Ispire Technology Inc. Reports Fourth Quarter and Fiscal Year 2026 Financial Results
Ispire’s revenue and losses improved in Q4, but full-year sales fell sharply and the company finished fiscal 2026 with a stockholders’ deficit.
Rhea-AI Summary
Ispire Technology (ISPR) reported Q4 2026 revenue of $26.7 million, up 32.5% year-over-year and 43% sequentially, for the quarter ended June 30, 2026.
Q4 gross profit was $1.7 million with gross margin of 6.3%, down from 12.3% a year earlier, due in part to inventory impairments. Q4 operating expenses fell 11.1% to $15.2 million, and net loss narrowed to $13.8 million, or $(0.24) per share. Full-year 2026 revenue declined 24.7% to $96.0 million, with lower cannabis vaping hardware sales in the U.S. and reduced vaping product sales in Europe and Asia-Pacific.
For fiscal 2026, gross margin decreased to 12.8%, while total operating expenses fell 26% to $44.9 million, driving an improved net loss of $33.2 million and Adjusted EBITDA loss of $4.0 million. Net cash used in operating activities improved to $0.6 million. As of June 30, 2026, cash was $19.3 million and stockholders’ equity stood at a deficit of $29.2 million. Management no longer gives a firm timeframe for achieving cash-flow-positive performance, citing ongoing Malaysia facility investments.
Positive
- Q4 2026 revenue $26.7M, up 32.5% YoY and 43% sequentially
- Fiscal 2026 operating expenses down 26% to $44.9M
- Fiscal 2026 net loss improved by $6.0M to $33.2M
- Adjusted EBITDA loss improved by $4.8M to $4.0M in fiscal 2026
- Operating cash burn improved by $6.8M to $0.6M used in fiscal 2026
Negative
- Fiscal 2026 revenue down 24.7% to $96.0M
- Fiscal 2026 gross margin fell from 17.8% to 12.8%
- Q4 2026 gross margin only 6.3%, with inventory impairments
- Credit loss expenses remained high at $20.7M in fiscal 2026
- Stockholders’ equity swung to a $(29.2)M deficit from $0.6M equity
- Cash-flow-positive timing now uncertain due to Malaysia investments
News Explained
At June 30, 2026, Ispire reported $93.5 million of liabilities against $19.3 million of cash and $29.2 million of negative equity.
The company reports completed fiscal 2026 results, with its
The balance sheet separately lists
It also reports
These balance-sheet figures are year-end amounts dated
Key Figures
- Q4 Revenue
- $26.7 million
- Q4 fiscal 2026; up 33% year-over-year and 43% sequentially
- Fiscal-Year Revenue
- $96.0 million
- Fiscal 2026 versus $127.5 million in fiscal 2025
- Fiscal-Year Gross Margin
- 12.8%
- Fiscal 2026 versus 17.8% in fiscal 2025
- Fiscal-Year Net Loss
- $33.2 million
- Fiscal 2026; improved by $6.0 million year-over-year
- Fiscal-Year Adjusted EBITDA Loss
- $4.0 million
- Fiscal 2026; improved by $4.8 million year-over-year
- Operating Cash Used
- $569,000
- Fiscal 2026 versus $7.4 million used in fiscal 2025
- Cash
- $19.3 million
- As of June 30, 2026
- Q4 Net Loss
- $13.8 million
- Q4 fiscal 2026; improved by $971,000 year-over-year
Previous Earnings Reports
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Revenue declined, but losses narrowed and cash increased sequentially
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Revenue fell while operating expenses declined and customer quality improved
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Annual revenue and gross profit declined while the net loss widened
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
adjusted ebitda financial
non-gaap financial measures financial
inventory impairment financial
original design manufacture (odm) technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Q4 Revenue Increased
Full Year Operating Cash Burn Improves by
Multiple Possible Revenue Catalysts Coming Online as Malaysia Manufacturing and Vapor ODM Scale Up; Joint Venture Proprietary Age-Gating and G-Mesh Technologies Advance Toward Commercialization
LOS ANGELES, CA / ACCESS Newswire / September 16, 2026 / Ispire Technology Inc. (NASDAQ:ISPR) ("Ispire," the "Company," "we," "us," or "our"), an innovator in vaping technology and precision dosing, today reported financial results for the fourth quarter and fiscal year ended June 30, 2026.
