Ispire Technology Inc. Increases Fourth Quarter 2023
Revenue Outlook for Cannabis Vaping Hardware
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.
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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.
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