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Tag: Ispire

  • Ispire Announces Huge Malaysian Expansion

    Ispire Announces Huge Malaysian Expansion

    Ispire Technology Inc. announced that it has received the interim license from the Malaysian Government for the manufacturing of nicotine products. The company said, “This is the first and only nicotine manufacturing license issued in Malaysia approved by both the Federal and State authorities and cements Ispire’s position as the only company with full authorization for export, import, and production.” The approval of the interim license also allows the company to begin manufacturing nicotine products in Malaysia immediately, as well as officially begin marketing its nicotine manufacturing capabilities externally.

    “Receiving the interim license for our Malaysian manufacturing operations is a significant milestone for Ispire as we progress towards positioning the company as a leading international provider of vaping hardware,” said Michael Wang, co-Chief Executive Officer of Ispire. “We can now officially begin manufacturing and marketing our nicotine products in Malaysia, with our Malaysian facility soon featuring 80 production lines, growing its capacity from the current six lines. Once the final license is approved in the coming months as we anticipate, our regulatory requirements in Malaysia will be complete and Ispire will have the first federal nicotine manufacturing license in the country. By diversifying our production base, we are strategically de-risking our production strategy and mitigating the concern of geopolitical factors increasing our pricing.”

  • Ispire Announces New CFO, Operations Savings

    Ispire Technology Inc. today announced the appointment of Jie “Jay” Yu as the new Chief Financial Officer of the company, after serving as the company’s vice president of finance since June 2023. Yu was the CFO of MTI Environmental Group from 2016 to 2018 and Luokung Technology Corp. from 2018 to 2023.

    “Jay is a well-rounded public company accountant with a strong track record of diligence and professionalism,” Michael Wang, Ispire’s co-Chief Executive Officer said. “He has excelled in his role as vice president of finance, building extensive credibility within the company and thorough knowledge of its financial and corporate structures. I look forward to working with him more closely in his new role as CFO.”

    Ispire also announced that its reduction in workforce and termination of several contractor agreements resulted in a $3.6 million savings in May 2025, and that it will look to cut an additional $6.6 million in operating expenses over the next three months, bringing the total estimated annual operating expenses cut to $10.2 million during the company’s fiscal year of 2025.

  • Ispire Y-Y Drops 13% for 3Q 2025

    Ispire Y-Y Drops 13% for 3Q 2025

    Ispire Technology Inc. today (May 12) reported financial results for the third quarter of fiscal 2025, for the three months ending March 31, 2025. Y-Y revenue dropped to $26.2 million from $30.0 million, and gross profit dropped to $4.8 million from $6.1 million. Y-Y total operating expenses increased to $15.4 million from $11.8 million for the third quarter, creating a net loss of $10.9 million compared to a loss of $5.9 million in 2024.

    “The progress the company made during the third fiscal quarter demonstrates that we are delivering on our promises and executing on our strategic priorities to become a leading global provider of precision dosing vape technology,” said Michael Wang, co-CEO. “We have made significant strides as we are transitioning our manufacturing to Malaysia, effectively de-risking our production strategy for the current geopolitical climate. During the third fiscal quarter, in an effort to further streamline our operations and increase margins, we moved a number of our daily functions to our Malaysian campus which we anticipate will reduce our operating expenses by $8 million annually. 

    “Another milestone also was our reduction in accounts receivable, which happened for the first time in Ispire’s history. We took the necessary steps this quarter to focus on higher-quality customers, including larger MSOs, which helped bolster our overall financial position.”

    “Over recent quarters, Ispire has made a concerted effort to decrease our accounts receivable and improve our financial stability,” Jim McCormick, Ispire CFO, said. “In order to do so, we became laser-focused on pursuing larger and higher-quality customers. The success we had in executing this strategy resulted in the company reducing accounts receivable to $60.4 million vs. $67.7 million for the third fiscal quarter of the prior year. We remain steadfast in our commitment to driving shareholder value as we continue to focus on revenue generation, margin expansion, and further reduction in our accounts receivable.”

    The company conducted a conference call this morning. A playback is available until May 15 at midnight. It can be accessed at 800-770-2030 with the passcode 9733287.

  • Study: Chips and Biometrics Protect ENDS Devices from Underage Use

    Study: Chips and Biometrics Protect ENDS Devices from Underage Use

    IKE Tech LLC announced the results from a multi-center Human Factors Validation Study evaluating its Bluetooth Low Energy (BLE) System, where 100% of users completed age verification, and no underage users were able to activate a device. According to the company, IKE System is the first interoperable biometric blockchain-based platform designed to control access to electronic nicotine delivery systems.

    IKE Tech is a joint venture between Ispire Technology Inc., Berify, and Chemular.

    The study assessed usability, safety, and effectiveness in preventing underage access to ENDS, using BLE-enabled chips and biometric authentication to control device access in real-time.

    “Our findings prove that digital access control is not only achievable but scalable—and essential to the future of ENDS regulation” said John Patterson, President of IKE Tech. “We’re not just building technology. We’re building a new regulatory framework, one that gives the FDA and manufacturers powerful tools to safeguard public health and ensure adult-only access. This is bigger than just a chip—it’s a paradigm shift.”

