Nasdaq confirmed on November 11 that iPower Inc. had met its $1.00 minimum bid price requirement for the ten consecutive business days from October 27 to November 7, 2025, ending a period of non‑compliance that had triggered a delisting notice.
The compliance was achieved after the company executed a 1‑for‑30 reverse stock split effective October 27, 2025. The split increased the per‑share price, allowing the closing bid price to stay above the $1.00 threshold for the required period.
iPower has faced multiple delisting warnings in recent years. A deficiency letter dated January 2, 2025, cited a failure to maintain the minimum bid price from November 15, 2024, to December 31, 2024, and the company was given until July 1, 2025, to correct the issue. Earlier, the company regained compliance in June 2023 after a similar shortfall, and it had also received a deficiency notice in November 2022.
Financially, the company reported a net loss of $0.3 million for fiscal Q3 2025, compared with a net income of $1.0 million in Q3 2024. Revenue fell to $16.6 million in Q3 2025 from $23.3 million a year earlier, largely due to reduced product sales to its largest channel partner. In Q2 2025, iPower posted a net income of $0.2 million versus a net loss of $1.9 million in Q2 2024. Gross margin was 43.3% in Q3 2025, down from 44.5% in Q3 2024, while the margin in Q2 2025 was 44.0%, slightly above the 43.6% recorded in Q2 2024.
The decline in revenue and the resulting bid‑price pressure stemmed from a contraction in sales to the company’s largest channel partner, which accounted for a significant share of its product revenue. Management has responded by diversifying its supply chain, expanding manufacturing operations in the United States, and cultivating relationships with alternative suppliers to reduce dependence on any single partner.
CEO Lawrence Tan said the company is focused on strengthening operations and navigating a cautious demand environment. He highlighted the growth of the SuperSuite business, which now represents roughly 20% of total revenue, and emphasized the company’s strategy to broaden its product portfolio and improve operational efficiency.
While the reverse split and subsequent compliance remove the immediate delisting risk, iPower’s underlying financial challenges remain. The company is exploring non‑bank financing options to enhance capital flexibility, and its strategic initiatives aim to build resilience against future market volatility.
The Nasdaq confirmation is a positive development for investors, signaling that the company has met a critical regulatory requirement. However, the broader financial picture—declining revenue, net losses in recent quarters, and a modest margin squeeze—suggests that the company’s path to sustained profitability will require continued execution on its supply‑chain and product‑portfolio initiatives.
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