build a more agile and durable supply chain capable of supporting long-term growth and reducing exposure to external volatility. In our SuperSuite business, we continue to see solid momentum, reflecting both the strengths of our platform and the growing demand for our market leading solutions.

這些行動對於我們的策略至關重要，即建立更靈活、持久的供應鏈，以支持長期成長並減少外部波動的影響。在我們的 SuperSuite 業務中，我們繼續看到強勁的發展勢頭，這反映了我們平台的優勢以及對我們市場領先解決方案日益增長的需求。

SuperSuite now accounts for approximately 20% of our total revenue mix, a significant milestone that underscores the accelerating adoptions of our integrated supply chain offerings. As a tech-based data-driven platform, SuperSuite empowers our partners with the infrastructure, intelligence, and executional support, needed to scale effectively in today's fast-paced e-commerce environment.

SuperSuite 目前約占我們總營收的 20%，這是一個重要的里程碑，凸顯了我們整合供應鏈產品的加速採用。作為一個基於技術的數據驅動平台，SuperSuite 為我們的合作夥伴提供在當今快節奏的電子商務環境中有效擴展所需的基礎設施、情報和執行支援。

During the quarter, we continued to add depths into our SuperSuite capabilities by implementing key functions from value-added partners across logistics, merchandizing, and data analytics to further enhance our services.

在本季度，我們透過實施物流、商品銷售和數據分析等加值合作夥伴的關鍵功能，持續增強 SuperSuite 的功能，以進一步增強我們的服務。

As an example, we recently extended our national fulfillment network through newly onboarded warehouse locations, enabling faster and more cost-efficient delivery across key region markets. These additions are not just incremental improvements, but strategic components that makes SuperSuite a more sophisticated, more connected, and more agile ecosystem.

例如，我們最近透過新進駐的倉庫地點擴展了我們的全國履行網絡，從而能夠在主要區域市場實現更快、更具成本效益的交付。這些新增功能不僅是漸進式的改進，而且是使 SuperSuite 成為更複雜、更互聯、更靈活的生態系統的策略組件。

The purpose of SuperSuite is simple, deliver a turnkey solution that enables our partners to scale faster, operate more efficiently, and stay ahead of evolving consumer expectations.

SuperSuite 的目的很簡單，提供一個交鑰匙解決方案，使我們的合作夥伴能夠更快地擴展、更有效率地運作並始終領先於不斷變化的消費者期望。

By building a seamless bridge between supply chain input and e-commerce execution, we are not only improving outcomes for our partners, but also positioning SuperSuite as a go-to solution for emerging brands looking to compete in a data-driven omnichannel world.

透過在供應鏈輸入和電子商務執行之間建立無縫橋樑，我們不僅改善了合作夥伴的成果，還將 SuperSuite 定位為尋求在數據驅動的全通路世界中競爭的新興品牌的首選解決方案。

As we announced earlier this week, we further expanded the SuperSuite capabilities with the made in USA module.

正如我們本週早些時候宣布的那樣，我們透過美國製造的模組進一步擴展了 SuperSuite 的功能。

Made in USA is designed to facilitate the establishment and expansion of domestic manufacturing lines by offering comprehensive support in areas such as legal and regulatory compliance, facility sourcing and setup, local management and labor sourcing, funding opportunities, and access to both online and offline sales channels.

「美國製造」旨在透過在法律和法規遵循、設施採購和設置、本地管理和勞動力採購、融資機會以及線上和線下銷售管道等方面提供全面支持，促進國內生產線的建立和擴張。

By providing these critical resources, we are bridging the gap for manufacturers and supply chain partners who are considering domestic production, but may lack of infrastructure or guidance to do so effectively. The initiative serves as a cornerstone of SuperSuite's broader supply chain solution and aligns with the increasing global focus on reassuring as a critical lever for supply chain resilience.

透過提供這些關鍵資源，我們正在為那些正在考慮國內生產但可能缺乏基礎設施或有​​效指導的製造商和供應鏈合作夥伴彌合差距。該計劃是 SuperSuite 更廣泛的供應鏈解決方案的基石，並與全球日益關注的作為供應鏈彈性關鍵槓桿的保障相一致。

As manufacturers seeks to diversify operations, reduce dependency on international logistics, and respond to shifting geopolitical dynamics, the Made in USA module provides a much needed platform to bring advanced manufacturing skills and capabilities to US soil.

