iPower Inc.

Thank you for standing by, and welcome to the iPower earnings call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference may be recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your host, Kevin Vasily. You may begin.

Thank you, Lateef. Good afternoon, everyone. With me on the call today is Lawrence Tan, our chairman and chief executive officer. By now, hopefully everyone has had a chance to access our third fiscal quarter 2021 earnings release in Form 8K that was issued today after the market closed. These documents are available on our website, www.meetipower.com. Before we start, bear with me. You've got to draw your attention to our safe harbor statement. Mandavid's prepared remarks contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements, including but not limited to anticipated revenues from the hydroponics equipment and accessories business, the actions and initiatives of current and potential competitors, the company's ability to introduce new products, the company's ability to implement capacity expansion, market acceptance of new products, general economic and business conditions, the ability to attract and retain qualified senior management personnel and research and development staff, and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations assumptions, estimates, and projections about the company and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent or current events or circumstances or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that these expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from anticipated results. With that over, I'd like to turn the call over now to Lawrence Tan.

Lawrence. Thank you, Kev, and good afternoon, everyone. We are pleased to report a strong fiscal Q3 in our first earnings release as a public company. Even with lessening shipping times and congestion in the LA port, our revenue grew nearly 35% year-over-year and income from operations grew 132%. Gross margin in the quarter was over 43%, a record high for us as a company. At the end of January, we closed a much-needed $3 million convertible note financing that we were able to immediately deploy into our supply chain As a result, we had a very strong sales month in March and one of the best sales months in company history. iPower is a data and technology-driven company. Data informs all of our business decisions. This is a very evident quarter in our gross margin performance, which benefited from the contribution of our in-house blended product portfolio. Extensive product and market data collection are used to drive our product design, development, and merchandising efforts. We have over 2,600 in-house SKUs, which represent just over 10% of the total SKU we carry, but drove over two-thirds of our revenue in the quarter. We are very good at bringing product to market and have the features and benefits for our customers and at attractive margins for us. Having been an e-commerce business since the founding of the company, we have a deep understanding of how to leverage online channels, and the experience and the footprint we have online will allow us to quickly pivot to adjacent product categories when we see opportunities. We also believe our focus on data and technology positions us extremely well to serve two attractive end markets in the hydroponics industry, the home hobbyist market and the small commercial cultivator market. Both these segments require market-specific products and can be effectively and more efficiently served through an e-commerce solution. Our IPO completed in May was the first meaningful growth financing as a company. iPower now has the capital needed to both drive organic growth as well as pursue strategic acquisitions. Without any meaningful outside capital, iPower was able to grow organically between 25% to 35% annually. With the capital in hand, we are planning to invest more in R&D to accelerate new product introductions, to expand our already robust supply base, to amplify our brand awareness through marketing, and to broaden our sales channels with additional partners. For acquisitions, we plan to target products and brands that complement our in-house portfolio that are good fits for an e-commerce model and can bring talented people into the organization. The good news for us is that this is a large fragmented market with a lot of great companies and brands. We are confident that there will be a number of firms that will be great fits for the iPower model. Finally, I want to say that iPower has a number of tailwinds that make us excited about the future. E-commerce adoption accelerated over the last year. The regulatory environment continues to evolve more favorably, and consumer interest in hydroponics and gardening continues to increase. These tailwinds play to our strength as a company, and we'll plan to take advantage of them. Now I'll turn it over to our CFO, Kevin, to discuss the third quarter financial results in detail and provide some color our full year of fiscal 2021. Kevin?