Ispire Technology Inc. (NASDAQ:ISPR) announced its financial results on Thursday for the fiscal year 2024 ended on June 30, 2024.
"Fiscal year 2024 was a foundational year for Ispire, marked by record revenue and substantial margin expansion while strategically positioning us for faster growth in our global nicotine business and intentionally focusing our cannabis vaping hardware on high-quality multi-state operator (MSO) customers," Michael Wang, the company's co-chief executive officer, said.
Read Also: Ispire Technology Reports $5.9M Quarterly Loss, Looks Toward Partnerships To Propel Company Into Profitable Territory
Fiscal Year 2024 Financial Results
- Revenue increased 31.4% year-over-year to $151.9 million as compared to $115.6 million in the 2023 fiscal year.
- Gross profit increased 43.3% to $29.8 million compared to $20.8 million in the prior fiscal year.
- Gross margin increased to 19.6% as compared to 18% in the 2023 fiscal year.
- Total operating expenses increased 73% year-over-year to $43.7 million.
- Net loss of $14.8 million as compared to net loss of $6 million in the 2023 fiscal year.
Wang said during an interview on Benzinga's Cannabis Insider podcast earlier this year that "vaping will become the number one way for using cannabis within the next 2 or 3 years."
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He also highlighted the collaboration with Acreage Holdings, Inc. (CSE:ACRG, ACRG.B.U))) (OTCQX:ACRHF, ACRDF))) facilitated by Ispire's One technology. "It triples operational efficiency and eliminates leaking issues, a common problem in the industry," he said.
The company also forged strategic long-term partnerships with Hidden Hills Club, Dank Pack, and BRKFST, a brand produced and sold under a license arrangement with international singer and songwriter Burna Boy.
What's Next: "We continue to work towards an industry-leading point-of-use age-verification solution for vapor devices as well as continue to introduce cutting-edge technology across the U.S. e-cigarette market," Wang said.
- Cannabis Vape Tech Producer Ispire Enters South African Market Via Exclusive Deal With Dank Pack
ISPR Price Action
Ispire's shares traded 20.10% higher at $6.99 per share at the time of writing on Thursday morning.
