iPower Inc. (IPW): History, Ownership, Mission, How It Works & Makes Money

Why should a financially-literate decision-maker focus on iPower Inc. (IPW), a small-cap e-commerce player whose market valuation has been under severe pressure? The company's fiscal year 2025 results show the stark reality of its transition: annual revenue dropped to $66.14 million, a 23.15% decline, and the market capitalization sits at a tiny $9.92 million as of November 2025.

Still, beneath that grim top-line performance, management has aggressively cut total debt by 41% to $3.7 million and is seeing growth in its SuperSuite supply chain offerings-a classic turnaround signal that you defintely need to understand.

This deep dive will map out the company's history, core business model, and ownership structure, so you can clearly assess if the operational improvements outweigh the significant revenue risks.

iPower Inc. (IPW) History

You're looking for the founding story of iPower Inc., and the narrative is less a straight line and more a series of strategic pivots that led to its current form as an e-commerce and infrastructure company. The business origins are in the early 2000s, but the corporate structure we know today solidified much later, driven by a shift from simple retail to a data-driven supply chain model.

iPower Inc.'s Founding Timeline

Year established

The company's roots trace back to a general partnership around 2001, but the current entity, iPower Inc., was formally incorporated in Nevada in 2018, initially under the name BZRTH Inc.. The predecessor business started in 2010, so it's a multi-stage origin story.

Original location

Operations were first centered in Southern California, a key area for its initial target market of specialty crop and home cultivators. The principal offices are now located in Rancho Cucamonga, California.

Founding team members

Lawrence Tan is recognized as the founder and has served as the Chief Executive Officer. The company's IPO documents also list Chenlong Tan and Allan Huang as co-founders, who held a significant ownership stake post-IPO.

Initial capital/funding

Initial capital came from private or founder-driven sources during the early growth phases. The first major public capital infusion occurred with the Initial Public Offering (IPO) on May 12, 2021, which raised approximately $16.8 million in gross proceeds.

iPower Inc.'s Evolution Milestones

iPower Inc.'s Transformative Moments

The company's trajectory has been shaped by three major shifts: moving from a simple retailer to a brand-focused e-commerce player, diversifying its supply chain, and, most recently, exploring new digital revenue streams. You can see the impact of these decisions in the fiscal 2025 numbers.

• Proprietary Brand Emphasis: Early on, the company shifted focus to developing and marketing its own proprietary brands, such as Simple Deluxe and iPower. This move was crucial for margin improvement and brand recognition in a competitive e-commerce landscape.
• Supply Chain De-Risking: A major strategic priority in fiscal 2025 was the near completion of a transition from a China-import-based supply chain to a primarily U.S.-based inventory model. This materially reduces exposure to tariff and freight policy changes-honestly, two of the biggest historical risk factors in this business.
• SuperSuite Service Growth: The launch and scaling of the SuperSuite platform marked a pivot to a technology- and data-driven e-commerce services provider. By the fiscal third quarter of 2025, the SuperSuite business represented approximately 20% of total revenue mix, underscoring the shift toward integrated supply chain solutions.
• Digital Asset Strategy: In a bold move in July 2025, iPower announced a strategic shift to develop a suite of consumer-focused digital asset offerings and blockchain infrastructure services. This is defintely a high-risk, high-reward play to find new growth outside of the core retail sector.

The full fiscal year 2025 results show the tension of these pivots: revenue was $66.14 million, a drop of 23.15% from the prior year, but management cut total debt by 41%, showing a commitment to balance sheet health. For a deeper dive into who's buying and why, check out Exploring iPower Inc. (IPW) Investor Profile: Who's Buying and Why?

iPower Inc. (IPW) Ownership Structure

iPower Inc.'s ownership structure is heavily concentrated, with company insiders holding the majority of the stock, which gives them substantial control over strategic decisions and company governance.

This structure means that while the company is publicly traded on a major exchange, its direction is defintely steered by a small group of founders and executives, a key factor for any investor or analyst to consider.

iPower Inc.'s Current Status

iPower Inc. (IPW) is a publicly traded company, listed on the Nasdaq Stock Market LLC under the ticker symbol IPW.

