| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 3.50 | 50.9% | 78.9% |
| Total Income | 3.50 | 50.9% | 78.9% |
| Expenditure | 4.64 | 51.5% | 72.5% |
| PBT | -5.61 | 179.1% | |
| Net Profit | -3.45 | 189.9% | 914.7% |
| OPM | -32.70% | 1.47pp | 31.08pp |
| NPM | -98.75% | 82.02pp | 96.70pp |
| EPS | -2.38 | 120.4% | 23700.0% |
iPower Reports Q3 2026 Results: Revenue $3.5M, Gross Margin 21.6%
21 May 2026 · 21 May, 2:37 am
Summary
iPower Inc. reported fiscal third quarter 2026 revenue of $3.5 million with a gross profit of $0.8 million, yielding a gross margin of 21.6%. Operating expenses significantly declined to $1.9 million, reflecting a 66% sequential decrease. The GAAP net loss was $(3.5) million, primarily due to a $3.0 million non-cash goodwill impairment. Non-GAAP net loss improved to $(0.3) million compared to the prior year. The company is focused on a leaner operating model and pursuing new strategies like AI infrastructure investments.
Key Highlights
- 1
iPower Inc. reported revenue from continuing operations of $3.5 million for the fiscal third quarter of 2026.
- 2
The company's gross profit was $0.8 million, resulting in a gross margin of 21.6% for Q3 2026.
- 3
Total operating expenses decreased to $1.9 million, a 66% sequential decline from the fiscal second quarter of 2026.
- 4
GAAP net loss attributable to iPower was $(3.5) million, which included a $3.0 million non-cash goodwill impairment.
- 5
Non-GAAP net loss attributable to iPower narrowed to $(0.3) million, improving from $(0.7) million in the prior-year quarter.
- 6
As of March 31, 2026, iPower had $14.5 million in current assets and $6.6 million in current liabilities, resulting in a current ratio of approximately 2.2x.
- 7
Subsequent to quarter end, iPower entered into a sublease agreement expected to generate more than $2.6 million of contracted income through May 2028.
Management Comments
Lawrence Tan
“Fiscal Q3 demonstrates that our operating reset is taking hold,” said Lawrence Tan, Chief Executive Officer of iPower. “We significantly reduced our operating cost structure, improved working-capital discipline, and narrowed our non-GAAP loss, despite a smaller revenue base during this transition period. Importantly, the goodwill impairment recorded in the quarter was non-cash and cleared the remaining goodwill from our balance sheet.” Tan continued, “We are building iPower into a more efficient and financially flexible platform. Our strategy is focused on lower fixed costs, higher-quality revenue opportunities, and disciplined capital allocation into areas where we see long-term value creation. Following quarter end, we strengthened this strategy through contracted sublease income and the launch of our AI infrastructure strategy, which is intended to position iPower as a capital provider for GPU clusters and AI infrastructure assets.”
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