Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
On
November 9, 2026, Ispire Technology Inc. (the “Company”) issued a press release regarding its financial results for the fiscal
second quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and
is incorporated herein by reference.
In
accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed to
be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other
document filed under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be
expressly set forth by specific reference in that filing.
The
following exhibits are being filed or furnished, as applicable, with this Current Report on Form 8-K:
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Exhibit 99.1
Ispire Technology Inc. Reports First Quarter
Fiscal Year 2027 Financial Results
Q1 Revenue of $27.5 Million, Up 3.2% Sequentially
Gross margin recovery and continued reduction
in accounts receivable
Sequential improvement in Net loss and Return
to Positive Adjusted EBITDA
Advancing Strategic Growth Initiatives, Expanding
Global Manufacturing Capabilities and Building a More Diversified Business
LOS ANGELES, Nov. 9, 2026 /PRNewswire/--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 first fiscal quarter ended September
30, 2026.
Steven Przybyla, President of Ispire, commented,
“Ispire is building the foundation for its next phase of growth, with what we see as a stronger manufacturing platform, expanding
customer opportunities and multiple paths to participate in high-growth markets. Our operations in Malaysia, growing Vapor OEM and ODM
pipeline, G-Mesh technology, our 40% owned joint venture IKE Tech’s age-gating platform, and nicotine pouch joint venture with Jincheng
Pharma represent meaningful opportunities to expand our reach, strengthen our competitive position and diversify our business. We believe
these initiatives equip Ispire with the capabilities, technology and global footprint to pursue a larger role in the industry and create
significant long-term value for shareholders.
“During the first quarter of fiscal 2027,
we continued to make measurable progress in strengthening our operating performance. Revenue increased 3.2% sequentially to $27.5 million,
and gross margin recovered to 16.2% from 6.3% in the prior quarter, following the one-time inventory impairments and returns charges recorded
in the fourth quarter of fiscal 2026. Sequentially, our GAAP net loss narrowed to $6.4 million from $13.8 million in the fourth quarter
of fiscal 2026, and Adjusted EBITDA returned to positive territory at $136,000, improving by $2.4 million from the prior quarter. We also
reduced net accounts receivable by approximately 80% from peak levels in fiscal 2025, reflecting collections, allowances for credit losses
recorded against outstanding balances and improvements in customer credit standards and payment terms. We believe these results demonstrate
continued progress in stabilizing the business, improving operational efficiency and strengthening our financial foundation.
“As we move through fiscal 2027, our focus
is on translating these opportunities into commercial execution and sustained financial improvement. Malaysia is in our view a key near-term
catalyst as we expand production capabilities, pursue new OEM and ODM relationships and capitalize on growing customer interest in supply-chain
diversification. We believe that the Company is close to securing a significant OEM and ODM relationship with a well-known regional brand
in Southeast Asia, and hope to update investors on this deal in the coming months. In parallel, we are advancing our nicotine pouch strategy
and IKE Tech is further its commercialization efforts, including the planned U.S. pilot of its IKE 2.0 age-gating platform with Charlie’s
Holdings. We believe the combination of these initiatives creates meaningful opportunities to expand our market presence and improve our
financial performance. Our priorities are to execute with discipline, strengthen our balance sheet and convert our investments into lasting
value for shareholders.”
Summary Financial Results for the Three Months
Ended September 30, 2026
Revenue was $27.5 million, compared to
$30.4 million in the first quarter of fiscal year 2026. The 9.3% decrease was driven primarily by reduced sales in the European market
amid an increasingly restrictive regulatory environment for vaping products. Sequentially, revenue increased 3.2% from $26.7 million in
the fourth quarter of fiscal 2026.
Gross profit was $4.5 million compared
to $5.1 million for the first quarter of fiscal year 2026. Gross margin was 16.2% compared to 17.0% for the year ago period and 6.3%
in the prior quarter.
Total operating expenses were $10.6 million,
an increase of 35.2%, compared to $7.8 million for the first quarter of fiscal year 2026, driven primarily by non-cash credit loss expenses.
Sequentially, operating expenses decreased 30.4% compared to $15.2 million in the fourth quarter. Credit loss expense was $4.8 million,
an increase of $3.0 million compared to $1.8 million in the year ago period.
Net loss was $6.4 million, or ($0.11) per
share, compared with a net loss of $3.3 million, or ($0.06) per share, in the first quarter of fiscal 2026. The current-quarter net loss
includes $4.8 million of credit loss expense.
Cash: At September 30, 2026, the Company
held cash of $15.6 million and working capital of $0.4 million, representing a decrease of $3.7 million in cash and a decrease of $0.4
million in working capital from the fiscal year ended June 30, 2026.
