Water Tower Hour Recap: A Conversation with CFO Kevin Vassily
iPower CFO Kevin Vassily joined the Water Tower Hour to discuss the company’s business and existing and new business opportunities for FY24. A return to bottom-line profitability and the development of the new Business Services segment will be the focus for the company in FY24. iPower is an e-commerce platform operating as an online retailer and supplier of home goods, hydroponics, pet, and wellbeing products. The company has achieved consistent top-line growth and has been able to deliver strong gross margins. iPower uses extensive data analytics at every step of its business, from product design, sourcing, logistics, merchandising and marketing. This data-focused approach is built in the company’s culture and has contributed to its strong fundamental track record. Supply chain disruptions affected the company’s profitability in FY23, but the issues have been corrected and the company expects to be back to EBITDA profitability in FY24. Higher costs caused by a spike in shipping costs and expensive temporary warehousing of excess inventory caused the problem in FY23, but these issues have been corrected. The company’s relationship with Amazon continues to be solid and mutually beneficial. iPower is able to sell most of its products on Amazon through the Vendor Central platform, which is an important competitive advantage versus competitors selling products via a third-party relationship with Amazon. Prospects for IPW’s new Business Services initiative. The company announced its first client and has a good pipeline of prospects. Listen Here. You can listen to this episode on Apple Podcasts, Google Podcasts, Spotify, links in this report or on our website.
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