As of November 2025, the company has a market capitalization of approximately $10.13 million. The company recently navigated a compliance issue, having regained adherence to the Nasdaq minimum bid price requirement of $1.00 per share on November 10, 2025, which removed the immediate risk of delisting.

Financially, the company reported total revenue of $66.14 million for the full fiscal year 2025, which was a 23.15% decrease from the prior year, and a net loss of -$4.97 million. What this estimate hides is the company's push for a more U.S.-based supply chain, a strategic move that aims to reduce exposure to historical tariff and freight risks.

• Publicly traded on the Nasdaq Stock Market LLC (IPW).
• Fiscal Year 2025 revenue was $66.14 million.
• Regained Nasdaq compliance in November 2025.

iPower Inc.'s Ownership Breakdown

The company's decision-making is largely controlled by its insiders, a common trait for small-cap companies where founders retain significant equity. Here's the quick math on who owns iPower Inc. as of November 2025:

A 60.91% insider stake means that management and the board effectively control all shareholder votes, including those on mergers, acquisitions, and major corporate changes. This high insider ownership is a double-edged sword: it aligns management's interests directly with the company's long-term success, but it also limits the influence of outside institutional investors, who hold a comparatively small 3.46%.

iPower Inc.'s Leadership

The company is led by its co-founder, Chenlong Tan, who holds multiple critical roles, consolidating operational and strategic oversight at the top. This structure ensures a unified vision but concentrates risk in a single executive.

Chenlong Tan's compensation for the fiscal year 2025 was approximately $688,972. For a deeper dive into the strategic direction, you can review the Mission Statement, Vision, & Core Values of iPower Inc. (IPW).

The core leadership team and Board of Directors as of November 2025 include:

• Chenlong Tan: Co-Founder, Chairman, Chief Executive Officer, and President. He also serves as the Interim Chief Financial Officer, a role he took on again in May 2025.
• Bennet Price-Lientz Tchaikovsky: Independent Director.
• Hanxi Li: Independent Director.
• Yue Guo: Independent Director.
• Yi Yang: Independent Director, appointed in June 2025.

The board's average tenure is about 3.9 years, suggesting a relatively experienced but still young governance body for a public company.

iPower Inc. (IPW) Mission and Values

iPower Inc.'s core purpose transcends simple e-commerce; it centers on democratizing home cultivation by making hydroponic and gardening equipment affordable and accessible. This mission is anchored by a sharp focus on supply chain efficiency and a strategic push to diversify its technology and manufacturing infrastructure.

iPower Inc.'s Core Purpose

You're looking for the cultural DNA of a company, and for iPower Inc., that DNA is built around logistics and value delivery, not just product sales. Their operational focus-which acts as their mission-is about using a data-driven approach to connect a diverse catalog of products to the end consumer efficiently.

Official Mission Statement

While iPower Inc. hasn't published a single, formal mission statement in its investor materials, its operational mandate is clear: to efficiently move a diverse catalog of SKUs (Stock Keeping Units) from its supply chain partners to end consumers every day, providing the best value to customers in the U.S. and other countries.

• Empower individuals to grow their own plants affordably.
• Prioritize supply chain efficiency for value-priced products.
• Leverage a tech- and data-driven platform for online retail.

Vision Statement

The company's vision is less about a single product and more about becoming a dominant, integrated e-commerce infrastructure player in the home, garden, and specialty product markets. This involves a deliberate expansion beyond just retail.

• Become a dominant online retailer for home gardening and hydroponics supplies.
• Expand infrastructure across software, logistics, and domestic manufacturing.
• Pursue initiatives in emerging technology, including digital assets and blockchain integration.

To be fair, this vision is backed by action: the company nearly completed a transition from a China-import-based supply chain to primarily U.S.-based inventory in fiscal 2025, materially reducing its exposure to tariff and freight policy changes. This investment in domestic manufacturing is defintely a long-term play.

iPower Inc. Slogan/Tagline

iPower Inc. does not use a single, consistent company-wide slogan, but their core values are often communicated through three key concepts that guide their internal operations and customer interactions.

• iNTELLIGENCE: Processes enabling people to live easier, every day.
• iNTEGRITY: Ensuring customers, clients, and partners feel assured.
• iMPRESS: Delivering products and services that delight customers.

