Tag: Ispire Technology

  • IKE Tech, Ispire to File PMTA for Age Gating Technology

    IKE Tech, Ispire to File PMTA for Age Gating Technology

    Ispire Technology and IKE Tech announced a successful pre-premarket tobacco product application (PMTA) meeting with the U.S. Food and Drug Administration’s Center for Tobacco Products (CTP) for their age verification technology for electronic nicotine delivery systems (ENDS).

    According to an e-mailed release, the technology aims to prevent youth access while expanding adult market access to flavored PMTA-authorized products. IKE Tech is a joint venture among three leading technology and research companies Ispire and Touch Point Worldwide d/b/a Berify and Chemular Inc.

    IKE Tech will submit a component PMTA, which would allow ENDS manufacturers to incorporate their blockchain-based age-gating solution if authorized. The FDA indicated potential priority review consideration and acceptance of a component PMTA. The company plans to complete the required studies in Q1 2025.

    This critical regulatory milestone marks an essential step in the journey to provide an innovative, secure universal solution aimed at preventing youth access to ENDS and expanding the market for adults who choose to use flavored PMTA-authorized products, according to the release.

    “The IKE Tech identity and age verification technology unlocks opportunities for adults who choose to use flavored vapor products while introducing a pioneering approach to reducing youth access and usage,” the release states.

    Due to its innovative design, reliance on blockchain technology, and partnership with leading identity and age verification providers, the IKE Tech system is an advanced component that could be used — in any ENDS device — to ensure only authorized adult users can access vaping products.

    FDA alignment on key points:

    • Component PMTA: IKE Tech will submit a PMTA for a component, as opposed to a finished tobacco product to be sold to consumers, and the FDA indicated it will accept such a component PMTA if all statutory requirements are met. Additionally, due to the fact this component employs novel point-of-use technology, the FDA indicated it will consider a request to grant the IKE Tech system priority review. If authorized, the component PMTA would allow ENDS manufacturers to use the IKE Tech system in their finished tobacco product PMTAs, as a plug-and-play age-gating solution, which may allow for the approval of a variety of flavored ENDS products.
    • Creation of Tobacco Product Master File (TPMF): IKE will create and file a TPMF for the IKE component. Once authorized, the component and TPMF can, subject to agreement, be available to ENDS device manufacturers for incorporation into products.

    IKE Tech anticipates completing the required studies for the component PMTA for the IKE Tech system, including the Identity and Age Verification component in Q1 2025.

    “Our commitment to harm reduction through innovation and our collaborative efforts with regulators are central to Ispire’s mission,” said Michael Wang, Co-CEO of Ispire. “We are proud to introduce technologies that are designed to responsibly support adult consumer choice while significantly reducing youth access. This technology represents our dedication to aligning with regulatory guidance and setting new standards for safer

     

  • Ispire Net Loss Widens to $5.6 Million

    Ispire Net Loss Widens to $5.6 Million

    Image: Nawarit

    Ispire Technology reported revenue of $39.3 million for the first quarter of 2025, down from  $42.9 million in the comparable 2024 quarter. Gross profit increased 13.2 percent to $7.7 million. Net loss was $5.6 million as compared to net loss of $1.3 million in the fiscal first quarter of 2024.

    “Our results from the fiscal first quarter of 2025 reflect our commitment to our growth strategy of becoming the leading innovative vaping technology and precision dosing solutions company worldwide,” said Inspire Co-CEO Michael Wang in a statement.

    “While our financial results were slightly impacted due to the strategic shifts we have made in our U.S. business to focus on high-quality customers and to improve payment terms and gross profit, I am pleased with our team’s overall performance given the challenging macroeconomic environment and look forward to the remainder of fiscal 2025 and the opportunities that lay ahead.”

    According to Wang, Ispire continues to make progress with its point-of-use age gating technology. He also expressed excitement about the recent expansion of Ispire’s global reach through a five-year master distributor agreement with ANDS for the Middle East and North Affrica region and global duty-free markets

    “The results from our fiscal first quarter were in line with our internal projections as we shifted our U.S. strategy while we also had a few delayed shipments which impacted our quarterly results,” said Ispire Chief Financial Officer Jim McCormick.

