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olivLaw · US equity research

iPower Inc. IPW

Retail-Building Materials, Hardware, Garden Supply · SIC 5200 · Vertical: Retail-Building Materials, Hardware, Garden Supply (SIC 5200)

1.48USD−9.76% · 1 dayClose 04 Nov 2026

iPower is a technology- and data-driven company with roots in e-commerce supply chain services, which in its latest fiscal year sharply reduced its activity and costs. The company now aims to focus on AI infrastructure and a limited digital asset position, against a backdrop of large operating losses.

At the close of 04 Nov 2026, iPower Inc. (IPW) stock was 1.48 USD (−9.76% on the day), with market capitalisation 1.9 m USD, beta 2.43, 52-week range 0.29–889.06 USD. Latest reported quarter (Q4 2026): revenue of 1.4 m USD (−86.5% YoY), net income of -6.4 m USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
1.9 m USD
shares as of 02 Oct 2026
P/E (TTM)
unavailable
Diluted EPS TTM -345.16 · TTM to 30 Jun 2026
E/P (TTM)
-23,321.62%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.43
Volatility (1y) 294%
52-week range
0.29889.06

Price history

Loading chart…

Technical reading

RSI (14)
46.1
neutral
Bollinger (20, 2)
-0.50 – 3.50
in the lower half of the band · %B 0.50 · band width 267.1%
SMA 50 / 200
1.59 / 76.72
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
0.05 / 0.03
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+21.3%−1.1%+22.4 pp—
3 months−54.9%−0.5%−54.5 pp—
6 months−97.5%+4.4%−101.9 pp—
Year to date−99.7%+12.3%−112.0 pp—
1 year−99.8%+13.5%−113.4 pp−1.9%
3 years−99.9%+76.4%−176.3 pp+10.2%
5 years−100.0%+63.7%−163.6 pp—
Max drawdown (1y)
−100.0%
02 Dec 2025 → 20 Oct 2026
Max drawdown (5y)
−100.0%
15 Nov 2021 → 20 Oct 2026
Compound annual growth (5y)
−81.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2026 · 30 Jun 2026

Revenue
1.4 m USD
−86.5% YoY
Net income
-6.4 m USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
-449.4% / -648.0%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Revenue19.0 m19.1 m16.0 m10.6 m12.0 m7.1 m3.5 m1.4 m
Cost of revenue10.5 m10.7 m9.2 m6.1 m7.2 m4.0 m2.7 m4.2 m
Gross profit8.5 m8.4 m6.9 m4.5 m4.8 m3.1 m755.5 k-2.8 m
SG&A5.3 m3.1 m1.9 m2.3 m1.3 m2.5 m——
Operating income-2.7 m683.6 k-334.5 k-3.5 m-1.7 m-2.4 m-1.1 m-9.3 m
Depreciation & amortisation196.6 k196.0 k ≈193.9 k ≈193.5 k198.2 k197.5 k ≈183.3 k ≈182.3 k
Interest expense131.2 k140.2 k81.9 k73.7 k61.7 k70.3 k00
Pre-tax income-2.7 m336.2 k-382.2 k-3.6 m-997.2 k-2.0 m-5.6 m-8.1 m
Income tax-636.5 k120.5 k6.4 k-711.2 k-463.6 k-820.5 k-326.5 k-1.2 m
Net income-2.0 m218.8 k-342.4 k-2.8 m—-1.2 m-3.5 m-6.4 m
Diluted EPS-1.940.21-0.33—-0.51-1.08-2.38—
Operating cash flow-1.4 m27.7 k ≈887.7 k ≈-79.0 k1.7 m-922.6 k ≈-333.5 k ≈-593.9 k