Steven Przybyla, President of Ispire, commented, "We believe fourth quarter results mark an important inflection point for the company and the turnaround we began more than a year ago. Fourth quarter revenue increased
"These initiatives span different stages of development and create a diversified set of possible growth drivers. In the near term, we believe our Malaysia manufacturing and ODM platforms are positioned to expand our addressable customer base, strengthen our competitive position and generate new revenue opportunities. Over the longer term, IKE Tech's age-gating technology is showing the potential to address significant unmet needs in not just the U.S. market, but globally, while our G-Mesh continues to generate interest from leading global tobacco companies and major international brands.
"We believe fiscal 2027 will be a transformational year of fundamental growth and change for Ispire. We expect it will be the first full year of vapor and nicotine pouch production at our company-owned factories in Malaysia, a year of major commercial developments and contracts within our IKE Tech joint venture and a year of continued investment in cutting-edge technologies that we believe can be highly accretive to the balance sheet and long-term value of the business.
Multiple Growth Catalysts, Each Backed by a Massive Addressable Market
| Catalyst | Timeline | Opportunity |
| Malaysia Manufacturing | Now | ~ |
| Vapor ODM | July 2026 / 2027 | Mid-sized brands in 2026; large brand partnerships in 2027 |
| Age-Gating (IKE Tech) | 2027+ | ~ |
| G-Mesh Technology | 2027+ |
Summary Financial Results for the Three Months Ended June 30, 2026
Revenue was
Gross profit was
Total operating expenses were
Net loss was
Adjusted EBITDA loss was (
Cash: At June 30, 2026, the Company held cash of
Summary Financial Results for the Fiscal Year Ended June 30, 2026
Revenue was
Gross profit was
Total operating expenses were
Net loss was
Adjusted EBITDA loss was (
Net cash used in operating activities was
Outlook
The Company previously expected to achieve cash-flow-positive performance in the second half of calendar year 2026. While operating cash flow has improved substantially year over year, the Company has made investments related to its Malaysia manufacturing facility during the first quarter of fiscal year 2027, which makes the timing of achieving cash-flow positive less certain. Management remains focused on reaching positive cash flow as the benefits of the Company's new manufacturing and commercial programs begin to scale.
Conference Call
The Company will conduct a conference call at 8 am ET on Wednesday, September 16, 2026, to discuss the results, followed by a Q&A session.
To listen to the conference call, please dial in using the information below. When prompted upon dialing-in, please ask for the "Ispire Technology Call."
- Date: Wednesday, September 16, 2026
- Time: 8 am ET
- Dial-In Numbers: United States 1-877-451-6152 or International 1-201-389-0879
This conference call will be webcast live and can be accessed by all interested parties at:
Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software.
A playback will be available until 11:59 pm ET on Wednesday, September 30, 2026. To listen, please dial 1-844-512-2921 or +1-412-317-6671. Use the passcode 13762496 to access the replay.
About Ispire Technology Inc.
Ispire is engaged in the research and development, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products. The Company's operating subsidiaries own or license more than 400 patents worldwide. Ispire's branded e-cigarette products are marketed under the Aspire name and are sold worldwide (except in the U.S., People's Republic of China and Russia) primarily through its global distribution network. The Company also engages in original design manufacture (ODM) relationships with e-cigarette brands and retailers worldwide. The Company's cannabis products are marketed under the Ispire brand name primarily on an ODM basis to other cannabis vapor companies. Ispire sells its cannabis vaping hardware in the US, Europe and South Africa and it recently commenced marketing activities and customer engagement in Canada and Latin America. For more information visit www.ispiretechnology.com or follow Inspire on Instagram, LinkedIn, Twitter and YouTube.
Non-GAAP Financial Measures
In evaluating its business, the Company uses or may use certain non-GAAP measures as supplemental measures to review and assess its operating and financial performance. These measures are commonly used in the manufacturing industry to provide stockholders and potential investors with additional information that excludes unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of the Company's ongoing operating results. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools when assessing the Company's operating and financial performances, and investors should not consider them in isolation, or as a substitute for any consolidated statement of operations data prepared in accordance with U.S. GAAP. The reconciliations to EBITDA and Adjusted EBITDA from relevant GAAP metrics are included at the end of this press release.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act") as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "would," "could," "seek," "intend," "plan," "goal," "project," "estimate," "anticipate," "strategy," "future," "likely" or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company's strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company's actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: whether the Company may be successful in re-entering the U.S. ENDS market; the approval or rejection of any PMTA submitted by the Company; whether the Company will be successful in its plans to further expand into the African market; whether the Company's joint venture with Touch Point Worldwide Inc. d/b/a/ Berify and Chemular Inc. (the "Joint Venture") may be successful in achieving its goals as currently contemplated, with different terms, or at all; the Joint Venture's ability to innovate in the e-cigarette technology space or develop age gating or age verification technologies for nicotine vaping devices; the Company's ability to collect its accounts receivable in a timely manner; the Company's business strategies; the ability of the Company to market Ispire ONE™ and G-Mesh; G-Mesh and Ispire ONE™'s success in meeting its goals; the ability of its customers to derive the anticipated benefits from G-Mesh or Ispire ONE™ and the success of its products on the markets; Ispire ONE™ proving to be safe; the timing of the Company's ability to achieve positive cash flow, if at all; whether the Company's joint venture with Jincheng Pharma may be successful in achieving its goals as currently contemplated, with different terms, or at all; and the risk and uncertainties described in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Cautionary Note on Forward-Looking Statements" and the additional risk described in Ispire's Annual Report on Form 10-K for the year ended June 30, 2025 and any subsequent filings which Ispire makes with the SEC. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by applicable law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.