    “As we head into the remainder of fiscal 2025, we are confident that we are well-positioned to continue delivering value to our shareholders as we advance our mission of becoming a global leading provider of innovative vaping technology and precision dosing solutions.”

  • Ispire Partners With Hidden Hills

    Ispire Partners With Hidden Hills

    Photo: Africa Studio

    Ispire Technology and Aspire North America have signed a global licensing agreement with the U.S. lifestyle brand Hidden Hills Club.

    Under the agreement, Ispire will globally manufacture, distribute and commercialize Hidden Hills’ branded nicotine products, including reduced-risk e-cigarettes. The initial Hidden Hills nicotine products are scheduled to roll out in the United Arab Emirates and South Africa in the coming weeks, followed by the United Kingdom and European Union over the next few months.

    “Our partnership with Hidden Hills Club enables us to bring more innovative and reduced-risk nicotine products to a global audience,” said Ispire Co-CEO Michael Wang.

    “The 30-year exclusive license will allow us to make significant investments in the Hidden Hills brand, ensuring robust distribution and a deep product portfolio that captures the essence of this iconic lifestyle brand. Hidden Hills’ popularity as a lifestyle brand—encompassing apparel, clothing and cannabis and hemp products—has grown at an exponential rate over the last two years. Partnering with Hidden Hill will help Ispire to capture this west-coast culture and energy, and infuse it into its nicotine product offerings globally, under the Hidden Hills brand flag.”

    “Teaming up with Ispire was a strategic decision for us,” said Hidden Hills Club CEO Dre Liang. “Ispire’s expertise in vaping technology and its global distribution network provide the perfect platform to expand our brand into the nicotine products market. We believe this collaboration will redefine the market with products that reflect our brand’s commitment to quality and innovation.”

  • Ispire Technology Adds Partners

    Ispire Technology Adds Partners

    Image: kamiphotos

    Ispire Technology Inc. has partnered with Touchpoint World Wide Inc. dba Berify, a platform specializing in linking physical products to the digital world, digital engagement and brand protection, and Chemular International Inc., a multidisciplinary regulatory consulting firm, to form a joint venture.

    The joint venture will look to expedite innovation in the e-cigarette technology space, including the development of secure, user-friendly solutions for age verification and age-gating nicotine vapor devices.

    Leveraging Berify’s multi-patented technology, Chemular’s regulatory consulting and premarket tobacco product application (PMTA) knowhow and Ispire’s hardware expertise, the joint venture will introduce an industry-standard age verification solution for vapor devices as well as the submission of PMTAs that incorporate technologies across the U.S. e-cigarette market, such as: next-generation e-cigarette hardware with a user-friendly point-of-use age verification and geo fencing capability that eliminates use of hardware in certain designated areas such as schools and sensitive areas; e-cigarettes with end-to-end a range of dynamic features such as authentication, direct-to-consumer engagements and exclusive offerings built on the foundations of blockchain technology; and a real-time biometric identity platform for user access controls, creating added security and reliability that deters counterfeiting.

    “By combining our collective expertise in hardware, blockchain and regulatory consulting, we aim to set a new standard for age verification, security and overall quality in the e-cigarette space,” said Ispire Technology Co-CEO Michael Wang in a statement. “Our hope is that this JV [joint venture] will be a large step forward in innovative device control, safety, counterfeit prevention and enhanced user experiences that increase overall market and consumer satisfaction.”

    “The U.S. market is ripe for technological disruption that addresses age verification, safety and counterfeit issues,” said Berify founder and CEO Dan Kang. “Our mission is also to create smart products that generate a new level of consumer satisfaction. We plan to achieve this by leveraging our blockchain authentication, tokenized rewards and creating true decentralization while keeping companies in control of their products and data.”

    Kevin Burd, CEO of Chemular, added, “Our commitment is not only to create next-gen vapor devices but also to elevate market education. This venture includes additional partnerships that will bring together biometric identity and access control, ensure the solution is embedded into vapor devices during manufacturing and provide safety, security and privacy for consumers. It is also a testament to our dedication to positively shaping the future of vape hardware innovation.”

