iPower Inc. (IPW): Business Model Canvas [Dec-2025 Updated]

You're looking to see exactly how iPower Inc. (IPW) is structuring its growth, especially after that big pivot toward U.S.-based inventory and manufacturing. Honestly, digging into their Business Model Canvas reveals a clear strategy: they are running a data-driven e-commerce platform selling home/hydroponic goods while aggressively expanding SuperSuite services for third-party brands. The numbers back this focus, showing FY 2025 revenue hit $\mathbf{\$66.14 \text{ million}}$ while they kept a solid $\mathbf{43.8\%}$ gross profit margin for the full year. So, if you want the precise map of their key partnerships, resources like their growing U.S. warehouse network, and how they plan to keep delivering value, check out the nine building blocks detailed below.

iPower Inc. (IPW) - Canvas Business Model: Key Partnerships

You're looking at how iPower Inc. is building out its operational backbone through strategic external relationships, which is critical given the recent financial performance, like the fiscal fourth quarter 2025 revenue of $11.5 million compared to $19.5 million in the same quarter of fiscal 2024. So, these partnerships aren't just nice-to-haves; they are essential for diversification and resilience.

Strategic Alliance with TCL Smart Home Technology

iPower Inc. announced a strategic partnership with TCL Smart Home Technology on September 23, 2025, to integrate designated TCL consumer electronics products into iPower's authorized e-commerce channel. This move is designed to expand product selection and leverage iPower's fulfillment capabilities. At the time of this announcement, iPower Inc. reported trailing twelve-month revenue of $74.11 million. The collaboration focuses on a sequenced rollout across the most searched smart consumer technology subcategories.

Collaboration with Borg Rise U.S.

A key strategic alliance to expand omnichannel presence was established with Borg Rise U.S. on June 10, 2025. This collaboration is specifically aimed at scaling social commerce through influencer-driven and content-based sales models. The focus platforms for these initiatives are TikTok, Instagram, and YouTube. The partnership involves co-developing live selling initiatives and expanding iPower's SuperSuite service offerings into social commerce enablement.

Joint Venture United Package NV LLC

iPower Inc. formed United Package NV LLC as a new joint venture, marking the first full-scale implementation of its "Made in USA" module within the proprietary SuperSuite Supply Chain Platform. This venture focuses on domestic packaging manufacturing. The company made a deposit payment to initiate equipment production for this JV in June 2025, targeting a full operational launch in Q4 2025. On September 8, 2025, the agreement was amended to clarify iPower's contribution of production materials, equipment, and facility space in exchange for ownership units in the LLC.

Supply Chain and Last-Mile Delivery Network

The expansion of iPower's SuperSuite supply chain business is a major component of its partnership strategy. As of March 13, 2025, this segment achieved a significant milestone, accounting for approximately 20% of the Company's total revenue mix. This growth was noted even as the company worked to complete a near-total transition from a China-import-based supply chain to primarily U.S.-based inventory by the end of fiscal year 2025. The overall resilience of the supply chain, supported by these partners, helped maintain a gross margin of 43.8% for the full fiscal year 2025, despite revenue pressures. iPower's capabilities include a nationwide network of warehouses and competitive last-mile delivery partners to service its fulfillment network.

Here's a quick look at how these key relationships align with the company's infrastructure and recent financial context:

The improved gross profit in the fiscal second quarter of 2025, which rose 15% to $8.4 million, was partly driven by improved pricing through key supplier negotiations, showing the immediate benefit of strong supplier relationships. Also, operating expenses improved 22% to $7.7 million in that same quarter, partly due to lower fulfillment expenses related to the company's largest channel partner.

• Strategic focus on building a resilient, localized manufacturing infrastructure in the U.S.
• Leveraging a differentiated business intelligence platform across all partnerships.
• The company reduced total debt by 41% to $3.7 million as of June 30, 2025.
• The partnership with TCL is expected to elevate customer experience and drive category growth.

Finance: draft 13-week cash view by Friday.

iPower Inc. (IPW) - Canvas Business Model: Key Activities

You're looking at the core actions iPower Inc. is taking to run and transform its business as of late 2025. This is where the rubber meets the road on their strategy.

Operating a data- and technology-driven e-commerce retail platform.

