Pot Products Drive Profit For This Vape-Tech Company: Q3 Revenue Spikes YoY, Loss Narrows

Ispire Technology Inc. ISPR reported its first quarter financial results on Tuesday, revealing a 59.1% year-over-year increase in revenue to $42.9 million in the three months ended Sept. 30, 2023.

Cannabis vaping products contributed $17.3 million to revenue during the fiscal first quarter of 2024, up by 116.8% year-over-year, while tobacco vaping products contributed $25.5 million, representing a 34.8% year-over-year increase.

"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 have also made inroads into new geographies, adapting swiftly to increased market demands,” Michael Wang, co-chief executive officer of Ispire said.

Q1 2024 Financial Highlights

• Gross profit totaled $6.9 million, up from $4.8 million in the same period of last year.
• Gross margin decreased to 16.1% as compared to 17.8% in the same period of 2023.
• Net loss amounted to $1.38 million, down from $2 million in the same quarter of fiscal 2023.
• Loss from operations was $911,273, down from $1.2 million in the prior year’s period.
• Total operating expenses increased 29.8% to $7.8 million as compared to $6 million in the same period of 2023.
• As of Sept. 30, 2023, the company had $88.4 million in total assets.

ISPR Price Action

Ispire’s shares traded 2.96% higher at $11.12 per share during the pre-market session on Tuesday morning.

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• Publicly-Traded Vape-Tech Company Posts 100.4% YoY Growth In Revenue For Pot Products

Photo: Courtesy of Testeur de CBD on Unsplash