Tearsheet

Ispire Technology (ISPR)

Market Price (1/21/2026): $3.15 | Market Cap: $180.4 Mil
Sector: Consumer Staples | Industry: Tobacco

Ispire Technology (ISPR)

Market Price (1/21/2026): $3.15
Market Cap: $180.4 Mil
Sector: Consumer Staples
Industry: Tobacco

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Megatrend and thematic drivers Megatrends include Legalized & Regulated Cannabis Market. Themes include Cannabis Product Innovation.	Weak multi-year price returns 2Y Excs Rtn is -111%, 3Y Excs Rtn is -129%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -30%
1			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -20%, Rev Chg QQuarterly Revenue Change % is -23%
2			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11%
3			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25%
4			Significant short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 20.41
5			Key risks ISPR key risks include [1] a significant revenue decline driven by its strategic shift from cannabis to nicotine customers, Show more.

0	Megatrend and thematic drivers Megatrends include Legalized & Regulated Cannabis Market. Themes include Cannabis Product Innovation.
1	Weak multi-year price returns 2Y Excs Rtn is -111%, 3Y Excs Rtn is -129%
2	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -30%
3	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -20%, Rev Chg QQuarterly Revenue Change % is -23%
4	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11%
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -25%
6	Significant short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 20.41
7	Key risks ISPR key risks include [1] a significant revenue decline driven by its strategic shift from cannabis to nicotine customers, Show more.

Valuation, Metrics & Events

	1/21/26	2025	2024	2023	2022
Share Price CYE	$3.15	$2.80	$5.03	$12.13	�
Market Cap CYE ($ Mil)	180.4	160.4	284.7	658.0	-
Total Debt ($ Mil)	6.3	6.3	3.1	4.6	0.0
Total Cash ($ Mil)	22.7	22.7	37.7	34.9	0.0
Enterprise Value ($ Mil)	164.1	166.7	287.8	662.6
Valuation Ratios
P/S TTM	1.5	1.4	1.9	5.0	-
P/EBIT TTM	-5.1	-4.5	-15.7	-159.0	-
P/E TTM	-4.9	-4.3	-15.0	-124.2	-
P/FCF TTM	-13.3	-11.8	-58.7	-26.0	-
Sector Ratios
P/S TTM (Sector)	0.8	0.8	1.0	1.0	1.0
P/EBIT TTM (Sector)	9.0	8.4	11.3	11.5	11.0
P/E TTM (Sector)	13.2	12.4	16.0	16.2	14.6
P/FCF TTM (Sector)	11.0	11.0	12.9	12.6	14.1

	1/21/26	2025	2024
Share Price CYE	$3.15	$2.80	$5.03
Market Cap CYE ($ Mil)	180.4	160.4	284.7
Total Debt ($ Mil)	6.3	6.3	3.1
Total Cash ($ Mil)	22.7	22.7	37.7
Enterprise Value ($ Mil)	164.1	166.7	287.8
Valuation Ratios
P/S TTM	1.5	1.4	1.9
P/EBIT TTM	-5.1	-4.5	-15.7
P/E TTM	-4.9	-4.3	-15.0
P/FCF TTM	-13.3	-11.8	-58.7
Sector Ratios
P/S TTM (Sector)	0.8	0.8	1.0
P/EBIT TTM (Sector)	9.0	8.4	11.3
P/E TTM (Sector)	13.2	12.4	16.0
P/FCF TTM (Sector)	11.0	11.0	12.9

	ISPR	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.1
Rev Chg Q	-22.8%	7.3%
Rev Chg LTM	-20.1%	6.4%
Rev Chg 3Y Avg	-3.7%	5.6%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-29.8%	18.8%
CFO/Rev LTM	-10.3%	20.5%
Net Inc Mgn	-31.1%	13.1%
VALUATION	LOW
P/S	1.5	3.3
P/CFO	-14.8	16.3
P/FCF	-13.3	21.7
P/E	-4.9	24.6
STABILITY	VERY GOOD
Debt/Equity	0.03	0.20
Cash/Assets	0.23	0.07

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Metric	Value	Date	Source
Number of Issued Patents	Over 200	5222025	Link
Number of Patents Pending	Over 800	11202024	Link
Backlog	18000000	9162025	Link
Current Number of Production Lines in Malaysian Facility	6	5222025	Link
Planned Number of Production Lines in Malaysian Facility	80	5222025	Link

Upcoming
2/06/2026	Earnings Release	Rev: - EPS: -
5/11/2026	Earnings Release	Rev: - EPS: -

ISPR Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Ispire Technology (ISPR) stock has gained about 20% since 9/30/2025 because of the following key factors:

1. Improved Profitability Through Expense Controls: Ispire Technology significantly reduced its operating expenses by approximately 39% year-over-year in the first quarter of fiscal 2026 (ended September 30, 2025), leading to a narrowed net loss of $3.3 million from $5.6 million in the prior year. The company also achieved a non-GAAP EBITDA of $0.6 million for the quarter, with management anticipating this trend of reduced costs and enhanced cash flow to persist through fiscal 2026.

