Ispire Technology Inc. reported its financial results for the fiscal year ended June 30, 2024, achieving record revenue of $151.9 million, an increase of 31.4% compared to $115.6 million in fiscal year 2023. This growth was driven by increased product sales in the United States, Europe, and other markets, including a $5.4 million increase in sales to South Africa.
Gross profit for the fiscal year increased by 43.3% to $29.8 million, up from $20.8 million in the prior fiscal year, with gross margin improving to 19.6% from 18.0%. This improvement was primarily due to a shift in product mix towards higher-margin products, increased sales volume, and initial benefits from the company's Malaysian production facility.
Despite the revenue and gross profit growth, the company reported a net loss of ($14.8) million, or ($0.27) per share, compared to a net loss of ($6.0) million, or ($0.12) per share in fiscal year 2023. Total operating expenses rose to $43.7 million from $25.3 million, attributed to expanded business footprint, sales and marketing, professional fees, and increased stock-based compensation. As of June 30, 2024, Ispire had $35.1 million in cash and cash equivalents and working capital of $16.6 million.
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