Contact:
HAYDEN IR:
James Carbonara
(646)-755-7412
james@haydenir.com
Brett Maas
(646) 536-7331
brett@haydenir.com
-- Tables Follow -
ISPIRE TECHNOLOGY INC.
CONSOLIDATED BALANCE SHEETS
(In $USD, except share and per share data)
| June 30, | ||||||||
| 2026 | 2025 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 19,328,650 | $ | 24,351,765 | ||||
Restricted cash | 50,228 | - | ||||||
Accounts receivable, net | 19,819,480 | 39,588,998 | ||||||
Inventories, net | 3,126,252 | 6,647,970 | ||||||
Prepaid expenses and other current assets | 2,519,129 | 2,244,505 | ||||||
Due from a related party | 590,911 | 75,147 | ||||||
Total current assets | 45,434,650 | 72,908,385 | ||||||
Other assets: | ||||||||
Property, plant and equipment, net | 2,423,509 | 2,952,800 | ||||||
Intangible assets, net | 2,572,060 | 2,232,620 | ||||||
Right-of-use assets - operating leases | 3,028,385 | 5,030,005 | ||||||
Other investment | 2,000,000 | 2,000,000 | ||||||
Equity method investment | 8,611,823 | 9,515,546 | ||||||
Other non-current assets | 122,431 | 210,617 | ||||||
Accounts receivable - non current | - | 7,367,158 | ||||||
Deferred tax assets | 85,713 | - | ||||||
Total other assets | 18,843,921 | 29,308,746 | ||||||
Total assets | $ | 64,278,571 | $ | 102,217,131 | ||||
Liabilities and stockholders' (deficit) equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 5,651,330 | $ | 4,172,476 | ||||
Accounts payable - related party | 29,312,960 | 52,420,256 | ||||||
Contract liabilities | 1,886,012 | 4,861,250 | ||||||
Accrued liabilities and other payables | 5,532,103 | 8,099,991 | ||||||
Borrowing - current portion | 805,361 | 1,146,766 | ||||||
Operating lease liabilities - current portion | 1,443,763 | 1,838,815 | ||||||
Total current liabilities | 44,631,529 | 72,539,554 | ||||||
Other liabilities: | ||||||||
Amount due to a related party | 47,000,000 | 25,000,000 | ||||||
Borrowing - net of current portion | - | 805,361 | ||||||
Operating lease liabilities - net of current portion | 1,893,249 | 3,267,522 | ||||||
Total liabilities | 93,524,778 | 101,612,437 | ||||||
Commitments and contingencies | ||||||||
Stockholders' (deficit) equity: | ||||||||
Common stock, par value | 5,760 | 5,719 | ||||||
Treasury stock, at cost | (60,488 | ) | (60,488 | ) | ||||
Additional paid-in capital | 52,276,766 | 48,833,601 | ||||||
Accumulated deficit | (81,269,311 | ) | (48,065,267 | ) | ||||
Accumulated other comprehensive loss | (198,934 | ) | (108,871 | ) | ||||
Total stockholders' (deficit) equity | (29,246,207 | ) | 604,694 | |||||
Total liabilities and stockholders' (deficit)/equity | $ | 64,278,571 | $ | 102,217,131 | ||||
ISPIRE TECHNOLOGY INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
(In $USD, except share and per share data)
| Years ended June 30, | ||||||||
| 2026 | 2025 | |||||||
Revenue | $ | 96,014,610 | $ | 127,494,304 | ||||
Cost of revenue | 83,716,563 | 104,844,633 | ||||||
Gross profit | 12,298,047 | 22,649,671 | ||||||
Operating expenses: | ||||||||
Sales and marketing expenses | 5,022,884 | 8,439,384 | ||||||
Credit loss expenses | 20,715,826 | 22,034,812 | ||||||
General and administrative expenses | 19,151,861 | 30,025,334 | ||||||
Total operating expenses | 44,890,571 | 60,499,530 | ||||||
Loss from operations | (32,592,524 | ) | (37,849,859 | ) | ||||
Other income (expense): | ||||||||
Interest income | 343,497 | 86,996 | ||||||
Interest expense | (374,168 | ) | (188,764 | ) | ||||
Exchange gain (loss), net | 316,441 | (86,570 | ) | |||||
Other income, net | 250,092 | 1,675 | ||||||
Total other income (expense) | 535,862 | (186,663 | ) | |||||
Loss before income taxes | (32,056,662 | ) | (38,036,522 | ) | ||||