2. Strategic Shift Towards Nicotine Market and Reduced Cannabis Exposure: The company has been executing a strategic pivot, prioritizing higher-quality nicotine customers and accelerating ODM (Original Design Manufacturer) nicotine partnerships. Concurrently, it is deliberately scaling back its involvement in the cannabis sector until clearer U.S. federal regulatory progress is established, aiming to improve overall profitability and stability.

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Stock Movement Drivers

Fundamental Drivers

The 67.4% change in ISPR stock from 10/31/2025 to 1/20/2026 was primarily driven by a 80.4% change in the company's P/S Multiple.

	10312025	1202026	Change
Stock Price ($)	1.87	3.13	67.38%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	127.49	118.51	-7.05%
P/S Multiple	0.84	1.51	80.44%
Shares Outstanding (Mil)	57.16	57.27	-0.20%
Cumulative Contribution			67.38%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 1/20/2026

	Return	Correlation
ISPR	67.4%
Market (SPY)	-0.7%	2.8%
Sector (XLP)	8.0%	18.6%

Fundamental Drivers

The 14.2% change in ISPR stock from 7/31/2025 to 1/20/2026 was primarily driven by a 40.1% change in the company's P/S Multiple.

	7312025	1202026	Change
Stock Price ($)	2.74	3.13	14.23%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	144.70	118.51	-18.10%
P/S Multiple	1.08	1.51	40.14%
Shares Outstanding (Mil)	57.00	57.27	-0.47%
Cumulative Contribution			14.23%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 1/20/2026

	Return	Correlation
ISPR	14.2%
Market (SPY)	7.5%	13.8%
Sector (XLP)	3.9%	12.5%

Fundamental Drivers

The -34.4% change in ISPR stock from 1/31/2025 to 1/20/2026 was primarily driven by a -20.1% change in the company's Total Revenues ($ Mil).

	1312025	1202026	Change
Stock Price ($)	4.77	3.13	-34.38%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	148.38	118.51	-20.13%
P/S Multiple	1.82	1.51	-16.86%
Shares Outstanding (Mil)	56.60	57.27	-1.19%
Cumulative Contribution			-34.39%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 1/20/2026

	Return	Correlation
ISPR	-34.4%
Market (SPY)	13.6%	26.0%
Sector (XLP)	6.3%	9.3%

Fundamental Drivers

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Market Drivers

1/31/2023 to 1/20/2026

	Return	Correlation
ISPR
Market (SPY)	72.9%	18.8%
Sector (XLP)	20.1%	5.1%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ISPR Return	-	-	61%	-59%	-44%	3%	-62%
Peers Return	-17%	-70%	-53%	-13%	-39%	4%	-94%
S&P 500 Return	27%	-19%	24%	23%	16%	1%	85%
Monthly Win Rates [3]
ISPR Win Rate	-	-	67%	25%	50%	100%
Peers Win Rate	39%	17%	31%	31%	33%	67%
S&P 500 Win Rate	75%	42%	67%	75%	67%	100%
Max Drawdowns [4]
ISPR Max Drawdown	-	-	-7%	-59%	-70%	-14%
Peers Max Drawdown	-33%	-73%	-63%	-63%	-70%	-5%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	0%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: TPB, GNLN, XXII.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/20/2026 (YTD)

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In The Past

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About Ispire Technology (ISPR)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

