Vape-tech company Ispire Technology Inc. ISPR reported Monday financial results for the fiscal year 2023, which ended on June 30, 2023 revealing 100.4% growth in revenue from cannabis products year-over-year, reaching $40 million.
“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,” stated Michael Wang, the co-chief executive officer of Ispire. “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.”
Fiscal Year 2023 Highlights
Revenue increased 31.2% to $115.6 million as compared to $88.1 million in the same period of 2022. Tobacco vaping products contributed $75.6 million and cannabis vaping products contributed $40.0 million to revenue during the fiscal year 2023;
Gross profit increased 58.4% to $21.1 million as compared to $13.3 million in the same period of 2022;
Gross margin increased to 18.2% as compared to 15.1% in the same period of 2022.
Total operating expenses increased 79.4% to $25.6 million as compared to $14.3 million in the same period of 2022; and
Net loss of $6.1 million as compared to net loss of $1.9 million in the same period of 2022.
As of June 30, 2023, Ispire had cash and cash equivalents of $40.3 million and working capital of $28.8 million.
Revenue for cannabis vaping products for the fiscal year of 2024 is projected at somewhere between $80 million and $90 million, representing growth between 100% and 125% from fiscal year 2023. Revenue for tobacco vaping products for the fiscal year 2024 is projected at somewhere between $95 million and $105 million, representing growth between 25% and 40% from the fiscal year 2023.
Ispire shares were trading 0.31% lower at $9.70 per share during Monday’s pre-market session.
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