In a recent announcement, Ispire revealed that its CBD vaporization device business is projected to generate revenue exceeding the previously predicted range of $12-15 million for the fourth quarter of 2023. This projection includes the company's financial performance for the fourth quarter of the 2023 fiscal year, which concludes on June 30, 2023.
Michael Wang, Chief Financial Officer of Ispire, stated, "While we anticipated a strong performance in the fourth quarter, our revenue from CBD vaporization devices will reach the upper limit of our previous forecast range, meaning that growth in the third quarter was exceptionally strong. We attribute this success to the market's recognition of our CBD vaporization technology, which has helped drive orders for both medical and recreational products.
Ispire started selling CBD vaporizers in mid-2020. The latest revenue forecast for CBD vaporizers in the fourth quarter of 2023 is between $14 million and $15 million, exceeding the previous upper limit forecast of $12 million to $15 million. The updated range represents a year-over-year growth of 247% to 271% compared to the fourth quarter of 2022 and a sequential growth of 84% to 98%.
In addition, Ispire is expected to record total revenues ranging from $29 million to $31 million for the fourth quarter, representing a growth of 33% to 42% compared to the fourth quarter of 2022.
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