Pot Products Drive Profit For This Vape-Tech Company: Q3 Revenue Spikes YoY, Loss Narrows
Portfolio Pulse from Jelena Martinovic
Ispire Technology Inc. (NASDAQ:ISPR) reported a 59.1% increase in Q3 revenue to $42.9 million, with cannabis vaping products revenue up 116.8% YoY to $17.3 million. Tobacco vaping products revenue rose 34.8% YoY to $25.5 million. Gross profit increased to $6.9 million, but gross margin decreased to 16.1%. Net loss narrowed to $1.38 million, and loss from operations decreased to $911,273. Operating expenses rose 29.8% to $7.8 million. The company's stock traded higher by 2.96% at $11.12 in pre-market.
November 14, 2023 | 8:07 pm
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Ispire Technology Inc. reported significant revenue growth, particularly in cannabis vaping products, and a narrowed net loss. The stock price reacted positively in pre-market trading.
The positive earnings report, with substantial revenue growth and a narrowed net loss, is likely to instill investor confidence and could lead to a short-term increase in stock price, as indicated by the pre-market trading activity.
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