Ispire Technology Inc. reported revenue of $127.5 million for the fiscal year ended June 30, 2025, a decrease from $151.9 million in fiscal year 2024. This decline was attributed to a strategic decision to shift away from certain cannabis customers towards the higher-value nicotine sector, prioritizing quality customers for sustainable long-term growth.
Gross profit for fiscal year 2025 was $22.6 million, down from $29.8 million in the prior year, with gross margin decreasing to 17.8% from 19.6%. The decrease in gross profit and margin was primarily a result of the strategic repositioning and associated revenue reduction during this period.
The company's net loss widened to $39.2 million, or ($0.69) per share, compared to a net loss of $14.8 million, or ($0.27) per share for fiscal year 2024. Total operating expenses increased to $60.5 million from $43.7 million, largely due to increased sales and marketing activities and a rise in expected credit loss on accounts receivables, partially offset by reductions in stock-based compensation and R&D expenses. As of June 30, 2025, Ispire had $24.4 million in cash and cash equivalents and working capital of $0.4 million.
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