iPower Inc. (IPW) is a leading online retailer and supplier of hydroponics tools and accessories. The company offers many stock-keeping units from in-The company has a versatile clientele from commercial businesses to individuals.
The price of IPW stock during regular trading on February 14, 2022, with a 14.4% decline was $1.63. At last check in the premarket on February 15, 2022, the stock rise by 27.6%.
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IPW: Key Financials
On February 14, 2022, IPW released its financial results for the second fiscal quarter ended December 31, 2021. Some of the important updates are mentioned below.
Revenue
Total revenue in Q2 2022 was recorded to be $17.1 million compared to $11.3 million in the same quarter of the prior year. The company observed an increase of 52% in revenue over the year. The company beat the analysts’ estimated revenue by $2.08 million.
EPS
Basic and diluted net income per share in Q2 2022 was $0.8 million or $0.03 compared to $0.6 million or $0.03 in the same period of 2021. The company observed an increase of $39% in net income over the year. The company’s actual EPS was in-line with the estimated figures.
IPW: Events and Happenings
On February 14, 2022, IPW updated about its entry into a joint venture with a digital marketing and entertainment company to develop a social commerce platform known as Global Social Media. On January 24, 2022, IPW informed about its management’s participation at the Virtual Cannabis Industry investor Conference on January 19-20, 2022.
On January 20, 2022, IPW announced its entry into a joint venture with Titanium Plus Autoparts, Inc, to develop an e-commerce logistics company named Box Harmony. On January 14, 2022, IPW reported about its Executive management’s participation at the VirtualInvestorConferences.com on January 19th, 2022.
On January 05, 2022, IPW reported expanding in European markets by completing its preliminary delivery of orders to Amazon for customers in Germany and UK.
Conclusion
IPW stock plunged 65% from the past six months due to economic recession as a result of pandemics. As the company announced its strong financials and recent joint venture, the stock price soared in the premarket. For the third quarter of 2022, the company is expecting a revenue target of $17.2 million against EPS of $0.04.
