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olivLaw · US equity research

Ispire Technology Inc. ISPR

Cigarettes · SIC 2111 · Vertical: Cigarettes (SIC 2111)

1.50USD−4.46% · 1 dayClose 04 Nov 2026

Ispire Technology Inc. designs, manufactures and sells vaping devices, marketed under the Aspire brand for nicotine and cannabis hardware built on its own heating technologies and factories in Malaysia. The company is emerging from a difficult year, with revenue falling to 96 million dollars in fiscal 2026, yet it reports a better fourth quarter and smaller losses, and investors are watching whether its new programs can restore growth.

At the close of 04 Nov 2026, Ispire Technology Inc. (ISPR) stock was 1.50 USD (−4.46% on the day), with market capitalisation 86.6 m USD, beta 0.98, 52-week range 1.10–3.68 USD. Latest reported quarter (Q4 2026): revenue of 26.7 m USD (+32.5% YoY), net income of -13.8 m USD, diluted EPS -0.24 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
86.6 m USD
shares as of 14 Sept 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.58 · TTM to 30 Jun 2026
E/P (TTM)
-38.67%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.98
Volatility (1y) 109%
52-week range
1.103.68

Price history

Loading chart…

Technical reading

RSI (14)
57.3
strong (55–70)
Bollinger (20, 2)
1.28 – 1.55
in the upper half of the band · %B 0.83 · band width 18.8%
SMA 50 / 200
1.40 / 1.81
mixed trend
MACD (12, 26, 9)
0.02 / 0.00
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+15.4%−1.1%+16.5 pp—
3 months−5.7%−0.5%−5.2 pp—
6 months−10.7%+4.4%−15.1 pp—
Year to date−45.8%+12.3%−58.2 pp—
1 year−9.6%+13.5%−23.2 pp+7.3%
3 years−81.9%+76.4%−158.3 pp+85.6%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−70.1%
30 Jan 2026 → 07 Jul 2026
Max drawdown (5y)
−93.3%
14 Nov 2023 → 07 Jul 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2026 · 30 Jun 2026

Revenue
26.7 m USD
+32.5% YoY
Net income
-13.8 m USD
unavailable YoY
Diluted EPS
-0.24
unavailable YoY
net / operating
-51.8% / -50.7%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
Revenue39.3 m41.8 m26.2 m20.1 m30.4 m20.3 m18.7 m26.7 m
Cost of revenue31.7 m34.1 m21.4 m17.7 m25.2 m16.8 m16.7 m25.0 m
Gross profit7.7 m7.7 m4.8 m2.5 m5.1 m3.5 m2.0 m1.7 m
Operating income-5.3 m-7.4 m-10.6 m-14.6 m-2.7 m-6.9 m-9.5 m-13.5 m
Depreciation & amortisation204.8 k188.5 k ≈199.0 k ≈220.2 k253.4 k227.8 k ≈210.7 k ≈253.1 k
Interest expense11.5 k13.1 k35.6 k128.6 k112.2 k100.2 k87.2 k74.6 k
Pre-tax income-5.1 m-7.5 m-10.7 m-14.7 m-2.8 m-6.5 m-9.3 m-13.4 m
Income tax456.8 k460.0 k177.0 k109.9 k486.1 k106.6 k177.4 k377.3 k
Net income-5.6 m-8.0 m-10.9 m-14.8 m-3.3 m-6.6 m-9.5 m-13.8 m
Diluted EPS-0.10-0.14-0.19-0.26 ≈-0.06-0.12-0.17-0.24 ≈
Operating cash flow3.6 m-3.2 m ≈-12.5 m ≈4.7 m-1.2 m-4.0 m ≈2.0 m ≈2.6 m
Capex268.8 k54.0 k ≈-181.8 k ≈959.7 k7.5 k69.4 k ≈247.3 k ≈-18.3 k
Share repurchases———0——0 ≈0

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20222023202420252026
Revenue88.1 m115.6 m151.9 m127.5 m96.0 m
Revenue YoYunavailable+31.2%+31.4%−16.1%−24.7%
Net income-1.9 m-6.0 m-14.8 m-39.2 m-33.2 m
Net income YoYunavailableunavailableunavailableunavailableunavailable
Diluted EPS-0.04-0.12-0.27-0.69-0.58
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailable
net %-2.1%-5.2%-9.7%-30.8%-34.6%
Free cash flow-7.7 m-9.5 m-20.3 m-8.5 m-875.4 k

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 30 Jun 2026

Cash
19.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
-29.2 m USD
Total assets
64.3 m USD
Debt / equity
unavailable
Current ratio
1.02x
ROE
unavailable
ROA
-39.9%
FCF margin
-0.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
151.9 m
2025
127.5 m
2026
96.0 m

