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Ispire is like Intel for vaping devices, supplying core hardware technology to other brands alongside its own branded e-cigarettes.

Ispire is like Magna International for cannabis vaping hardware, designing and manufacturing devices for other brands, while also selling its own Aspire-branded e-cigarettes.

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• Aspire-branded Tobacco Vaping Products: Electronic cigarettes and vaporizers designed for tobacco e-liquids, sold worldwide except for China and Russia.
• Ispire-branded Cannabis Vaping Hardware: Vaping devices and components for cannabis oil, primarily sold on an ODM basis in the United States, Canada, and Europe.
• Cleito Tank: A specific tobacco vaping tank featuring a revolutionary coil design for maximized airflow, enhanced flavor, and increased vapor production.

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Ispire Technology (ISPR) sells primarily to other companies (B2B) rather than directly to individuals. The provided background information does not list the specific names of these customer companies, nor their stock symbols if they are public.

Ispire Technology's major customers fall into two primary categories:

• Cannabis Vapor Companies: These companies purchase Ispire's cannabis vaping hardware, which uses their patented Ducore™ technology, on an Original Design Manufacturer (ODM) basis. Ispire designs and customizes these products to meet each brand’s unique image and needs, and these customers then sell the products under their own brand names, potentially including the Ispire brand name as well.
• Distributors: For its Aspire-branded tobacco vaporizer technology products, Ispire Technology sells primarily through a global network of more than 150 distributors in over 30 countries, with main markets being Europe and the Asia Pacific region (excluding the PRC).

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Shenzhen Yi Jia Technology Co., Limited

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Tuanfang Liu, Chairman and Co-Chief Executive Officer

Mr. Liu has served as the Chairman of the Board of Directors and the Chief Executive Officer of Aspire Global Inc. since its inception. He founded Shenzhen Yi Jia Technology Co., Limited in June 2010, a company primarily engaged in e-cigarette manufacturing, where he also serves as Chairman. Mr. Liu is responsible for the daily operations as well as research and development of e-cigarette and cannabis vaporizer technology products. He has held various leadership positions in e-cigarette associations, including Vice-Chairman of the European Union E-cigarette Association since 2019, Vice-Chairman and Founding Member of the Canada E-cigarettes Association since 2019, Vice-Chairman of the China Electronics Chamber of Commerce since 2017, and executive Vice-Chairman and Founder of the Shenzhen E-Vapor Industry Association since October 2017.

Michael Wang, Co-Chief Executive Officer

Mr. Wang was promoted to Co-Chief Executive Officer on August 7, 2023, after having served as the company's Chief Financial Officer since August 2020. He has extensive experience as a CEO, COO, and President for various companies. From September 2018 through August 2020, he served as the President, COO, and then Co-CEO of The Pharm/Sunday Goods, a vertically integrated leader in the cannabis cultivation, processing, manufacturing, distribution, wholesale, and retail industry. Mr. Wang also served as President and COO of Onestop Commerce from 2013 to 2015 and as CEO from 2015 to 2018.

Jay Yu, Chief Financial Officer

Mr. Yu has been the Chief Financial Officer of the company since May 2025. Prior to this, he served as the Company's Vice President of Finance since June 2023. Mr. Yu held public accounting roles at Crowe Horwath (Hong Kong) from 2009 to 2012 and DA HUA CPA from 2012 to 2016. He also served as Chief Financial Officer of MTI Environmental Group from 2016 to 2018 and Luokung Technology Corp. from 2018 to 2023.

Steven Przybyla, Chief Legal Officer and Secretary

Mr. Przybyla has served as the Company's Chief Legal Officer since September 2023. He brings 10 years of experience in the regulated cannabis industry and nearly half a decade of experience in nicotine/tobacco product regulation. Mr. Przybyla was previously General Counsel and Corporate Secretary of 22nd Century Group, Inc. (NASDAQ: XXII) and 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 public companies such as Jushi, Inc..

David Hessler, Senior Vice President of Operations

Mr. Hessler was appointed Senior Vice President of Operations on May 20, 2024. He possesses a strong background in operational management, with a proven track record of improving processes, reducing costs, and enhancing overall business performance. His leadership focuses on implementing best practices, fostering operational excellence, and ensuring Ispire Technology Inc. can scale its operations to meet growing demand.

