iPower Inc 2026年度季度报告

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. **Unless otherwise indicated, all shares of common stock and per share numbers in the unaudited condensed consolidated financialstatements and notes below have been adjusted retroactively to reflect the 1-for-30 reverse stock split effected on October 27, 2025,for all periods presented (see Note 15 for details). The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. iPower Inc.Notes to Unaudited Condensed Consolidated Financial Statements Note 1 - Nature of business and organization iPower Inc., formerly known as BZRTH Inc., a Nevada corporation (the “Company”), was incorporated on April 11, 2018. TheCompany is principally engaged in the marketing and sale of consumer home, garden and other products and accessories mainly in On May 18, 2021, the Company acquired 100% of the equity ownership of its variable interest entity, E Marketing Solution Inc. (“EMarketing”), an entity incorporated in California and owned by one of the minority shareholders of the Company. As a result, E On May 18, 2021, the Company acquired 100% of the equity ownership of its variable interest entity, Global Product Marketing Inc.(“GPM”), an entity which was incorporated in the State of Nevada on September 4, 2020, and was owned by Chenlong Tan, the On January 13, 2022, the Company entered into a joint venture agreement and formed a Nevada limited liability company, BoxHarmony, LLC (“Box Harmony”), for the principal purpose of providing logistics services primarily for foreign-based manufacturersor distributors who desire to sell their products online in the United States, with such logistics services to include, without limitation, On February 10, 2022, the Company entered into another joint venture agreement and formed a Nevada limited liability company,Global Social Media, LLC (“GSM”), for the principal purpose of creating a social media platform in order to provide content andservices to assist businesses, including the Company and other businesses, in marketing their products. The Company owns 60% of the On February 15, 2022, the Company acquired 100% of the ordinary shares of Anivia Limited (“Anivia”), a corporation organizedunder the laws of the British Virgin Islands (“BVI”), in accordance with the terms of a share transfer framework agreement (the“Transfer Agreement”), dated February 15, 2022, by and between the Company, White Cherry Limited, a BVI company (“WhiteCherry”), White Cherry’s equity holders, Li Zanyu and Xie Jing (together with White Cherry, the “Sellers”), Anivia, Fly ElephantLimited, a Hong Kong company, Dayourenzai (Shenzhen) Technology Co., Ltd. (“DYRZ”), and Daheshou (Shenzhen) InformationTechnology Co., Ltd. (“DHS”). Anivia owns 100% of the equity of Fly Elephant Limited, which in turn owns 100% of the equity ofDYRZ, a corporation located in the People’s Republic of China (“PRC”), which is a wholly foreign-owned enterprise (“WFOE”) of On June 3, 2025, the Company entered into a joint venture agreement and formed a Nevada limited liability company, United PackageNV, LLC (“United Package”), for the principal purpose of producing packaging materials to serve the rapidly growing demands ofU.S. businesses seeking reliable, sustainable, and cost-effective supply chain solutions without reliance on offshore manufacturing. On October 15, 2025, the Company executed an agreement (the “Restructuring Agreement” ) with its subsidiaries to modify itscorporate structure so that the Company’s consumer goods and logistics business be operated out of GPM. Pursuant to the On October 23, 2025, the Company formed iPower Smart LLC, a Delaware limited liability company (‘Smart LLC”). Smart LLC isprincipally engaged in digital treasury activities. Note 2 – Basis of Presentation and Summary of significant accounting policies Basis of presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and VIE andhave been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) andthe requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules,certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. Theseunaudited condensed consolidated financial statements have been prepared on the same basis as its annual consolidated financial These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidatedfinancial statements and the notes thereto included in the Annual Report for theyear ended June 30, 2025, which are included in Form Principles of Consolidation