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2020202120222023202420252026
Revenue39.9 m54.1 m79.4 m88.9 m86.1 m63.2 m20.0 m
Revenue YoYunavailable+35.4%+46.9%+11.9%−3.2%−26.5%−68.4%
Net income2.0 m-775.7 k1.5 m-12.0 m-1.5 m-5.0 m-11.6 m
Net income YoYunavailable−139.0%unavailable−888.3%unavailableunavailableunavailable
Diluted EPSunavailable-0.040.06-0.40-0.05-341.28-345.16
Diluted EPS YoYunavailableunavailableunavailable−827.3%unavailableunavailableunavailable
net %5.0%-1.4%1.9%-13.5%-1.8%-7.9%-58.2%
Free cash flow1.1 m-12.8 m-17.1 m9.1 m6.2 m-742.8 k-163.5 k

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 30 Jun 2026

Cash
478.0 k USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
16.9 m USD
Total assets
29.0 m USD
Debt / equity
unavailable
Current ratio
1.47x
ROE
-66.0%
ROA
-36.0%
FCF margin
-0.8%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
86.1 m
2025
63.2 m
2026
20.0 m

SEC (XBRL)· 02 Oct 2026verified

Cost of revenue
2024
48.0 m
2025
35.9 m
2026
15.9 m

SEC (XBRL)· 02 Oct 2026verified

Gross profit
2024
38.1 m
2025
27.4 m
2026
4.0 m

SEC (XBRL)· 02 Oct 2026verified

SG&A
2024
12.1 m
2025
12.7 m
2026
—

SEC (XBRL)· 09 Oct 2025verified

Operating income
2024
-962.9 k
2025
-6.3 m
2026
-14.4 m

SEC (XBRL)· 02 Oct 2026verified

Depreciation & amortisation
2024
796.2 k
2025
780.0 k
2026
761.3 k

SEC (XBRL)· 02 Oct 2026verified

EBITDA
2024
-166.7 k ≈
2025
-5.6 m ≈
2026
-13.7 m ≈

SEC (XBRL)· 02 Oct 2026derived

Interest expense
2024
739.2 k
2025
427.0 k
2026
132.1 k

SEC (XBRL)· 02 Oct 2026verified

Pre-tax income
2024
-1.8 m
2025
-6.7 m
2026
-16.5 m

SEC (XBRL)· 02 Oct 2026verified

Income tax
2024
-251.4 k
2025
-1.3 m
2026
-3.1 m

SEC (XBRL)· 02 Oct 2026verified

Net income
2024
-1.5 m
2025
-5.0 m
2026
-11.6 m

SEC (XBRL)· 02 Oct 2026verified

Diluted EPS
2024
-0.05
2025
-341.28
2026
-345.16

SEC (XBRL)· 02 Oct 2026verified

Weighted average diluted shares
2024
29.9 m
2025
14.6 k
2026
33.7 k

SEC (XBRL)· 02 Oct 2026verified

Balance sheet · USD

Cash
2024
7.2 m
2025
1.7 m
2026
478.0 k

SEC (XBRL)· 02 Oct 2026verified

Receivables
2024
14.7 m
2025
6.1 m
2026
4.4 m

SEC (XBRL)· 02 Oct 2026verified

Inventories
2024
10.5 m
2025
8.1 m
2026
0

SEC (XBRL)· 02 Oct 2026verified

Current assets
2024
35.0 m
2025
19.4 m
2026
10.6 m

SEC (XBRL)· 02 Oct 2026verified

Property, plant & equipment, net
2024
370.9 k
2025
390.3 k
2026
136.5 k

SEC (XBRL)· 02 Oct 2026verified

Goodwill
2024
3.0 m
2025
3.0 m
2026
0

SEC (XBRL)· 02 Oct 2026verified

Intangibles (excl. goodwill)
2024
3.6 m
2025
3.0 m
2026
2.3 m

SEC (XBRL)· 02 Oct 2026verified

Total assets
2024
51.3 m
2025
35.6 m
2026
29.0 m

SEC (XBRL)· 02 Oct 2026verified

Accounts payable
2024
11.2 m
2025
7.2 m
2026
—

SEC (XBRL)· 09 Oct 2025verified

Short-term debt
2024
491.2 k
2025
0
2026
—

SEC (XBRL)· 09 Oct 2025verified

Long-term debt
2024
—
2025
—
2026
—

SEC (XBRL)· 28 Sept 2021verified

Current liabilities
2024
23.8 m
2025
14.5 m
2026
7.3 m

SEC (XBRL)· 02 Oct 2026verified

Total liabilities
2024
28.3 m
2025
17.4 m
2026
12.0 m

SEC (XBRL)· 02 Oct 2026verified

Equity
2024
23.0 m
2025
18.3 m
2026
16.9 m

SEC (XBRL)· 02 Oct 2026verified

Shares outstanding at year end
2024
—
2025
—
2026
—

SEC (XBRL)· 25 Jun 2021verified

Cash flow · USD

Operating cash flow
2024
6.2 m
2025
-579.2 k
2026
-163.5 k

SEC (XBRL)· 02 Oct 2026verified

Capex
2024
0
2025
163.6 k
2026
0

SEC (XBRL)· 02 Oct 2026verified

Free cash flow
2024
6.2 m ≈
2025
-742.8 k ≈
2026
-163.5 k ≈

SEC (XBRL)· 02 Oct 2026derived

Investing cash flow
