Ispire Technology Inc. Reports Strong Financial Performance in Q1 2024
On November 14th, Ispire Technology Inc. (NASDAQ: ISPR), a company listed on the Nasdaq stock exchange, released its financial report for the first quarter of the 2024 fiscal year, which ended on September 30th, 2023.
In the first quarter of the fiscal year 2024, the operating revenue reached $42.9 million, a year-on-year increase of 59.1%. Among them, the revenue from tobacco e-cigarette products increased by 34.8% to reach $25.5 million, while revenue from cannabis e-cigarette products increased by 116.8% to reach $17.3 million. The gross profit reached $6.9 million, recording a growth of 43.7%. Meanwhile, the total operating expenses increased from $6 million in the same period of 2023 to $7.8 million, showing a growth of 29.8%.
According to reports, Ispire sells its tobacco products under the brand Aspire, primarily through its distribution network worldwide (excluding the United States, the People's Republic of China, and Russia). Ispire's cannabis products are mainly sold to other cannabis vaporizer companies under the original design manufacturer (ODM) model, using the Ispire brand. Currently, Ispire only sells its cannabis e-cigarette hardware in the United States and has recently launched marketing campaigns in Canada and Europe (primarily the European Union).
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