隨著製造商尋求多元化經營、減少對國際物流的依賴並應對不斷變化的地緣政治動態，「美國製造」模組提供了一個急需的平台，將先進的製造技能和能力帶到美國本土。

As the first of several planned collaborations and the Made in USA platform, we are actively engaging with a sales partner that has an existing sales team here in the US and established the customer base and a manufacturing partner to establish a comprehensive domestic production line.

作為多項計畫合作和「美國製造」平台中的第一個，我們正在積極與在美國擁有現有銷售團隊並建立了客戶群的銷售合作夥伴和製造合作夥伴合作，以建立全面的國內生產線。

This partnership will leverage our robust support infrastructure, aiming to integrate manufacturing expertise from international partners while utilizing iPower's established sales and fulfillment network to scale production effectively.

此次合作將利用我們強大的支援基礎設施，旨在整合來自國際合作夥伴的製造專業知識，同時利用 iPower 現有的銷售和履行網路有效擴大生產規模。

This deal represents the initial set up, step in a series of strategic initiatives aimed at attracting manufacturers and supply chain partners to the United States.

這項協議是一系列旨在吸引製造商和供應鏈合作夥伴進入美國的戰略舉措中的初步舉措。

At the operating level, we are implementing targeted initiatives aimed at reducing expenses and streaming line operations, laying the groundwork for improved margin and greater efficiency. Our commitment to enhancing operational efficiency and building a more resilient, adoptable supply chain remains a strategic priority.

在營運層面，我們正在實施有針對性的舉措，旨在降低開支、簡化生產線運營，為提高利潤率和提高效率奠定基礎。我們致力於提高營運效率並建立更具彈性、更易於採用的供應鏈，這仍然是我們的策略重點。

A core element of this approach is supplier diversification, which reduces reliance on any single region and enhances our agility in responding to global disruptions. Late last year, we expanded our manufactured footprint into Southeast Asia, establishing new partnerships that are already showing early signs of promise.

這種方法的核心要素是供應商多樣化，這減少了對任何單一地區的依賴，並增強了我們應對全球中斷的靈活性。去年年底，我們將製造業務擴展到東南亞，建立了新的合作關係，這些合作關係已經初顯成效。

More recently, we have taken the initial steps towards developing a domestic manufacturing facility here in the US. A step that not only aligns with our long-term cost management goals, but also positions us to respond more quickly to shifts in customer demands, improve lead times, and further insulate our operations from geopolitical and logistical risk.

最近，我們已邁出在美國建立國內製造工廠的初步步伐。此舉不僅符合我們的長期成本管理目標，而且使我們能夠更快地響應客戶需求的變化，縮短交貨時間，並進一步使我們的營運免受地緣政治和物流風險的影響。

As our supplier base continues to broaden and we begin to scale purchasing with these new partners, we anticipate a range of operational benefits, including more favorable production economics and streamlined logistics.

隨著我們的供應商基礎不斷擴大，並且我們開始與這些新合作夥伴擴大採購規模，我們預計將獲得一系列營運效益，包括更有利的生產經濟效益和簡化的物流。

Additionally, a more agile and cost efficient supply chain will enhance our ability to deliver value to both our customers and the bottom line. It's enabling more competitive pricing and stronger margin performance. We remain focused on building a diverse global supplier network that supports the continued growth of our business with the flexibility to adapt a dynamic operating environment.

此外，更靈活、更具成本效益的供應鏈將增強我們為客戶和底線提供價值的能力。它實現了更具競爭力的定價和更高的利潤表現。我們始終致力於建立多元化的全球供應商網絡，以支持我們業務的持續成長，並靈活地適應動態的營運環境。

Looking ahead, we are taking a disciplined approach to capital allocation as we strengthen our operational foundation and build a more robust supply chain. While macro conditions remain uncertain, our proactive diversification across both suppliers and the sales channel positions us to effectively manage near term volatility.