SEC (XBRL)· 15 Sept 2026verified

Cost of revenue
2024
122.1 m
2025
104.8 m
2026
83.7 m

SEC (XBRL)· 15 Sept 2026verified

Gross profit
2024
29.8 m
2025
22.6 m
2026
12.3 m

SEC (XBRL)· 15 Sept 2026verified

Research & development
2024
779.2 k
2025
363.3 k
2026
81.0 k

SEC (XBRL)· 15 Sept 2026verified

Operating income
2024
-13.9 m
2025
-37.8 m
2026
-32.6 m

SEC (XBRL)· 15 Sept 2026verified

Depreciation & amortisation
2024
505.7 k
2025
812.5 k
2026
945.0 k

SEC (XBRL)· 15 Sept 2026verified

EBITDA
2024
-13.4 m ≈
2025
-37.0 m ≈
2026
-31.6 m ≈

SEC (XBRL)· 15 Sept 2026derived

Interest expense
2024
—
2025
188.8 k
2026
374.2 k

SEC (XBRL)· 15 Sept 2026verified

Pre-tax income
2024
-13.5 m
2025
-38.0 m
2026
-32.1 m

SEC (XBRL)· 15 Sept 2026verified

Income tax
2024
1.3 m
2025
1.2 m
2026
1.1 m

SEC (XBRL)· 15 Sept 2026verified

Net income
2024
-14.8 m
2025
-39.2 m
2026
-33.2 m

SEC (XBRL)· 15 Sept 2026verified

Diluted EPS
2024
-0.27
2025
-0.69
2026
-0.58

SEC (XBRL)· 15 Sept 2026verified

Weighted average diluted shares
2024
54.8 m
2025
56.9 m
2026
57.3 m

SEC (XBRL)· 15 Sept 2026verified

Balance sheet · USD

Cash
2024
35.1 m
2025
24.4 m
2026
19.3 m

SEC (XBRL)· 15 Sept 2026verified

Receivables
2024
59.7 m
2025
39.6 m
2026
19.8 m

SEC (XBRL)· 15 Sept 2026verified

Inventories
2024
6.4 m
2025
6.6 m
2026
3.1 m

SEC (XBRL)· 15 Sept 2026verified

Current assets
2024
102.6 m
2025
72.9 m
2026
45.4 m

SEC (XBRL)· 15 Sept 2026verified

Property, plant & equipment, net
2024
2.6 m
2025
3.0 m
2026
2.4 m

SEC (XBRL)· 15 Sept 2026verified

Intangibles (excl. goodwill)
2024
1.4 m
2025
2.2 m
2026
2.6 m

SEC (XBRL)· 15 Sept 2026verified

Total assets
2024
122.6 m
2025
102.2 m
2026
64.3 m

SEC (XBRL)· 15 Sept 2026verified

Accounts payable
2024
3.8 m
2025
4.2 m
2026
5.7 m

SEC (XBRL)· 15 Sept 2026verified

Current liabilities
2024
86.0 m
2025
72.5 m
2026
44.6 m

SEC (XBRL)· 15 Sept 2026verified

Total liabilities
2024
88.2 m
2025
101.6 m
2026
93.5 m

SEC (XBRL)· 15 Sept 2026verified

Equity
2024
34.5 m †
2025
604.7 k †
2026
-29.2 m †

SEC (XBRL)· 15 Sept 2026verified

Cash flow · USD

Operating cash flow
2024
-18.3 m
2025
-7.4 m
2026
-569.4 k

SEC (XBRL)· 15 Sept 2026verified

Capex
2024
2.0 m
2025
1.1 m
2026
306.0 k

SEC (XBRL)· 15 Sept 2026verified

Free cash flow
2024
-20.3 m ≈
2025
-8.5 m ≈
2026
-875.4 k ≈

SEC (XBRL)· 15 Sept 2026derived

Investing cash flow
2024
3.0 m
2025
-5.2 m
2026
-3.1 m

SEC (XBRL)· 15 Sept 2026verified

Financing cash flow
2024
10.1 m
2025
1.9 m
2026
-1.3 m

SEC (XBRL)· 15 Sept 2026verified

Dividends paid
2024
—
2025
—
2026
—

SEC (XBRL)· 19 Sept 2023verified

Share repurchases
2024
—
2025
60.5 k
2026
45.0 k

SEC (XBRL)· 15 Sept 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-24.7%
computed by olivLawFY 2026
Revenue CAGR 3Y
-6.0%
computed by olivLawFY 2023 → FY 2026
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
12.8%
computed by olivLawFY 2026
EBITDA margin
-33.0%
computed by olivLawFY 2026
EBIT margin
-33.9%
computed by olivLawFY 2026
Net margin
-34.6%
computed by olivLawFY 2026
FCF margin
-0.9%
computed by olivLawFY 2026