Income taxes | (1,147,382 | ) | (1,203,704 | ) | ||||
Net loss | $ | (33,204,044 | ) | $ | (39,240,226 | ) | ||
Other comprehensive loss | ||||||||
Foreign currency translation adjustments | (90,063 | ) | (167,214 | ) | ||||
Comprehensive loss | (33,294,107 | ) | (39,407,440 | ) | ||||
Net loss per share | ||||||||
Basic and diluted | $ | (0.58 | ) | $ | (0.69 | ) | ||
Weighted average shares outstanding: | ||||||||
Basic and diluted | 57,306,470 | 56,853,552 | ||||||
ISPIRE TECHNOLOGY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In $USD, except share and per share data)
| Years ended June 30, | ||||||||
| 2026 | 2025 | |||||||
Net loss | $ | (33,204,044 | ) | $ | (39,240,226 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 944,995 | 812,483 | ||||||
Credit loss expenses | 20,715,826 | 22,034,812 | ||||||
Right-of-use assets amortization | 1,806,846 | 1,460,104 | ||||||
Stock-based compensation expenses | 3,488,207 | 5,616,282 | ||||||
Inventory impairment | 2,818,653 | 754,976 | ||||||
Loss from equity method investment | 903,723 | 732,502 | ||||||
Right-of-use assets impairment | 301,067 | 151,516 | ||||||
Debt issuance cost amortization | 129,250 | 38,478 | ||||||
Deferred income taxes | (85,713 | ) | - | |||||
Impairment loss on prepayments | 539,497 | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 6,420,850 | (9,331,350 | ) | |||||
Inventories | 703,065 | (1,037,552 | ) | |||||
Prepaid expenses and other current assets | (455,522 | ) | (547,085 | ) | ||||
Accounts payable and accounts payable - related party | 371,558 | 10,766,537 | ||||||
Contract liabilities | (2,975,238 | ) | 2,643,084 | |||||
Accrued liabilities and other payables | (219,699 | ) | (555,383 | ) | ||||
Operating lease liabilities | (1,875,618 | ) | (1,358,074 | ) | ||||
Prepaid income tax/income tax payable | (381,355 | ) | (315,189 | ) | ||||
Advances to a related party | (515,764 | ) | ||||||
Net cash used in operating activities | (569,416 | ) | (7,374,085 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchase of property, plant and equipment | (305,952 | ) | (1,100,704 | ) | ||||
Acquisition of intangible assets | (449,191 | ) | (939,075 | ) | ||||
Joint venture investment payable | (2,327,311 | ) | (3,158,826 | ) | ||||
Net cash used in investing activities | (3,082,454 | ) | (5,198,605 | ) | ||||
Cash flows from financing activities: | ||||||||
Common stock repurchased | (45,001 | ) | (60,488 | ) | ||||
Proceeds from borrowing | - | 2,080,863 | ||||||
Repayment of borrowing | (1,276,016 | ) | (167,214 | ) | ||||
Net cash (used in) provided by financing activities | (1,321,017 | ) | 1,853,161 | |||||
Net decrease in cash and restricted cash | (4,972,887 | ) | (10,719,529 | ) | ||||
Cash and restricted cash - beginning of year | 24,351,765 | 35,071,294 | ||||||
Cash and restricted cash - end of year | $ | 19,378,878 | $ | 24,351,765 | ||||
Reconciliation of cash and restricted cash | ||||||||
Cash | $ | 19,328,650 | $ | 24,351,765 | ||||
Restricted cash | 50,228 | - | ||||||
Total cash, restricted cash and equivalents | 19,378,878 | 24,351,765 | ||||||
Supplemental non-cash investing and financing activities | ||||||||
Leased assets obtained in exchange for operating lease liabilities | $ | - | $ | 3,062,902 | ||||
Reclassification of accounts receivable to accounts receivable - non current | $ | - | $ | 7,367,158 | ||||
Reclassification of accounts payable - related party to amount due to a related party | $ | 22,000,000 | $ | 25,000,000 | ||||
Supplemental disclosures | ||||||||
Cash paid for income taxes | $ | 1,612,851 | $ | 1,531,924 | ||||
Cash paid for interest | $ | 374,168 | $ | 150,285 | ||||
ISPIRE TECHNOLOGY INC.