Adjusted EBITDA was $136,000, a decrease
of $0.5 million, compared to Adjusted EBITDA of $0.6 million in the year ago period. Sequentially, Adjusted EBITDA improved by $2.4 million
compared to an Adjusted EBITDA loss of ($2.3) million in the prior quarter. The sequential improvement reflects the recovery in gross
margin.
Outlook
The Company continues to focus on achieving cash-flow-positive
performance, while making investments in its Malaysia manufacturing facility during fiscal year 2027. Management expects cash flow to
improve as the benefits of the Company’s new manufacturing and commercial programs begin to scale.
Webcast and Conference Call
The Company will conduct a conference call at
8 a.m. ET on Monday, November 9, 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: Monday,
November 9, 2026 |
| ● | Dial-In Numbers: United States and Canada 1-800-715-9871 or International Toll 1-646-307-1963 |
| ● | Conference ID / Passcode: 8630253 |
This conference call will be webcast live and
can be accessed by all interested parties at: https://webcast.ir-events.com/x4ABk01m0wM.
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 Monday, November 23, 2026. To listen, please dial 1-844-512-2921 or +1-412-317-6671. Use the passcode 8630253 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 Ispire 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, including
the planned expansion of Malaysian manufacturing and entry into the nicotine pouch market; 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, 2026 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.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In $USD, except share and per share data)
| | |
September 30,
2026 | | |
June 30,
2026 | |
| Assets | |
| | |
| |
| Current assets: | |
| | |
| |
| Cash | |
$ | 15,636,010 | | |
$ | 19,328,650 | |
| Restricted cash | |
| 50,228 | | |
| 50,228 | |
| Accounts receivable, net | |
| 13,487,870 | | |
| 19,819,480 | |
| Inventories, net | |
| 2,592,583 | | |
| 3,126,252 | |
| Prepaid expenses and other current assets | |
| 1,840,008 | | |
| 2,519,129 | |
| Due from a related party | |
| 639,784 | | |
| 590,911 | |
| Total current assets | |
| 34,246,483 | | |
| 45,434,650 | |
| | |
| | | |
| | |
| Non-current assets: | |
| | | |
| | |
| Property, plant and equipment, net | |
| 2,231,365 | | |
| 2,423,509 | |
| Intangible assets, net | |
| 2,740,200 | | |
| 2,572,060 | |
| Right-of-use assets – operating leases | |
| 3,150,578 | | |
| 3,028,385 | |
| Other investment | |
| 2,000,000 | | |
| 2,000,000 | |
| Equity method investment | |
| 8,350,647 | | |
| 8,611,823 | |
| Other non-current assets | |
| - | | |
| 122,431 | |
| Deferred tax assets | |
| 104,609 | | |
| 85,713 | |
| Total non-current assets | |
| 18,577,399 | | |
| 18,843,921 | |
| Total assets | |
$ | 52,823,882 | | |
$ | 64,278,571 | |
| | |
| | | |
| | |
| Liabilities and stockholders’ deficit | |
| | | |
| | |
| Current liabilities | |
| | | |
| | |
| Accounts payable | |
$ | 2,611,444 | | |
$ | 5,651,330 | |
| Accounts payable – related party | |
| 23,049,913 | | |
| 29,312,960 | |
| Contract liabilities | |
| 2,188,615 | | |
| 1,886,012 | |
| Contract liabilities – related party | |
| 48,154 | | |
| - | |
| Accrued liabilities and other payables | |
| 3,874,084 | | |
| 5,532,103 | |
| Borrowing – current portion | |
| 518,670 | | |
| 805,361 | |
| Operating lease liabilities – current portion | |
| 1,534,514 | | |
| 1,443,763 | |
| Total current liabilities | |
| 33,825,394 | | |
| 44,631,529 | |
| | |
| | | |
| | |
| Non-current liabilities: | |
| | | |
| | |
| Amount due to a related party | |
| 52,000,000 | | |
| 47,000,000 | |
| Operating lease liabilities – net of current portion | |
| 1,845,549 | | |
| 1,893,249 | |
| Total non-current liabilities | |
| 53,845,549 | | |
| 48,893,249 | |
| Total liabilities | |
| 87,670,943 | | |
| 93,524,778 | |
| | |
| | | |
| | |
| Commitments and contingencies | |
| | | |
| | |
| | |
| | | |
| | |
| Stockholders’ deficit: | |
| | | |
| | |
| Common stock, par value $0.0001 per share; 140,000,000 shares authorized; 57,766,035 and 57,609,396 shares issued and outstanding as of September 30, 2026 and June 30, 2026 | |