The core activity remains running the online retail channels, though revenue has seen pressure. The full fiscal year 2025 revenue was reported at $66.14 million, which was a decrease of -23.15% compared to the prior year's $86.07 million. The net result for the full fiscal year 2025 was a net loss attributable to iPower of -$4.97 million. You can see the quarterly performance trend below:

The gross margin has remained relatively stable, with the full fiscal year 2025 gross margin at 43.8%. Honestly, the focus here is on unit economics resilience despite revenue headwinds.

Managing a nationwide fulfillment and logistics network in the U.S.

iPower Inc. maintains capabilities including robust fulfillment capacity and a network of warehouses serving the U.S., supported by competitive last mile delivery partners. This network is key to moving a diverse catalog of SKUs to end consumers. The company executed targeted inventory optimization, which led to improved working-capital efficiency. For example, total debt was reduced by 41% to $3.7 million as of June 30, 2025, showing a focus on balance-sheet flexibility.

• Network includes a full spectrum of online channels.
• Capabilities cover a nationwide network of warehouses.
• Focus on competitive last mile delivery partners.
• Total debt as of June 30, 2025, stood at $3.7 million.

Expanding SuperSuite value-added e-commerce services for third-party brands.

Growth in the SuperSuite supply chain offerings has been a key offset to declining product sales. This platform leverages iPower Inc.'s supply chain, warehousing, and merchandising expertise for partners. The momentum is clear:

• SuperSuite revenue growth partially offset product sales declines in Q4 2025.
• SuperSuite contributed approximately 20% of total sales in Q2 FY2025.
• This represented an estimated $16 million annual run rate as of Q2 FY2025.

The expansion of SuperSuite, including adding brand partnerships like TCL, diversifies the product mix. Still, the decrease in gross margin in Q4 2025 was primarily driven by an increase in services income as a percentage of revenue.

Shifting supply chain to primarily U.S.-based inventory and manufacturing.

A major operational shift involved materially reducing exposure to tariff and freight policy changes by moving away from a China-import-based supply chain. This is a direct response to historical risk factors. To support this, iPower Inc. launched a domestic joint-venture manufacturing line through United Package NV LLC to further localize production and enhance cost control. The company stated it has nearly completed this transition to primarily U.S.-based inventory.

Developing digital assets and blockchain integration initiatives.

iPower Inc. has stated an aim to pursue initiatives in digital assets and blockchain integration as part of its infrastructure expansion. Specific financial or operational metrics for this activity were not detailed in the latest public financial summaries, but it is listed as a strategic area alongside software and logistics expansion.

iPower Inc. (IPW) - Canvas Business Model: Key Resources

You're looking at the core assets that power iPower Inc.'s operations as of late 2025. These aren't just line items; they are the tangible and intangible foundations supporting their e-commerce and supply chain ambitions.

Proprietary business intelligence and e-commerce technology platform.

The backbone here is the proprietary SuperSuite Supply Chain Platform. This technology is central to their strategy, especially as it integrates new modules like the 'Made in USA' initiative. The platform helps manage supplier collaboration and streamline operations.

U.S. network of warehouses and fulfillment capacity.

iPower Inc. maintains a nationwide network of warehouses and continues to expand its fulfillment infrastructure. This physical footprint is critical for supporting its online retail and value-added e-commerce services for third-party products.

In-house brands like iPower and Simple Deluxe, plus third-party brands.

iPower Inc. operates as an online retailer, selling its own products and those from third parties. The company offers products across home, pet, garden, outdoor, and consumer electronics categories. The brand iPower is explicitly mentioned as part of the company's identity and offerings.

Domestic manufacturing line through the United Package NV LLC joint venture.

A significant recent development is the joint venture, United Package NV LLC, announced on June 6, 2025. This JV is the first full-scale implementation of the company's "Made in USA" module within the SuperSuite platform. Its focus is the domestic production of packaging materials for U.S. businesses. The company was targeting a full operational launch for this venture in the fourth quarter of fiscal year 2025.

Financial Snapshot as of June 30, 2025

Here's the quick math on the balance sheet strength at the end of the fiscal year:

The company's overall financial performance for the full fiscal year 2025 saw total revenue of $66.14 million, which was a decrease of -23.15% compared to the prior year's $86.07 million. Losses for the full year 2025 were reported at -$4.97 million.

