iPower Inc.

Good afternoon, everyone, and thank you for participating in today's conference call to discuss iPower's financial results for its fiscal third quarter 2024, ended March 31st, 2024. 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, you should all have access to our fiscal third quarter financial 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 Securities 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, the 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 difficult to predict, many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in these forward-looking statements. Our presentation today also includes certain non-GAAP financial measures, including adjusted net income and EPS, as supplemental measures of performance of our business. All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation tables and other important information in the earnings press release in Form 8-K, which we furnished to the SEC this afternoon. 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 15, 2023. 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 would now like to turn the call over to iPower's Chairman and CEO, Mr. Lawrence Tan. Lawrence?

Thank you, Kevin, and good afternoon, everyone. We achieved the strong financial results in our fiscal third quarter as we generated double-digit revenue growth, record gross margins, and improved operating leverage, resulting in our return to profitability. We are also gaining momentum in our super-sweet supply chain business, which contributed to our top-line growth in the quarter and now accounts for approximately 10% of the total revenue. In fiscal Q3, our largest channel partner returned to a normalized inventory position and purchasing cycle, which led to stronger order volumes during the quarter. We are pleased with the demand from our largest channel partner and will ensure our product catalog is stocked with the high quantity offerings that our customers expect. Our super sweet business, as we have often stated, provides us with valuable insights that we can utilize to enhance our internal capabilities. The acceleration of revenue reflects the value we provide through our superior supply chain, fulfillment, and merchandising expertise. We will continue to invest in this new business as we work through our robust pipeline of prospective partnerships and believe this business will continue to take a greater share of revenue mix going forward. We have always placed a strong emphasis on diversifying revenue demonstrated by the launch of SuperSuite last fiscal year. We have also deepened our online presence with social e-commerce platforms like TikTok Shop, where we continue to see solid growth. In April, we expanded our sales channels by launching on Teemu and have seen promising early results in the kitchen, and categories. Over the last couple of years, we have purposely shifted our focus from hydroponics to prioritize our core competence as a data-driven consumer products and services company. More recently, we've begun to wind down our legacy commercial hydroponics business, where we sold directly to local commercial distributors. We are working through the remaining inventory now and expect to sunset this channel altogether in the coming months. Turning to OPEX, we continue to benefit from our internal initiatives to drive saving in our selling and fulfillment operations. With a healthier supply chain environment, we are no longer required to hold high levels of inventory as we have returned to normalized lead times. We have also sought through most of our high-cost inventory, enabling us eliminate short-term warehousing costs and improve margins. As of March 31st, we further reduced our inventory level by 25% compared to December 31st, 2023. We are also in the early stage of benefiting from third-party warehouse staffing and expect to realize additional savings in the future. Looking ahead, we are well-positioned close out fiscal 2024 on a strong footing between the strong demand from our largest channel partner, accelerating growth in SuperSuite, and expansion into new e-commerce channels such as Tmoo. I will now turn the call over to our CFO, Kevin Vasily, to take you through our financial results in more detail. Kevin.