We are engaged in the research and development, design, commercialization, sales, marketing and distribution of branded e-cigarettes and cannabis vaping products. We sell our tobacco products worldwide except for the People’s Republic of China and Russia. Although we sold tobacco products in the United States in the years ended June 30, 2021 and 2022, we are limited in the product we may sell and, because the sales did not justify the marketing and regulatory costs, we have ceased marketing tobacco vaping products in the United States. Our tobacco products are marketed under the Aspire brand name and are sold primarily through our distribution network. We currently sell our cannabis vaping hardware only in the United States, and we have recently commenced marketing activities in Canada and Europe, primarily in the European Union. All of our cannabis products are vaping hardware. Vaping refers to the practice of inhaling and exhaling the vapor produced by an electronic vaping device, and includes dabbing, which is the recreational inhalation of extremely concentrated tetrahydrocannabinol, the main psychotropic cannabinoid derived from the marijuana plant. Our cannabis products are marketed under the Ispire brand name, primarily on an ODM basis to other cannabis vapor companies. ODM generally involves the design and customization of core products to meet each brand’s unique image and needs, and our products are sold by our customers under their own brand names although they may also include our brand name on the products. Our products use our BDC (bottom dual coil) coil technology which uses bottom dual coils to provide much higher temperature and an expanded heating that achieves much greater flavor and vapor production. We believe that the use of our dual-coil technology enhances the flavor performance of e-liquid, and the hidden wick cotton with special designed wick holes can both extend the tank e-liquid capacity and improve the speed of wicking to increase the coil life. Our BVC (bottom vertical coil) coil represents a big technological breakthrough for us in coil technology with a vertical heating wire surrounded by the cotton. This design can enable the coil heating to provide uniform temperature from the tank, together with more efficient wicking. This new technology, which Shenzhen Yi Jia introduced in 2014, enables the coil to last longer while still giving users what we believe is the purest and cleanest taste from e-liquids. The BVC coils are still very popular for MTL (mouth to lung) vapors today. We bring a new coil technology to the tobacco vaping industry with the Cleito tank. The Cleito tank uses a revolutionary new coil design that replaces the standard chimney and, we believe, delivers maximized airflow. This design frees up even more restriction in the airflow by eliminating the need for a static chimney within the tank itself, which results in an expanded flavor profile and increased vapor production. Combined with a Clapton kanthal coil for maximum flavor, the Cleito tank delivers a rush of intense flavor and huge vapor with a broad profile. The simple top-fill design makes filling very easy, just unscrew the top cap to refill, more convenient, more enjoyable. Our Ispire cannabis vapor products use our patented Ducore™ (Dual Coil) technology for cannabis vaporizers. This technology enables users to create massive plumes of vape without burning the cannabis oil. These products incorporate our patented dual coil technology for what we believe is best-in-class airflow and taste, and our technology for eliminating the leakage of the oil from the unit, which overcomes a major disadvantage with many existing products At present, our products are manufactured and supplied by Shenzhen Yi Jia Technology Co., Limited, a Chinese company (“Shenzhen Yi Jia”), which is 95% owned by our chief executive officer and controlling stockholder, Tuanfang Liu. We are taking the initial steps toward the development of manufacturing operations in Vietnam and in California. Initially, our manufacturing operations will be primarily assembling from components that we purchase from other companies. Although we expect that we will commence these assembly operations in mid 2023, we cannot assure you that we will be able to meet this timetable or that we will be able to effectively and efficiently conduct such operations. Through our global distributor network of more than 150 distributors, we sell the Aspire brand of tobacco vaporizer technology products in more than 30 countries. The main markets for our tobacco products are Europe and the Asia Pacific region, which does not include the PRC. We are a Delaware corporation, organized on June 13, 2022. Aspire North America, a California limited liability company was formed on February 22, 2020, and 100% of its ownership was transferred to Aspire Global on September 23, 2020 and was transferred by Aspire Global to Ispire Technology on July 29, 2022. Aspire Science, a Hong Kong corporation, was incorporated on December 9, 2016 and 100% of its equity was transferred to us on July 29, 2022. Ispire International was organized on July 6, 2022. Aspire North America and Aspire Science are our operating companies. Our principal executive offices are located at 19700 Magellan Dr, Los Angeles, CA 90502.

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Here are 1-2 brief analogies for Ispire Technology (ISPR):

Imagine it as a diversified Juul, manufacturing a broad range of vaping devices for both nicotine and cannabis, and also supplying technology and components to other vape brands.
It's like the Foxconn of the vaping world, specializing in manufacturing e-cigarettes and cannabis vaporizers for other companies, while also developing and selling its own popular brands like Aspire and Ispire.

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Cannabis Vaporization Hardware: Advanced vaporization devices and components designed for cannabis concentrates and oils.
Nicotine E-Vaporizer Hardware: Electronic vaping devices and related components for nicotine e-liquids.
ODM/OEM Services: Design, development, and manufacturing services provided to third-party brands in the vaporization industry.

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Ispire Technology (ISPR) operates with a mixed business model, serving both business-to-business (B2B) and business-to-consumer (B2C) markets.

For its cannabis vaping devices, Ispire primarily sells to other companies (B2B), specifically cannabis brands and extractors who then fill Ispire's devices with their cannabis extracts and sell the finished products to consumers. For its e-liquid vaping products, the company primarily operates in a B2C model, selling directly to consumers.

Based on the company's Form 10-K for the fiscal year ended June 30, 2023, the following B2B customers each accounted for approximately 11% of Ispire Technology's total revenue, making them major customers:

Green Dragon Cannabis, Inc.
Green Thumb Industries Inc. (Symbol: GTBIF on OTC Markets, GTI on CSE)

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Tuanfang Liu, Co-Chief Executive Officer and Chairman of the Board

Mr. Liu has served as the Chairman and Co-Chief Executive Officer of Ispire Technology Inc. He founded Shenzhen Yi Jia Technology Co., Limited in June 2010, where he has served as Chairman and is responsible for daily operations and research and development of e-cigarette and cannabis vaporizer technology products. He has also served as Chairman and Chief Executive Officer of Aspire Global Inc. since its inception. Mr. Liu possesses over 14 years of experience in the research and development of e-cigarette products and quality control management.

Michael Wang, Co-Chief Executive Officer

Mr. Wang was promoted to Co-Chief Executive Officer on August 7, 2023, having previously served as Chief Financial Officer since August 2020. He is an experienced CEO, COO, and President, with a background spanning technology and cannabis industries. From September 2018 to August 2020, he was President, COO, and then Co-CEO of The Pharm/Sunday Goods, a vertically integrated leader in the cannabis industry. Mr. Wang also served as President and COO of Onestop Commerce from 2013 to 2015, and as CEO from 2015 to 2018. Earlier in his career, he was Chief Operating and Fulfillment Officer and an investor in Zazzle from 2005 to 2012. He began his leadership career at Honeywell in 1992, becoming their youngest General Manager at 32. Mr. Wang holds an MBA in Finance and General Management from the University of Chicago’s Booth School of Business, and master’s degrees in Aerospace Engineering and Systems Engineering.

