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, June 29, 2023 (GLOBE NEWSWIRE) -- 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.