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Tag: Michael Wang

  • 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 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.