To give you a clearer picture of the operational scale and recent financial discipline, consider these points:

• Fiscal Q4 2025 Total Revenue was $11.5 million.
• Fiscal Q4 2025 Net Loss attributable to iPower Inc. was $2.8 million or $(0.09) per share.
• Gross Margin for the full fiscal year 2025 was maintained at 43.8%.
• The company has nearly completed its transition from a China-import-based supply chain to one that is primarily U.S.-based inventory.

Finance: draft 13-week cash view by Friday.

iPower Inc. (IPW) - Canvas Business Model: Value Propositions

iPower Inc. provides a diverse catalog spanning home, pet, garden, outdoor, and consumer electronics products. The company made a strategic pivot by shuttering its legacy commercial hydroponics business to focus on multi-category retailing and its technology-driven SuperSuite platform.

The value-added e-commerce service for third-party brands, known as SuperSuite, has achieved significant scale. As of early 2025 reports, SuperSuite now accounts for approximately 20% of iPower Inc.'s total revenue mix. For context, total revenue in the fiscal second quarter of 2025 reached $19.1 million, with gross margin at 44.0%. The full fiscal year 2025 total revenue was reported at $66.14 million.

Here are key financial figures from recent fiscal periods:

Competitive pricing and efficient delivery are supported by a nationwide fulfillment network that iPower Inc. operates. The company has extended this network by onboarding new logistics partners to enhance operational efficiencies.

Mitigation of tariff and freight risk is a core value proposition achieved through a significant supply chain restructuring. iPower Inc. has nearly completed the transition from a China-import-based supply chain to one that is primarily U.S.-based, materially reducing exposure to tariff and freight policy changes. This localization effort includes the launch of a domestic joint-venture manufacturing line through United Package NV LLC.

The value proposition of authorized channel verification is evidenced by recent strategic moves. iPower Inc. announced a partnership with TCL to expand smart tech access specifically via iPower's Authorized Channel.

The services supporting these propositions include:

• Access to major U.S. online channels like Amazon.com, Walmart.com, Temu, and TikTok Shop via SuperSuite.
• Proprietary business intelligence platform and data-driven insights.
• Expansion of infrastructure across software, logistics, and manufacturing.

iPower Inc. (IPW) - Canvas Business Model: Customer Relationships

You're looking at how iPower Inc. (IPW) manages the connection with its customers as of late 2025. This is grounded in the latest reported figures from their Fiscal Q1 2026 results, which ended September 30, 2025, and the full Fiscal Year 2025 results.

Automated self-service via the e-commerce platform.

• The company's total revenue for the full Fiscal Year 2025 was $66.14 million.
• For the fiscal first quarter of 2026 (ending September 30, 2025), total revenue was $12.0 million.
• Total operating expenses in Q1 FY2026 reduced by 42% to $6.5 million compared to $11.2 million in Q1 FY2025, suggesting efficiency gains that could support automated service scaling.

Dedicated customer support for online sales and service offerings.

• Net loss for the full Fiscal Year 2025 was -$4.97 million.
• The net loss in Q1 FY2026 improved to -$0.5 million or $(0.51) per share, compared to a net loss of -$2.1 million or $(1.94) per share in Q1 FY2025.
• Total debt as of September 30, 2025, was reduced by 48% to $1.9 million.

Co-developed influencer campaigns for direct, engaging consumer experiences.

While iPower Inc. specific campaign data isn't public, the context of the broader market in 2025 suggests the scale of potential activity. The global influencer marketing industry is projected to reach US$32.55 billion in 2025. In the U.S. alone, spending is estimated at US$10.52 billion in 2025. For direct, engaging experiences, micro-influencers (10K-100K followers) often deliver higher engagement. Nano-influencers showed the highest engagement rate at 2.71% in one 2025 benchmark. Also, cross-platform campaigns typically earn the highest return on investment (ROI).

Personalized content and targeting using content performance data.

The company's focus on being a 'data and technology driven e-commerce retailer' implies a reliance on data for targeting. The gross margin for the full Fiscal Year 2025 was maintained at 43.8%, demonstrating resilient unit economics despite revenue pressures. For Q2 FY2025 (ended December 31, 2024), the gross margin was 44.0%.

Here's a quick look at the financial context surrounding these customer-facing efforts as of late 2025:

Finance: draft 13-week cash view by Friday.

iPower Inc. (IPW) - Canvas Business Model: Channels

You're looking at how iPower Inc. (IPW) gets its products and services to the customer as of late 2025. The channel strategy clearly shows a heavy reliance on a few key avenues, which presents both concentration risk and scale opportunity.

