Ipower Revenue, Net Income & 10-K Summary

Core business

Technology- and data-driven infrastructure company focused on supply chain services, real-world commerce, and partner-based logistics and fulfillment.
Uses proprietary software, data, and operational experience together with a network of procurement, logistics, warehousing, and commerce partners to support supply chain services and commerce infrastructure.
Asset-light platform strategy that combines operating capabilities with third-party warehousing, transportation, and fulfillment networks.
Strategic focus on AI infrastructure opportunities, including acquisition, financing, equipment leasing, and related activities.

DAT strategy launched June 2025; purchases began December 2025.
Holdings have included Bitcoin (BTC), Ethereum (ETH), USD stablecoins (USDai), and sUSDai (yield-bearing vault tied to USD.AI protocol). Management intends to diversify within board-approved policies.
Custody: assets held in BitGo Trust Company (South Dakota), with a first-priority security interest pledged to the Collateral Agent for the Convertible Note Investor.
The company is not a digital asset fund or custodian and has no external investment manager.
Key DAT activity:
- December 2025: acquired ~15.1 BTC (~$1.325 million) and ~301.1 ETH (~$0.884 million).
- June 2026: acquired ~USDai (~$1.0 million) and converted/staked into sUSDai for yield.
- August 14, 2026: sold all sUSDai for ~$1,002,381 and all ETH for ~$563,391.
As of October 1, 2026 (company-provided):
- Total assets in controlled accounts: $6,095,967.75
- USD cash: $4,817,911.37
- Bitcoin: 15.115 BTC (valued at $1,278,056.38)
The company adopted ASC 2023-08 (fair value measurement for digital assets) effective July 1, 2025; fair value changes impact earnings.
Digital asset allocations are governed by operating liquidity, collateral requirements, and opportunity assessments, rather than fixed targets.
DAT activity exposes the company to regulatory, counterparty, liquidity, and valuation risks described in the Risk Factors.

Securities Purchase Agreement with ATW Digital Asset Opportunities XIV (Dec 22, 2025) for a 6% OID convertible note facility up to $30,000,000.
Initial closings included Series A convertible notes (~$5.184 million) and Series B convertible notes (~$1.816 million) with a registered direct offering for Series B.
Additional Series A closings: initial $5,000,000, with facility increased by $2,000,000 via amendment on July 6, 2026.
Optional closings in July and September 2026 totaled $4.7 million in new proceeds for $5.0 million aggregate Series A notes (subject to closing conditions).
Placement agent: Digital Offering LLC (6% cash commission per closing).
As of October 2, 2026, the Investor had converted $9,359,580 of Series A Notes into 849,697 shares at an average price of $11.02 per share (post two reverse splits).
Reverse splits: 1-for-8 on May 22, 2026; 1-for-9 on August 7, 2026.
Certain subsidiaries guaranteed the convertible notes; iPower Smart LLC joined the Guaranty in July 2026.
Related reorganizations and asset transfers:
- Feb 1, 2026: Sold all equity in Global Product Marketing (GPM) to ETTS AI in exchange for a $2.3 million promissory note; entered into a Supply and Distribution Agreement to continue US/Canada/Mexico distribution as supplier.
- June 30, 2026: Supplement to Supply and Distribution Agreement; GPM assumed roughly $2.0 million of supplier payables in exchange for inventory; exclusive sourcing/distribution obligations terminated.

Global Product Marketing (GPM) – formerly a wholly owned subsidiary; assets divested to ETTS AI (sale completed Feb 1, 2026). Continued supply/distribution relationship under ongoing agreements.
ETTS AI Investment LLC – buyer in the GPM transaction.
iPower Smart LLC – formed Jan 23, 2025; focuses on digital treasury activities.
iPower Nexus Inc. – formed Feb 1, 2026; focuses on supply chain management.
United Package NV, LLC – formed Jun 3, 2025; 44% owned by iPower; packaging materials production.
Box Harmony, LLC – formed Jan 13, 2022; 40% owned; provides logistics services for foreign manufacturers/distributors; exerts significant influence without majority control.
Global Social Media, LLC (GSM) – formed Feb 10, 2022; 60% owned; iPower controls operations.
Anivia Limited (BVI) and related entities (Fly Elephant Limited, DYRZ) – complex holding structure with a PRC WFOE via a transfer framework; previously controlled DHS through contractual arrangements; VIE terminations occurred Aug 4, 2025.
IPW Commerce LLC and iPower AI LLC – formed July 15, 2026; wholly owned subsidiaries created to separate e-commerce and AI operations.

Principal office and fulfillment center: 8798 9th Street, Rancho Cucamonga, CA 91730; ~99,347 sq ft; lease through May 31, 2028.
Duarte, CA fulfillment center: 2397 Bateman Avenue, Duarte, CA 91010; ~49,500 sq ft; lease ended April 30, 2025 (not renewed).
China operations: office lease in PRC renewed in 2023 for three years through July 2026.
Additional corporate office arrangements exist in connection with subsidiaries and reorganizations.

Serves thousands of retail and commercial customers across the United States through its distribution network and partner fulfillment centers.
Workforce snapshot (as of June 30, 2026): 2 full-time employees and 2 part-time employees/consultants, supported by additional contractors and consultants under a flexible workforce model.

iPower describes itself as a platform for supply chain, e-commerce infrastructure, and AI infrastructure opportunities, with a strategic emphasis on AI-related assets and services rather than conventional digital asset investment activities.
The DAT strategy is intended to be flexible and governed by company policies; it is not structured as a dedicated investment fund or as a custodial service for third parties.