Jie "Jay" Yu, Chief Financial Officer and Principal Accounting Officer

Mr. Yu was appointed Chief Financial Officer on May 15, 2025, succeeding Jim McCormick. He has served as Ispire's Vice President of Finance since June 2023. Prior to joining Ispire, Mr. Yu held CFO positions at MTI Environmental Group from 2016 to 2018 and Luokung Technology Corp. from 2018 to 2023. His professional background also includes public accounting and audit roles at Crowe Horwath (Hong Kong) CPA and DA HUA CPA.

Steven P. Przybyla, Chief Legal Officer and Secretary

Mr. Przybyla has been the Company's Chief Legal Officer since September 2023. He brings 10 years of experience in the regulated cannabis industry and nearly five years in nicotine/tobacco product regulation. Previously, he served as General Counsel and Corporate Secretary of 22nd Century Group, Inc., where he was instrumental in securing the only Modified Risk Tobacco Product approval for a combustible cigarette ever authorized by the FDA. He has also contributed to building, scaling, and taking companies public, including Jushi, Inc.

John Patterson, Senior Vice President of International Nicotine

Mr. Patterson joined Ispire Technology in May 2024. He has over 25 years of experience in the tobacco and nicotine industries, holding significant roles at companies such as Altria, Philip Morris International, NJOY, and Juul Labs.

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Ispire Technology (ISPR) faces several significant risks to its business operations and financial performance:

Declining Sales, Profitability Challenges, and Cash Burn: Ispire Technology has experienced a significant decline in revenue, with sales dropping by 16% in fiscal year 2025. The company has reported widening net losses and has struggled with profitability, leading to ongoing cash burn. Its strategic pivot to e-cigarettes has not yet improved margins, and underlying profitability has continued to sink.
Regulatory and Market Landscape Uncertainty: The vaping industry, in which Ispire operates, is subject to complex and evolving regulatory environments, particularly in key markets like the U.S. and Europe. Risks include the approval or rejection of Premarket Tobacco Product Applications (PMTAs) for their products and the general uncertainty surrounding regulations for both e-cigarettes and cannabis vaping products. This regulatory unpredictability can significantly impact market access and product viability.
Impact of Strategic Realignment and Market Volatility: Ispire's strategic decision to shift its business focus from cannabis to nicotine customers has been a primary driver of revenue decline. The overall vaping market is characterized by inherent volatility and speculative tendencies, which adds to the uncertainty of the company's future growth trajectory. The success of new product launches and expansion into new international markets is crucial but not guaranteed.

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Ispire Technology (ISPR) operates in two primary markets: e-cigarettes and cannabis vaping products. The addressable market sizes for their main products and services are as follows:

E-cigarettes (under the Aspire brand): The global e-cigarette market was valued at approximately USD 31.89 billion in 2024 and is projected to reach USD 523.62 billion by 2034, demonstrating a compound annual growth rate (CAGR) of roughly 29.1% between 2025 and 2034. North America holds the largest market share for e-cigarettes and vape products.
Cannabis Vaping Products (under the Ispire brand): The worldwide market for cannabis vaping products is estimated to be approximately USD 10.5 billion by 2025, with the majority of this market concentrated in the U.S. and Canada. Cannabis vaping products are also estimated to represent a significant share of the broader cannabis/CBD derivatives market, valued at USD 14 billion in 2025, with an estimated CAGR of 42% from 2019–2025.

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Ispire Technology Inc. (ISPR) is positioned for future revenue growth driven by several strategic initiatives and product advancements over the next 2-3 years:

Strategic Pivot to the Nicotine Sector and High-Quality Customers: Ispire is undergoing a significant strategic shift, moving away from cannabis customers to focus on the nicotine sector and securing higher-quality, larger customers. This realignment is anticipated to lead to more sustainable and profitable long-term growth, with ongoing discussions for partnerships and licensing agreements with major nicotine companies for Ispire's proprietary G-Mesh technology.
Global Market Expansion and Distribution Networks: The company is aggressively expanding its global presence, particularly within the Middle East, North Africa (MENA) region, Europe, South Africa, and global duty-free markets. A key partnership with ANDS aims to commercialize the Hidden Hills Club nicotine brand across over 20 MENA markets and through more than 45 airports, cruise ships, airlines, and diplomatic facilities.
Launch and Growth of Innovative Product Lines: Ispire continues to introduce new products across both its cannabis and nicotine vaping portfolios. This includes the VLT pod system, designed for an enhanced, sustainable, and eco-friendly 510-thread cannabis vaping experience, and the Sprout™, an advanced all-in-one cannabis vapor device developed with Raw Garden focusing on purity and safety. Furthermore, the 30-year exclusive licensing agreement for the Hidden Hills Club nicotine portfolio is expected to see product launches in the UAE, South Africa, the UK, and EU markets. The Ispire ONE™ technology also aims to improve manufacturing efficiency and product quality for various vaping devices.
Expansion of Manufacturing Capacity in Malaysia: Ispire is substantially increasing its manufacturing capabilities at its Malaysian facility, with plans to expand from 6 to 80 production lines. This in-house manufacturing is projected to significantly improve gross margins by 15% to 20% by enabling the company to own its supply chain and production, serving both its own brands and third-party customers globally.
Advancement and Commercialization of Proprietary Technologies: The company is leveraging its advanced proprietary technologies, such as the G-Mesh coil technology which enhances puff count by approximately 70%, and the IKE Tech joint venture's blockchain-based age verification system. Efforts are underway to secure partnerships and licensing for G-Mesh technology with nicotine companies, and the IKE Tech system is gaining traction with regulators in Europe, Southeast Asia, and the Middle East, with plans to apply it across a wider range of products.

