Category: Press Release

Collaboration with Nigerian Afrobeats Legend to Bring a Suite of High-Tech Vapes and One-of-a-Kind Product Flavors to Consumers

Los Angeles, December 13, 2023 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in the development and commercialization of vaping technology and precision dosing, announced that Aspire North America, LLC (“Aspire”), one of Ispire’s operating subsidiaries, has entered a five-year exclusive global manufacturing and distribution agreement (the “Agreement”) with a prominent lifestyle brand, BrkFst, a brand co-created by GRAMMY-Award winner Burna Boy and his inner circle of young entrepreneurs last year, and it has garnered significant community backing.

Under the Agreement, Ispire has secured the exclusive rights to distribute and commercialize BrkFst branded high-quality vapor products, including a suite of unique varieties and new flavors. Ispire is a leader in vaping technology, research and development, design and innovation that is forging the worldwide industry standard for vaporized products. The Company offers a complete line of pod-systems, cartridges, disposables, batteries and other vaping products.

“As the pioneer of the ‘cloud chasing’ movement with more than 500 patents owned or exclusively licensed around the globe, our collaboration with BrkFst brings consumers award-winning vaping technologies and one-of-a-kind products that they won’t be able to get anywhere else in the world,” said Ispire Technology Co-Chief Executive Officer Michael Wang. “Our leading-edge products are the result of many years of intense research and development and follow the highest quality standards and latest compliance rules. We look forward to partnering with more like-minded individuals and companies like BrkFst and bringing consumers more of the products they want.”

The products will be launched in Nigeria, Ghana and South Africa this month with full European Union and United Kingdom launches expected in Q2 2024.

About BrkFst

BrkFst is more than a lifestyle brand; it’s a force that’s reshaping the intersection of fashion and influencing the culture. We hope to bring that to the new BRKFST vapes. Our commitment is to redefine the narrative, creating a space that goes beyond trends and exclusivity, embracing an inclusive environment that welcomes all.

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license more than 500 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the U.S., People’s Republic of China and Russia) primarily through its global distribution network. The Company’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware only in the U.S., and it recently commenced its marketing activities in Canada and Europe. For more information, visit www.ispiretechnology.com or follow Ispire on Instagram, LinkedIn, Facebook, Twitter and YouTube.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s ability to collect its accounts receivable in a timely manner, the Company’s business strategies, the ability of the Company to market to the Ispire ONE™, Ispire ONE™’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of their products on the markets; the Ispire ONE™ proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Annual Report on Form 10-K for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Overall Revenue Increased 59.1% to $42.9 Million; Gross Profit Increased 43.7% to $6.9 Million.
Revenue from cannabis vaping products up 116.8% to $17.3 Million
Revenue from tobacco vaping products up 34.8% to $25.5 Million.

November 14, 2023 – Ispire Technology Inc., (“Ispire” or “the Company”) (NASDAQ: ISPR), a leader in vapor technology, providing high-quality, innovative products, announced today reported financial results for the fiscal first quarter 2024, which ended on September 30, 2023, and filed its quarterly report on Form 10-Q on November 14, 2023.

Fiscal First Quarter 2024 Financial Results

Revenue increased 59.1% to $42.9 million as compared to $26.9 million in the same period of 2023. Tobacco vaping products contributed $25.5 million and cannabis vaping products contributed $17.3 million to revenue during the fiscal first quarter 2024;
Gross profit increased 43.7% to $6.9 million as compared to $4.8 million in the same period of 2023;
Gross margin decreased to 16.1% as compared to 17.8% in the same period of 2023;
Total operating expenses increased 29.8% to $7.8 million as compared to $6.0 million in the same period of 2023; and
Net loss of $1.4 million as compared to net loss of $2.0 million in the same period of 2023.
Michael Wang, Co-Chief Executive Officer of Ispire commented, “For the fiscal first quarter of 2024, we continued to deliver strong financial results as our overall revenues increased 59.1% year-over-year with cannabis and tobacco vaping product revenues increasing 116.8% and 34.8% as compared to the same periods the previous year. This increase reflects our strategic U.S. market expansion and the market’s warm reception to our best-in-class products. Our active presence at industry trade shows has been highlighted by the unveiling of our latest innovative product, the Ispire ONE™ which has transformed vaping experiences and set new standards in consumer safety and operational efficiency. 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.”

