E-commerce services provider iPower's Q2 revenue falls after shift to US-based sourcing
Overview
Supply chain provider's fiscal Q2 revenue fell due to U.S.-based sourcing transition
Company reported stable gross margin at 44% despite lower revenue
Company authorized $2 mln share repurchase program after divesting GPM
Result Drivers
SUPPLY CHAIN RESTRUCTURING - iPower's revenue decline was due to a shift to U.S.-based sourcing, reducing purchase volumes and pausing certain SKUs
OPERATING EXPENSES - Operating expenses fell 28% year-over-year due to personnel reductions and tighter expense controls
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| $7.10 mln |
|
Q2 Net Income |
| -$1.20 mln |
|
Q2 Gross Margin |
| 44.00% |
|
Q2 Gross Profit |
| $3.10 mln |
|
Q2 Operating Expenses |
| $5.60 mln |
|
Press Release: ID:nGNX6vyhTX
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