展望未來，我們將採取嚴謹的資本配置方式，加強營運基礎，建立更強大的供應鏈。儘管宏觀環境仍然不確定，但我們在供應商和銷售管道方面的積極多元化使我們能夠有效地管理短期波動。

We believe these initiatives coupled with our accelerating momentum in SuperSuite and ongoing efforts to broaden our sales channel will enable us to navigate the current market environment and execute our goals ahead.

我們相信，這些舉措加上我們在 SuperSuite 的加速發展勢頭以及拓寬銷售管道的持續努力，將使我們能夠駕馭當前的市場環境並實現我們未來的目標。

I'll now turn the call over to our CFO Kevin Vassily to take you through our financial results in more details. Kevin?

現在我將把電話轉給我們的財務長凱文·瓦西里 (Kevin Vassily)，讓他向您更詳細地介紹我們的財務表現。凱文？

Thanks, Lawrence. Unless referenced otherwise, all variant commentaries in comparison to the year ago quarter. Let me dive right into the fiscal Q3 results.

謝謝，勞倫斯。除非另有說明，所有評論均與去年同期相比有所不同。讓我直接了解第三季的財務表現。

Total revenue in the fiscal third quarter of 2025 was $16.6 million compared to $23.3 million prior year. Decrease was driven primarily by lower product sales to our largest channel partner, partially offset by growth in our SuperSuite supply chain offerings.

2025 財年第三季的總營收為 1,660 萬美元，而去年同期為 2,330 萬美元。下降的主要原因是我們最大的通路合作夥伴的產品銷售下降，但被我們的 SuperSuite 供應鏈產品的成長部分所抵消。

Gross profit in the fiscal third quarter of 2025 was $7.2 million compared to $10.3 million in the same quarter of fiscal 2024. The percentage of revenue gross margin was 43.3% compared to roughly 47% in a year ago period. Decreasing in gross margin was primarily driven by an increase in services income in the quarter.

2025 財年第三季的毛利為 720 萬美元，而 2024 財年同期的毛利為 1,030 萬美元。營收毛利率為 43.3%，而去年同期約為 47%。毛利率下降主要是由於本季服務收入增加所致。

Total operating expenses in fiscal Q3 improved 15% to $7.4 million compared to $8.8 million for the same period in fiscal 2024. The decrease in operating expenses was driven primarily by lower general and administrative costs from our optimization initiatives, as well as lower selling and fulfillment expenses related to our largest channel partner.

第三財季總營運費用為 740 萬美元，較 2024 財年同期的 880 萬美元成長 15%。營運費用的下降主要由於我們的優化措施降低了一般和管理費用，以及與我們最大的通路合作夥伴相關的銷售和履行費用的降低。

That loss attributable to iPower in the fiscal third quarter was $340,000 or a loss of $0.01 per share compared to net income attributable to iPower of $1 million or a profit of $0.03 per share for the same period in fiscal 2024.

第三財季歸屬於 iPower 的虧損為 34 萬美元，即每股虧損 0.01 美元，而 2024 財年同期歸屬於 iPower 的淨收入為 100 萬美元，即每股利潤 0.03 美元。

Moving to the balance sheet, cash and cash equivalents were $2.2 million at March 31, 2025 compared to $7.4 million at June 30, 2024. As a result of our consistent debt pay down, total debt was reduced by 43% to 3.6 million compared to $6.3 million as of June 30, 2024.

從資產負債表來看，2025 年 3 月 31 日的現金和現金等價物為 220 萬美元，而 2024 年 6 月 30 日為 740 萬美元。由於我們持續償還債務，截至 2024 年 6 月 30 日，總債務減少了 43%，至 360 萬美元，而同期的總債務為 630 萬美元。

Summarize our financial performance, we're up against a fairly difficult comp year over year this quarter due to elevated purchasing volumes from our largest channel partner in the year ago period. Despite this, we continue to realize meaningful benefits from the optimization initiatives we've been putting in place over the last fiscal year, resulting in a 15% reduction in operating expenses for fiscal Q3.