“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. As we progress through the fiscal year, we are on track to not only meet but also exceed our revenue projections for both cannabis and tobacco vaping products.” concluded Wang.

Daniel Machock, Chief Financial Officer of Ispire, added, “In the fiscal first quarter of 2024, Ispire’s revenue trajectory continued to ascend, with cannabis vaping products generating $17.3 million, up from $8.0 million for the same period last year, and tobacco vaping products revenues climbing to $25.5 million from $18.9 million for the same period last year. The continued successful execution of our business strategy has yielded fruitful results both financially and operationally that reflect our brand’s growing prominence as well as the strategic moves we’ve undertaken. As we continue to balance growth with operational efficiency, we remain committed to financial discipline while further driving shareholder value.”

Liquidity and Capital Resources

As of September 30, 2023, Ispire had cash and cash equivalents of $25.7 million and working capital of $27.6 million.

The Company believes that its current cash and cash flows provided by operating activities, and the net proceeds from the initial public offering will be sufficient to meet its working capital needs in the next 12 months.

Fiscal Year 2024 Outlook

Ispire is providing the following outlook for the cannabis and tobacco vaping products for fiscal year 2024, which ends on June 30, 2024. Revenue for cannabis vaping products for fiscal year 2024 is projected at somewhere between $80 million and $90 million, representing growth between 100% and 125% from fiscal year 2023. Revenue for tobacco vaping products for fiscal year 2024 is projected at somewhere between $100 million and $110 million, representing growth between 33% and 47% from fiscal year 2023.

Conference Call

The Company will conduct a conference call at 8:00 a.m. Eastern time on Tuesday, November 14, 2023, to discuss the results.

Ispire management will host the conference call, followed by a question-and-answer period.

Date: Tuesday, November 14, 2023

Time: 8:00 a.m. Eastern time

Toll-free dial-in number:

United States: 1-888-346-8982

Mainland China: 4001-201203

Hong Kong: 800-905945

International: 1-412-902-4272

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=pzOaTzRt

Please call the conference call dial-in 5-10 minutes prior to the start time, and ask for the “Ispire Technology Call.” An operator will register your name and organization.

To be added to the Ispire Technology email distribution list, please email ispire@kcsa.com with ISPR in the subject line.

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license from a related party more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the United States, People’s Republic of China, and Russia) primarily through its distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.

Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, Linkedin, Pinterest, and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.

Forward Looking Statements

This press release and the conference call described in this press release contains and will contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s ability to collect its accounts receivable in a timely manner, the Company’s business strategies, the ability of the Company to market to the Ispire ONE™, Ispire ONE™’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE™ and the success of their products on the markets; the Ispire ONE™ proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Annual Report on Form 10-K for the fiscal year ended June 30, 2023 and any subsequent filings which Ispire makes with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Los Angeles, CA – October 2, 2023 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in vapor technology, is pleased to announce that Chief Financial Officer Daniel Machock will be presenting at the 2023 LD Micro Main Event XVI. The event is set for October 3-5, 2023, at the Luxe Sunset Blvd Hotel in Los Angeles, California.

Presentation Details

Chief Financial Officer Daniel Machock will lead a presentation from 11:30 AM – 11:55 AM ET on Wednesday, October 4, providing insights into Ispire’s financial outlook and key growth drivers.

Additional Highlights

Availability for private 1-on-1 discussions with interested parties is scheduled.
A live stream of the presentation will be accessible for virtual attendees.
Engage Virtually or In-Person

Those interested in scheduling 1-on-1 discussions or seeking additional information can do so by reaching out to Investor Relations at ir@ispiretechnology.com. A live stream link for the presentation

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license from a related party more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the United States, the People’s Republic of China, and Russia) primarily through our distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.

Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, Linkedin, Pinterest, and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, the ability of the Company to market to the Ispire ONETM, Ispire ONETM’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONETM and the success of their products on the markets; the Ispire ONETM proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Form 10-K annual report for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Chicago, IL – September 27, 2023 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in vapor technology, is pleased to announce that it has been selected as a winner in the category of ‘Best End-User Technology’ at the 2023 Benzinga Cannabis Awards.