    Conducted with more than 100 participants, the study simulated real-world use of the IKE system. Participants downloaded the app, verified their age, paired with a test device, and interacted with BLE-based access controls. Devices could only be reactivated with biometric authentication. One hundred percent of devices deactivated after a period of inactivity or loss of Bluetooth signal, and 91% rated the app “extremely easy” or “very easy” to use.

  • Ispire Reports 2Q Earnings and Growth Initiatives

    Ispire Reports 2Q Earnings and Growth Initiatives

    Ispire Technology Inc. today (February 10) reported results for its fiscal second quarter 2025, which included a 0.3% YoY revenue increase to $41.8 million, a 23.5% gross profit increase to $7.7 million, and a 23% gross margin increase to 18.5%. Its fiscal second quarter ended December 31, 2024.

    “Despite challenging macroeconomic conditions, we had strong results for the quarter given the strategic advances we made in becoming a leading global innovative vaping technology and precision dosing solutions company,” said Co-Chief Executive Officer Michael Wang. “This is particularly evident as we further expanded into international markets. Our BrkFst brand recently launched in Africa, marking our first international nicotine license arrangement and product launch. The BrkFst brand has seen early success as we have quickly established a presence in over 500 retail locations across South Africa and Nigeria, including major chains like Pick n Pay and Forecourts.”

    Total operating expenses for the second fiscal quarter increased from $10.2 million in 2024 to $15.1 million in 2025. The increase in operating expenses was primarily due to increased expenses associated with our increased revenue generation, continued investment in Malaysia, and increased expenses related to our product development function, the company said. It also reported a net loss of $8 million for the fiscal second quarter of 2025, double the $4 million from 2024.

    “Our financial performance this quarter demonstrates our ability to execute our strategic priorities for growth and financial management,” Chief Financial Officer Jim McCormick said. “[Our] balanced approach allows us to simultaneously invest in our growth strategies and return value to our shareholders, which we believe positions us for continued success in the evolving global nicotine product market.”

    On December 31, 2024, Ispire had a cash position of $34.4 million, as well as working capital of $6.1 million.

    “We’ve implemented a sweeping market activation strategy with brand ambassadors conducting daily events in major metropolitan areas, which has been instrumental in building strong relationships with both retailers and consumers,” Wang said. “We now plan to accelerate our expansion strategy to reach more than 2,000 stores in the next six months through additional strategic partnerships.

    “Furthermore, our IKE Tech joint venture’s component PMTA strategy represents a groundbreaking opportunity. We’ve completed a successful pre-PMTA meeting with the FDA, who indicated they would accept our component PMTA submission and consider our priority review. The legal U.S. market for electronic nicotine delivery systems is approximately $11 billion, with an additional $7 billion potential in alternative markets. This is a significant opportunity for our potentially industry-changing blockchain-based age verification technology which could help prevent youth access.”

  • Ispire and ANDS Sign Distributor Deal

    Ispire and ANDS Sign Distributor Deal

    Photo: Mongkolchon

    Ispire Technology and Dubai-based ANDS have signed a five-year agreement under which the partners will commercialize Ispire’s Hidden Hills Club nicotine portfolio to the Middle East, North Africa (MENA) region and global duty-free markets.

    “This collaboration is a pivotal moment for Ispire as we continue to expand our global footprint at a time when consumers are looking for harm-reduced products to transition away from combustible cigarettes,” said Ispire Technology Co-CEO Michael Wang in a statement.  

    “By partnering with ANDS, we gain access to one of the fastest-growing regions in the world, where smoking rates remain high, but there is a significant demand for harm-reduced products. With ANDS’ robust regulatory, legal, compliance, brand building, sales and distribution expertise as well as local market insights, we are well-positioned to bring the Hidden Hills Club nicotine portfolio to new markets, offering consumers innovative, harm-reduction alternatives to combustible cigarettes.”

    “We are thrilled to collaborate with Ispire to bring the Hidden Hills Club nicotine products and their marketing power to the MENA region and global duty-free markets,” said ANDS co-founder and CEO Fadi Maayta.

    “With Ispire’s cutting-edge products and our extensive reach and expertise, we are confident that this partnership will provide consumers with innovative nicotine delivery solutions that will bring potentially reduced risk products to adult smokers. Together, we aim to meet the evolving needs of consumers in the region while ensuring compliance with local laws and regulations.”

  • Ispire Launches New Vape Filling Machine

    Ispire Launches New Vape Filling Machine

    Image: Luluraschi

    Ispire Technology is launching a new vapor device filling machine. Scheduled to be unveiled at the Benzinga Cannabis Capital Conference in Chicago Oct. 8–9, the I-80 can fill and seal 4,000 0.5 mL vapor devices per hour.

    According to Ispire, the machine is 10 times faster than traditional manual methods and twice as fast as current automated systems. It is also cost-effective, saving $1,000 for every 10,000 units produced, the manufacturer wrote in a press release.

    Ispire says its self-sealing devices remove the need for separate capping, boosting overall workflow efficiency by 1,000 percent over manual methods and 100 percent over other automated systems.

    “The I-80 isn’t just a machine; it’s a game-changing solution to the capacity challenges that have hindered cannabis operators for years,” said Ispire Co-CEO Michael Wang.

    “We’re not just improving productivity—we’re leading a paradigm shift in cannabis production efficiency. This innovation aligns with our mission to push the boundaries of technology for the benefit of our customers and the adult consumers they serve.”