According to the official website of Ispire, on May 14th, Ispire Technology Inc. (NASDAQ: ISPR) released its third quarter financial report for the 2024 fiscal year. Total revenue for the Q3 quarter increased by 24% year-on-year to $30 million, with the growth primarily attributed to a 57% year-on-year increase in North American cannabis e-cigarette hardware sales, rising from $7.6 million to $11.9 million; e-cigarette product revenue reached $18.1 million; and gross profit increased by 35% year-on-year to $6.1 million.
Its highlights are as follows:
- The gross profit margin increased from 18.7% in the same period of 2023 to 20.4%;
- Total operating expenses increased by 63.7% year-on-year to 11.8 million US dollars, due to maintenance marketing expenses and operating capital related to Malaysia and Malaysian manufacturing factories;
- Net loss was 5.9 million US dollars, a significant increase from 2.3 million US dollars in the same period of 2023;
- Raised 12.3 million US dollars through public fundraising;
- Had approximately 39.5 million US dollars in cash and cash equivalents;
- As of March 31, 2024, operating capital was 28.9 million US dollars.
Additionally, Ispire has announced its performance data for the nine-month period ending on March 31, 2024. Ispire reported revenue of $114.6 million, a 38% increase from the same period last year of $83 million; of which, sales of North American cannabis e-cigarette hardware increased from $23.4 million in the first nine months of the 2023 fiscal year to $48.8 million, a growth rate of 108%; the gross profit for the nine months ending on March 31, 2024, was $19.2 million, compared to $14.3 million in the same period of the 2023 fiscal year; total operating expenses for this period were $29.8 million, resulting in a net loss of $2.3 million.
Ispire CEO Michael Wang stated:
For Ispire, the third quarter of this year is crucial. Our resilience has helped us find new strategic partners and expand our existing markets, which is an effective strategy in terms of innovation and market leadership. This quarter, we have established partnerships with Berify, Chemular, and a subsidiary of Acreage Holdings, Inc. In addition, going public will help us and our partners raise more joint venture funding and accelerate our direct operations at the manufacturing plant in Malaysia.
The Ispire Q3 quarterly conference call will take place on May 15, 2024 at 8:00 AM Eastern Time. The conference call will be hosted by Ispire management, followed by a question and answer session.
Notice
1. This article is provided exclusively for professional research purposes related to industry, technology and policy. Any reference to brands or products is made solely for the purpose of objective description and does not constitute an endorsement, recommendation, or promotion of any brand or product.
2. The use of nicotine products, including but not limited to cigarettes, e-cigarettes, and heated tobacco products, is associated with significant health risks. Users are required to comply with all relevant laws and regulations in their respective jurisdictions.
3. This article is strictly restricted from being accessed or viewed by individuals under the legal age.
Copyright
This article is either an original work by 2Firsts or a reproduction from third-party sources with the original source clearly indicated. The copyright and usage rights of this article belong to 2Firsts or the original source. Unauthorized reproduction, distribution, or any other unauthorized use of this article by any entity or individual is strictly prohibited. Violators will be held legally responsible. For copyright-related matters, please contact: info@2firsts.com
AI Assistance Disclaimer
This article may have utilized AI to enhance translation and editing efficiency. However, due to technical limitations, errors may occur. Readers are advised to refer to the sources provided for more accurate information.
This article should not be used as a basis for any investment decisions or advice, and 2Firsts assumes no direct or indirect liability for any errors in the content.