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Share Repurchases

Ispire Technology authorized a stock repurchase program on January 22, 2025, allowing for the repurchase of up to $10 million of its common stock over 24 months.
As of September 15, 2025, the company had repurchased 14,600 shares for $0.06 million under this program.

Share Issuance

Ispire Technology completed its initial public offering (IPO) on April 4, 2023, offering 6,000,000 shares of common stock.
In May 2023, the company raised approximately $8 million through a private placement of common stock.
In March 2024, Ispire Technology executed a secondary offering, selling 2,050,000 shares of common stock and raising approximately $10.6 million.

Outbound Investments

Ispire Technology formed a joint venture, Ike Tech, which developed a blockchain-based age verification technology for vaporizers.

Capital Expenditures

Ispire is investing in a manufacturing facility in Malaysia, with plans to expand from 6 to 80 production lines to increase gross margins and internal production capabilities.
Proceeds from a March 2024 secondary offering, totaling approximately $10.6 million, were designated for the establishment and operation of the Malaysian manufacturing facility, funding a joint venture, and general corporate purposes, including research and development.
Net cash used in investing activities for the first fiscal quarter of 2026 (ended September 30, 2025) was $140,000.

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What You Pay
P/E	-4.9	11.7	30.2	46.1	20.5	25.7	23.7	22.9	26.4	23.7	16.8
P/EBIT	-5.1	8.8	17.0	35.0	15.7	13.9	16.4	14.6	21.1	17.6	13.2
What You Get
Rev Chg Q	-22.8%	0.2%	9.4%	16.8%	3.0%	-9.8%	1.0%	-0.3%	26.0%	5.1%	-1.0%
Rev Chg LTM	-20.1%	-0.2%	7.5%	7.6%	1.2%	-7.9%	0.1%	6.3%	2.5%	2.8%	1.0%
Rev Chg 3Y Avg	�	-0.9%	8.0%	8.6%	1.8%	-0.5%	4.2%	6.9%	5.2%	4.0%	1.1%
FCF/Rev 3Y Avg	-11.3%	42.7%	24.9%	22.0%	18.0%	17.1%	15.4%	14.0%	13.9%	13.9%	13.4%

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ENVX	Enovix	1.5	-10.4%	1.0%
SERV	Serve Robotics	0.8	-9.9%	28.7%
RBLX	Roblox	55.0	-9.7%	-2.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
CRVS	Corvus Pharmaceuticals	1.8	217.2%	178.1%
IBRX	ImmunityBio	6.1	150.2%	227.3%
RAPT	RAPT Therapeutics	1.6	67.4%	70.0%
ERAS	Erasca	2.8	57.5%	163.7%
FIGR	Figure Technology Solutions	7.4	37.4%	75.8%
AMLX	Amylyx Pharmaceuticals	1.5	33.6%	37.0%
HYMC	Hycroft Mining	1.8	29.6%	79.9%
MRNA	Moderna	16.8	27.1%	45.8%
ORIC	ORIC Pharmaceuticals	1.1	27.0%	42.1%
SVM	Silvercorp Metals	2.7	26.3%	46.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FBYD	Falcons Beyond Global	0.2	-34.8%	-57.5%
WLTH	Wealthfront	1.3	-30.1%	-35.2%
PI	Impinj	4.5	-24.1%	-11.3%
FIG	Figma	11.2	-23.7%	-25.7%
LVWR	LiveWire	0.5	-21.1%	-45.7%
NAVN	Navan	0.7	-20.9%	-17.4%
DNUT	Krispy Kreme	0.6	-19.9%	-12.7%
BRZE	Braze	2.6	-19.9%	-29.4%
TEAM	Atlassian	31.0	-19.4%	-27.2%
HUBS	HubSpot	16.0	-18.9%	-24.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
IBRX	ImmunityBio	6.1	207.1%	227.3%
HYMC	Hycroft Mining	1.8	205.5%	79.9%
CRVS	Corvus Pharmaceuticals	1.8	173.1%	178.1%
ERAS	Erasca	2.8	169.5%	163.7%
ALMS	Alumis	2.7	146.3%	167.0%
SKYT	SkyWater Technology	1.7	134.4%	91.5%
SNDK	SanDisk	66.2	119.1%	90.9%
RCAT	Red Cat	1.4	109.1%	81.7%
SOC	Sable Offshore	1.1	108.7%	22.2%
LUNR	Intuitive Machines	2.5	107.5%	30.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ELME	Elme Communities	0.3	-82.3%	-82.3%
TPL	Texas Pacific Land	22.6	-62.9%	14.2%
CORT	Corcept Therapeutics	3.7	-57.1%	1.4%
LVWR	LiveWire	0.5	-49.8%	-45.7%
FBYD	Falcons Beyond Global	0.2	-48.8%	-57.5%
ZBIO	Zenas BioPharma	0.9	-41.7%	-42.5%
CRMD	Cormedix	0.5	-39.9%	-40.8%
AQST	Aquestive Therapeutics	0.4	-38.2%	-46.1%
CABO	Cable One	0.5	-37.5%	-25.9%
BBNX	Beta Bionics	0.8	-36.9%	-39.5%