| 5,777 | | |
| 5,760 | |
| Treasury stock, at cost | |
| (60,488 | ) | |
| (60,488 | ) |
| Additional paid-in capital | |
| 53,094,072 | | |
| 52,276,766 | |
| Accumulated deficit | |
| (87,707,288 | ) | |
| (81,269,311 | ) |
| Accumulated other comprehensive loss | |
| (179,134 | ) | |
| (198,934 | ) |
| Total stockholders’ deficit | |
| (34,847,061 | ) | |
| (29,246,207 | ) |
| Total liabilities and stockholders’ deficit | |
$ | 52,823,882 | | |
$ | 64,278,571 | |
ISPIRE TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND
COMPREHENSIVE LOSS
(In $USD, except share and per share data)
| | |
Three Months Ended
September 30, | |
| | |
2026 | | |
2025 | |
| | |
| | |
| |
| Revenue | |
$ | 27,542,546 | | |
$ | 30,350,884 | |
| Cost of revenue | |
| 23,087,760 | | |
| 25,204,112 | |
| Gross profit | |
| 4,454,786 | | |
| 5,146,772 | |
| Operating expenses: | |
| | | |
| | |
| Sales and marketing expenses | |
| 1,000,123 | | |
| 1,564,844 | |
| Credit loss expenses | |
| 4,752,558 | | |
| 1,764,252 | |
| General and administrative expenses | |
| 4,851,122 | | |
| 4,512,985 | |
| Total operating expenses | |
| 10,603,803 | | |
| 7,842,081 | |
| Loss from operations | |
| (6,149,017 | ) | |
| (2,695,309 | ) |
| Other income (expense): | |
| | | |
| | |
| Interest income | |
| 84,150 | | |
| 95,472 | |
| Interest expense | |
| (62,423 | ) | |
| (112,176 | ) |
| Exchange gain, net | |
| 71,969 | | |
| 9,802 | |
| Other expense, net | |
| (46,019 | ) | |
| (70,583 | ) |
| Total other income (expense) | |
| 47,677 | | |
| (77,485 | ) |
| Loss before income taxes | |
| (6,101,340 | ) | |
| (2,772,794 | ) |
| Income taxes | |
| (336,637 | ) | |
| (486,069 | ) |
| Net loss | |
$ | (6,437,977 | ) | |
$ | (3,258,863 | ) |
| Other comprehensive income (loss) | |
| | | |
| | |
| Foreign currency translation adjustments | |
| 19,800 | | |
| (7,892 | ) |
| Comprehensive loss | |
| (6,418,177 | ) | |
| (3,266,755 | ) |
| Net loss per share | |
| | | |
| | |
| Basic and diluted | |
$ | (0.11 | ) | |
$ | (0.06 | ) |
| Weighted average shares outstanding: | |
| | | |
| | |
| Basic and diluted | |
| 57,670,739 | | |
| 57,273,184 | |
ISPIRE TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(In $USD, except share and per share data)
| | |
Three Months Ended
September 30, | |
| | |
2026 | | |
2025 | |
| | |
| | |
| |
| Net loss | |
$ | (6,437,977 | ) | |
$ | (3,258,863 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
| Depreciation and amortization | |
| 216,811 | | |
| 253,410 | |
| Credit loss expenses | |
| 4,752,558 | | |
| 1,764,252 | |
| Right-of-use assets amortization | |
| 279,380 | | |
| 307,740 | |
| Stock-based compensation expenses | |
| 817,323 | | |
| 938,148 | |
| Inventory impairment | |
| 418,500 | | |
| 423,457 | |
| Loss from equity method investment | |
| 262,888 | | |
| 199,279 | |
| Debt issuance cost amortization | |
| 32,312 | | |
| 32,312 | |
| Deferred income taxes | |
| (18,895 | ) | |
| - | |
| Changes in operating assets and liabilities: | |
| | | |
| | |
| Accounts receivable | |
| 1,579,052 | | |
| 744,255 | |
| Inventories | |
| 115,169 | | |
| 62,395 | |
| Prepaid expenses and other current assets | |
| 493,934 | | |
| 509,535 | |
| Accounts payable and accounts payable – related party | |
| (4,302,933 | ) | |
| (496,695 | ) |
| Contract liabilities | |
| 302,603 | | |
| (1,898,951 | ) |
| Accrued liabilities and other payables | |
| (125,779 | ) | |
| (576,181 | ) |
| Operating lease liabilities | |
| (358,522 | ) | |
| (469,556 | ) |
| Prepaid income tax/income tax payable | |
| 356,016 | | |
| 281,856 | |
| Advances from a related party | |
| 48,154 | | |
| - | |
| Advances to a related party | |
| (48,873 | ) | |
| - | |
| Net cash used in operating activities | |
| (1,618,279 | ) | |
| (1,183,607 | ) |
| | |
| | | |
| | |
| Cash flows from investing activities: | |
| | | |
| | |
| Purchase of property, plant and equipment | |
| (2,206 | ) | |
| (7,502 | ) |
| Acquisition of intangible assets | |
| (199,107 | ) | |
| (132,534 | ) |
| Investment in joint venture | |
| (1,712 | ) | |
| - | |
