Ispire Technology reports Q1 net loss $5.9M vs. net loss $2.3M last year

Reports Q3 revenue $30M, consensus $45.5M..Michael Wang, Co-Chief Executive Officer of Ispire commented, “the third quarter was important for Ispire as it demonstrated our continued ability to add new strategic partners and expand within existing market sectors as we execute on our mission to be an innovator and a leader in our markets. During the quarter, we entered into a joint venture with Berify and Chemular, and, subsequent to the end of the quarter, announced a partnership with a subsidiary of Acreage Holdings, Inc. (OTCMKTS: ACRGF). These partnerships will allow us to continue to expand our market share as we offer our cutting-edge products and technology globally.” “Also during the quarter, we successfully closed on a $12.3 million public offering. This additional capital will allow us to help fund our joint venture with our partners and also ramp up our operations at our Malaysian manufacturing facility. This facility will play an important part in our operational and financial performance as it further streamlines our supply chain which will lead to improved gross margins and profitability,” concluded Wang. Daniel Machock, Chief Financial Officer of Ispire, stated, “our third quarter results reflect Ispire’s ability to capitalize on areas of strength and to quickly pivot to meet our expectations for our markets. We successfully demonstrated this ability in the third quarter, shifting our focus to increasing profitability due to the anticipated seasonal impact of Chinese New Year on our manufacturing partners. This ability allowed us to continue to invest in research and innovation, while expanding in our existing markets and ensuring that we were well-positioned to enter new markets where we believe there is significant market opportunity.”