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-39.9%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
-165.9%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-87.1x
computed by olivLawFY 2026

Liquidity

Current ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.4x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-569.4 k USD
computed by olivLawFY 2026
Capital expenditure
306.0 k USD
computed by olivLawFY 2026
Free cash flow
-875.4 k USD
computed by olivLawFY 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
113 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
21 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
21 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
113 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
86.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-38.7%
computed by olivLawFY 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
0.9x
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-1.0%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
0.1%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 39.6% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.50 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 86.6 m USD

Key indicators

Market capitalisation
86.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
input data missing
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
-34.6%
computed by olivLawFY 2026
Revenue growth (YoY)
-24.7%
computed by olivLawFY 2026
Dividend yield
unavailable
input data missing

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 14 Sept 2026
Source: SEC (XBRL)published 15 Sept 2026
verified 613derived 66

Score by group

40% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Cigarettes (SIC 2111)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-34.6%0 (vs peers)16%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-6.0%0 (on a fixed band)21%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-87.1x0 (on a fixed band)16%
Current ratio · Balance sheet1.0x18 (on a fixed band)11%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-1.0%0 (on a fixed band)21%
Shareholder yield (distributions) · Returns0.1%1 (on a fixed band)16%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet7/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partial1/100 · 1/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ispire Technology Inc. (ISPR). Latest full fiscal year: 2026; data up to 2026-06-30.

Figures computed from the financial statements: revenue 96.0 m USD in 2026; YoY growth -24.7%; net margin -34.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Net margin: -34.6%
  • Revenue CAGR 3Y: -6.0%
  • Interest coverage: -87.1x
  • Current ratio: 1.0x
  • FCF yield: -1.0%
  • Shareholder yield (distributions): 0.1%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Cigarettes (SIC 2111) · same industry (4-digit SIC) · compared with 5 companies

Multiples and returns vs the median

P/E
—
vertical median 16.4x
EV/EBITDA
—
vertical median —
P/S
0.9x
vertical median 5.0x
below median (−82.0%)
P/B
—
vertical median —
ROE
—
vertical median 6.0%
Net margin
-34.6%
vertical median 24.8%
below median (−239.3%)
EBIT margin
-33.9%
vertical median 38.6%
below median (−187.9%)
Revenue YoY
-24.7%
vertical median -1.0%
below median
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 5.5%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
PMPhilip Morris International Inc.329.3 bn30.8—24.8%+7.3%+34% / +126%
MOAltria Group, Inc.129.8 bn16.1—34.5%−3.1%+32% / +86%
RLXRLX Technology Inc.2.5 bn16.46.0%23.3%+50.3%−35% / −27%
ISPRIspire Technology Inc.86.6 m——-34.6%−24.7%−10% / −82%
XXII22nd Century Group, Inc.30.0 k—-32.4%-27.0%−27.9%−100% / −100%
BTIBritish American Tobacco p.l.c.——16.5%30.3%−1.0%+7% / +97%

1- and 3-year price returns: for ISPR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Ispire Technology Inc. designs, manufactures and sells vaping devices, marketed under the Aspire brand for nicotine and cannabis hardware built on its own heating technologies and factories in Malaysia. The company is emerging from a difficult year, with revenue falling to 96 million dollars in fiscal 2026, yet it reports a better fourth quarter and smaller losses, and investors are watching whether its new programs can restore growth.

    SWOT

    Strengths

    • The company has a broad global distribution base and a portfolio of technology patents, including heating technologies and cannabis designs.
    • The Malaysian factory holds ISO certifications and a final production license for nicotine products, which may support access to regulated markets.
    • Cash flow from operations improved quarter over quarter and came close to balance, which could ease financing pressure.

    Weaknesses

    • The company reported net losses in both of its recent fiscal years and cannot guarantee future profitability.
    • Reliance on a supplier controlled by the chief executive officer creates conflicts of interest and contract risks.
    • Receivables remain large and credit losses stayed high, which weighs on liquidity.

    Opportunities

    • If the Malaysian factory runs fully, the company could produce for more customers and reduce reliance on third parties.
    • ODM programs and age-verification technology could open new revenue if they win large brand customers.
    • G-Mesh technology could attract licenses from large tobacco companies if talks reach agreement.

    Threats

    • Vaping rules can change quickly and may restrict sales in several countries.
    • Federal rescheduling of cannabis in the US could impose new rules on cannabis hardware.
    • Competitive pressure on prices could further reduce gross margin.

    Risks

    • Recurring losseshigh

      The company cannot assure that it will become profitable, having posted net losses in recent fiscal years.

    • Control by the chief executive officerhigh

      The chief executive officer and his wife control most shares and hold decisive influence over the company.

    • Affiliated supplierhigh

      Most products come from a supplier owned by the chief executive officer, creating price and contract risks.

