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iPower cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$594K in Q4 FY26

Operating cash flow−$594K
Free cash flow−$594K

Analysis

In Q4 FY26, iPower generated −$594K of operating cash flow. That is $515K less than in Q4 FY25 (−$79K).

Operating cash flow was −$594K against net income of −$6.4M. The largest differences: receivables +$2.7M, inventory +$2.6M, prepaid and other assets −$1.8M.

Free cash flow

iPower: free cash flow by quarteriPower: free cash flow by quarter−$1.4MQ1 FY25$28KQ2 FY25$888KQ3 FY25−$79KQ4 FY25$1.7MQ1 FY26−$923KQ2 FY26−$334KQ3 FY26−$594KQ4 FY26
Operating cash flow less capital spending.
iPower: operating cash flow against capital spendingiPower: operating cash flow against capital spendingOperating cash flowCapital spending−$1.4M$0Q1 FY25$28K$0Q2 FY25$888K$0Q3 FY25−$79K$0Q4 FY25$1.7M$0Q1 FY26−$923K$0Q2 FY26−$334K$0Q3 FY26−$594K$0Q4 FY26
Latest (Q4 FY26): Operating cash flow −$594K, Capital spending $0.

Capital allocation, year by year

iPower: where the cash came from (up) and went (down), by fiscal yeariPower: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksFY22: Operating cash flow −$16.6MFY22: Net borrowing $216KFY22: Capital spending −$484K$216KFY22FY23: Operating cash flow $9.2MFY23: Net borrowing −$2.2MFY23: Capital spending −$141K$9.2MFY23FY24: Operating cash flow $6.2MFY24: Net borrowing −$7.6MFY24: Shares issued $4.5M$10.7MFY24FY25: Operating cash flow −$579KFY25: Net borrowing −$2.8MFY25: Asset sales $13KFY25: Capital spending −$164K$13KFY25FY26: Operating cash flow −$163KFY26: Net borrowing $6.5MFY26: Asset sales $192KFY26: Buybacks −$42K$6.7MFY26
Over these 5 years operating cash flow totalled −$2.0M; the largest uses were operating cash flow ($17.3M) and net borrowing ($12.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$478K
Debt$1.5M
Net debt$1.0M
Cash runway2 months

iPower is burning cash: its operations consume cash, a free cash flow of −$2.4M a year at the current rate against $478K of cash and investments: a runway of about 2 months before any new financing.

Where the cash came from and went

iPower: sources (+) and uses (−) of cash, Q4 FY26iPower: sources (+) and uses (−) of cash, Q4 FY26Cash drawn (+) / kept (−)−$3.0MNet borrowing (+) / repaid (−)$2.6MOther investing$989KOperating cash flow−$594KExchange rates$57KOther financing−$42K

From profit to cash

iPower: net income to operating cash flow, Q4 FY26iPower: net income to operating cash flow, Q4 FY26Net income−$6.4MDepreciation & amortization$182KStock-based pay−$458KReceivables$2.7MInventory$2.6MPayables$813KPrepaid and other assets−$1.8MIncome taxes payable$97KOperating cash flow−$594K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26157101100159
Q2 FY2666917781
Q1 FY2643806954
Q4 FY257013311390
Q3 FY2568938378
Q2 FY2563777466
Q1 FY2565848664

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 FY26−$594K$2.6M−$3.0M−$594K
Q3 FY26−$334K—$1.3M−$334K
Q2 FY26−$923K−$485K−$1.1M−$923K
Q1 FY26$1.7M−$1.8M$1.1M$1.7M
Q4 FY25−$79K$170K$184K−$79K
Q3 FY25$888K−$261K$685K$888K
Q2 FY25$28K$750K−$300K$28K
Q1 FY25−$1.4M−$3.0M$4.8M−$1.4M

iPower: income statement and cash flow

iPower, Q4 FY26: revenue $1.4M (-86% year over year), operating margin -648.0%. The chart follows the revenue to costs, profit and cash.

iPower: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.