總結我們的財務業績，由於去年同期我們最大的通路夥伴的採購量增加，本季我們面臨的同比情勢相當困難。儘管如此，我們仍從上個財年實施的優化措施中獲得了顯著的效益，使第三財季的營運費用減少了 15%。

Additionally, we further reduced our debt obligations by nearly 20% during the fiscal third quarter alone, reinforcing our commitment to strengthening the balance sheet. With our ongoing efforts to diversify our supply chain, accelerating momentum in SuperSuite, and an optimized operating structure. And we believe we're well positioned to deliver long-term value to our customers and shareholders alike.

此外，光是在第三財季，我們就進一步減少了近 20% 的債務，這加強了我們改善資產負債表的承諾。透過我們不斷努力實現供應鏈多元化、加速 SuperSuite 的發展勢頭以及優化營運結構。我們相信，我們有能力為客戶和股東創造長期價值。

This concludes our prepared remarks and will now open up for questions.

我們的準備好的演講到此結束，現在開始提問。

(Operator Instructions)

（操作員指示）

Kunal Madhukar, Water Tower Research.

Kunal Madhukar，水塔研究。

Hi, thank you for taking the questions. A couple if I could. One would be to understand, now that you have diversified your supply chain and manufacturing, what was the -- what is the respective exposure to the different geographies based on the sales that you did in the fiscal third quarter? How much was that was coming from different countries and where is the exposure?

您好，感謝您回答這些問題。如果可以的話，我會選幾個。一是要了解，既然您已經實現了供應鏈和製造的多元化，那麼根據您在第三財季的銷售情況，不同地區的分別敞口是多少？其中有多少來自不同國家，曝光度在哪裡？

Okay. It's the Southeast Asia are growing, but right now still, most, like the majority of the supplies are coming from China. We have US-based suppliers now on boarded.

好的。東南亞正在發展，但目前大部分供應仍來自中國。我們目前已經有美國供應商加入。

So it's still the most of them are from China. The 20% of the services are mostly delivered here for us to sell, but the imported ones, most of the manufacturers are from China still. We are on the -- our ways to diversify that further.

所以其中大多數仍然來自中國。20%的服務大部分是交付給我們銷售的，但進口的服務，大部分製造商仍然來自中國。我們正在採取進一步多樣化的措施。

Got it. And then you know, you've been trying to reduce your inventory, but you're still probably sitting on a large amount of inventory. How does that place you, and that inventory is already in the US? So how does that place you comparatively, as far as your largest channel partner is concerned in terms of when it decides to reorder? Your inventory may be the closest and the cheapest to reorder from.

知道了。然後你知道，你一直在嘗試減少庫存，但你可能仍然積壓了大量庫存。那您處於什麼位置？庫存已經在美國了嗎？那麼，就您的最大通路夥伴決定何時重新訂購而言，您的處境如何？您的庫存可能是最近且最便宜的重新訂購庫存。

The -- our US inventory is a critical part to compensate any products that in, that other channel partners do not have enough inventory. So it's very important to keep adequate inventories in US to balance the overall demand.

我們的美國庫存是彌補其他通路夥伴庫存不足產品的關鍵部分。因此，在美國保持充足的庫存以平衡整體需求非常重要。

The -- my take on to navigate across the robust, macro environment is that we should not overstock or try to bet on any political-influenced events. Instead, we keep operating with a very reasonable, efficient inventory levels, usually two to three months. That's my goal.

我對應對強勁的宏觀環境的看法是，我們不應該過度囤貨或試圖押注任何受政治影響的事件。相反，我們保持非常合理、高效的庫存水平，通常為兩到三個月。這就是我的目標。

Betting or prepare for one way or the other in today's environment may result unexpected results as they change from day to day and week to week.

在當今環境下，以某種方式下注或做準備可能會產生意想不到的結果，因為它們每天、每週都在變化。

No, totally understand that. In fact, they changed from hour to hour, so it's predicting that is a tough one. Now the other one, and I'm sorry, and this is the last one, this is on the Made in USA.

不，我完全理解。事實上，它們每小時都在變化，因此預測起來很困難。現在說另外一個，抱歉，這是最後一個，這是美國製造的。

So there are a number of things that you're doing, a number of initiatives within this in terms of helping setting up manufacturing facilities, maybe, citing land and even with labor trying to help other companies with labor.

