iPower Inc.

Good afternoon, everyone, and thank you for participating in today's conference call to discuss iPower's financial results for its fiscal year, first quarter, 2024, ending September 30th, 2023. Joining us today are iPower's chairman and CEO, Mr. Lawrence Tan, and the company's CFO, Mr. Kevin Vasselli. Mr. Vasselli, please go ahead.

Thank you, operator. Good afternoon, everyone. By now, everyone should have access to our fiscal first quarter 2024 earnings press release, which was issued earlier today at approximately 4 or 5 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 Security Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, state of the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are often difficult to predict and may be outside of our control. Our actual results and financial condition may differ materially from those indicated 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, including our annual report on Form 10-K. which was filed with the SEC on September 15th, 2023. Do not place undue reliance on any forward-looking statements which are being made only as of this date, except as 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'd like to turn the call now over to iPower's Chairman and CEO, Lawrence Tan.

Lawrence. Thank you, Kevin. And good afternoon, everyone. During the quarter, we continued to generate revenue growth, overcoming a record comp in the year-ago period. This was due to, in part, to the continuous strong demand for our high-quality products, as well as material growth in our super-sweet supply chain partnerships, which is now generating approximately $7 million in analyzed rent rate revenue. Sales of our in-house products were resilient and once again present over 90% of our revenue. Diving deeper, we delivered strong results across the categories of fans, shelving, and outdoor patio furniture. On previous calls, we have stated our desire to diversify our product sales mix beyond the hydroponics. And fiscal Q1 marked the second consecutive quarter that non-hydroponics accounted for over 75% of the total revenue. That said, we remain committed to providing high-quality hydroponics products and will continue to invest in the space as dictated by the consumer demand. We also began to tap into social commerce channels to fortify our brand reputation while fostering a virtuous ecosystem of content-driven traffic to our product. For example, we are an approved setter of TikTok's short-form video platform, which will allow us to leverage TikTok's feed algorithm to present our product to the right users based on their activity. The short-form videos featuring our products present by influencers in the program will not only drive high-quality impressions, but it will also build a repertoire of our trusted review and testimonials. As I mentioned earlier, we are pleased with the ramp of our super suite supply chain partnerships, which is now generating approximately 600,000 in monthly revenue. As a reminder, the goal of our super suite supply chain partnership offering is to add value to strategic partners with innovative product portfolio that could benefit from our rich expertise in supply chain fulfillment and merchandising. The SuperSuite business is gaining solid momentum and we are working through a growing pipeline of prospective partnerships. We are pleased with the early results from these efforts as well as invaluable insights that we are gaining from this accelerating area of our business. Turning to OPEX, We continue to make headway with our reduction of warehousing and inventory expenses. We are also now beginning to realize the benefits of our efforts to reduce our level of higher cost inventory through gross margin expansion. That said, at the operating levels, we have begun to see a shift in demand between sales programs at one of our key sales platforms, which is having an impact on operating margin. We are working through various action items and have several levers to pull to offset these fees moving forward. As we look to Canada 2024, consumer demand is resilient for our portfolio of high-quality, affordable products. We are taking the right steps to diversify our revenue mix, achieve greater operational efficiencies, and have made material improvements to our balance sheet. which Kevin will highlight shortly. We are well positioned to capitalize on prospective acquisition opportunities as well as we continue executing our profitable growth initiatives. I'll now turn the call over to our CFO, Kevin Vesely, and take you through our financial results in more detail. Kevin. Thanks, Lawrence.