UNAUDITED ADJUSTED EBITDA RECONCILIATION (GAAP to non-GAAP)
(In $USD)
Unaudited and in U.S. dollars
Years ended June 30
| Years ended June 30, | ||||||||
Net loss | $ | (33,204,044 | ) | $ | (39,240,226 | ) | ||
Adjustments | ||||||||
Credit loss expense | $ | 20,715,826 | $ | 22,034,812 | ||||
Income tax expense | $ | 1,147,382 | $ | 1,203,704 | ||||
Stock-based compensation | $ | 3,488,207 | $ | 5,616,282 | ||||
Inventory impairment | $ | 2,818,653 | $ | 754,976 | ||||
Depreciation and amortization | $ | 944,995 | $ | 812,483 | ||||
Debt issuance cost amortization | $ | 129,250 | $ | 38,478 | ||||
Adjusted EBITDA (Non-GAAP) | $ | (3,959,731 | ) | $ | (8,779,491 | ) | ||
Three months ended June 30
| Three months ended June 30, | ||||||||
Net loss | $ | (13,819,287 | ) | $ | (14,790,072 | ) | ||
Adjustments | ||||||||
Credit loss expense | $ | 9,177,876 | $ | 8,645,045 | ||||
Income tax expense | $ | 377,320 | $ | 109,930 | ||||
Stock-based compensation | $ | 735,740 | $ | 692,531 | ||||
Prepaid inventory impairment | $ | 539,497 | $ | - | ||||
Inventory impairment | $ | 431,902 | $ | 681,284 | ||||
Depreciation and amortization | $ | 253,101 | $ | 220,203 | ||||
Debt issuance cost amortization | $ | 32,313 | $ | 38,478 | ||||
Adjusted EBITDA (Non-GAAP) | $ | (2,271,538 | ) | $ | (4,402,601 | ) | ||
SOURCE: Ispire Technology Inc.
View the original press release on ACCESS Newswire
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What drove the fiscal 2026 revenue decline by region and product?
The 24.7% revenue decrease to $96.0 million was primarily due to lower cannabis vaping hardware sales in the United States, which fell by $17.4 million to $15.1 million, and lower vaping product sales in Europe, which decreased by $12.7 million to $61.4 million. Product sales in Asia Pacific, excluding China, also decreased by $1.4 million to $10.9 million.
What factors affected Ispire’s gross margin in fiscal 2026 and Q4?
For fiscal 2026, gross margin declined to 12.8% from 17.8%, impacted by changes in product mix and a one-time increase in inventory provision. In Q4 2026, gross margin fell to 6.3% from 12.3% in the prior-year quarter, with gross margin impacted by inventory impairments recorded in the quarter.
What is Ispire’s liquidity and working capital position at June 30, 2026?
As of June 30, 2026, Ispire held cash of $19.3 million and reported working capital of $803,000. Cash increased by $1.3 million and working capital decreased by $86,000 compared with the quarter ended March 31, 2026.
How has the outlook for achieving cash-flow-positive performance changed?
The company previously expected to reach cash-flow-positive performance in the second half of calendar 2026. Management now indicates that investments related to the Malaysia manufacturing facility made in the first quarter of fiscal 2027 make the timing of achieving cash-flow positive less certain, though the company remains focused on reaching positive cash flow as new manufacturing and commercial programs scale.
What are the main non-GAAP metrics Ispire highlights?
Ispire uses non-GAAP measures such as EBITDA and Adjusted EBITDA as supplemental metrics to assess operating and financial performance. Management states these measures exclude unusual or non-recurring items and certain non-cash items that may not reflect ongoing results, and reconciliations to comparable GAAP metrics are provided in the financial statements.
How can investors access the Q4 and fiscal 2026 earnings conference call and replay?
The conference call is scheduled for Wednesday, September 16, 2026, at 8:00 a.m. ET. Participants can dial 1-877-451-6152 (United States) or 1-201-389-0879 (international) and ask for the "Ispire Technology Call." A webcast link is available for online access. A replay is available until 11:59 p.m. ET on Wednesday, September 30, 2026, by dialing 1-844-512-2921 or +1-412-317-6671 and entering passcode 13762496.