所以你們正在做很多事情，在幫助建立製造設施方面採取很多舉措，也許還提供土地，甚至提供勞動力，試圖幫助其他公司提供勞動力。

Now, one of the key questions that people would potentially have is like, what is your level of expertise in the US? That you can help support a consulting business where you're helping other people kind of navigate the tough manufacturing environment in the US?

現在，人們可能會問的一個關鍵問題是，你在美國的專業程度如何？您可以幫助支持諮詢業務，並幫助其他人應對美國艱難的製造業環境嗎？

Right, we not only just provide consulting services, we heavily involve into this Made in USA effort. First of all, we have sales channels, established sales channels online, and we have established a business partner relationship with offline, big box retailers.

是的，我們不僅提供諮詢服務，我們還深度參與「美國製造」的努力。首先，我們有銷售管道，線上建立了銷售管道，並且與線下、大型零售商建立了業務合作夥伴關係。

And now we have, like BTB sales partners on board already. So that's number one, we have the sales channel. Number two, we have product capabilities, market research, analytical data-driven approach that we have been doing for years.

現在我們已經有了 BTB 銷售合作夥伴。所以這是第一點，我們有銷售管道。第二，我們擁有產品能力、市場研究和分析數據驅動的方法，這些我們已經做了多年。

And then, and thirdly, compared to the international manufacturers, we understand the local policies and laws. And we have access to resources and communication channels for a variety of different tasks that are very essential for setting up Made in USA.

第三，與國際製造商相比，我們了解當地的政策和法律。我們可以獲得資源和溝通管道來完成各種不同的任務，這對於建立「美國製造」至關重要。

So overall, from sales perspective, from product perspective, from setting up a local perspective, these are critical ones that to successfully launch a manufacturing plant here. And I have a pretty -- I'm pretty excited and with SuperSuite, that's already bringing us a lot of like US-ready products for sales, which SuperSuite, contribute 20% of our sales as of today.

因此，總的來說，從銷售角度、從產品角度、從建立本地角度來看，這些都是在這裡成功建立製造工廠的關鍵。我非常興奮，有了 SuperSuite，它已經為我們帶來了許多適合美國銷售的產品，截至今天，SuperSuite 貢獻了我們 20% 的銷售。

And our soon-to-be-launched, like maybe USA production line, in the pipeline, and the expansion of our Southeast Asia manufacturing, I think I I'm pretty excited to have this diversified supply chains going on that become like majority of our mix.

我們即將推出的，例如美國生產線，正在籌備中，以及我們在東南亞製造業務的擴張，我認為我很高興能夠擁有這種多元化的供應鏈，並成為我們產品組合的主體。

And by saying that, we also have other manufacturers who have established the locations here and are working with us on the sales side only, like they don't need help on the manufacturing set up parts they are much bigger and more sophisticated.

話雖如此，我們還有其他製造商在這裡設立了工廠，並且僅在銷售方面與我們合作，他們不需要製造設置部件方面的幫助，他們的規模更大，更複雜。

But yeah, with all these works in place, we'll become a true global sourcing, platform and sales, primarily in for the US market, bring the best values from all different parts of the world.

但是，是的，透過所有這些工作，我們將成為一個真正的全球採購、平台和銷售，主要針對美國市場，帶來來自世界各地的最佳價值。

That's great. Thank you so much.

那太棒了。太感謝了。

Thank you. Now, I'm not showing any further questions in the queue. I now like to turn back over to Kevin for closing remarks.

謝謝。現在，我不會在隊列中顯示任何其他問題。現在我想請凱文做最後的總結發言。

Okay. Well, thank you, everyone, for joining and we look forward to speaking again, with everyone in September, when we report our fiscal Q4 and full year results. Thanks again for joining. Goodbye.

好的。好吧，謝謝大家的加入，我們期待在 9 月報告我們的第四季和全年業績時再次與大家交談。再次感謝您的加入。再見。

Thank you for your participation in today's conference. This does include the program. You may now disconnect, everyone. Have a great day.

感謝大家參加今天的會議。這確實包括該程式。各位，現在您可以斷開連接了。祝你有美好的一天。