Award Ceremony Details

The awards ceremony will be part of Benzinga’s annual Cannabis Capital Conference taking place on Wednesday, September 27th. The presentation of the awards will begin at 5:00 PM (CT), followed by a cocktail reception.

Who’s Accepting

Michael Wang, co-Chief Executive Officer, and Luna Stower, Head of Impact, will represent Ispire on stage to accept the award.

A Recognition of Excellence

Winning this award underlines the groundbreaking and user-centric approach Ispire takes in developing vapor technology. The Ispire ONE™, in particular, has been at the forefront of Ispire’s innovative contributions to the sector.

“We are deeply honored to receive this recognition. It testifies to our unrelenting focus on delivering cutting-edge technology that puts the end-user at the center of everything we do,” said Michael Wang, co-Chief Executive Officer of Ispire. “This award will serve as added motivation for us to continue to set benchmarks in the industry.”

Investor Engagement

Interested parties who wish to congratulate the team or seek more information are encouraged to reach out to Investor Relations at ir@ispiretechnology.com.

About Ispire Technology Inc.

Ispire is engaged in the research and developmetnt, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license from a related party more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the United States, the People’s Republic of China, and Russia) primarily through our distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.

Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, Linkedin, Pinterest, and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, the ability of the Company to market to the Ispire ONETM, Ispire ONETM’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONETM and the success of their products on the markets; the Ispire ONETM proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Ispire’s Form 10-K annual report for the year ended June 30, 2023 and any subsequent filings which Ispire makes with the Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Chicago, IL – September 19, 2023 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in vapor technology, is thrilled to announce its attendance and participation at the upcoming Benzinga Cannabis Capital Conference. The event is scheduled for September 27-28, 2023, at the Chicago Marriott Downtown Magnificent Mile.

Main Highlights

Co-Chief Executive Officer Michael Wang and Chief Financial Officer Daniel Machock will be available for interviews and to field inquiries from the press.
Private 1-on-1 meetings with potential investors and industry stakeholders are scheduled.
Ispire will be prominently displayed in the exhibition hall.

Spotlight on Ispire ONE™

Visitors to the Ispire booth can expect:

Newly introduced Ispire ONETM vaporizer devices, including all-in-one disposables, cartridges, and pod systems.
The Ispire ONETM filling machine, aimed at enhancing operational efficiency in manufacturing and co-packing processes.
“Our participation at the Benzinga Cannabis Capital Conference signifies an important moment for Ispire. We will be unmistakably visible, taking a central role in showcasing the innovative Ispire ONE™ technology,” said Michael Wang, Co-Chief Executive Officer of Ispire. “This is an ideal platform to elevate our brand and assert our position as a major player in the industry.”

Investor Engagement

nterested parties are encouraged to schedule private discussions, interviews, or seek additional information by contacting Investor Relations at ir@ispiretechnology.com.

About Ispire Technology Inc.

Ispire is engaged in the research and developmetnt, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license from a related party more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the United States, the People’s Republic of China, and Russia) primarily through our distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.

Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, Linkedin, Pinterest, and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, the ability of the Company to market to the Ispire ONETM, Ispire ONETM’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONETM and the success of their products on the markets; the Ispire ONETM proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Special Note Regarding Forward-Looking Statements” and the additional risk described in Ispire’s prospectus dated April 3, 2023 filed pursuant to Rule 424(b)(1) under Securities Act (File Number: 333-269470) and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and the Form 8-K filed on September 15, 2023. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Revenue from cannabis vaping products was up 100.4% to $40 Million.
Revenue from tobacco vaping products was up 10.9% to $75.6 Million.
Overall Revenue Increased 31.2% to $115.6 Million

Issues Fiscal Year 2024 Outlook for Cannabis Vaping Products, Representing a Potential Growth between 100% and 125%, Outlook for Tobacco Vaping Products, Representing a Potential Growth between 25% and 40%

Fourth Quarter 2023 Non-GAAP Net Profit of $0.5 Million, as compared to $1.9 Million Net loss of in Fourth Quarter 2022

Fourth Quarter 2023 Net Loss of $1.6 million as compared to $2.2 Million Net Loss for Fourth Quarter 2022

Los Angeles, Calif. – September 18, 2023 – Ispire Technology Inc. (“Ispire” or “the Company”) (NASDAQ: ISPR), a leader in vapor technology, providing high-quality, innovative products with first-class performance, announced today financial results for the fiscal year 2023, which ended on June 30, 2023, and filed its annual report on Form 10-K on September 18, 2023.

