iPower Inc. Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Liquid Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
Operating Liquidation Value
- Long-Term Debt: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-11.82M | $-10.93 |
| Liquid Liquidation Value | $-6.65M | $-6.15 |
| Operating Liquidation Value | $-3.04M | $-2.81 |
Key Components (as of 2025-12-31)
| Cash & Equivalents | $2.01M |
| Accounts Receivable | $5.17M |
| Inventory | $3.61M |
| Current Liabilities | $8.02M |
| Long-term Debt (?) | N/A |
| Op. Lease Liability (?) | $2.19M |
| Finance Lease (?) | N/A |
| Shares Outstanding | 1.1M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | $2.01M | $5.17M | $3.61M | $3.06M | $8.02M | N/A | $2.19M | N/A |
| 2025-09-30 | $903,975 | $5.11M | $4.33M | $3.60M | $8.12M | N/A | $2.56M | N/A |
| 2025-06-30 | $1.77M | $6.12M | $8.13M | $7.18M | $14.45M | N/A | $2.91M | N/A |
| 2025-03-31 | $2.19M | $10.18M | $9.77M | $8.03M | $12.95M | N/A | $3.27M | N/A |
| 2024-12-31 | $2.88M | $13.93M | $9.18M | $8.85M | $14.51M | N/A | $3.61M | N/A |
| 2024-09-30 | $2.58M | $12.28M | $8.67M | $8.35M | $14.18M | N/A | $3.95M | N/A |
| 2024-06-30 | $7.22M | $14.74M | $10.55M | $11.23M | $23.77M | N/A | $4.51M | N/A |
| 2024-03-31 | $2.71M | $16.84M | $11.87M | $14.20M | $26.50M | N/A | $4.95M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2025-12-31 | 10-Q | 2026-02-20 | View |
| 2025-09-30 | 10-Q | 2025-11-14 | View |
| 2025-06-30 | 10-K | 2025-10-09 | View |
| 2025-03-31 | 10-Q | 2025-05-15 | View |
| 2024-12-31 | 10-Q | 2025-02-14 | View |
| 2024-09-30 | 10-Q | 2024-11-14 | View |
| 2024-06-30 | 10-K | 2024-09-20 | View |
| 2024-03-31 | 10-Q | 2024-05-14 | View |
AI Insights
iPower Inc. (IPW) presents a deeply stressed liquidation posture as of December 31, 2025. MFFAIS reports a cash liquidation value of approximately negative $8.2 million, liquid liquidation value of negative $3.0 million, and operating liquidation value of approximately positive $0.6 million — confirming that even on a going-concern asset base, equity recovery under wind-down is negative after applying standard haircuts. The balance sheet shows total assets of $34.0 million against total liabilities of $16.0 million, leaving book equity of approximately $18.0 million. However, the liquidation-adjusted picture is substantially worse when intangibles ($2.7 million net), goodwill ($3.0 million), ROU asset ($3.3 million), deferred tax asset ($4.8 million), and equity method investment ($0.7 million) are haircut to zero, and crypto assets ($2.2 million) are retained at market but subject to market volatility.
The key liability-side events this period are material: (1) a new $5.2 million Series A and $1.8 million Series B OID convertible note facility closed December 22, 2025, with $6.6 million in gross proceeds; an additional $2.0 million Additional Mandatory Series A closed post-period February 10, 2026. The convertible notes are senior secured, with collateral pledged against all cryptocurrency and related assets. The filing discloses a bifurcated embedded derivative liability of $1.4 million on these notes as of December 31, 2025. (2) Promissory notes totaling $2.0 million were issued November 24, 2025 and repaid February 12, 2026; as of the period-end balance sheet, $1.5 million in short-term borrowings is shown. (3) The JPMorgan ABL revolving facility was paid off and terminated. (4) Operating lease obligations remain at $3.6 million total ($1.4 million current, $2.2 million non-current), anchored by a Rancho Cucamonga warehouse lease running through May 2028 with monthly rents up to $140,079.
Revenue declined 49.7% for the six months ended December 31, 2025 to $19.2 million versus $38.1 million in the prior-year period. Operating loss deepened to $4.1 million from $2.1 million. The company burned $5.6 million in investing activities primarily due to $2.2 million in cryptocurrency purchases, $0.7 million in software development prepayments, and $0.3 million in a joint venture investment, alongside VIE deconsolidation cash outflows.
The VIE (DHS/Daheshou) was deconsolidated August 4, 2025. The prior filing included a $280,000 deferred foreign income tax benefit and $280,155 income tax payable to Chinese authorities at June 30, 2025; both are removed post-deconsolidation. Material weakness in internal controls over financial reporting has been disclosed and remains unremediated. The filing discusses a $30 million aggregate Convertible Note Facility (only $9.0 million drawn to date) and a Digital Treasury Strategy (BTC and ETH purchased late December 2025) in MD&A but does not separately tag the full facility commitment in XBRL beyond current drawn amounts. The GPM subsidiary sale post-period (February 1, 2026) for a $2.3 million promissory note is not on-balance-sheet at period-end.
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