#1ATLETET: COMPANY PRESENTATION April 2021 IPOWER#22 DISCLAIMER This presentation regarding iPower Inc. ("Power", "we," "us" or "our") is strictly confidential and is for you to familiarize yourself with the company. This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding future results of operations and financial condition of iPower, our business strategy and plans and our objectives for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "will" and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions including the indicativeness of our historical financial results, our ability to manage and sustain our growth, our limited operating history, the success of our strategic relationships, competition in our industry, general economic trends and market risks, and other factors. Moreover, we operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results or performance to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this presentation, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation. This presentation also contains estimates, projections and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry and our business. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the accuracy and completeness of the information obtained by third parties included in this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes certain non-GAAP financial measures as defined by rules of the Securities and Exchange Commission (the "SEC"). The non-GAAP financial measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. We urge you to review the reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in the Appendix to this presentation, and not to rely on any single financial measure to evaluate our business. Unless otherwise specified, data presented in this presentation is presented as of April 6, 2021. We are an "emerging growth company" within the meaning of the Jumpstart Our Business Startups Act. This presentation is made pursuant to Section 5(d) of the Securities Act of 1933, as amended. We have filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by contacting D.A. Davidson & Co. at (800) 332-5915. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. IPOWER Private and Confidential NASDAQ: IPW#3A LEADING ONLINE RETAILER AND SUPPLIER OF HYDROPONICS EQUIPMENT !!!!! IPOWER Whilililililili IPOWER Zen 3 Private and Confidential NASDAQ: IPW#4OFFERING SUMMARY IPOWER Initial Public Offering Summary Issuer Symbol/ Exchange Size of Transaction Number of Shares Offered Price Range Over-Allotment Option Marketing Expected Pricing Use of Proceeds Bookrunners Lock ups iPower, Inc. IPW / NASDAQ Approx. $50 Million 5.0 Million Shares of Common Stock, 100% Primary $9.00 - $11.00 15.0% (100% Common Stock) April 29 May 6, 2021 - May 6, 2021, Post Market Close Continued expansion of the ecommerce platform Investment in inventory, operations and intellectual property portfolio General corporate purposes, including strategic acquisitions D.A. Davidson & Co. / Roth Capital Partners / Tiger Brokers · 180 Days for Officers and Directors Private and Confidential NASDAQ: IPW#5COMPANY OVERVIEW iPower is a leading online retailer and supplier of hydroponics equipment and accessories Data and Technology Driven Culture. Founded by two software engineers, management has approached ecommerce with a data first mindset, utilizing in-house technology throughout the business to streamline operations and spark innovation Experienced Ecommerce Capabilities. iPower sells through online partners such as Amazon, Walmart and eBay, as well as its own website zenhydro.com Sophisticated Fulfillment. iPower utilizes its own fulfillment centers located on the west coast. The Company has the capacity within its fulfillment operations to address significant increases in order volume Strong Supplier Relationships. Management has worked with its key suppliers over a number of years and maintains a diversified supplier network Attractive Financial Profile. In FY 2020, the company's revenues grew 75% YoY to approximately $40 million with net income of nearly $2 million. For the six months ended December 31, 2020, the company's revenues grew about 70% over the same period in the prior year to approximately $26 million and net income of over $1 million. In addition, the Company has raised less than $3.5 million in external capital to date • Extensive In-House Brands. The company offers a broad selection of high quality products under its in-house brands iPower and Simple Deluxe, which represented -67% of total revenue in CY 2020. The Company's in- house brands have a gross margin of -45% IPOWER Duarte, CA Headquarters !!! 