2024
0
2025
-2.0 m
2026
-4.7 m

SEC (XBRL)· 02 Oct 2026verified

Financing cash flow
2024
-2.4 m
2025
-3.0 m
2026
6.5 m

SEC (XBRL)· 02 Oct 2026verified

Share repurchases
2024
—
2025
0
2026
41.8 k

SEC (XBRL)· 02 Oct 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-68.4%
computed by olivLawFY 2026
Revenue CAGR 3Y
-39.2%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
-18.1%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
20.2%
computed by olivLawFY 2026
EBITDA margin
-68.5%
computed by olivLawFY 2026
EBIT margin
-72.3%
computed by olivLawFY 2026
Net margin
-58.2%
computed by olivLawFY 2026
FCF margin
-0.8%
computed by olivLawFY 2026

Returns

ROE
-66.0%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROA
-36.0%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-66.4%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-109.2x
computed by olivLawFY 2026

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
1.5x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-163.5 k USD
computed by olivLawFY 2026
Capital expenditure
0 USD
computed by olivLawFY 2026
Free cash flow
-163.5 k USD
computed by olivLawFY 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
96 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
93 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
1.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-23,321.6%
computed by olivLawFY 2026
P/B
0.1x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.1x
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-8.7%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
2.2%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 39.6% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.48 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 1.9 m USD

Key indicators

Market capitalisation
1.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.1x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-66.0%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Net margin
-58.2%
computed by olivLawFY 2026
Revenue growth (YoY)
-68.4%
computed by olivLawFY 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

34/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 02 Oct 2026
Source: SEC (XBRL)published 02 Oct 2026
verified 970derived 98

Score by group

40% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Retail-Building Materials, Hardware, Garden Supply (SIC 5200)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-58.2%0 (vs peers)16%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-39.2%0 (on a fixed band)21%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-109.2x0 (on a fixed band)16%
Current ratio · Balance sheet1.5x55 (on a fixed band)11%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-8.7%0 (on a fixed band)21%
Shareholder yield (distributions) · Returns2.2%32 (on a fixed band)16%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet22/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partial32/100 · 1/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

iPower Inc. (IPW). Latest full fiscal year: 2026; data up to 2026-06-30.

Figures computed from the financial statements: revenue 20.0 m USD in 2026; YoY growth -68.4%; net margin -58.2%; ROE -66.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -58.2%
  • Revenue CAGR 3Y: -39.2%
  • Interest coverage: -109.2x
  • FCF yield: -8.7%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Retail-Building Materials, Hardware, Garden Supply (SIC 5200) · same industry (4-digit SIC) · compared with 5 companies

