Ispire Technology Inc. reported revenue of $41.8 million for the fiscal second quarter ended December 31, 2024, a slight increase of 0.3% compared to $41.7 million in the prior year period. This growth was largely attributed to increased sales contributions from overseas expansion, particularly the successful launch of the BrkFst brand in Africa.
Gross profit for the quarter increased by 23.5% to $7.7 million, with gross margins improving to 18.5% from 15.0% in the second quarter of fiscal 2024. This improvement was primarily due to a favorable shift in product mix towards higher-margin products.
The company reported a net loss of ($8.0) million, or ($0.14) per share, for the quarter, compared to a net loss of ($4.0) million, or ($0.07) per share in the prior year period. Total operating expenses increased to $15.1 million from $10.2 million, driven by increased revenue generation, continued investment in Malaysia, and product development. As of December 31, 2024, Ispire had $34.4 million in cash and working capital of $6.1 million. Subsequent to quarter end, the company moved certain daily roles to Malaysian operations, anticipating $8 million in annual operating expense reductions.
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