Peer Comparisons for Ispire Technology

Peers to compare with:

Financials

	ISPR	TPB	GNLN	XXII	Median
Name	Ispire T.	Turning .	Greenlane	22nd Cen.
Mkt Price	3.13	117.52	1.51	0.81	2.32
Mkt Cap	0.2	2.1	0.0	0.0	0.1
Rev LTM	119	436	5	8	63
Op Inc LTM	-35	93	-19	-13	-16
FCF LTM	-14	39	-13	-15	-14
FCF 3Y Avg	-15	53	-9	-35	-12
CFO LTM	-12	50	-13	-15	-13
CFO 3Y Avg	-13	60	-8	-33	-10

Growth & Margins

	ISPR	TPB	GNLN	XXII	Median
Name	Ispire T.	Turning .	Greenlane	22nd Cen.
Rev Chg LTM	-20.1%	53.5%	-78.5%	-43.1%	-31.6%
Rev Chg 3Y Avg	-	6.4%	-68.4%	-28.8%	-28.8%
Rev Chg Q	-22.8%	31.2%	-81.7%	-40.4%	-31.6%
QoQ Delta Rev Chg LTM	-7.0%	6.9%	-41.5%	-11.5%	-9.3%
Op Mgn LTM	-29.8%	21.4%	-408.0%	-162.3%	-96.0%
Op Mgn 3Y Avg	-15.1%	25.3%	-167.3%	-210.7%	-91.2%
QoQ Delta Op Mgn LTM	-0.1%	-0.2%	-270.8%	-16.7%	-8.5%
CFO/Rev LTM	-10.3%	11.5%	-286.3%	-189.6%	-99.9%
CFO/Rev 3Y Avg	-9.8%	18.4%	-109.3%	-328.5%	-59.5%
FCF/Rev LTM	-11.5%	8.9%	-289.4%	-191.4%	-101.4%
FCF/Rev 3Y Avg	-11.3%	16.4%	-111.9%	-352.0%	-61.6%

Valuation

	ISPR	TPB	GNLN	XXII	Median
Name	Ispire T.	Turning .	Greenlane	22nd Cen.
Mkt Cap	0.2	2.1	0.0	0.0	0.1
P/S	1.5	4.9	0.4	0.4	1.0
P/EBIT	-5.1	21.4	-0.1	-0.2	-0.2
P/E	-4.9	40.9	-0.1	-0.4	-0.3
P/CFO	-14.7	42.7	-0.2	-0.2	-0.2
Total Yield	-20.6%	2.7%	-1,184.0%	-237.1%	-128.9%
Dividend Yield	0.0%	0.2%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-4.7%	6.4%	-200,096.4%	-1,864.4%	-934.5%
D/E	0.0	0.1	0.2	0.4	0.1
Net D/E	-0.1	0.0	-0.7	-1.3	-0.4

Returns

	ISPR	TPB	GNLN	XXII	Median
Name	Ispire T.	Turning .	Greenlane	22nd Cen.
1M Rtn	7.2%	7.6%	-35.7%	-15.2%	-4.0%
3M Rtn	27.2%	37.8%	-52.8%	-46.3%	-9.5%
6M Rtn	4.7%	50.8%	-62.5%	-73.3%	-28.9%
12M Rtn	-31.2%	104.9%	-99.9%	-99.3%	-65.3%
3Y Rtn	-58.5%	428.8%	-100.0%	-100.0%	-79.3%
1M Excs Rtn	5.0%	6.6%	-42.8%	-18.3%	-6.7%
3M Excs Rtn	26.8%	27.5%	-62.7%	-47.2%	-10.2%
6M Excs Rtn	-3.5%	42.0%	-69.0%	-85.1%	-36.2%
12M Excs Rtn	-47.2%	94.4%	-114.4%	-113.9%	-80.5%
3Y Excs Rtn	-129.2%	391.9%	-170.6%	-170.6%	-149.9%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 6/30	LTM	2025	2024	2023	2022	2021
Period End	9/30/2025	6/30/2025	6/30/2024	6/30/2023	6/30/2022	6/30/2021
Filing Date	11/6/2025	9/15/2025	9/27/2024	9/19/2023	4/5/2023	4/5/2023
Key Financials
Total Revenue	119	127	152	116	88	63
EBITDA	-33	-36	-12	-3	-1	4
Operating Income	-35	-38	-14	-4	-1	4
Net Income	-37	-39	-15	-6	-2	3
EPS	-0.65	-0.69	-0.27	-0.12	-0.04	0.06
Growth Rates
Total Revenue Growth	-20.1%	-16.1%	31.4%	31.2%	38.9%	-
EBITDA Growth	-102.8%	-192.2%	-258.4%	-303.0%	-121.3%	-
Operating Income Growth	-93.0%	-172.4%	-210.5%	-352.5%	-127.1%	-
Net Income Growth	-94.0%	-165.7%	-146.0%	-220.3%	-163.8%	-
Margins
EBITDA Margin	-27.8%	-27.9%	-8.0%	-2.9%	-1.0%	6.3%
Operating Income Margin	-29.8%	-29.7%	-9.1%	-3.9%	-1.1%	5.7%
Net Income Margin	-31.1%	-30.8%	-9.7%	-5.2%	-2.1%	4.6%
Cash & Debt
Total Cash	23	24	35	49	74	85
Total Debt	6	7	3	4	0	0
Net Debt / (Cash)	-16	-17	-32	-46	-74	-85
Cash Flows
Net Cash from Operations	-12	-7	-18	-8	-8	5
Free Cash from Operations	-14	-9	-21	-9	-8	5
Returns to Shareholders
Dividends	0	-0	-0	3	0	-0
Share Repurchases	-0	0	-0	-0	-0	-0

