iPower Inc.

Good day, ladies and gentlemen, and welcome to the iPower Fiscal Q1 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. If anyone should require assistance during the conference, please press star then zero on your touchtone telephone. I would now like to turn the conference over to your host, Kevin Vasily. Thank you. Please go ahead.

Yeah, thank you, Fay. And good afternoon, everyone. By now, everyone should have access to our fiscal first quarter 2022 earnings press release, which was issued earlier today at approximately 4 or 5 p.m. Eastern time. The release should be available in the investor relations section of iPower's website at meetipower.com. The call will also be available for webcast replay on our website. Following our prepared remarks, we'll open up the call for questions. Before I introduce Lawrence, I'd like to remind listeners that certain comments made on this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any forward-looking statements which are being made only as of the date of this call, except as required by law, the company undertakes no obligation to revise or publicly release the results of any revision to forward-looking statements. With that, I'd like to now turn the call over to iPower's Chairman and CEO, Lawrence Pann. Lawrence.

Yeah, thank you, Kevin. And good afternoon, everyone. Since it has only been about six weeks from the last corporate update, our prepared remark today will be relatively brief. The new fiscal year is off to a great start as we generated another quarter of a record results. Revenue was up 16% year over year despite company against our highest quarter historically. And we also bucked the trend more broadly given some of the industry weakness in commercial hydroponics. We believe our less capital-intensive e-commerce model, high margin profile, and consumer-driven end market sets us apart from other hydroponic players in the space. From a product perspective, our in-house ventilation line was the strongest category during the quarter. Today, it accounts for about 40% of our sales compared to roughly 30% this time last year, and the consistent growth is a reflection of our superior product design and merchandising capability, as well as the work we put in to effectively manage our supply partner network. Our diversified supplier base enabled us to consistently deliver products, be it directly to consumers or to our channel partners. To give some perspective to those that are new to our story, we are one of the top sellers of hydroponic equipment on Amazon and online. So product availability is a key to meeting consumer needs. In addition to our momentum in the ventilation systems, we have several product design initiatives underway that will incorporate smart functionality into our ventilation, filtering, and lighting products, allowing for remote monitoring and operation of our products. We also have a number of sensor-based products in development that will be key elements in grow environment optimization. This is an entirely new category for us, and we are excited about the opportunity. Finally, we have developed several prototypes of countertop hydroponics appliance and we are in discussion with our supply chain partner on the design and the manufacturing parameters while it's too early to know the exact timing of the launching of these products we hope to have some of these products in market by end of our fiscal year another key development during the quarter was our first set of orders for delivery into western europe we received two purchase orders from one of our channel partners for the UK and German market. We are at the very early stage of our entrance into the European market and we believe that this market is significant in size with very little penetration to date. Now, we see Europe as a high growth opportunity for us over the medium and long term as their consumer counterparts market develops. Overall, we continue to execute on the various growth objectives that were laid out during last year's IPO. And although we are very pleased with our momentum, we know that the best days for iPower remain ahead. I will now turn the call over to our CFO, Kevin, to take you through our financial results in more details. Kevin, please.