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Key Business Risks for Ispire Technology (ISPR)

1. Over-reliance on a Single, Related-Party Manufacturer in China: Ispire Technology's products are currently manufactured and supplied by Shenzhen Yi Jia Technology Co., Limited, a Chinese company that is 95% owned by Ispire's chief executive officer and controlling stockholder, Tuanfang Liu. This presents multiple significant risks, including an extreme concentration of supply chain risk, as any disruption to Shenzhen Yi Jia's operations would severely impact Ispire's ability to deliver products. Additionally, this arrangement creates a substantial related-party transaction risk and potential conflicts of interest, as decisions might not always be solely in the best interest of Ispire Technology's public shareholders. The manufacturing location in China also exposes the company to geopolitical risks, trade policy changes, and potential tariffs.
2. Significant Regulatory and Market Acceptance Challenges: The company has already ceased marketing tobacco vaping products in the United States due to sales not justifying marketing and regulatory costs, indicating substantial hurdles in a major global market. The vaping industry, for both tobacco and cannabis products, is subject to increasing regulatory scrutiny and evolving legal frameworks across different jurisdictions (e.g., Canada and Europe for cannabis products). These challenges could lead to limitations on product sales, increased compliance costs, or reduced market access, impacting profitability and growth.
3. Execution Risk of Establishing New Manufacturing Operations: Ispire Technology is in the initial stages of developing its own manufacturing operations (assembly) in Vietnam and California to diversify its supply chain. However, the company has explicitly stated that it cannot assure meeting its projected timetable (mid-2023) or effectively and efficiently conducting these new operations. Failure to successfully establish and scale these new manufacturing capabilities could perpetuate its reliance on Shenzhen Yi Jia and expose it to the associated risks, while also incurring significant capital expenditure and operational costs without guaranteed returns.

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Here are the expected drivers of future revenue growth for Ispire Technology (ISPR) over the next 2-3 years:

1. Strategic Shift to High-Quality Nicotine Customers: Ispire is actively pivoting its business focus away from lower-value cannabis customers to higher-quality nicotine sector customers. This strategic realignment is anticipated to result in improved payment profiles and lead to future top-line growth and enhanced financial performance.
2. Commercialization of iQTEC Age-Gating Technology: With new FDA guidance emphasizing device-level age verification for flavored electronic nicotine delivery systems, Ispire's 40%-owned joint venture, IKE Tech, is positioned to capitalize on a substantial market opportunity. Their blockchain-based, Bluetooth-enabled age-gating technology is expected to generate recurring Software as a Service (SaaS) revenue through licensing agreements with major tobacco companies and through per-device hardware sales or firmware licensing. The company anticipates announcing a significant development deal for this technology with a leading global nicotine company.
3. Expansion of Malaysian Manufacturing Operations: Ispire is significantly expanding its manufacturing capabilities in Malaysia, with plans to increase production lines from six to 80. This expansion is designed to meet future production demands, reduce tariff burdens, mitigate China/US trade conflicts, and maintain competitive pricing. This initiative is also expected to help drive gross margins above 40%.
4. Launch of New Cannabis Hardware Ecosystem and Geographic Expansion: Ispire plans to unveil a reengineered cannabis hardware ecosystem at MJBizCon 2025, introducing new product families tailored for various oil viscosities, activation types, and global compliance standards. Concurrently, the company has initiated marketing efforts and customer engagement for its cannabis vaping hardware in new markets such as Canada and Latin America, complementing its existing presence in the US, Europe, and South Africa. There are also plans to expand store presence in Africa to 2,000 locations.
5. Growth in Original Design Manufacture (ODM) Relationships and New Nicotine Product Introductions: Ispire has secured a significant ODM relationship with a major global e-cigarette brand, projecting to supply over 33 million units in fiscal year 2025, which is expected to generate more than $100 million in annual top-line revenue and grow substantially in subsequent years. Additionally, the company is preparing to launch 6-10 new flavored products in the UK and continues to develop and license advanced vaping intellectual property, such as its G-Mesh technology.

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Share Repurchases

• Ispire Technology's Board of Directors authorized a stock repurchase program of up to $10 million on January 22, 2025, to be executed over the following 24 months.
• The company views this program as an opportunity to acquire its common stock at a significant discount to intrinsic value, signaling confidence in its business growth and strategic investments.

Share Issuance

• In April 2023, Ispire Technology completed its initial public offering (IPO), issuing 3,105,000 shares of common stock at $7.00 per share, raising approximately $18.3 million in net proceeds.
• A public offering in March 2024 resulted in gross proceeds of $12.3 million, strengthening the company's balance sheet and funding facility expansion.
• The number of shares outstanding for ISPR increased by 2.09% in one year, reaching 57.29 million shares as of February 2026.

Outbound Investments

• Ispire Technology established a joint venture with Berify and Chemular to develop next-generation age-verification and product authentication technology for e-cigarettes.
• The company initiated a 5-year exclusive global manufacturing and distribution partnership with Nigerian artist Burna Boy for its breakfast-branded wafer line.
• Ispire collaborated with Acreage Holdings to deploy its Ispire ONE technology within Acreage's U.S. retail network.

Capital Expenditures

• Ispire is developing manufacturing operations in Vietnam and California for component assembly, with initial assembly expected to commence in mid-2023.
• The company achieved ISO and GMP certifications for its new Malaysian manufacturing facility, which is anticipated to streamline the supply chain and enhance gross margins.
• Capital expenditures amounted to approximately -$854,818 in the last 12 months, indicating ongoing investment in fixed assets.