John SchroyerCalifornia-based Ispire Technology Inc. (NASDAQ: ISPR) posted a $5.9 million net loss for its third fiscal quarter, which ended March 31, as the vaporizer manufacturer’s losses continue to trend upwards.
The net loss is up both sequentially and year-over-year, from $4 million lost in its second fiscal quarter and $2.3 million lost in the same period a year ago, Ispire reported. That brings the net loss for the first nine months of the fiscal year to $11.3 million, up from $4.5 million lost for the same period in the year prior.
The increased loss comes even as Ispire’s revenue has trended upward. The company reported $30 million in total revenue for the most recent quarter, up 24% year-over-year, though down sequentially from $41.7 million.
Ispire, which sells both tobacco and cannabis vaping hardware, said the recent uptick in revenue was thanks to “an increase in North American cannabis vaping hardware sales which increased 57% year-over-year from $7.6 million to $11.9 million.”
By contrast, tobacco vaping hardware accounted for $18.1 million in the quarter.
Company leadership said in a news release that they believe new business partnerships solidified during the recent quarter should help propel Ispire into profitable territory.
“During the quarter, we entered into a joint venture with Berify and Chemulor, and, subsequent to the end of the quarter, announced a partnership with a subsidiary of Acreage Holdings,” co-CEO Michael Wang said. “These partnerships will allow us to continue to expand our market share as we offer our cutting-edge products and technology globally.”
Wang also noted that the company raised $12.3 million through a public offering during the most recent quarter, giving Ispire more financial flexibility and help to “ramp up our operations at our Malaysian manufacturing facility.”
At the end of March, Ispire had $90.6 million in total assets, including $40.3 million in cash, against $59.3 million in total liabilities.