“The fiscal year 2023 marked a significant milestone for Ispire, with a 100.4% and 10.9% surge in cannabis and tobacco vaping products revenues, respectively from Fiscal year 2022. Overall revenue Increased 31.2%. This growth was predominantly driven by the doubling of the revenues from our cannabis vaping products in the United States and a rise in sales of tobacco vaping products in Europe. Central to this success is our multi-pronged strategy: expanding our e-cigarette vaporizer technology sales and innovating our cannabis vaporizer offerings for both medical and recreational sectors. Our commitment to delivering industry-leading products has positioned Ispire at the forefront, cultivating a reputation for innovation and reliability. The recent introduction of the Ispire ONETM technology in July 2023 further exemplifies our commitment to innovation and sets industry standards, particularly around consumer safety and operational efficiency. As part of our ongoing improvements, our California operations are set to launch our first fully automated assembly system by the end of December 2023. Furthermore, we’re actively exploring Southeast Asia as a potential hub for future manufacturing operations, aiming to further optimize our production capabilities. Through these measures, we are not just driving growth but reinforcing our leadership in the industry,” said Michael Wang, the Co-Chief Executive Officer of Ispire.

Daniel Machock, the Chief Financial Officer of Ispire, added, “The fiscal year 2023 showcased a significant 100.4% and 10.9% surge in cannabis and tobacco vaping products revenues respectively, representing a record $40.0 million as compared to $20.0 million of cannabis vaping products revenue for the same period in 2022, and a record $75.6 million, as compared to $68.1 million of tobacco vaping products for the same period in 2022, underscoring the positive impact of our refined business strategy. Additionally, our gross profit jumped by 58.4% due to the deeper discount offered during fiscal year 2022, a favorable product mix, and the realization of economies of scale on higher sales volume in fiscal year 2023. While we navigate a momentary loss amidst our ongoing expansion, we remain confident that our focus on a multi-prong strategy will serve as a catalyst for sustained business development and financial growth. As we forge ahead into the fiscal year 2024, we remain committed to technological advancements, agile adaptation to market shifts, and delivering unwavering shareholder value. As such, we forecast continued growth in our cannabis products revenue, projecting a potential increase between 100% and 125% and continued growth in our tobacco vaping products revenue, projecting a potential increase between 25% and 40% in the fiscal year 2024.”

Fiscal Year 2023 Highlights

Revenue increased 31.2% to $115.6 million as compared to $88.1 million in the same period of 2022. Tobacco vaping products contributed $75.6 million and cannabis vaping products contributed $40.0 million to revenue during the fiscal year 2023;
Gross profit increased 58.4% to $21.1 million as compared to $13.3 million in the same period of 2022;
Gross margin increased to 18.2% as compared to 15.1% in the same period of 2022.
Total operating expenses increased 79.4% to $25.6 million as compared to $14.3 million in the same period of 2022; and
Net loss of $6.1 million as compared to net loss of $1.9 million in the same period of 2022.

Liquidity and Capital Resources

As of June 30, 2023, Ispire had cash and cash equivalents of $40.3 million and working capital of $28.8 million.

The Company believes that its current cash and cash flows provided by operating activities, and the net proceeds from the initial public offering will be sufficient to meet its working capital needs in the next 12 months.

Restatement

In September 2023, the Company identified certain errors related to the recording of intellectual property rights transferred to the Company by a controlling party. The Company determined that the intangible assets were incorrectly recorded in the unaudited financial statements, and that the unaudited financial statements had to be restated to record the acquired intangible assets at the transferor’s book value, which was nil, rather than $74,259,915, which represents an independent third party evaluation of the assets. As a result of the restatement, the Company’s net loss for the nine months ended March 31, 2023 decreased from $6,057,776, or $0.12 per share (basic and diluted), to $4,512,513, or $0.09 per share (basic and diluted), its net loss for the three months ended March 31, 2023 decreased from $3,106,855, or $0.06 per share, to $2,334,223, or $0.05 per share (basic and diluted), and its stockholders’ equity at March 31, 2023 declined from $79,953,608 to $7,238,957.