The company's commitment to financial integrity is visible in its balance sheet management; for the fiscal year ended June 30, 2025, iPower Inc. reduced its total debt by 41% to $3.7 million, which strengthens their liquidity and balance-sheet flexibility. [cite: 1, 3 (from first search)] You can dive deeper into the players behind this strategy at Exploring iPower Inc. (IPW) Investor Profile: Who's Buying and Why?

iPower Inc. (IPW) How It Works

iPower Inc. operates as a technology- and data-driven e-commerce retailer and infrastructure company, primarily making money by selling consumer home, garden, and pet products online and offering value-added logistics and e-commerce services to third-party brands.

The company's core strategy is to efficiently move a diverse catalog of products from supply chain partners to end consumers, leveraging a proprietary e-commerce platform and a nationwide fulfillment network across the U.S. Total revenue for the fiscal year 2025 was $66.14 million, reflecting a strategic realignment amid challenging market conditions.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

iPower's operational framework is centered on a data-driven e-commerce platform and a streamlined, diversified supply chain. They run a nationwide fulfillment network, which is crucial for quick delivery and competitive last-mile service. The most defintely impactful change in fiscal 2025 was the pivot in their supply chain.

• Supply Chain Localization: The company nearly completed a transition from a China-import-based supply chain to a predominantly U.S.-based inventory model in fiscal 2025, significantly enhancing logistical control.
• Domestic Manufacturing: They launched a domestic joint-venture manufacturing line through United Package NV LLC to localize production and further optimize cost control.
• E-commerce Infrastructure: Operations are supported by a proprietary business intelligence platform that helps manage a diverse catalog of Stock Keeping Units (SKUs) and optimizes pricing and inventory.
• Channel Diversification: Sales channels expanded in fiscal 2025 to include platforms like TikTok Shop and Temu, alongside their own sites (zenhydro.com, simpledeluxe.com) and major third-party platforms.

Given Company's Strategic Advantages

The company's strategic advantages stem from its infrastructure investments and a proactive approach to financial health and market trends. They are focused on becoming a more agile and profitable organization. You can see the full financial picture by Exploring iPower Inc. (IPW) Investor Profile: Who's Buying and Why?

• Risk Mitigation: The shift to a primarily U.S.-based inventory model materially reduces exposure to volatile tariff and freight policy changes, which were significant historical risk factors.
• Balance Sheet Strength: In fiscal 2025, iPower reduced its total debt by 41% to $3.7 million, strengthening liquidity and balance-sheet flexibility.
• Digital Asset Strategy: Management is pursuing a Digital Asset Strategy, subject to implementation, aiming to leverage their e-commerce infrastructure to connect consumers with digital-asset products from licensed providers.
• Resilient Margins: Despite revenue pressure, the company maintained a solid gross margin of 43.8% for the full fiscal year 2025, demonstrating resilient unit economics.

iPower Inc. (IPW) How It Makes Money

iPower Inc.'s core business is built on a two-pronged approach: selling a diverse range of consumer products, primarily for home and garden, through major e-commerce channels, and providing sophisticated supply chain and logistics services to third-party brands.

The company essentially acts as a data-driven e-commerce infrastructure provider, leveraging its logistics network and online expertise to sell its own brands while also powering sales for other companies through its 'SuperSuite' platform.

iPower Inc.'s Revenue Breakdown

The company's revenue mix is undergoing a strategic shift, moving from almost purely product sales to a more balanced model that includes high-margin services. As of the fiscal year 2025, the revenue streams reflect this transition, with the SuperSuite platform becoming a significant component of the total mix.

Here's the quick math: SuperSuite, the service side of the business, accounted for approximately 20% of total revenue in the third quarter of fiscal year 2025, which is a major milestone for the company's shift away from being a pure-play retailer. The balance, product sales, is still the dominant stream, but it saw a decline primarily due to lower sales volume to the company's largest channel partner. The goal is clear: grow the higher-margin services business to offset volatility in core product sales.

Business Economics

The economic engine of iPower Inc. is centered on supply chain efficiency and proprietary brands, allowing them to maintain strong unit economics even as top-line revenue faces pressure.