Multiples and returns vs the median

P/E
—
vertical median 33.4x
EV/EBITDA
—
vertical median —
P/S
0.1x
vertical median 2.4x
below median (−96.0%)
P/B
0.1x
vertical median 11.0x
below median (−99.0%)
ROE
-66.0%
vertical median 35.3%
below median (−287.2%)
Net margin
-58.2%
vertical median 10.7%
below median (−642.1%)
EBIT margin
-72.3%
vertical median 3.1%
below median (−2,454.9%)
Revenue YoY
-68.4%
vertical median 2.6%
below median (−2,748.1%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 1.8%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
SHWThe Sherwin-Williams Company87.8 bn33.463.7%10.7%+2.1%+6% / +30%
FASTFastenal Co61.0 bn43.135.3%15.6%+8.7%+32% / +77%
TSCOTractor Supply Co19.1 bn10.373.4%11.9%+4.3%−33% / −10%
GRWGGrowgeneration Corp.89.6 m—-17.1%-10.1%−14.4%−2% / −43%
IPWiPower Inc.1.9 m—-66.0%-58.2%−68.4%−100% / −100%
ZKHZKH Group Limited——-4.6%-1.6%+2.6%−59% / unavailable

1- and 3-year price returns: for IPW from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    iPower is a technology- and data-driven company with roots in e-commerce supply chain services, which in its latest fiscal year sharply reduced its activity and costs. The company now aims to focus on AI infrastructure and a limited digital asset position, against a backdrop of large operating losses.12

    SWOT

    Strengths

    • The company has a tested supply chain and logistics base, plus proprietary software and data used in operations.
    • Operating costs were cut substantially, and the company showed a lower non-GAAP loss in its latest reported quarter.
    • The sublease contract and the financing facility offer contracted income and a financing opportunity.

    Weaknesses

    • Revenue collapsed in fiscal 2026, and the operating loss grew considerably compared with the prior year.
    • The company depends heavily on one major sales channel and suffered from supply disruptions.
    • Digital asset positions are pledged and not freely available to the company, which limits financial flexibility.

    Opportunities

    • If iPower turns the financing facility into productive AI infrastructure investments, it could diversify its revenue sources.
    • A lighter model without heavy fixed costs could support growth based on services and partnerships.
    • Exclusive supply to the former distributor GPM could generate recurring revenue if volumes recover.

    Threats

    • Volatility in bitcoin and ethereum could continue to affect reported results and the value of the company's assets.
    • Dilution from note conversions, combined with several reverse stock splits, could weaken investor confidence.
    • Tariffs and trade uncertainty could again reduce e-commerce orders.

    Risks

    • Pledge of digital assetshigh

      Digital assets, controlled-account cash and related proceeds are pledged to the collateral agent for the noteholders, so gross value should not be treated as free cash.1

    • Bitcoin price volatilityhigh

      Bitcoin pays no interest or dividends, and its price fell in earlier periods and could fall again.1

    • Dilution from convertible noteshigh

      Conversion of the convertible notes into shares could dilute existing shareholders and affect the share price.12

    • Custodian counterparty riskmedium

      If a custodian enters insolvency, the company's assets could be treated as general unsecured claims, delaying access to them.1

    • Goodwill impairmentmedium

      The remaining goodwill was fully written off in the third quarter, showing that the book values of acquired businesses can be revised.2

    Investment thesis

    What would need to be true (bull case)

    • If the financing facility turns into AI investments with contracted income, the company could capture a new revenue source in a growing market.
    • Cost reduction and a balance sheet where current assets exceed current liabilities could give the company room to manoeuvre.
    • The sublease contract and the exclusive supply agreement with GPM could produce more predictable revenue.

    What would break the thesis

    • Large operating losses and falling revenue show that the current model has not yet offset the decline in sales.
    • Digital asset positions and their associated pledges could limit flexibility and produce repeated accounting losses.
    • Dilution from note conversions and several reverse stock splits could reduce value for existing shareholders.