Non-GAAP Fourth Quarter Net Income/loss

The Company believes that the non-GAAP financial information is important to an understanding of the Company business because the add-backs include one-time legal expenses that related to the Company’s acquisition of intellectual property rights from a control party, expenses relating to the Company’s initial public offering that were expensed and not treated as a cost of the offering, taxes and the allowance for doubtful accounts. Because Ispire does not have sufficient experience to establish a policy for establishing a reserve for doubtful accounts, at June 30, 2023 it established a reserve based on the age of the outstanding receivables. Although the Company believes that a significant percentage of these accounts receivable will be collected, and that this allowance is non-recurring; it is possible that a significant percentage of the reserved accounts will be not collected. Accordingly, non-GAAP information relating to the allowance for doubtful account should be viewed with the understanding it may become a recurring expense, and thus part of the Company’s normal operations.

Initial Public Offering

In April 2023, Ispire closed on its initial public offering of 3,105,000 shares of common stock of the Company at a public offering price of $7.00 per share, which included the 405,000 shares issued pursuant to the full exercise by the underwriters of their over-allotment option. The common stock of the Company began trading on the NASDAQ Capital Market on April 4, 2023.

In Ispire initial public offering, Ispire raised net proceeds, after underwriting expenses and other offering expenses, of approximately $18.3 million.

Net proceeds from the initial public offering are being used for:

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

Outlook

Ispire is providing the following outlook for the cannabis and tobacco vaping products for the fiscal year of 2024, which ends on June 30, 2024. Revenue from cannabis and tobacco vaping products was $40.0 million and $75.6 Million respectively for the fiscal year 2023. Revenue for cannabis vaping products for the fiscal year 2024 is projected at somewhere between $80 million and $90 million, representing growth between 100% and 125% from fiscal year of 2023. Revenue for tobacco vaping products for the fiscal year of 2024 is projected at somewhere between $95 million and $105 million, representing growth between 25% and 40% from the fiscal year 2023.

Conference Call

The Company will conduct a conference call at 8:00 a.m. Eastern time on Tuesday, September 19, 2023, to discuss the results.

Ispire management will host the conference call, followed by a question-and-answer period.

Date: Tuesday, September 19, 2023
Time: 8:00 a.m. Eastern time
Toll-free dial-in number:
United States: 1-888-346-8982
Mainland China: 4001-201203
Hong Kong: 800-905945
International: 1-412-902-4272

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=3huXMPJI

Please call the conference call dial-in 5-10 minutes prior to the start time, and ask for the “Ispire Technology Call.” An operator will register your name and organization.

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or license from a related party more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the United States, People’s Republic of China, and Russia) primarily through its distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.

Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, Linkedin, Pinterest, and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.

Forward Looking Statements

This press release and the conference call described in this press release contains and will contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s ability to collect its accounts receivables in a timely manner, the Company’s business strategies, the ability of the Company to market to the Ispire ONETM, Ispire ONETM’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONETM and the success of their products on the markets; the Ispire ONETM proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Special Note Regarding Forward-Looking Statements” and the additional risk described in Ispire’s prospectus dated April 3, 2023 filed pursuant to Rule 424(b)(1) under Securities Act (File Number: 333-269470) and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and the Form 8-K filed on September 15, 2023. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

New York, NY – September 11, 2023 – Ispire Technology Inc. (“Ispire” or the “Company”) (NASDAQ: ISPR), a leader in vapor technology, is pleased to announce that Co-Chief Executive Michael Wang and Chief Financial Officer Daniel Machock will be in attendance at the H.C. Wainwright 25th Annual Global Investment Conference. The conference will run from September 11 – 13, 2023, at the Lotte New York Palace Hotel in New York City.

Main Highlights

The executive team of the Company will present and engage in private 1-on-1 meetings with potential investors and industry stakeholders.

Spotlight discussions will focus on Ispire’s newly introduced technology, Ispire ONE™, designed to resolve certain major issues that the cannabis vaping industry is facing by enhancing both operational efficiency and consumer safety.

