May 12, 2025 - 19:57
Ispire Technology has released its financial results for the third quarter of fiscal year 2025, revealing a revenue of $26.2 million. This figure represents a decline of 12.7% compared to the $30.0 million reported in the same quarter of the previous fiscal year. The company experienced a net loss of $10.9 million, equating to $0.19 per share, which is a significant increase from the $5.9 million loss recorded in Q3 FY2024.
Among the notable developments, Ispire Technology successfully reduced its accounts receivable to $60.4 million from $67.7 million. The company is also transitioning its manufacturing operations to Malaysia, which is projected to yield annual operating cost savings of approximately $8 million. Additionally, Ispire received an interim license for nicotine manufacturing in Malaysia.
In terms of product innovation, the company filed a component Premarket Tobacco Product Application (PMTA) with the FDA for its blockchain-based age-gating technology and introduced Sproutâ„¢, a sophisticated cannabis vapor device, in collaboration with Raw Garden. However, the gross margin saw a decrease to 18.2% from 20.4% year-over-year, while operating expenses rose to $15.4 million from $11.8 million.
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