Major online channel partners (third-party marketplaces) represent a significant, though recently volatile, part of the distribution. The financial reports for fiscal year 2025 clearly indicate this concentration. For instance, total revenue in the fiscal fourth quarter of 2025 was $11.5 million, which was down from $19.5 million in the year-ago quarter, with the decrease driven primarily by lower product sales to the Company's largest channel partner. This dependency was also noted in the fiscal third quarter of 2025, where revenue was $16.6 million compared to $23.3 million the prior year, again citing the largest channel partner as the primary driver.

The growth of the SuperSuite supply chain platform is an important channel development, as it represents a service layer moving through their infrastructure. In the fiscal third quarter of 2025, the SuperSuite business was generating solid momentum, representing approximately 20% of total revenue mix. This platform is designed to equip partners with the tools, insights, and infrastructure needed for ecommerce success.

The physical infrastructure supporting these sales is substantial. iPower Inc. operates a nationwide fulfillment network and is actively expanding its infrastructure across software, logistics, and manufacturing. This network is designed to efficiently move a diverse catalog of SKUs from supply chain partners to end consumers across the U.S..

The model also incorporates direct-to-consumer and social engagement, though specific revenue attribution is not broken out in the latest public filings. The company is described as a tech and data-driven ecommerce services provider and online retailer.

• Own branded e-commerce website.
• Social commerce platforms: TikTok, Instagram, and YouTube are used for engagement and sales.
• Nationwide fulfillment network and last-mile delivery partners.

Here's a quick look at the top-line channel performance context for the fiscal year ended June 30, 2025:

The reliance on the largest partner is a key risk factor you need to watch. If onboarding takes 14+ days, churn risk rises, though for IPW, the risk is more about volume dependency than customer onboarding churn right now. Finance: draft 13-week cash view by Friday.

iPower Inc. (IPW) - Canvas Business Model: Customer Segments

You're looking at the customer base for iPower Inc. (IPW) as of late 2025, and honestly, the picture has shifted quite a bit from their earlier days. The company is now clearly focusing on a more streamlined set of buyers, especially after making some tough calls on older operations.

Home goods customers in the United States.

This group represents the core consumer side of the remaining e-commerce operations. They purchase general consumer home, pet, garden, outdoor, and consumer electronics products sold through iPower's own website and online channel partners like Amazon, Walmart, and eBay. The overall business faced headwinds, with total revenue for the fiscal year ending June 30, 2025, landing at $66.14 million, a drop of -23.15% from the prior year's $86.07 million. This indicates that demand, which affects all consumer-facing segments, was certainly softer through much of 2025.

Home cultivators and commercial growers of specialty crops (hydroponics).

This segment has seen a definitive strategic change. iPower Inc. has officially shuttered its legacy commercial hydroponics business. This means the customer base that previously purchased specialized grow light systems, HVAC, pumps, and growing media is no longer a primary target for that specific legacy offering. The company is now focused on its core competency as a data-driven consumer products and services company. Any remaining activity in cultivation equipment would likely fall under the general consumer garden/home goods category or be absorbed into the SuperSuite service for third-party brands.

Third-party brands and sellers utilizing SuperSuite e-commerce services.

This is the growth engine and a distinct customer segment now. SuperSuite provides third-party brands with comprehensive supply chain and e-commerce enablement services. As of March 13, 2025, this business achieved a significant milestone, accounting for approximately 20% of iPower Inc.'s total revenue mix. This segment is comprised of innovative product companies looking to expand their omnichannel presence.

Here's a quick look at the financial context surrounding the business units that serve these segments as of the latest reported periods in 2025:

The SuperSuite customers rely on iPower Inc. for access to major U.S. online channels and fulfillment support. These channels include:

• Amazon.com Vendor Channel
• Amazon.com 3P
• Walmart.com
• Temu
• TikTok Shop
• eBay
• HomeDepot.com
• Lowes.com
• Target.com

The company's focus on this service, which includes a nationwide fulfillment network and proprietary business intelligence platform, is a clear strategic pivot away from the direct sales model that was more exposed to the legacy cultivation segment. The overall balance sheet improvement, with total debt reduced by 48% to $1.9 million as of September 30, 2025, supports this shift toward a service-based revenue stream.

iPower Inc. (IPW) - Canvas Business Model: Cost Structure

You're looking at the cost side of iPower Inc.'s operations as of late 2025. This structure reflects a company actively managing inventory and debt while investing in its domestic infrastructure. Honestly, the numbers show a clear pivot toward cost control, especially when you look at the latest quarterly results versus the full fiscal year spend.