About Ispire ONE™

Ispire ONE™ technology offers:

A solution to capping issues in the manufacturing/co-packing process.
Increased consistency and quality of filled devices.
Prevention of leaking, spitting, or overheating in cartridges, disposables, and PODs.
Enhanced consumer safety through sterilized factory environments.
“We’re looking forward to introducing the potential of Ispire ONE™ to a wider array of investors at the H.C. Wainwright Conference,” said Michael Wang, the Co-Chief Executive Officer of Ispire. “We are confident that this technology offers a substantial competitive advantage in a dynamic and evolving market, aligning seamlessly with our ambitions for scaling the Ispire brand.”

Investor Engagement

The company is attracting a broad spectrum of investors, particularly those interested in innovative technologies in the consumer technology sector. Interested parties are encouraged to schedule private 1-on-1 discussions with the executive team of the Company for a deeper dive into the Company and the investment opportunities surrounding the newly introduced Ispire ONE™ technology.

About Ispire Technology Inc.

Ispire is engaged in the research and development, design, commercialization, sales, marketing, and distribution of branded e-cigarettes and cannabis vaping products. The Company’s operating subsidiaries own or licenses from a related party more than 200 patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the People’s Republic of China and Russia) primarily through our distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.

Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, Linkedin, Pinterest, and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, the ability of the Company to market to the Ispire ONE, Ispire ONE’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE and the success of their products on the markets; the Ispire ONE proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Special Note Regarding Forward-Looking Statements” and the additional risk described in Ispire’s prospectus dated April 3, 2023 filed pursuant to Rule 424(b)(1) under Securities Act (File Number: 333-269470) and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Los Angeles, Calif. – August 14, 2023 – Ispire Technology Inc. (“Ispire” or “the Company”) (NASDAQ: ISPR), a leader in vapor technology, providing high-quality, innovative products with first-class performance, announced today the appointment of Michael Wang as its Co-Chief Executive Officer. Mr. Wang previously served as Chief Financial Officer. Concurrently, Daniel J. Machock was appointed as the new Chief Financial Officer.

Mr. Wang has assumed the role of Co-Chief Executive Officer alongside Tuanfang Liu, as Co-Chief Executive Officer. This strengthened leadership structure is designed to refine Ispire’s strategic direction and spearhead the Company’s future growth. Ispire’s decision to elevate Mr. Wang stems from his record in strategic and financial leadership.

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

Ispire is pleased to introduce Mr. Machock as its Chief Financial Officer. With extensive 25-year experience in financial strategy, notably from his tenures at Appetize Technologies, Inc., Chrome River Technologies, Inc., and other leading firms, Mr. Machock’s appointment is set to bolster Ispire’s financial footing.

On his appointment, Mr. Machock commented, “I am honored to take on the role of CFO at Ispire. 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 expects that the strategic leadership transitions will amplify its commitment to promote growth, operational excellence, technological advancement, and the enhancement of shareholder value.

About Ispire Technology Inc.

Ispire is engaged in the R&D, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products. The Company has or licenses from a related party more than 200 invention/design patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the United States, PRC and Russia) primarily through its distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.

Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, Linkedin, Pinterest, and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, the ability of the Company to market to the Ispire ONE, Ispire ONE’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE and the success of their products on the markets; the Ispire ONE proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Special Note Regarding Forward-Looking Statements” and the additional risk described in Ispire’s registration statement on Form S-1, which was filed with the SEC on August 11, 2023 and in “Management’s Discussion of Financial Condition and Results of Operations” in the Company’s Form 10-Q quarterly report for the quarter and nine months ended March 31, 2023. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Los Angeles, Calif. – July 18, 2023 – Ispire Technology Inc. (“Ispire” or “the Company”) (NASDAQ: ISPR), a leader in vapor technology, providing high-quality, innovative products with first-class performance, announced today that it will unveil its most recent technology advancement for the cannabis industry, the Ispire ONE™, at the Champs Trade Show, a premier business to business trade expo, in Las Vegas, on July 19 – 22, 2023. The show attracts a diverse range of industry professionals, including smoke and vape shops, dispensaries, glass blowers, online marketers, and cultivation product and service providers worldwide.

At the Champs Show, Ispire will introduce its proprietary and transformative Ispire ONE™ technology and products. Designed to

1. eliminate capping issues in the manufacturing/co-packing process,
2. increase consistency and quality of the filled devices,
3. eliminate leaking, spitting, or overheating for cartridges, disposables, and PODs,
4. improve consumer safety, as the devices are sealed in a sterilized factory environment to eliminate risk of contamination during filling process by Ispire’s customers,

Ispire ONE™ is intended to provide cannabis and CBD brands and copackers with significantly enhanced operating efficiency which could improve gross margin and elevate consumer safety.

