iPower Inc.
For the period ended Mar 31, 2026. Filed May 20, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 20, 2026
IPW$1.43+3.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
PART I. Financial Information
ITEM 1. FINANCIAL INFORMATION
Consolidated Balance Sheets
As of March 31, 2026 and June 30, 2025
| March 31, | June 30, | |
|---|---|---|
| 2026 | 2025 | |
| (Unaudited) | (Audited) | |
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalent | $713,685 | $1,677,879 |
| Accounts receivable, net | 7,064,189 | 6,124,008 |
| Inventories, net | 2,536,961 | 8,131,203 |
| Restricted Cash - BitGo | 2,209,000 | – |
| Prepayments and other current assets, net | 1,973,215 | 2,567,706 |
| Current assets held for sale | – | 873,515 |
| Total current assets | 14,497,050 | 19,374,311 |
| Non-current assets | ||
| Right of use | 2,966,202 | 3,915,539 |
| Property and equipment, net | 166,441 | 390,349 |
| Deferred tax assets, net | 4,990,836 | 3,724,462 |
| Goodwill | – | 3,034,110 |
| Investment in joint venture | 13,264 | 385,180 |
| Note Receivable | 2,300,000 | – |
| Intangible assets, net | 2,494,300 | 2,981,328 |
| Digital assets | 1,664,827 | – |
| Other non-current assets | 2,213,668 | 1,837,488 |
| Total non-current assets | 16,809,538 | 16,268,456 |
| Total assets | $31,306,588 | $35,642,767 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Accounts payable, net | $3,016,663 | $7,180,009 |
| Other payables and accrued liabilities | 2,136,690 | 1,769,421 |
| Lease liability - current | 1,450,340 | 1,361,111 |
| Revolving loan payable, net | – | 3,737,602 |
| Income taxes payable | – | 183,195 |
| Current liabilities held for sale | – | 221,460 |
| Total current liabilities | 6,603,693 | 14,452,798 |
| Non-current liabilities | ||
| Convertible notes payable | 4,470,518 | – |
| Derivative liability - Conversion option | 1,264,600 | – |
| Lease liability - non-current | 1,817,153 | 2,913,967 |
| Total non-current liabilities | 7,552,271 | 2,913,967 |
| Total liabilities | 14,155,964 | 17,366,765 |
| Commitments and contingency | – | – |
| Stockholders' Equity | ||
| Preferred stock, $0.001 par value; 20,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2026 and June 30, 2025 | – | – |
| **Common stock, $0.001 par value; 180,000,000 shares authorized; 1,773,999 and 1,045,330 shares issued and outstanding at March 31, 2026 and June 30, 2025 | 1,774 | 1,045 |
| Additional paid in capital | 37,528,080 | 33,481,201 |
| Accumulated deficits | (20,380,696) | (15,198,889) |
| Non-controlling interest | (47,462) | (47,462) |
| Accumulated other comprehensive loss | 48,928 | 40,107 |
| Total stockholders' equity | 17,150,624 | 18,276,002 |
| Total liabilities and stockholders' equity | $31,306,588 | $35,642,767 |
| ** | Unless otherwise indicated, all shares of common stock and per share numbers in the unaudited condensed consolidated financial statements and notes below have been adjusted retroactively to reflect the 1-for-30 reverse stock split effected on October 27, 2025, for all periods presented (see Note 16 for details). |
|---|
Consolidated Statements of Operations and Comprehensive Loss
For the Three and Nine Months Ended March 31, 2026 and 2025
| For the Three Months Ended March 31, | For the Nine Months Ended March 31, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |
| REVENUES | ||||
| Product sales | $3,498,681 | $15,018,227 | $16,990,959 | $49,422,823 |
