Analogy 1: Chewy for gardening and hydroponics supplies.

Analogy 2: Wayfair for indoor growing equipment.

Analogy 3: The online Home Depot for specialized gardening and hydroponics.

• Hydroponics Grow Systems: iPower offers a wide range of complete kits and individual components like grow tents, LED grow lights, and ventilation systems for indoor plant cultivation.
• Plant Nutrients & Media: The company provides various fertilizers, supplements, and growing substrates such as coco coir and rockwool to support optimal plant growth.
• Gardening Tools & Accessories: iPower sells essential handheld tools, meters, timers, and environmental controllers necessary for maintaining an indoor garden.
• Pest & Disease Control Products: Solutions including organic sprays and beneficial insects are available to protect indoor plants from common pests and diseases.

Major Customers of iPower (IPW)

iPower (IPW) is an online retailer and supplier of hydroponics equipment and accessories. While their end-users are primarily individual home and commercial growers, iPower generates the vast majority of its revenue by selling its products through major e-commerce marketplaces. Based on their SEC filings, these marketplaces represent their major "customer companies" in terms of sales channels and revenue concentration.

• Amazon (Symbol: AMZN)

  For the fiscal year ended June 30, 2023, sales generated through Amazon represented approximately 77% of iPower's total net revenue. Amazon serves as iPower's primary sales channel and a critical business partner, facilitating the sale of its products to a wide consumer base.

• eBay (Symbol: EBAY)

  eBay is another significant e-commerce marketplace through which iPower sells its products. While accounting for a smaller percentage of total revenue compared to Amazon, it remains a key platform for reaching individual customers.

null

Chenlong Tan, Co-Founder, Chairman, Chief Executive Officer, President, and Interim Chief Financial Officer

Mr. Tan co-founded iPower Inc. in 2018 and has served as its Chief Executive Officer since April 2018. He also assumed the positions of Chairman, President, and Interim Chief Financial Officer in January 2020, holding the Interim CFO role until January 2021. Subsequently, Mr. Tan again stepped in as Interim Chief Financial Officer effective May 31, 2025, following the resignation of Kevin Vassily. Prior to iPower, from 2010 to 2018, Mr. Tan was the co-founder, Chief Executive Officer, and Chief Information Officer at BizRight LLC, a predecessor to iPower, where he grew the business to achieve $20 million in sales. From 2002 to 2010, he worked as a Solution Architect and Senior Software Engineer, leading consultants, business architects, and project managers for various companies, including those in healthcare, government, and insurance sectors. He holds a B.Sc. with honors from the University of Auckland, New Zealand.

Emergence of Advanced All-in-One Smart Growing Systems: The indoor gardening and hydroponics market is experiencing an increasing trend towards integrated, automated, and "smart" growing systems. These solutions often combine lighting, nutrient delivery, climate control, and monitoring into a single, user-friendly package, frequently controllable via smartphone applications. As these all-in-one systems become more affordable, efficient, and widely adopted, they could reduce consumer demand for individual components (such as grow lights, tents, nutrients, and meters) which are core to iPower’s product offerings. Consumers seeking simplicity, convenience, and automation may increasingly opt for these integrated systems over assembling a setup from discrete parts, potentially disrupting iPower's sales model focused on component supply.

iPower (IPW) operates as an online retailer and supplier of consumer home, garden, and pet products, including hydroponic equipment and general gardening supplies, primarily in the United States.

The addressable markets for their main products and services are as follows:

• U.S. Hydroponics Market: The market for hydroponic equipment and related products in the U.S. is projected to be valued at USD 4.2 billion in 2024 and is expected to reach USD 15.1 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 15.2%.
• Global Hydroponics Market: The global market is estimated to be valued at USD 17.3 billion in 2024 and is expected to reach USD 66.6 billion by 2033, with a CAGR of 16.2%.
• U.S. Gardening Market: The overall gardening market in the U.S. was valued at approximately USD 22 billion in 2024 and is projected to reach USD 27.4 billion by 2030.
• U.S. Gardening Tools Market: The gardening tools market in the U.S. generated a revenue of USD 21.8 billion in 2024.
• Global Gardening Tools Market: The global gardening tools market was valued at USD 93.2 billion in 2024 and is expected to grow from USD 98 billion in 2025 to USD 161 billion in 2034, at a CAGR of 5.7%.
• Global Home and Garden Products B2C E-commerce Market: This market is forecast to increase by USD 49.62 billion, at a CAGR of 13.4% between 2024 and 2029.
• U.S. Home and Garden Retailing Market: The total U.S. home and garden retailing market was valued at USD 150.20 billion in 2024 and is expected to grow to USD 186.71 billion by 2034.
• U.S. Lawn and Garden Consumables Market: This market was evaluated at USD 6.97 billion in 2024 and is projected to be worth around USD 12.75 billion by 2034, growing at a CAGR of 6.23% from 2025 to 2034.

• Expansion of SuperSuite Supply Chain and Domestic Manufacturing: iPower is focused on enhancing its SuperSuite partner network and bolstering domestic manufacturing infrastructure, including the "Made in USA" module. These efforts are designed to optimize operations, diversify product offerings, strengthen supply chain resilience, and contribute to long-term value. This strategic shift aims to improve logistical control and reduce exposure to potential tariff and freight issues.
• Formation of New Strategic Partnerships: The company is actively building momentum by forming new partnerships with prominent brands, such as TCL. These collaborations are intended to diversify offerings and support future margin stability.
• Development of Digital Asset Strategy and E-commerce Platform: iPower is advancing its digital asset strategy, which involves integrating blockchain capabilities across its treasury operations, consumer offerings, and future commerce infrastructure. This includes plans to develop consumer-focused digital asset products, such as cloud mining resale and hardware wallet distribution, creating new product and service layers for global commerce.
• Continued Growth with Largest Channel Partner: iPower has demonstrated growth in product sales to its largest channel partner, which was a primary driver for its 14% revenue increase in fiscal Q2 2025. Maintaining and expanding this relationship is anticipated to be a continued source of revenue growth.

Share Issuance

• iPower Inc. completed an Initial Public Offering (IPO) on May 12, 2021, issuing 3,400,000 shares at $5.00 per share, which raised $17 million.
• Between September 14, 2023, and September 20, 2024, the number of common shares outstanding increased from 29,764,374 to 31,425,290, indicating share issuance during this period.
• A 1-for-30 reverse stock split was announced on October 21, 2025, and became effective on October 27, 2025, significantly reducing the number of outstanding shares.

Outbound Investments

• iPower holds a 60% equity interest in GSM and a 40% equity interest in Box Harmony.
• During fiscal year 2025, iPower launched a domestic joint-venture manufacturing line through United Package NV LLC to localize production and enhance cost control.

Capital Expenditures

• Capital expenditures for the fiscal year ended June 30, 2024, were approximately $37,149.
• Capital expenditures were approximately $47,950 for the fiscal year ended June 30, 2023, and $54,105 for the fiscal year ended June 30, 2022.
• In the last 12 months (ending around November 2025), capital expenditures amounted to approximately -$163,588.