$ Mil \| FY: 6/30	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	9/15/2025	5/9/2025	2/7/2025	11/12/2024	9/27/2024	5/14/2024	2/20/2024	11/14/2023	9/19/2023	5/15/2023	4/5/2023
Key Financials Quarterly
Total Revenue	30	20	26	42	39	37	30	42	43	33	24	32
Ebitda	-2	-14	-10	-7	-5	-3	-5	-4	-1	0	-3	0
Operating Income	-3	-15	-11	-7	-5	-3	-6	-4	-1	-1	-3	0
Net Income	-3	-15	-11	-8	-6	-4	-6	-4	-1	-1	-2	-0
EPS	-0.06	-0.26	-0.19	-0.14	-0.10	-0.06	-0.11	-0.07	-0.02	-0.03	-0.04	-0.00
Key Financials TTM
Total Revenue TTM	119	127	145	149	148	152	147	141	132	116	105	100
Ebitda TTM	-33	-36	-24	-19	-16	-12	-9	-7	-3	-3	-5	-3
Operating Income TTM	-35	-38	-27	-22	-18	-14	-11	-8	-4	-4	-5	-4
Net Income TTM	-37	-39	-28	-23	-19	-15	-13	-9	-5	-6	-7	-5
Growth Rates Quarterly
Total Revenue Growth	-22.8%	-46.1%	-12.7%	0.3%	-8.2%	14.4%	24.4%	30.7%	59.1%	49.3%	26.9%	-
EBITDA Growth	54.7%	-405.7%	-91.0%	-90.7%	-726.0%	-1667.1%	-96.6%	-1255.3%	41.0%	109.4%	-225.0%	-
Operating Income Growth	48.8%	-325.6%	-87.2%	-87.7%	-499.2%	-291.1%	-110.3%	-1365.2%	27.7%	53.1%	-200.3%	-
Net Income Growth	41.8%	-321.5%	-83.2%	-100.4%	-317.0%	-135.3%	-153.8%	-2965.0%	33.0%	31.0%	-135.6%	-
Margins Quarterly
EBITDA Margin	-6.9%	-69.3%	-38.5%	-16.3%	-11.8%	-7.4%	-17.6%	-8.6%	-1.3%	0.5%	-11.1%	1.0%
Operating Income Margin	-8.9%	-72.7%	-40.4%	-17.6%	-13.4%	-9.2%	-18.8%	-9.4%	-2.0%	-2.7%	-11.1%	1.0%
Net Income Margin	-10.7%	-73.4%	-41.5%	-19.1%	-14.2%	-9.4%	-19.7%	-9.6%	-3.1%	-4.6%	-9.7%	-0.4%
Cash & Debt
Total Cash	23	24	24	34	38	35	39	27	35	49	34	84
Total Debt	6	7	8	3	3	3	4	4	5	4	5	4
Net Debt / (Cash)	-16	-17	-16	-32	-35	-32	-35	-23	-30	-46	-29	-81
Cash Flows Quarterly
FCF from Operations	-1	5	-12	-3	4	-1	3	-7	-13	-10	-7	6
Cash Flows TTM
FCF from Operations TTM	-12	-7	-13	2	-2	-18	-27	-37	-24	-8	18	9
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	-0	3	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-32.6%	-187.0%	-132.2%	-195.0%	-200.2%	-118.5%	-395.0%	-260.2%	-	-	-23.9%	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-106.6%	-120.9%	-83.2%	-143.9%	-173.9%	-119.7%	-197.9%	-138.8%	-	-	-12.2%	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Single Segment	152	116
Cannabis vaping products			20	2
Tobacco vaping products			68	61
Total	152	116	88	63

Price Behavior

Price Behavior

Market Price	$3.13
Market Cap ($ Bil)	0.2
First Trading Date	04/04/2023
Distance from 52W High	-35.2%
	50 Days	200 Days
DMA Price	$2.45	$2.67
DMA Trend	down	up
Distance from DMA	27.6%	17.3%
	3M	1YR
Volatility	105.0%	87.2%
Downside Capture	-121.58	23.00
Upside Capture	21.74	-18.39
Correlation (SPY)	9.7%	26.2%

