iPower Inc. Reports Net Loss of $2.96 Million for Fiscal Year 2023
Revenue Reaches $88.9 Million Despite Challenging Year
iPower Inc.(IPW) and its subsidi aries, a leading player in the renewable energy sector, have released their consolidated financial statements for the fiscal year ending June 30, 2023. The reports reveal a significant net loss of $2.96 million for the year, but also showcase a robust revenue figure of $88.9 million, demonstrating the company's ability to navigate challenges in the industry.
A Closer Look at Net Income/Loss
The consolidated financial statements for the fiscal year ending June 30, 2023, indicate a net loss of $2.96 million. This marks a substantial decrease from the previous year's performance when the company reported a net income of $1.35 million. Several factors contributed to this loss, including increased operating expenses and impairment losses on goodwill.
