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 2024, ended June 30th, 2024. Joining us today are iPower's chairman and CEO, Mr. Lawrence Tan, and the company CFO, Mr. Kevin Vasily. Mr. Vasily, please go ahead.

Thanks, Josh. Good afternoon, everyone. By now, everyone should have access to our fiscal fourth quarter and full year 2024 earnings press release, which was issued earlier today at approximately 4 or 5 p.m. Eastern Time. Release is available in the investor relations section of our website at bdipower.com as well. 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 webcasts 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, 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, and 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. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filing 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 any 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 8K we furnished to the SEC this afternoon. With that, I'd now like to turn the call over to iPower's Chairman and CEO, Lawrence Tan.

Lawrence? Thank you, Kevin, and good afternoon, everyone. I'm proud of our team's hard work in fiscal 2024 to drive record levels of gross margin, operating expenses reductions, and another year of positive cash flow from operations. Throughout the year, we delivered on multiple strategic initiatives to lay the foundation for future growth and profitability. For example, we onboarded several high-quality supply chain partners onto our SuperSuite Services platform. We also strengthened the capabilities and the resilience of our supply chain through partnerships with suppliers in Southeast Asia. Additionally, we expanded the channel distribution by launching sales on new platforms like TikTok Shop and Team. Throughout the year, we continued to evaluate our SuperSuite Services platform by integrating key components from value-added partners across logistics, technology, and marketing to enhance our service offerings. This collaborative approach has positioned SuperSuite as a leader in merchandising and sales, supply chain management, and warehousing and fulfillment, attracting a diverse array of new partners to our platforms. As an example, in May, we announced a strategic partnership with the leading provider of comprehensive logistic solutions. Through this collaboration, we integrated the Partners Performance Center network into the SuperSuite platform, enhancing our operational efficiencies and technology capabilities. This partnership not only adds critical depth to our capabilities, but also opens the door to a new portfolio of prospective supply chain and brand partners. We also integrated Amazon Logistics Services in June to bolster our last mile delivery capabilities, enhancing a critical component of SuperSuite's supply chain offerings. With this partnership, SuperSuite clients can deliver products with the speed, reliability, and efficiency that Amazon is renowned for, adding further depth to the SuperSuite value proposition. As I mentioned earlier, in fiscal 2024, we deepened our online presence by launching sales on platforms like TikTok Shop and Tmoov. These additions align with our strategic vision to empower supply chain partners with diversified sales channels poised for sustained long-term growth. We are pleased with the early results and will continue to explore additional sales channels that would further enhance our partner sales offerings. In regarding to supply chain and OPEX, The optimization initiatives we implemented earlier this year to drive the improvements in our selling, marketing, and fulfillment operations are yielding results. With a healthier supply chain environment, we no longer need to maintain high level of inventory, and lead times with our international suppliers have normalized. It's also worth noting that with the growth of SuperSuite, our business can operate with lower levels of inventory, leading to improved cash flow generation. Additionally, we have sold through nearly all our high-cost inventory, enabling us to eliminate short-term warehousing expenses and enhance margins. As of June 30, 2024, we further reduced our inventory levels by almost 50% compared to December 31, 2023. We are deeply committed to optimizing our operation to maximize efficiency. To further this initiative, in June, we announced the addition of a new manufacturer supply partner in Vietnam. Expanding our manufacturing base will help mitigate future risk and strengthen the resilience of our supply chain. Looking ahead, we will be leaning into our core principle as a technology and data-driven company to enhance transparency and operational efficiencies between iPower and its supplier, performance, and channel partners. This approach will streamline processes, reduce cost, and improve information utilization across the supply chain to strengthen our customers' operations. We believe these initiatives, coupled with our optimized cost structure, will enable us to deliver on our growth and profitability objectives in fiscal 2025. I will now turn the call over to our CFO, Kevin Vasily, to take you through our financial results in more detail. Kevin?