Cost of Goods Sold (COGS) for product inventory and logistics is a major outflow, directly tied to the shift in supply chain strategy. For the fiscal fourth quarter ended June 30, 2025, the Cost of Revenue (COGS proxy) was calculated based on reported figures. The full fiscal year 2025 maintained a gross margin of 43.8%, demonstrating resilient unit economics despite revenue pressure. For Q4 2025 specifically, with revenue at $11.5 million and gross profit at $4.9 million, the implied COGS was $6.6 million.

The company's focus on inventory optimization and the near-complete transition from a China-import-based supply chain to primarily U.S.-based inventory are key factors influencing this cost category, aiming to reduce exposure to tariff and freight volatility.

Operating expenses saw an increase in Q4 2025, driven by specific strategic spending. Total operating expenses for the fiscal fourth quarter of 2025 reached $8.5 million, up from $7.4 million in the year-ago period. This increase was driven primarily by higher marketing and promotional costs, which were incurred in connection with the reduction of obsolete and slow-moving inventory.

Here's a quick look at the most recent operating expense data points we have:

Fulfillment and warehouse operating costs are embedded within the total Operating Expenses, alongside other SG&A. The shift to a nationwide fulfillment network and the launch of a domestic joint-venture manufacturing line through United Package NV LLC are strategic moves intended to enhance logistical control and support future cost structure improvements, even if the immediate Q4 2025 OpEx rose.

Technology development and data platform maintenance costs are also captured within the Operating Expenses structure. The ongoing expansion of the SuperSuite platform, which represents a growing portion of revenue mix, necessitates continued investment in the underlying software and data infrastructure to support partners.

The company has made significant strides in managing its debt load, which directly impacts financing costs. As of June 30, 2025, iPower Inc. reported a total debt of $3.7 million, a 41% reduction from the prior year. The corresponding Interest Expense for the fiscal year ended June 30, 2025, was reported as $436 thousand.

You can see the key cost structure elements here:

• Cost of Revenue (Implied Q4 2025): $6.6 million
• Total Operating Expenses (Q4 2025): $8.5 million
• Total Debt (As of 6/30/2025): $3.7 million
• Interest Expense (FY 2025): $436 thousand
• Key OpEx Driver: Higher marketing/promotional spend in Q4 2025.

Finance: draft 13-week cash view by Friday.

iPower Inc. (IPW) - Canvas Business Model: Revenue Streams

You're looking at how iPower Inc. (IPW) actually brings in the money as of late 2025. It's a mix, but the core is definitely product sales, though the service side is clearly gaining traction.

The primary driver for the top line is product sales from online retail operations, which hit $66.14 million for the full fiscal year 2025. That's the big number for the year, even though it represented a decrease of -23.15% compared to the prior year's $86.07 million. Still, the company managed to maintain a resilient unit economic structure, keeping the full fiscal year 2025 gross profit margin at 43.8%. That margin stability, despite revenue pressure, is something you want to see in a transition year.

Here's a quick look at the key full-year 2025 financial performance metrics we have for the revenue segment:

The second key stream comes from revenue from value-added e-commerce services, specifically the SuperSuite offerings. While we don't have the exact full-year dollar amount for this stream, it was definitely a growth engine. For instance, in fiscal Q2 2025, revenue growth of 14% to $19.1 million was driven primarily by these SuperSuite supply chain offerings. Also, in fiscal Q3 2025, growth in SuperSuite partially offset the revenue decline from product sales. This shows a clear strategic pivot toward higher-margin service revenue.

The actual product sales are a blend, which you'd expect from an online retailer:

• Sales of in-house branded products.
• Sales of third-party products.

The company also executed a near-complete transition from a China-import-based supply chain to primarily U.S.-based inventory during fiscal 2025, which directly impacts the cost of goods sold feeding into that gross margin number. Also, they launched a domestic joint-venture manufacturing line through United Package NV LLC to further localize production and enhance cost control.

If you're modeling out the next year, you need to track the SuperSuite revenue contribution against the legacy product sales, especially given the strategic shift away from the legacy commercial hydroponics business. Finance: draft the projected SuperSuite revenue percentage for Q1 2026 by next Tuesday.