  • ISO for Ispire Malaysia

    ISO for Ispire Malaysia

    Image: Parradee

    Ispire Technology received ISO9001: 2015 Quality Management System, ISO14001: 2015 Environmental Management System and ISO13485: 2016 Quality Management System Medical Device certifications for its 31,000-square-foot manufacturing facility in Malaysia.

    Ispire offers a complete line of vape cartridges, pod systems, disposables and batteries.

    “Earning three ISO certifications at our Malaysian manufacturing facility is a testament to our team’s ability to quickly bring the facility up to some of the highest standards in the industry, allowing us to expand our gross margins, geopolitically de-risk our production and service other businesses who need manufacturing for their vape hardware,” said Ispire Technology Co-CEO Michael Wang in a statement.

    “Currently, our Malaysian manufacturing facility has already received initial orders and is quickly moving into production readiness. As the facility ramps up production, our gross margin is expected to increase due to the lack of a tariff when assembling products in Malaysia and then shipping them to the U.S.

    “This is in contrast to the 25 percent tariff incurred when shipping finished products from China. Additionally, by owning the factory, we also expect to be able to realize a profit on product assembly, which was formerly outsourced to a third party. We anticipate that these efficiency improvements will help drive gross-margin growth across the company’s full array of high-quality vaping products.”

  • Revenue and Profit up at Ispire Technology

    Revenue and Profit up at Ispire Technology

    Photo: Freedomz

    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.”

  • Ispire Appoints Top Executives

    Ispire Appoints Top Executives

    Image: CrazyCloud

    Ispire Technology has appointed Michael Wang as its co-chief executive officer. Wang previously served as chief financial officer. Concurrently, Daniel J. Machock was appointed as the new chief financial officer.

    Wang has assumed the role of co-chief executive officer alongside Tuanfang Liu. This strengthened leadership structure is designed to refine Ispire’s strategic direction and spearhead the company’s future growth. Ispire’s decision to elevate Wang stems from his record in strategic and financial leadership.

    “Having been deeply involved with Ispire’s progress, I look forward to partnering with Tuanfang to further the company’s growth and expansion,” said Wang in a statement. “Together, we share a mutual vision of global development and pioneering innovation within the company.”

    With extensive 25-year experience in financial strategy, including at Appetize Technologies and Chrome River Technologies, Ispire expects Machock to bolster its financial footing.

    “I am honored to take on the role of CFO at Ispire,” said Machock. “Eager to harness my financial expertise, I deeply value the company’s unwavering dedication to innovation in the cannabis vaping arena and am committed to contributing to its continued success.”

  • Ispire Technology IPO Price Set

    Ispire Technology IPO Price Set

    Image: Tobacco Reporter archive

    Ispire Technology Inc. announced that it has priced its initial public offering of 2,700,000 shares of its common stock offered at a price to the public of $7 per share.

    In addition, the company also granted the underwriters a 45-day option to purchase up to an additional 405,000 shares of common stock to cover over-allotments, according to a press release.

    The shares began trading on the NASDAQ Capital Market on April 4 under the ticker symbol “ISPR.”

    The initial public offering is expected to close on April 6, 2023, subject to the satisfaction of customary closing conditions.

    Proceeds from the offering will be used as follows:

    • Approximately 35 percent to develop manufacturing operations in Vietnam and the United States;
    • Approximately 25 percent for research and development activities, which include efforts to develop new products and new vaping technology;
    • Approximately 20 percent for the marketing and promotion of the company’s branded products; and
    • The balance of approximately 20 percent for general administration and working capital.

    U.S. Tiger Securities Inc. is acting as sole book-running manager for the offering. TFI Securities and Futures Limited and Prime Number Capital LLC are acting as underwriters for the offering.

    In addition, 1,750,000 shares of common stock may be offered by two selling stockholders pursuant to the prospectus.

    These shares may be sold from time to time by the selling stockholders, who have not engaged any underwriter in connection with any sales they may make. The company will not receive any proceeds from sales by the selling stockholders.

    Previously, Shenzhen-based Aspire Global, parent to Ispire, applied to U.S. regulators to withdraw its New York Stock Exchange listing application.