The company's financial position appears increasingly vulnerable, as evidenced by a deep accumulated deficit of -$20.4 million and a total asset base that has shrunk to $31.3 million.
| Total Current Assets | 13.9M | 19.37M | 35.01M | 41.26M | 55.18M | 32.31M | 13.4M | 7.68M |
| Cash & Short-Term Investments | 713.68K | 2.01M | 7.38M | 3.74M | 1.82M | 6.65M | 977.63K | 471.46K |
| Cash Only | 713.68K | 2.01M | 7.38M | 3.74M | 1.82M | 6.65M | 977.63K | 471.46K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 7.06M | 6.12M | 14.74M | 14.07M | 17.43M | 7.9M | 6.38M | 3.64M |
| Days Sales Outstanding | 63.52 | 33.79 | 62.51 | 57.77 | 80.12 | 53.3 | 58.35 | 58.1 |
| Inventory | 2.54M | 8.13M | 10.55M | 20.59M | 30.43M | 13.07M | 5.74M | 3.12M |
| Days Inventory Outstanding | 86.99 | 79.89 | 82.22 | 138.93 | 240.34 | 152.57 | 84.49 | 76.05 |
| Other Current Assets | 1.61M | 1.83M | 747.51K | 1.14M | 4.42M | 723.38K | 0 | 371.65K |
| Total Non-Current Assets | 12.84M | 16.27M | 16.29M | 18.84M | 23.4M | 3.33M | 269.13K | 750.34K |
| Property, Plant & Equipment | 166.44K | 4.31M | 6.5M | 8.37M | 11M | 1.88M | 269.13K | 750.34K |
| Fixed Asset Turnover | 11.48x | 15.36x | 13.25x | 10.62x | 7.22x | 28.84x | 148.40x | 30.44x |
| Goodwill | 0 | 3.03M | 3.03M | 3.03M | 6.09M | 0 | 0 | 0 |
| Intangible Assets | 2.49M | 2.98M | 3.63M | 4.28M | 4.93M | 0 | 0 | 0 |
| Long-Term Investments | 1.76M | 385.18K | 27.61K | 33.11K | 43.38K | 0 | 0 | 14K |
| Other Non-Current Assets | 5.18M | 5.56M | 652.05K | 958.71K | 861.5K | 1.46M | 0 | -14K |
| Total Assets | 31.31M | 35.64M | 51.3M | 60.09M | 78.58M | 35.64M | 13.67M | 8.43M |
| Asset Turnover | 1.04x | 1.86x | 1.68x | 1.48x | 1.01x | 1.52x | 2.92x | 2.71x |
| Asset Growth % | -104.64% | -30.52% | -14.64% | -23.53% | 120.49% | 160.64% | 62.21% | - |
| Total Current Liabilities | 6.6M | 14.45M | 23.77M | 23.33M | 22.88M | 9.02M | 10.24M | 7.65M |
| Accounts Payable | 3.02M | 7.44M | 11.23M | 13.24M | 9.53M | 3.94M | 4.22M | 2.26M |
| Days Payables Outstanding | 76.2 | 73.13 | 87.53 | 89.35 | 75.29 | 46.02 | 62.09 | 55.01 |
| Short-Term Debt | 0 | 3.74M | 6.34M | 2.02M | 1.88M | 192.01K | 1.33M | 217.79K |
| Deferred Revenue (Current) | 1.36M | 0 | 313.36K | 350.6K | 273.46K | 297.41K | 741.3K | 420.18K |
| Other Current Liabilities | 0 | 722.24K | 1.27M | -1.48M | -1.21M | 3.07M | 0 | 4.27M |
| Current Ratio | 2.10x | 1.34x | 1.47x | 1.77x | 2.41x | 3.58x | 1.31x | 1.00x |
| Quick Ratio | 1.72x | 0.78x | 1.03x | 0.89x | 1.08x | 2.13x | 0.75x | 0.60x |
| Cash Conversion Cycle | 74.32 | 40.56 | 57.2 | 107.35 | 245.17 | 159.85 | 80.75 | 79.13 |
| Total Non-Current Liabilities | 7.55M | 2.91M | 4.51M | 15.9M | 23.3M | 1.63M | 500K | 262.88K |
| Long-Term Debt | 4.47M | 0 | 0 | 9.79M | 14.1M | 458.57K | 500K | 0 |
| Capital Lease Obligations | 9.48M | 2.91M | 4.51M | 6.11M | 8.27M | 1.17M | 0 | 262.88K |
| Deferred Tax Liabilities | 1.57M | 0 | 0 | 0 | 939.12K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.26M | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 14.16M | 17.37M | 28.28M | 39.23M | 46.18M | 10.65M | 10.74M | 7.91M |
| Total Debt | 7.74M | 8.01M | 12.89M | 20.07M | 26.82M | 2.55M | 2.09M | 968.13K |
| Net Debt | 7.02M | 6M | 5.51M | 16.34M | 25M | -4.1M | 1.11M | 496.67K |
| Debt / Equity | 0.45x | 0.44x | 0.56x | 0.96x | 0.83x | 0.10x | 0.71x | 1.87x |
| Debt / EBITDA | -1.15x | - | 8.34x | - | 9.21x | 0.86x | 0.72x | 1.16x |
| Net Debt / EBITDA | -1.04x | - | 3.56x | - | 8.58x | -1.38x | 0.38x | 0.60x |
| Interest Coverage | -15.61x | -13.29x | -1.27x | -12.76x | 4.83x | 0.97x | 17.28x | 7.60x |
| Total Equity | 17.15M | 18.28M | 23.02M | 20.86M | 32.4M | 24.99M | 2.93M | 516.54K |
| Equity Growth % | -70.17% | -20.59% | 10.31% | -35.6% | 29.66% | 752.61% | 467.33% | - |
