Business
Ispire Technology Inc. Reports Financial Results for the Fiscal First Quarter 2024
Overall Revenue Increased 59.1% to $42.9 Million; Gross Profit Increased 43.7% to $6.9 Million. Revenue from cannabis vaping products up 116.8% to $17.3
About this update from Ispire Technology Inc.
[{"type":"text","content":"Overall Revenue Increased 59.1% to $42.9 Million; Gross Profit Increased 43.7% to $6.9 Million.\nRevenue from cannabis vaping products up 116.8% to $17.3 Million\nRevenue from tobacco vaping products up 34.8% to $25.5 Million.\nLOS ANGELES, Nov. 14, 2023 /PRNewswire/ -- Ispire Technology Inc. (\"Ispire\" or \"the Company\") (NASDAQ: ISPR), a leader in vapor technology, providing high-quality, innovative products, announced today reported financial results for the fiscal first quarter 2024, which ended on September 30, 2023, and filed its quarterly report on Form 10-Q on November 14, 2023.\n\nFiscal First Quarter 2024 Financial Results\nRevenue increased 59.1% to $42.9 million as compared to $26.9 million in the same period of 2023. Tobacco vaping products contributed $25.5 million and cannabis vaping products contributed $17.3 million to revenue during the fiscal first quarter 2024;Gross profit increased 43.7% to $6.9 million as compared to $4.8 million in the same period of 2023;Gross margin decreased to 16.1% as compared to 17.8% in the same period of 2023;Total operating expenses increased 29.8% to $7.8 million as compared to $6.0 million in the same period of 2023; andNet loss of $1.4 million as compared to net loss of $2.0 million in the same period of 2023.Michael Wang, Co-Chief Executive Officer of Ispire commented, \"For the fiscal first quarter of 2024, we continued to deliver strong financial results as our overall revenues increased 59.1% year-over-year with cannabis and tobacco vaping product revenues increasing 116.8% and 34.8% as compared to the same periods the previous year. This increase reflects our strategic U.S. market expansion and the market's warm reception to our best-in-class products. Our active presence at industry trade shows has been highlighted by the unveiling of our latest innovative product, the Ispire ONE™ which has transformed vaping experiences and set new standards in consumer safety and operational efficiency. Our business strategy has clearly manifested as we continue to redefine the vaping experience, consistently delivering high-quality and groundbreaking products that align with customer preferences.\"\n\"We remain confident in our ability to maintain our position as the leading premier precision dosing technology company as we've not only secured our position in existing markets but hav...