Further details about the Ispire ONE™ technology can be found at the Ispire booth during the Champs Trade Show.

“We’re very proud to debut Ispire ONE™ at the Champs Trade Show. This pivotal advancement underscores our commitment to delivering top-tier products in the fast-growing CBD and cannabis vaping market. Designed with an unwavering focus on enhancing operational efficiency and product safety, we believe that this technology will provide a tangible competitive advantage for brands and manufacturers in these rapidly evolving sectors. As we continue to innovate, our commitment to delivering top-notch products at competitive pricing, and adding value for our shareholders remains steadfast,” said Michael Wang, CFO of Ispire.

About Ispire Technology Inc.

Ispire is engaged in the R&D, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products. The Company has or licenses from a related party more than 200 invention/design patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the PRC and Russia) primarily through our distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.

Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, Linkedin, Pinterest, and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, the ability of the Company to market to the Ispire ONE, Ispire ONE’s success if meeting its goals, the ability of its customers to derive the anticipated benefits of the Ispire ONE and the success of their products on the markets; the Ispire ONE proving to be safe, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Special Note Regarding Forward-Looking Statements” and the additional risk described in Ispire’s prospectus dated April 3, 2023 and in “Management’s Discussion of Financial Condition and Results of Operations” in the Company’s Form 10-Q quarterly report for the quarter and nine months ended March 31, 2023. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Updated Projection of $14 Million to $15 Million, Representing 247% to 271% Year-Over-Year Growth from the Same Period 2022

Previous Projection was $12 Million to $15 Million

Los Angeles, Calif. – June 29, 2023 – Ispire Technology Inc. (“Ispire” or “the Company”) (NASDAQ: ISPR), a leader in vapor technology, providing high-quality, innovative products with first-class performance, announced today that its fourth quarter 2023 revenue outlook for its cannabis vaping hardware would be on the upper end of the previously projected range of $12 million to $15 million. The Company’s fiscal fourth quarter and full year 2023 ends on June 30, 2023.

“While we had already anticipated a strong finish in the fourth quarter, our revenue from our cannabis vaping hardware will reach the upper end of the previously projected range, representing a very robust growth from the third quarter. We attribute our success to the market acceptance of our cannabis vaping technology, which is contributing to product orders for both medical and recreational usage,” said Michael Wang, CFO of Ispire.

Ispire commenced marketing cannabis vaping hardware in mid-2020. The updated revenue projection from cannabis vaping hardware for the fourth quarter of 2023 is at $14 million to $15 million, on the upper end of the previous projection of $12 million to $15 million. The updated range represents year-over-year growth of 247% to 271% from the fourth quarter 2022, and represents sequential growth of 84% to 98%.

Additionally, Ispire is projecting a fourth quarter total revenue at $29 million to $31 million, representing growth of 33% to 42% from the fourth quarter of 2022.

About Ispire Technology Inc.

Ispire is engaged in the R&D, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products. The Company has or licenses from a related party more than 200 invention/design patents received or filed globally. Ispire’s tobacco products are marketed under the Aspire brand name and are sold worldwide (except in the PRC and Russia) primarily through our distribution network. Ispire’s cannabis products are marketed under the Ispire brand name primarily on an original design manufacturer (ODM) basis to other cannabis vapor companies. Ispire currently sells its cannabis vaping hardware only in the United States, and it recently commenced marketing activities in Canada and Europe, primarily in the European Union.

Please visit www.ispiretechnology.com and follow us on Facebook, Twitter, Instagram, LinkedIn, Pinterest, and YouTube. Any information contained on, or that can be accessed through, the Company’s website, any other website or any social media, is not a part of this press release.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, the results of the Company’s operations based on its audited financial statements for the year ended June 30, 2023, plans and prospects and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Special Note Regarding Forward-Looking Statements” and the additional risk described in Ispire’s prospectus dated April 3, 2023 and in “Management’s Discussion of Financial Condition and Results of Operations” in the Company’s Form 10-Q quarterly report for the quarter and nine months ended March 31, 2023. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the prospectus relate only to events or information as of the date on which the statements are made in the prospectus. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.