| Book Value per Share | 124.51 | 139.48 | 184.88 | 168.53 | 279.87 | 226.73 | 24.85 | 4.38 |
| Total Shareholders' Equity | 17.2M | 18.32M | 23.05M | 20.89M | 32.41M | 24.99M | 2.93M | 516.54K |
| Common Stock | 1.77K | 31.36K | 31.36K | 29.71K | 29.57K | 26.45K | 34.2K | 34K |
| Retained Earnings | -20.38M | -15.2M | -10.23M | -8.7M | 3.26M | 1.75M | 2.52M | 533.86K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 48.93K | 40.11K | -210.41K | -62.13K | 5.68K | 0 | 0 | -51.32K |
| Minority Interest | -47.46K | -47.46K | -38.2K | -24.91K | -13.23K | 0 | 0 | 0 |
Liquidity and solvency constraints
As reported in recent quarterly filings, iPower's total assets have declined from $51.3 million in 2024Q4 to $31.3 million by 2026Q3, reflecting a significant contraction that suggests the company is struggling to maintain its operational scale in a challenging consumer discretionary environment.
The consistent reduction in the asset base appears to be a direct consequence of the company's inability to sustain revenue growth, leading to a liquidation of resources to cover ongoing operational deficits. Investors should monitor whether this trend represents a strategic downsizing or an involuntary erosion of the company's competitive footprint.
Based on the latest financial statements, cash and equivalents have plummeted to approximately $713.7 thousand as of 2026Q3, a stark reduction from the $7.4 million reported in 2024Q4, which indicates a severely constrained liquidity position that leaves little room for operational errors or market shocks.
The rapid depletion of cash reserves suggests that the company's current burn rate is unsustainable without external capital intervention. This precarious liquidity profile may force management to prioritize short-term survival over long-term strategic initiatives, potentially increasing the risk of dilutive financing for shareholders.
According to historical balance sheet data, accumulated deficits have deepened to -$20.4 million in 2026Q3, a trend that underscores the persistent inability of the business model to generate positive net income and effectively preserve shareholder equity over the past ten quarters.
The consistent growth in negative retained earnings suggests that the company's core operations are structurally unprofitable, necessitating a fundamental shift in cost management or revenue generation. The erosion of equity quality warrants further investigation into whether the current capital structure can support the business through a prolonged downturn.
As indicated by the provided financial data, the company carries $2.5 million in goodwill alongside a rapidly declining net PPE balance, which may suggest that the carrying value of these assets is increasingly disconnected from the company's current market reality and operational performance.
The presence of significant goodwill on a balance sheet characterized by negative earnings and shrinking assets may indicate a future risk of impairment charges. Analysts should consider whether these intangible assets are truly representative of future economic benefits or if they represent legacy valuations that no longer reflect the company's diminished competitive position.
Quick answers to the most common questions about buying IPW stock.
As of 2025, iPower Inc. (IPW) had total assets of $35.6M including $19.4M in current assets.
iPower Inc. (IPW) carries total debt of $8.0M, offset by $2.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
iPower Inc. (IPW) has total shareholders' equity (book value) of $18.3M ($139.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
iPower Inc. (IPW) reported a current ratio of 1.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.