| Service income | – | 1,023,445 | 1,532,722 | 3,222,236 |
| Total revenues | 3,498,681 | 16,041,672 | 18,523,681 | 52,645,059 |
| COST OF REVENUES | ||||
| Product costs | 2,743,132 | 8,306,217 | 10,353,516 | 27,043,417 |
| Service costs | – | 879,995 | 1,332,681 | 2,704,737 |
| Total cost of revenues | 2,743,132 | 9,186,212 | 11,686,197 | 29,748,154 |
| GROSS PROFIT | 755,549 | 6,855,460 | 6,837,484 | 22,896,905 |
| OPERATING EXPENSES: | ||||
| Selling and fulfillment | 991,037 | 5,373,932 | 7,348,039 | 15,687,013 |
| General and administrative | 908,773 | 1,816,032 | 4,630,041 | 10,033,958 |
| Total operating expenses | 1,899,810 | 7,189,964 | 11,978,080 | 25,720,971 |
| LOSS FROM OPERATIONS | (1,144,261) | (334,504) | (5,140,596) | (2,824,066) |
| OTHER INCOME (EXPENSE) | ||||
| Interest expenses | (432,167) | (81,968) | (611,108) | (362,602) |
| Loss on equity method investment | – | (986) | – | (2,707) |
| Loss on deconsolidation of VIE | (1,269) | – | (40,893) | – |
| Unrealized gain (loss) on digital assets | (549,932) | – | (544,173) | – |
| Impairment loss - goodwill | (3,034,110) | – | (3,034,110) | – |
| Change in fair value of derivative liability | 89,600 | – | 266,200 | – |
| Gain (Loss) on extinguishment of debt | (539,634) | – | (563,734) | – |
| Other non-operating income (expenses) | 3,897 | 35,241 | 1,236,219 | 47,521 |
| Total other income (expenses), net | (4,463,615) | (47,713) | (3,291,599) | (317,788) |
| LOSS BEFORE INCOME TAXES | (5,607,876) | (382,217) | (8,432,195) | (3,141,854) |
| PROVISION FOR INCOME TAX EXPENSE (BENEFIT) | (326,502) | 6,364 | (1,839,874) | (637,108) |
| NET LOSS FROM CONTINUING OPERATIONS | (5,281,374) | (388,581) | (6,592,321) | (2,504,746) |
| DISCONTINUED OPERATIONS, NET OF TAX | 1,826,496 | 46,208 | 1,410,514 | 345,920 |
| NET LOSS | (3,454,878) | (342,373) | (5,181,807) | (2,158,826) |
| Non-controlling interest | – | (2,774) | – | (8,765) |
| NET LOSS ATTRIBUTABLE TO IPOWER INC. | $(3,454,878) | $(339,599) | $(5,181,807) | $(2,150,061) |
| OTHER COMPREHENSIVE INCOME (LOSS) | ||||
| Foreign currency translation adjustments | (15,743) | (97,556) | 8,821 | 3,520 |
| COMPREHENSIVE LOSS ATTRIBUTABLE TO IPOWER INC. | $(3,470,621) | $(437,155) | $(5,172,986) | $(2,146,541) |
| WEIGHTED AVERAGE NUMBER OF COMMON STOCK | ||||
| **Basic | 1,453,875 | 1,048,508 | 1,200,110 | 1,047,816 |
| **Diluted | 1,453,875 | 1,048,508 | 1,200,110 | 1,047,816 |
| EARNINGS (LOSSES) PER SHARE | ||||
| Basic - continuing operations | $(3.63) | $(0.37) | $(5.49) | $(2.39) |
| Basic - discontinued operations | 1.25 | 0.04 | 1.17 | 0.33 |
| Total basic earnings (loss) per share | $(2.38) | $(0.33) | $(4.32) | $(2.06) |
| Diluted - continuing operations | $(3.63) | $(0.37) | $(5.49) | $(2.39) |
| Diluted - discontinued operations | 1.25 | 0.04 | 1.17 | 0.33 |
| Total diluted earnings (loss) per share | $(2.38) | $(0.33) | $(4.32) | $(2.06) |
| ** | Unless otherwise indicated, all shares of common stock and per share numbers in the unaudited condensed consolidated financial statements and notes below have been adjusted retroactively to reflect the 1-for-30 reverse stock split effected on October 27, 2025, for all periods presented (see Note 16 for details). |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Consolidated Statements of Changes in Stockholders' Equity
For the Nine Months Ended March 31, 2026 and 2025