• Pricing Strategy: The company focuses on competitive pricing for its in-house brands, such as Simple Deluxe and SuperMega, which are sold directly to consumers on major online marketplaces like Amazon and Walmart. This direct-to-consumer (DTC) model cuts out traditional retail markups.
• Gross Margin Resilience: Despite a challenging revenue environment, the company maintained a resilient gross margin of 43.8% for the full fiscal year 2025. This is a strong indicator of effective cost management and improved pricing power, driven by key supplier negotiations.
• Cost Optimization: A disciplined approach to costs is evident; total operating expenses for the second quarter of fiscal year 2025 were reduced by 22% to $7.7 million compared to the prior year. That's a defintely solid move to protect the bottom line.
• Supply Chain Shift: iPower Inc. is nearly finished with a major strategic initiative to transition its supply chain from being heavily reliant on China-import-based inventory to primarily U.S.-based inventory. This shift materially reduces exposure to tariff and freight cost volatility, which is a critical risk factor in e-commerce.

For a deeper look at the company's long-term direction, you can review its Mission Statement, Vision, & Core Values of iPower Inc. (IPW).

iPower Inc.'s Financial Performance

The fiscal year 2025 demonstrated a mixed financial picture: strong operational efficiency and debt reduction, but a notable decline in overall revenue and a return to a full-year net loss.

• Total Revenue: For the full fiscal year 2025 (ended June 30, 2025), total revenue was $66.14 million, a decrease of 23.15% from the previous year. This drop reflects the cautious demand environment and the planned reduction in sales to a major partner.
• Net Loss: The company reported a full-year net loss of $4.97 million in fiscal year 2025. However, the second quarter of FY2025 was briefly profitable, with a net income of $0.2 million, showing the potential of the cost-cutting and SuperSuite growth strategy.
• Gross Margin: The full fiscal year 2025 gross margin remained high at 43.8%, indicating that the company's cost of goods sold (COGS) is well-controlled relative to its selling price.
• Debt Reduction: Management made a clear priority of strengthening the balance sheet, reducing total debt by 41% to $3.7 million as of June 30, 2025, compared to the prior year. That debt paydown gives them much-needed financial flexibility.

iPower Inc. (IPW) Market Position & Future Outlook

iPower Inc. is navigating a challenging specialty retail environment by rapidly pivoting its business model, moving from a China-centric distributor to a more resilient, domestically anchored e-commerce and supply chain provider. This strategy, centered on cost control and proprietary brands, is intended to stabilize a business that saw full fiscal year 2025 revenue decline to $66.14 million and a net loss of $4.97 million. [cite: 4, 17 in step 1]

Competitive Landscape

In the broader hydroponics market, which is valued at approximately $5.95 billion in 2025, iPower Inc. is a small, specialized e-commerce player. [cite: 5 in step 2] The landscape is dominated by large, diversified corporations, but the specialty retail segment remains fragmented, allowing for niche growth in e-commerce and private-label offerings.

Opportunities & Challenges

You can see the company is taking clear, decisive action to counter the revenue headwinds it faced in 2025, but those actions come with execution risks. They are defintely moving in the right direction to control their own destiny with a domestic supply chain.

Industry Position

iPower Inc. is positioned as a small-cap technology- and data-driven online retailer in the highly competitive and fragmented retail-building materials, hardware, and garden supply sector. [cite: 10 in step 1] The company's strategic value lies not in its physical footprint, like a GrowGeneration Corp., but in its e-commerce infrastructure and proprietary brand development, which drove a resilient gross margin of 43.8% in fiscal 2025. [cite: 5 in step 1]

• The company reduced total debt by 41% to $3.7 million as of June 30, 2025, significantly strengthening its balance sheet flexibility. [cite: 1, 5 in step 1]
• Its current ratio of 2.84 indicates strong short-term liquidity, which is crucial for managing inventory and supply chain shifts. [cite: 9, 10 in step 1]
• A key move was regaining compliance with the Nasdaq minimum bid price requirement in November 2025, removing immediate delisting risk. [cite: 12, 16 in step 1]
• The focus on proprietary brands and domestic production is a direct response to the tariff and freight policy risks that historically plagued its import-heavy model.

If you want a deeper dive into the institutional money behind this shift, you should read Exploring iPower Inc. (IPW) Investor Profile: Who's Buying and Why?