ISPR Betas & Captures as of 12/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-2.13	1.18	1.21	1.71	1.22	-0.25
Up Beta	5.72	8.24	3.70	3.98	2.19	0.51
Down Beta	1.47	1.20	3.39	2.40	1.22	-0.18
Up Capture	-279%	132%	-9%	38%	-6%	1%
Bmk +ve Days	11	23	37	72	143	431
Stock +ve Days	13	24	34	55	103	306
Down Capture	-688%	-250%	-71%	104%	68%	75%
Bmk -ve Days	11	18	27	55	108	320
Stock -ve Days	9	16	29	64	135	359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

null

Short Interest

Short Interest: As Of Date	12312025
Short Interest: Shares Quantity	704,663
Short Interest: % Change Since 12152025	-13.2%
Average Daily Volume	34,529
Days-to-Cover Short Interest	20.41
Basic Shares Quantity	57,273,184
Short % of Basic Shares	1.2%

Returns Analyses

	Title
0	With Ispire Technology Stock Surging, Have You Considered The Downside?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/12/2025	-3.0%	-9.9%	-11.2%
2/10/2025	-6.6%	-6.6%	-14.1%
9/26/2024	11.3%	9.5%	8.8%
5/15/2024	10.4%	20.4%	12.8%
2/20/2024	-9.7%	-13.8%	-17.7%
9/19/2023	0.8%	-7.7%	-6.1%
5/16/2023	-8.2%	-13.9%	-14.0%
SUMMARY STATS
# Positive	3	2	2
# Negative	4	5	5
Median Positive	10.4%	14.9%	10.8%
Median Negative	-7.4%	-9.9%	-14.0%
Max Positive	11.3%	20.4%	12.8%
Max Negative	-9.7%	-13.9%	-17.7%

	Forward Returns
5/12/2025	-3.0%	-9.9%	-11.2%
2/10/2025	-6.6%	-6.6%	-14.1%
9/26/2024	11.3%	9.5%	8.8%
5/15/2024	10.4%	20.4%	12.8%
2/20/2024	-9.7%	-13.8%	-17.7%
9/19/2023	0.8%	-7.7%	-6.1%
5/16/2023	-8.2%	-13.9%	-14.0%
SUMMARY STATS
# Positive	3	2	2
# Negative	4	5	5
Median Positive	10.4%	14.9%	10.8%
Median Negative	-7.4%	-9.9%	-14.0%
Max Positive	11.3%	20.4%	12.8%
Max Negative	-9.7%	-13.9%	-17.7%

SEC Filings

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Report Date	Filing Date	Filing
09/30/2025	11/06/2025	10-Q (09/30/2025)
06/30/2025	09/15/2025	10-K (06/30/2025)
03/31/2025	05/09/2025	10-Q (03/31/2025)
12/31/2024	02/07/2025	10-Q (12/31/2024)
09/30/2024	11/12/2024	10-Q (09/30/2024)
06/30/2024	09/27/2024	10-K (06/30/2024)
03/31/2024	05/14/2024	10-Q (03/31/2024)
12/31/2023	02/20/2024	10-Q (12/31/2023)
09/30/2023	11/14/2023	10-Q (09/30/2023)
06/30/2023	09/19/2023	10-K (06/30/2023)
03/31/2023	05/15/2023	10-Q (03/31/2023)
12/31/2022	04/05/2023	424B1 (12/31/2022)
03/31/2022	09/19/2023	10-Q/A (03/31/2022)

Insider Activity

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#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Fargis, John		Direct	Sell	11242025	1.95	7,500	14,625	76,243	Form
2	Pryzbyla, Steven P	CLO and Secretary	Direct	Sell	10022025	2.64	17,046	45,001	1,055,113	Form
3	Pryzbyla, Steven P	CLO and Secretary	Direct	Sell	3192025	3.57	500	1,785	1,487,655	Form
4	Pryzbyla, Steven P	CLO and Secretary	Direct	Sell	3142025	4.00	61	244	1,693,396	Form
5	Pryzbyla, Steven P	CLO and Secretary	Direct	Sell	3142025	4.03	6,139	24,738	1,681,189	Form

External Quote Links

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Ispire Technology (ISPR)

Market Price (1/21/2026): $3.15 | Market Cap: $180.4 MilSector: Consumer Staples | Industry: Tobacco

Ispire Technology (ISPR)

Market Price (1/21/2026): $3.15Market Cap: $180.4 MilSector: Consumer StaplesIndustry: Tobacco

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

ISPR Stock

Why The Stock Moved

Qualitative Assessment

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How Low Can It Go

In The Past

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About Ispire Technology (ISPR)

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Interactive Breakdown

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FDIC Bank Data

Bank Capital

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FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

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External Quote Links

Market Price (1/21/2026): $3.15 | Market Cap: $180.4 Mil
Sector: Consumer Staples | Industry: Tobacco

Market Price (1/21/2026): $3.15
Market Cap: $180.4 Mil
Sector: Consumer Staples
Industry: Tobacco