    • Vaping regulationmedium

      Restrictions on nicotine and flavors could limit sales in several major markets.

    • Receivables collectionmedium

      The risk of customer non-payment remains high and could lead to further receivable losses.

    Investment thesis

    What would need to be true (bull case)

    • If the Malaysian factory and ODM programs scale up, the company could return to growth and positive cash flow.
    • Age-verification and G-Mesh technologies could generate significant licensing or revenue over the long term.
    • The quarterly trend toward smaller losses and better sales in the fourth quarter could indicate a turnaround.

    What would break the thesis

    • If sales in Europe and the US do not recover, losses could continue and the company could need additional funding.
    • The conflict of interest with the main supplier could weigh on margins and strategic decisions.
    • Rules for vaping and cannabis could tighten quickly, which could limit existing markets.

    What to watch

    • Operating cash flow and liquidity after the Malaysian factory investmentsQ1 2027
    • ODM contracts with large brands and launch of age-verification products through IKE Tech2027
    • DEA decision on cannabis rescheduling and its effect on hardware sales2027
    • Outcome of G-Mesh licensing talks and trend in credit lossesnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    Ispire designs and distributes vaping devices, including e-cigarettes sold under the Aspire brand in more than 30 countries through over 100 distributors, excluding the US, China and Russia 1. For cannabis, it sells hardware under the Ispire brand, mainly on an original design manufacturer basis for other companies, chiefly in the US, Canada and South Africa 1. The company has three operating subsidiaries in California, Malaysia and Hong Kong, and most products are made by Shenzhen Yi Jia, which is 95% owned by the chief executive officer and controlling shareholder, a documented conflict of interest 1.

    The Malaysian factory began manufacturing in February 2024 and received full licensure in March 2026, but its current work focuses on assembling components bought from third parties 1. The company has also launched the Ispire ONE technology for sealed filling of cartridges and devices, and the G-Mesh technology marketed under the Silica Series brand 1. Through its joint venture with Touch Point Worldwide and Chemular, Ispire is pursuing age-verification technologies and expansion into the nicotine pouch market 2.

    Funding has come from three rounds since the April 2023 IPO, including a March 2024 public offering at 6 dollars per share whose proceeds went to the Malaysian factory and the joint venture 1. The company restructured during 2025 and 2026, cutting staff and operating costs in North America 1.

    Segments

    Nicotine (Aspire)

    Nicotine vaping devices sold under the Aspire brand are the main revenue source, particularly in Europe, which accounted for 63.9% of revenue in fiscal 2026 1. European sales fell from 74.1 million to 61.4 million dollars, reflecting regulatory uncertainty over disposable bans and flavor restrictions 1.

    Market context

    The global vaping market is regulated differently from country to country, from limited rules to outright bans, and the rules can change quickly 1. The company cites a global vape market of about 73 billion dollars and a 25% tariff advantage over China for exports to the US from Malaysia 2. Cannabis remains legal in the US only at state level, and a pending federal rescheduling could change the conditions for cannabis hardware 1.

    Trends

    • Vaping regulation in Europeheadwind

      Uncertainty over disposable bans and flavor restrictions made distributors cautious in purchasing, reducing European sales 1.

    • Federal cannabis rescheduling in the USmixed

      If the DEA adopts rescheduling of cannabis to Schedule III, new compliance obligations could apply to US operators and could affect sales of cannabis hardware 1.

    • Malaysian production and tariffstailwind

      The Malaysian factory and the tariff advantage over China for US exports could support growth if production scales up, though costs and operating risks remain 2.

    • Price pressureheadwind

      Competitive pressure lowered selling prices on some products and contributed to the decline in gross margin 1.

    Competitive position

    Ispire operates in a market with many vaping manufacturers, and the company names competitive pricing pressure as a factor in its lower gross margin 1. The source documents do not name other direct competitors, so the competitive picture cannot be detailed further from them 1.

    The company also competes on technology, patents and the ability to enter regulated markets, so success depends on innovation and compliance 2. Ispire could benefit from its own factory and ODM model if it offers competitive production 2.

    • Third-party vaping hardware makers

      Unnamed competitors in the sources that offer lower prices and can influence Ispire's margin.

    • Shenzhen Yi Jia

      Main supplier, but also an affiliate controlled by the chief executive officer, so not a conventional competitor.

    • Distributors and ODM brands

      ODM customers could become competitors if they make cannabis hardware in-house.

    • Tobacco companies with nicotine products

      The company notes interest from large tobacco companies in G-Mesh technology, indicating both competition and possible partnerships.

    News & filings

    In the press

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Ispire Technology Inc. · 15 Sept 2026
    2. [2] Form 8-K, results release (exhibit 99.1) · SEC / Ispire Technology Inc. · 17 Sept 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.