Revenue from cannabis vaping products was up 100.4% to $40 Million.
Revenue from tobacco vaping products was up 10.9% to $75.6 Million.
Overall Revenue Increased 31.2% to $115.6 Million
Issues Fiscal Year 2024 Outlook for Cannabis Vaping Products, Representing a Potential Growth between 100% and 125%, Outlook for Tobacco Vaping Products, Representing a Potential Growth between 25% and 40%
Fourth Quarter 2023 Non-GAAP Net Profit of $0.5 Million, as compared to $1.9 Million Net loss of in Fourth Quarter 2022
Fourth Quarter 2023 Net Loss of $1.6 million as compared to $2.2 Million Net Loss for Fourth Quarter 2022
LOS ANGELES, Calif., Sept. 18, 2023 /PRNewswire/ — Ispire Technology Inc. (“Ispire” or “the Company”) (NASDAQ: ISPR), a leader in vapor technology, providing high-quality, innovative products with first-class performance, announced today financial results for the fiscal year 2023, which ended on June 30, 2023, and filed its annual report on Form 10-K on September 18, 2023.
“The fiscal year 2023 marked a significant milestone for Ispire, with a 100.4% and 10.9% surge in cannabis and tobacco vaping products revenues, respectively from Fiscal year 2022. Overall revenue Increased 31.2%. This growth was predominantly driven by the doubling of the revenues from our cannabis vaping products in the United States and a rise in sales of tobacco vaping products in Europe. Central to this success is our multi-pronged strategy: expanding our e-cigarette vaporizer technology sales and innovating our cannabis vaporizer offerings for both medical and recreational sectors. Our commitment to delivering industry-leading products has positioned Ispire at the forefront, cultivating a reputation for innovation and reliability. The recent introduction of the Ispire ONETM technology in July 2023 further exemplifies our commitment to innovation and sets industry standards, particularly around consumer safety and operational efficiency. As part of our ongoing improvements, our California operations are set to launch our first fully automated assembly system by the end of December 2023. Furthermore, we’re actively exploring Southeast Asia as a potential hub for future manufacturing operations, aiming to further optimize our production capabilities. Through these measures, we are not just driving growth but reinforcing our leadership in the industry,” said Michael Wang, the Co-Chief Executive Officer of Ispire.
Daniel Machock, the Chief Financial…
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