Business
Ispire Technology Inc. Reports Financial Results for the Third Quarter 2023
Revenue Increased 26.9% to $24.1 Million; Gross Profit Increased 51.9% to $4.5 Million; Net Loss of $3.3 Million for the Quarter, up from a $1.0 Million Net
About this update from Ispire Technology Inc.
[{"type":"text","content":"Revenue Increased 26.9% to $24.1 Million; Gross Profit Increased 51.9% to $4.5 Million; Net Loss of $3.3 Million for the Quarter, up from a $1.0 Million Net Loss in the Third Quarter 2022 Issues Fourth Quarter 2023 Outlook for Cannabis Vaping Products, Representing Growth of 58% to 98% LOS ANGELES, May 16, 2023 (GLOBE NEWSWIRE) -- Ispire Technology Inc. (NASDAQ: ISPR) (“Ispire” or the “Company”), a leader in vapor technology, providing high-quality, innovative products with first-class performance, today reported financial results for the third quarter of 2023, which ended on March 31, 2023, and filed its quarterly report on Form 10-Q on May 15, 2023. The Company’s fiscal year is the year ending on June 30, 2023. “We are very pleased with our financial results during our third quarter. Revenue growth was a robust 26.9% while gross profit grew 51.9% due to a favorable product mix and the realization of economies of scale on higher sales volume. We look forward to a strong finish to the fiscal year with a projected sequential revenue increase for cannabis vaping products of between 58% and 98% during our fourth quarter,” said Michael Wang, CFO of Ispire. He added, “As we begin our journey as a public company, we are focused on a multi-prong strategy directed at increasing sales of our e-cigarette vaporizer technology products and developing our cannabis vaporizer technology products with a focus on both medical and recreational usages. We firmly believe that Ispire offers the very best products in the marketplace and has rightfully earned an enviable reputation among its customers. We continue to seek to remain at the forefront of technology so that we can adapt to emerging trends and thereby enhance value for all of our shareholders.” Third Quarter 2023 Highlights Revenue increased 26.9% to $24.1 million as compared to $19.0 million in the same period of 2022. Tobacco vaping products contributed $16.5 million and cannabis vaping products contributed $7.6 million to revenue during the third quarter 2023;Gross profit increased 51.9% to $4.5 million as compared to $3.0 million in the same period of 2022;Gross margin increased to 18.7% as compared to 15.7% in the same period of 2022.Total operating expenses increased 106.2% to $8.0 million as compared to $3.9 million in the same period of 2022; andNet loss of $3.1 million as compared...