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Dec 31, 2023
Ispire Q2 2024 Earnings Report
Ispire's financial performance increased in Q2 2024, marked by revenue growth and strategic initiatives.
Key Takeaways
Ispire Technology Inc. reported a 30% increase in revenue to $41.7 million for the fiscal second quarter ended December 31, 2023. The growth was primarily driven by a 149% increase in North American cannabis vaping hardware sales. The company is focusing on expanding its market presence and strategic initiatives.
Total revenue increased by 30% to $41.7 million compared to the same period last year.
North American cannabis vaping hardware sales increased by 149% year over year, reaching $19.5 million.
Gross profit increased by 24.1% to $6.4 million.
The company is pursuing ISO and GMP certification for its Malaysian facility and Pre-market Tobacco Product Application approval in the U.S.
Ispire
Ispire
Forward Guidance
Ispire projects revenue for cannabis vaping products to be in the range of $80 million to $90 million, representing growth of 100% to 125% from fiscal year 2023. Revenue for tobacco vaping products for fiscal year 2024 is projected to be in the range of $95 million to $105 million, representing growth in the range of 33% to 47% from fiscal year 2023.
Positive Outlook
- Revenue for cannabis vaping products for fiscal year 2024 is projected to be in the range of $80 million to $90 million.
- Expected cannabis vaping products revenue represents growth of 100% to 125% from fiscal year 2023.
- Revenue for tobacco vaping products for fiscal year 2024 is projected to be in the range of $95 million to $105 million.
- Expected tobacco vaping products revenue represents growth in the range of 33% to 47% from fiscal year 2023.