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Sep 30, 2023
Ispire Q1 2024 Earnings Report
Reported strong financial results with revenue increase and strategic market expansion.
Key Takeaways
Ispire Technology Inc. reported a 59.1% increase in overall revenue to $42.9 million for the fiscal first quarter of 2024. The company's growth was driven by significant increases in cannabis and tobacco vaping product revenues, reflecting successful U.S. market expansion and positive market reception to their products.
Overall revenues increased by 59.1% year-over-year.
Cannabis vaping product revenues increased by 116.8% compared to the same period last year.
Tobacco vaping product revenues increased by 34.8% compared to the same period last year.
A new manufacturing facility in Malaysia was established, signaling readiness for scalable operations in the Southeast Asian market.
Ispire
Ispire
Forward Guidance
Ispire projects revenue growth for both cannabis and tobacco vaping products in fiscal year 2024.
Positive Outlook
- Revenue for cannabis vaping products is projected to grow between 100% and 125% from fiscal year 2023, estimating between $80 million and $90 million.
- Revenue for tobacco vaping products is projected to grow between 33% and 47% from fiscal year 2023, estimating between $100 million and $110 million.
- The company is on track to meet or exceed revenue projections for both cannabis and tobacco vaping products.
- Strategic U.S. market expansion is expected to continue driving revenue growth.
- The company's innovative product, the Ispire ONE™, is expected to transform vaping experiences and set new standards in consumer safety and operational efficiency.