Ispire Technology reported revenue of $42.9 million and gross profit of $6.9 million in the quarter that ended Sept. 30, reflecting growth of 59.1 percent and 43.7 percent, respectively, over the comparable 2022 quarter.
Revenue from cannabis vaping products jumped 116.8 percent to $17.3 million, and revenue from tobacco vaping products was up 34.8 percent to $25.5 million.
Ispire co-CEO Michael Wang attributed the growth to the company’s expansion in the United States and the reception there of its most recent product, Ispire One. “Our business strategy has clearly manifested as we continue to redefine the vaping experience, consistently delivering high-quality and groundbreaking products that align with customer preferences,” he said.
“We remain confident in our ability to maintain our position as the leading premier precision dosing technology company as we’ve not only secured our position in existing markets but have also made inroads into new geographies, adapting swiftly to increased market demands. The establishment of a new manufacturing facility in Malaysia marks a strategic step into the Southeast Asian market, signaling our readiness for scalable operations.”