    What to watch

    • Trend in revenue and gross margin from continuing operationsQ4 2026
    • Pace and funding source of AI infrastructure investmentsnext 10-K
    • Reduction of digital asset positions and release of collateralQ1 2027
    • Conversion of convertible notes and shares outstanding2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    According to its 10-K, iPower describes itself as a technology- and data-driven infrastructure company built on supply chain services, real-world commerce, and partner-based logistics and fulfillment capabilities. It uses internal software, data and operating experience together with a network of procurement, logistics, warehousing and commerce partners.1 Revenue in fiscal 2026 was 19.96 million USD, down 68.4% from the prior year, and the operating loss was 14.43 million USD.1

    From February 2026, iPower sold its interest in Global Product Marketing Inc. to ETTS AI Investment LLC in exchange for a 2.3 million USD promissory note, and became the exclusive supplier for products previously distributed through GPM in the United States, Canada and Mexico.1 The company reduced its cost base: in fiscal third quarter 2026 operating expenses fell 66% sequentially, and it presents itself as leaner and less asset-intensive.2

    The current strategy includes a limited digital asset treasury program begun in December 2025 and a new direction in AI infrastructure financing and equipment leasing. Digital assets are pledged to the investor in the convertible note facility and, according to the company, are being reduced, with management prioritizing direct AI infrastructure opportunities.1

    Segments

    Logistics and supply chain services

    Service income fell from 4.62 million USD to 1.53 million USD in fiscal 2026, and the company reported no service income in fiscal third quarter 2026 after the GPM divestiture.12

    AI infrastructure and digital assets

    The AI direction includes financing, equipment leasing and investments tied to GPU clusters, while digital asset positions are limited and being reduced.12

    Market context

    The company describes its market as the intersection of e-commerce supply chain, AI infrastructure and digital assets.2 Dependence on a small number of sales channels, and on Amazon in particular, combined with tariff uncertainty, directly affected order volume in fiscal 2026.1

    The market for AI infrastructure financing and digital assets is volatile, and bitcoin traded between about 57,725 and 126,279 USD over the last 12 months, which directly affects the value of the company's positions.1

    Trends

    • Demand for AI infrastructuremixed

      Interest in financing and equipping GPU clusters could open a new revenue source for iPower, if the company manages to put its existing financing facility to work.2

    • Volatility of digital assetsheadwind

      The price of bitcoin and ethereum can fall quickly, and the company's positions in these assets can affect reported results through fair-value accounting.1

    • Lower fixed coststailwind

      The move to a lighter model with lower fixed costs reduced operating expenses and the non-GAAP loss, although it also shrank the revenue base.2

    • Tariffs and e-commerce ordersheadwind

      Tariff uncertainty and lower orders from major e-commerce platforms reduced sales volume in fiscal 2026.1

    Competitive position

    The supplied sources do not explicitly name direct competitors. The company operates in areas that overlap with e-commerce logistics providers, AI infrastructure financing providers and digital asset custody platforms.1

    In digital assets, the company relies on third-party custodians, and the counterparty risks of these providers are a relevant point of comparison.1

    • BitGo Trust Company

      Custodian of the company's digital assets; digital asset infrastructure provider, not a direct competitor.

    • USD.AI protocol

      Protocol associated with the sUSDai token, through which the company sought exposure to AI infrastructure financing.

    • ETTS AI Investment LLC

      Buyer of GPM and distributor of the company's products, acting as a commercial partner.

    • Investor in the convertible note facility

      Financing partner with security rights over digital assets, not a competitor.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report15 Oct 2026
      Other events · Financial statements and exhibits
    • Annual report02 Oct 2026
    • Current report22 Sept 2026
      Shareholder vote · Financial statements and exhibits
    • Current report15 Sept 2026
      Material agreement · Financial statements and exhibits
    • Proxy statement08 Sept 2026
    • Current report05 Aug 2026
      Item 3.03 · Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits
    • Current report23 Jul 2026
      Other events · Financial statements and exhibits
    • Current report21 Jul 2026
      Material agreement · Other events · Financial statements and exhibits
    • Current report15 Jul 2026
      Other events · Financial statements and exhibits
    • Current report06 Jul 2026
      Material agreement · Other events · Financial statements and exhibits

    Sources

    1. [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / iPower Inc. · 02 Oct 2026
    2. [2] Form 8-K, results release (exhibit 99.1) · SEC / iPower Inc. · 20 May 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.