| Payments of Joint venture investment payable | |
| (1,552,333 | ) | |
| - | |
| Net cash used in investing activities | |
| (1,755,358 | ) | |
| (140,036 | ) |
| | |
| | | |
| | |
| Cash flows from financing activities: | |
| | | |
| | |
| Repayment of borrowing | |
| (319,003 | ) | |
| (319,004 | ) |
| Net cash used in financing activities | |
| (319,003 | ) | |
| (319,004 | ) |
| | |
| | | |
| | |
| Net decrease in cash and restricted cash | |
| (3,692,640 | ) | |
| (1,642,647 | ) |
| Cash and restricted cash - beginning of period | |
| 19,378,878 | | |
| 24,351,765 | |
| Cash and restricted cash – end of period | |
$ | 15,686,238 | | |
$ | 22,709,118 | |
| | |
| | | |
| | |
| Reconciliation of cash and restricted cash | |
| | | |
| | |
| Cash | |
$ | 15,636,010 | | |
$ | 22,659,118 | |
| Restricted cash | |
| 50,228 | | |
| 50,000 | |
| Total cash and restricted cash | |
| 15,686,238 | | |
| 22,709,118 | |
| | |
| | | |
| | |
| Supplemental non-cash investing and financing activities | |
| | | |
| | |
| Leased assets obtained in exchange for operating lease liabilities | |
$ | 480,182 | | |
$ | - | |
| Reclassification of accounts receivable – non-current to accounts receivable | |
$ | - | | |
$ | 6,934,364 | |
| Reclassification of accounts payable – related party to amount due to a related party | |
$ | 5,000,000 | | |
$ | 4,000,000 | |
| Unpaid common stock repurchase | |
$ | - | | |
$ | 45,001 | |
| Supplemental disclosures | |
| | | |
| | |
| Cash paid for income taxes | |
$ | - | | |
$ | - | |
| Cash paid for interest | |
$ | 62,423 | | |
$ | 112,176 | |
Non-GAAP Financial Measures:
The following tables display certain non-GAAP financial measures we believe are helpful in assessing our performance and interpreting our financial results. We believe these non-GAAP financial measures are important supplemental measures because they exclude unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of our ongoing operating results. Further, when read in conjunction with our GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as a tool to help make financial, operational and planning decisions. We may use non-GAAP financial metrics in certain management compensation plans, debt covenants, internal budgetary decision making and other resource allocation decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry by providing more comparable measures that are less affected by factors such as capital structure.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP measurement. We define Adjusted EBITDA as net loss excluding income tax expense, depreciation and amortization, debt issuance cost amortization, stock-based compensation, credit loss expense, and inventory impairment.
ISPIRE
TECHNOLOGY INC.
RECONCILIATION
OF NET LOSS TO ADJUSTED EBITDA (NON-GAAP)
(Unaudited)
| | |
Three Months Ended | |
| | |
September 30,
2026 | | |
June 30,
2026 | |
| Net loss | |
$ | (6,437,977 | ) | |
$ | (13,819,287 | ) |
| Add: | |
| | | |
| | |
| Credit loss expense | |
| 4,752,558 | | |
| 9,177,876 | |
| Income tax expense | |
| 336,637 | | |
| 377,320 | |
| Stock-based compensation | |
| 817,323 | | |
| 735,740 | |
| Prepaid inventory impairment | |
| – | | |
| 539,497 | |
| Inventory impairment | |
| 418,500 | | |
| 431,902 | |
| Depreciation and amortization | |
| 216,811 | | |
| 253,101 | |
| Amortization of debt issuance costs | |
| 32,312 | | |
| 32,313 | |
| Adjusted EBITDA (Non-GAAP) | |
$ | 136,164 | | |
$ | (2,271,538 | ) |
ISPIRE TECHNOLOGY INC.
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (NON-GAAP)
(Unaudited)
| | |
Three Months Ended
September 30, | |
| | |
2026 | | |
2025 | |
| Net loss | |
$ | (6,437,977 | ) | |
$ | (3,258,863 | ) |
| Add: | |
| | | |
| | |
| Credit loss expense | |
| 4,752,558 | | |
| 1,764,252 | |
| Income tax expense | |
| 336,637 | | |
| 486,069 | |
| Stock-based compensation | |
| 817,323 | | |
| 938,148 | |
| Inventory impairment | |
| 418,500 | | |
| 423,457 | |
| Depreciation and amortization | |
| 216,811 | | |
| 253,410 | |
| Amortization of debt issuance costs | |
| 32,312 | | |
| 32,312 | |
| Adjusted EBITDA (Non-GAAP) | |
$ | 136,164 | | |
$ | 638,785 | |
10