| **Common Stock · Additional Paid in · Retained Earnings (Accumulated · Non-controlling · Accumulated other Comprehensive income | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Amount | Capital | Deficit) | interest | (loss) | Total | |
| Balance, June 30, 2025 | 1,045,330 | $1,045 | $33,481,201 | $(15,198,889) | $(47,462) | $40,107 | $18,276,002 |
| Net loss | – | – | – | (533,648) | – | – | (533,648) |
| Stock-based compensation | – | – | 150,203 | – | – | – | 150,203 |
| Restricted shares issued for vested RSUs | 4,460 | 5 | (5) | – | – | – | – |
| Foreign currency translation adjustments | – | – | – | – | – | 24,943 | 24,943 |
| Balance, September 30, 2025, unaudited | 1,049,790 | $1,050 | $33,631,399 | $(15,732,537) | $(47,462) | $65,050 | $17,917,500 |
| Net loss | – | – | (1,193,281) | – | – | (1,193,281) | |
| Stock-based compensation | – | – | 950,202 | – | – | – | 950,202 |
| Shares issued for consulting services | 20,680 | 21 | 199,979 | – | – | – | 200,000 |
| Common stock issued for conversions of note payable | 10,948 | 11 | 110,289 | – | – | – | 110,300 |
| Reverse-Split round up shares | 42 | – | – | – | – | – | – |
| Foreign currency translation adjustments | – | – | – | – | – | (379) | (379) |
| Balance, December 31, 2025, unaudited | 1,081,460 | $1,082 | $34,891,869 | $(16,925,818) | $(47,462) | $64,671 | $17,984,342 |
| Net loss | – | – | – | (3,454,878) | – | – | (3,454,878) |
| Stock-based compensation | – | – | 150,203 | – | – | – | 150,203 |
| Common stock issued for conversions of note payable | 692,539 | 692 | 2,486,008 | – | – | – | 2,486,700 |
| Foreign currency translation adjustments | – | – | – | – | – | (15,743) | (15,743) |
| Balance, March 31, 2026, unaudited | 1,773,999 | $1,774 | $37,528,080 | $(20,380,696) | $(47,462) | $48,928 | $17,150,624 |
| – | |||||||
| Balance, June 30, 2024 | 1,045,330 | $1,045 | $33,494,199 | $(10,230,601) | $(38,204) | $(210,406) | $23,016,033 |
| Net loss | – | – | – | (2,029,281) | (2,836) | – | (2,032,117) |
| Stock-based compensation | – | – | 205,960 | – | – | – | 205,960 |
| Foreign currency translation adjustments | – | – | – | – | – | (55,054) | (55,054) |
| Balance, September 30, 2024, unaudited | 1,045,330 | $1,045 | $33,700,159 | $(12,259,882) | $(41,040) | $(265,460) | $21,134,822 |
| Net income (loss) | – | – | – | 218,819 | (3,155) | – | 215,664 |
| Stock-based compensation | – | – | 197,313 | – | – | – | 197,313 |
| Foreign currency translation adjustments | – | – | – | – | – | 156,130 | 156,130 |
| Balance, December 31, 2024, unaudited | 1,045,330 | $1,045 | $33,897,472 | $(12,041,063) | $(44,195) | $(109,330) | $21,703,929 |
| Net loss | – | – | – | (339,599) | (2,774) | – | (342,373) |
| Reversal of unvested stock-based compensation | – | – | (546,053) | – | – | – | (546,053) |
| Foreign currency translation adjustments | – | – | – | – | – | (97,556) | (97,556) |
| Balance, March 31, 2025, unaudited | 1,045,330 | $1,045 | $33,351,419 | $(12,380,662) | $(46,969) | $(206,886) | $20,717,947 |
| ** | Unless otherwise indicated, all shares of common stock and per share numbers in the unaudited condensed consolidated financial statements and notes below have been adjusted retroactively to reflect the 1-for-30 reverse stock split effected on October 27, 2025, for all periods presented (see Note 16 for details). |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.