iPower Inc.

Good afternoon, everyone, and thank you for participating in today's conference call to discuss iPower's financial results for its fiscal fourth quarter and full year, 2023, ended June 30th, 2023. Joining us today are iPower's chairman and CEO, Mr. Lawrence Tan, and the company's CFO, Mr. Kevin Vasily. Mr. Vasily, please go ahead.

Thank you, Operator, and good afternoon, everyone. By now, everyone should have access to our fiscal fourth quarter and full year 2023 earnings press release, which was issued earlier today at approximately 4.05 p.m. Eastern Time. The release is available in the investor relations section of our website at meetipower.com. This call will also be available for webcast replay on our website. Following our prepared remarks, we'll open the call for your 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 for what is required by law, the company undertakes no obligation to revise or publicly release the results of any revision to any forward-looking statements. With that, I would now like to turn the call over to iPower's Chairman and CEO, Lawrence Tan.

Lawrence? Thank you, Kevin, and good afternoon, everyone. fiscal 2023 marked our third consecutive year of double-digit revenue growth reaching record sales of almost 19 million this was driven by the consistent strong demand for our in-house products and continued expansion of our non-hydroponics portfolio throughout the year we continued to prioritize our in-house brands which made up more than 90 percent of the revenue demonstrating our ability to research, develop, and market high-demand products. We are seeing particularly strong momentum in our home category, which includes shelving and fans, as well as our pet category as some of our older SKU gained market share. Additionally, we experienced incremental gains from new SKU introduced throughout the year. We will continue to invest in the development of new innovative segments to create even greater value for our customers. As we have mentioned on past conference calls, hydroponics has become a smaller portion of our business today as we've placed a strong emphasis on diversifying our product mix outside the category. For fiscal 2023, Non-hydroponics sales made up more than 75% of the revenue. Despite growing other categories within our portfolio, we will continue to offer high-quality hydroponics products and invest in the vertical economy as that market evolves. Since launching our business services program earlier in the year, we have begun to see promising tractions with both current and prospective partners. For those who are unfamiliar, our goal is to leverage our superior supply chain, warehousing, and merchandising expertise to drive sales growth for partners that have innovative product portfolios. Since inception, we have partnered with companies that operate in home goods and electronic categories. We are still in the early stages, but are encouraged by the initial feedback and sales momentum. We look forward to share updates as this segment grows, and are excited to offer our services to help more brands and partners grow their businesses. As I mentioned on our last conference call, we have been ramping sales and marketing to work through higher-priced inventory. During the fiscal fourth quarter, we sold most of the remaining higher-cost goods, which we expect will improve gross margins moving forward. We also don't have to carry as much inventory on hand given the improved supply chain, which will reduce our operating expenses in fiscal 2024 as we save on warehousing expenses. Now looking ahead into fiscal 2024, we no longer have the burden of short-term warehousing leases, high-cost inventory, or the need for access of promotional spend. We will continue to focus on diversifying our sales mix while adding new cutting-edge offerings to our in-house product portfolio. All of this coupled with an improved supply chain, normalized inventory levels, and continued strong demand for our in-house products. We are well-equipped to deliver on our growth and profitability initiatives in the year ahead. I will now turn the call over to CFO Kevin Vesely. to take you through our financial results in more details. Calvin, please.