22.1k Unique SKUs 100+ Suppliers ♡ 2.6k In-house SKUs 50 States Covered plus Canada HEMODI 5 Private and Confidential NASDAQ: IPW#6IPOWER AT A GLANCE Product Categories Nutrients Third Party 17% of 2H 2020¹ Total Revenue Ventilation Grow Light Systems Systems In-House In-House 16% of 2H 2020¹ Total Revenue 9% of 2H 2020¹ Total Revenue IPOWER Air Filtering Devices In-House In House Brands IPOWER 1. For six months ended December 31, 2020 8% of 2H 2020¹ Total Revenue Deluxe SIMPLE DELUXE Trimmer In-House 4% of 2H 2020¹ Total Revenue a Walmart ebay Ken HYDRO Strong Online Presence The Company is a top hydroponic retailer on Amazon, which is the most important online channel in the category iPower has seen over 200% year-over-year growth on Walmart with minimal investment Over the years, iPower has developed a strong position on eBay and will look to maintain its position on the platform The Company's own specialty retail website zenhydro.com aims to service the retail and small commercial cultivator markets 6 Private and Confidential NASDAQ: IPW#7SOUGHT AFTER REOCCURRING CUSTOMER The average cost of a starter kit will range between $800 to over $2,000 depending on size • A large number of products need to be replaced every 3 to 6 months (e.g. light bulbs, filters, hoses, etc.) Nutrients are used every day and typically need to be replenished every month . . IPOWER Start Up Costs Consumables and Replacements 7 Private and Confidential NASDAQ: IPW#8SELECT FINANCIAL INFORMATION Fiscal Year Ended June 30 ($ in millions) Annual Revenue ¹ ($ in millions) $22.8 FY 2019 Annual Gross Profit¹ $7.9 FY 2019 74.8% YOY Growth POWERF $39.9 92.1% YOY Growth FY 2020 $15.1 FY 2020 <$3.5M Capital Raised 1. For fiscal year ended June 30 2. For six months ended December 31 ($ in millions) 4. Based on average of Q321 range ($ in millions) months ended March 31; FY Q321 is what the Company expects to report 6 Month Revenue² $15.5 1H20 6 Month Gross Profit² $5.4 69.0% YOY Growth 1H20 94.4% YOY Growth $26.2 -45% In-House Brands Gross Margin 1H21 $10.5 1H21 ($ in millions) 3 Month Revenue³ $9.4 $400.0 FY Q320 FY Q321 3 Month Operating Income³ ($ in thousands) $900.0 FY Q320 30.3% YOY Growth ~5% FY 2020 Net Income Margin $12.8 $11.8 106.3% YOY Growth $750.0 FY Q321 8 Private and Confidential NASDAQ: IPW#9WHAT IS HYDROPONICS? . Hydroponics is a method of gardening in which plants are grown in a controlled environment with lighting sources and an optimized solution of water and nutrients rather than soil • Roots are submerged in either water or a soil substitute giving them direct access to nutrients resulting in larger crop growth Since hydroponic systems allow for crops to be raised indoors, the plants are protected from weather, pests and harmful chemicals IPOWER Illustrative Hydroponic System ** ** 9 Private and Confidential NASDAQ: IPW#10HYDROPONICS MARKET As a preferred growing method for cannabis, the hydroponics market was encouraged by cannabis cultivation largely being deemed essential during COVID-19 Hydroponics systems benefit from consumers' increasing concern with food sustainability, as 83% of consumers take the environment into consideration when making purchases¹ The surge in global population is placing growing pressure on the agriculture industry to adopt high-yielding farming techniques such as hydroponics Global Hydroponics Market² $25.2B 2020 IPOWER 5.4% CAGR $36.3B 2027 1. Source: Consumers Still Care About Sustainability Amid Pandemic, Report Finds by Fooddive (April 2020) 2. Source: Hydroponics - Global Market Trajectory & Analytics by Global Industry Analysts, Inc. (July 2020) Hydroponics Demand Drivers Environmental Concerns Used in response to drought, other severe weather conditions and insect/ pest infestations Yield Up to 10x greater yield than traditional farming methods Exercising Reading Accelerated Growth WEEREE 01 Control Better regulation and control of nutrient delivery, light, air, humidity, and temperature Cooking Cannabis Growth Employed in new and emerging industries such as cannabis and hemp cultivation Gardening Popular Lockdown Activity Ranking by Global Data (May 2020) TV Residential hydroponics saw rapid adoption during the COVID-19 pandemic 10 Private and Confidential NASDAQ: IPW#11KEY INVESTMENT HIGHLIGHTS Leading Online Product Offering • iPower sells an extensive variety of hydroponic products as well as other indoor and outdoor gardening equipment through third party online retailers and its own retail website • iPower's in-house brands provide superior margins to the Company and competitive prices to consumers 2 Proprietary Ecommerce Software The Company uses technology, advanced data, and analytics to help manage and grow its listings on select marketplaces and its direct to consumer platform zenhydro.com . 