Business
Ispire Technology Inc. Reports Fiscal Third Quarter 2024 Financial Results
Total Revenue Increased 24% year-over-year to $30.0 Million Gross Profit Increased 35% year-over-year to $6.1 Million North American Cannabis Vaping Hardware
About this update from Ispire Technology Inc.
[{"type":"text","content":"Total Revenue Increased 24% year-over-year to $30.0 Million\nGross Profit Increased 35% year-over-year to $6.1 Million\nNorth American Cannabis Vaping Hardware Revenue Increased 57% year-over-year to $11.9 Million \nClosed $12.3 million public offering\nLOS ANGELES, May 14, 2024 /PRNewswire/ -- Ispire Technology Inc. (NASDAQ: ISPR) (\"Ispire\" or the \"Company\"), an innovator in vaping technology and precision dosing, today reported results for the fiscal third quarter, which ended March 31, 2024 and filed its quarterly report on Form 10-Q on May 14, 2024.\n\nFiscal Third Quarter 2024 Financial Results\nRevenue increased 24% to $30.0 million as compared to $24.1 million in the same period of 2023. Tobacco vaping products contributed $18.1 million and cannabis vaping products contributed $11.9 million to revenue during the fiscal third quarter 2024;Gross profit increased 35% to $6.1 million for the three-month period ended March 31, 2024, compared to $4.5 million in the third quarter of fiscal 2023. Gross profit for the nine-month period ended March 31, 2024, was $19.2 million, compared to $14.3 million for the same period in fiscal 2023.Gross margin increased to 20.4% as compared to 18.7% in the same period of 2023;Total operating expenses increased 63.7% to $11.8 million as compared to $7.2 million in the same period of 2023; andNet loss of $5.9 million as compared to net loss of $2.3 million in the same period of 2023.Michael Wang, Co-Chief Executive Officer of Ispire commented, \"the third quarter was important for Ispire as it demonstrated our continued ability to add new strategic partners and expand within existing market sectors as we execute on our mission to be an innovator and a leader in our markets. During the quarter, we entered into a joint venture with Berify and Chemular, and, subsequent to the end of the quarter, announced a partnership with a subsidiary of Acreage Holdings, Inc. (OTCMKTS: ACRGF). These partnerships will allow us to continue to expand our market share as we offer our cutting-edge products and technology globally.\"\n\"Also during the quarter, we successfully closed on a $12.3 million public offering. This additional capital will allow us to help fund our joint venture with our partners and also ramp up our operations at our Malaysian manufacturing facility. This facility will play an important ...