3 Diversified and Growing Customer Base • The Company sells to both commercial and home cultivators • Residential gardeners and hobbyists constitute a significant portion of the Company's customer base IPOWER 1. For fiscal year ended June 30 4 Strong Supplier Relationships • Management has developed relationships with suppliers over a number of years and is in constant communication with these suppliers to ensure in-house products are adequately stocked 5 Established Relationship with Amazon and Other Online Marketplaces The Company's marketplace relationship with Amazon as both a retailer and wholesaler provides key customer insights • iPower's relationship with other third party online marketplaces has led to increased exposure to customers 6 Strong Financial Profile¹ • The Company grew revenue by -75% from FY 2019 - FY 2020 and expanded gross margins by 339 bps, leading to FY 2020 net income of nearly $2 million 11 Private and Confidential NASDAQ: IPW#12STRENGTH OF OUR BRANDS . The Company has more than 2,600 in-house SKUs available under the iPower and Simple Deluxe brands In CY 2020, in-house brands accounted for -12% of iPower's SKUs, but contributed -67% to total revenue, with a gross margin of -45% Continued development of best-in-class in-house products is a core part of iPower's go-forward strategy ($ in millions) $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $0.0 $1.2 $1.2 $1.0 $1.5 Jan-19 Jan-20 IPOWER $1.5 $2.0 $1.2 $1.1 Feb-19 Feb-20 $1.3 $1.9 $1.5 $1.5 Mar-19 Mar-20 $2.1 $1.3 $3.8 $1.2 Apr-19 Apr-20 $1.7 $2.0 $1.4 $3.0 Monthly Revenue $1.1 $0.8 $1.7 May-19 May-20 Third Party Brands $2.9 Jun-19 Jun-20 $1.6 $1.1 $1.3 $3.3 Jul-19 Jul-20 In-House Brands $1.6 $1.3 $3.8 $1.2 Aug-19 Aug-20 $1.0 $1.4 $3.9 $1.2 Sep-19 Sep-20 $1.7 $1.2 $1.3 $3.0 Oct-19 Oct-20 $1.3 IPOWER Deluxer SIMPLE DELUXE $0.6 $1.1 $3.8 Nov-19 Nov-20 Private and Confidential $0.9 $0.7 $2.1 $2.2 Dec-19 Dec-20 12 NASDAQ: IPW#13ONLINE PARTNERS The Company is a Trusted Partner with Amazon amazon 87% Amazon Revenue Growth¹ 2% Amazon Advertisement / Revenue %¹ 62 # of Amazon Choice Products² 5 #1 Best-Seller SKUS² IPOWER 1. For calendar year 2020 2. As of March 26, 2021 IPOWER Power horticulture alway provides you with premsum hydroponics equipment and services EXON LIGHT VENTILATION SE PLANT LIGHTING EXPERT $1277 ✓prime $16% ✓prime $10100 prime $59% ✓prime 00 TT $69% ✓prime $139⁹ ✓prime $130% ✓prime $9999 ✓prime POWER Top Rated iPower GLDUCT25CV1 6 Inch 25 Feet Non- Insulated Flex Air Aluminum Ducting Dryer Vent Hose for HVAC Ventilation, 2 Clamps Included Visit the Power Sore in MUAC During iPower GLFANXCONTROL Exhaust Variable Speed Adjuster for Duct Inline Fan Vent Blower, HVAC Controls, 350W, Black Visit the Power Stove A for iPower 4 Inch Air Carbon Filter Indoor Plants Grow Tent Odor Control Scrubber with Australia Activated C for Inline Fan, Prefilter Included, 4", Silver Wt the Power Sta Private and Confidential 13 NASDAQ: IPW#14ONLINE PARTNERS (CONTINUED) Built Compelling Momentum With eBay and Walmart FNC 1000 Dig IPOWER Walmart Walmart IPOWER $10.99-99539 P 40 H $45.99 $14000-$20099 Say POWER Featured Items ebay IPOWER THE POWER IS YOURS IPower HPS Grow Light Store Power 400W 600w 1000w HPS High Pressure Sodium $12.99 Power 600w HPS MH Grow Light Digital System indoor $99.99 Power 4" 8"Fan Exhaust Blower Ducting At $82.99 POWER Power Hydroponic indoor Myler Reflective Grow Tent.. $69.99 Other Opportunities THE 10 HOME LOWE'S *wayfair overstock. 14 Private and Confidential NASDAQ: IPW#15ZENHYDRO.COM iPower operates its retail website zenhydro.com, a one-stop-shop of competitively priced, quality indoor and outdoor gardening products backed by a knowledgeable staff of gardening enthusiasts . Positioned as a specialty website, zenhydro.com aims to service the retail and small commercial cultivator segments of the market Customers are serviced by an experienced team of hydroponic experts that provide a best-in-class shopping experience and technical support IPOWER HIGH QUALITY GROW LIGHT SYSTEM KITS AT AFFORDABLE PRICES Now at Zenhydrol Choose from Top Brands 12 E Flash Deal Ken HYDRO Best Hydroponics Store 15 Private and Confidential NASDAQ: IPW