Start here if you're new
what it is
Ispire designs and sells vaping hardware for nicotine and cannabis brands around the world.
how it gets paid
Last year Ispire Technology made $127M in revenue. branded nicotine hardware was the main engine at $76.2M, or 60% of sales.
why growth slowed
Revenue fell 16.1% last year. The key number was 17.0% gross margin because gross margin → money left after product costs → so what: there is still not enough cushion.
what just happened
Latest quarter revenue came in at $20.3M, and the company still posted a loss.
At a glance
B balance sheet — gets the job done, barely
-$0.69 fy2025 eps est
$128M fy2025 rev est
-29.7% operating margin
0.7 beta
xvary composite: 47/100 — below average
What they do
Ispire designs and sells vaping hardware for nicotine and cannabis brands around the world.
The best argument here is distribution, not devotion. Ispire sells globally where nicotine products are legal, and it did $127 million of annual revenue with just 81 employees. That is asset-light (few people and less overhead) — so what: if your product lands, more sales can drop through faster.
How they make money
$127M
annual revenue · their business grew -16.1% last year
branded nicotine hardware
$76.2M
12.0%
non-branded nicotine hardware
$22.9M
9.0%
cannabis hardware
$17.8M
28.0%
cartridges and filled-oil formats
$6.4M
20.0%
other accessories and components
$3.8M
15.0%
The products that matter
nicotine vaping hardware
Aspire brand hardware
~$99M nicotine hardware (approx.)
Rev-rows sum branded plus non-branded nicotine to ~$99M of ~$127M—deck “Aspire” rollups can differ from that split. If nicotine hardware slows, the turnaround pitch stops sounding like a plan.
main growth engine
cannabis vape hardware
Cannabis hardware
$19M · 15% of revenue
It is only ~$18M in the segment table, with a sharp decline vs. prior year—small caps do not get many weak segments for free.
under pressure
Key numbers
-29.7%
operating margin
Operating margin → profit after running the business → so what: Ispire loses about 30 cents for every $1 of sales—the headline magnitude is negative, not a positive 29.7%.
$128M
annual revenue
This proves demand exists. The problem is not selling product. The problem is turning sales into profit.
$3M
long-term debt
Long-term debt → money owed beyond one year → so what: with debt at just 3% of capital, leverage is not the main threat.
16.1%
revenue decline
Annual sales fell 16.1% vs. prior year, which tells you the turnaround still needs actual traction, not just new product slides.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $3M (3% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ISPR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter revenue came in at $20.3M, and the company still posted a loss.
EPS was -$0.12 in the February 2026 report, versus a -$0.01 consensus cited by earnings trackers. Gross margin was about 17.0%, which is too thin to absorb weak volume.
$20.3M
revenue
-$0.12
eps
17.0%
gross margin
the number that mattered
The key number was 17.0% gross margin because gross margin → money left after product costs → so what: there is still not enough cushion to cover overhead.
source: company earnings report, 2026
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What could go wrong
ISPR does not have many places to hide. The core issue is simple: nicotine-heavy revenue sits inside a tightly regulated category, while the company is already losing money on ~17% gross margin.
high
Nicotine regulation hits the main revenue engine
Tobacco/Nicotine produced $108M of the company’s $128M annual revenue. If flavored-vape rules tighten or distribution gets disrupted, the segment carrying 85% of sales takes the hit first.
most of the revenue base is exposed to one rulebook
high
Losses keep outrunning the balance sheet
The latest quarter lost $6.6M on $20.3M of revenue. With a 16.4% gross margin, there is not much room to cut price, absorb shocks, or grow your way out quickly.
a decent balance sheet can feel small if losses keep stacking
med
Cannabis keeps shrinking and raises the burden on nicotine
Cannabis revenue was $19M last year and declined 16%. That segment is only 15% of sales, but continued erosion makes the business even more dependent on one category doing all the heavy lifting.
mix gets weaker as concentration gets worse
med
Control is concentrated
Pride Worldwide Investment Limited owns 58% of the stock. You get exposure to the outcome, but limited say over capital allocation, strategic shifts, or how patient management decides to be.
public shareholders have less influence than the cap table headline suggests
The business already needs nicotine to offset weakness elsewhere. If regulation bites that segment before margins improve, the turnaround thesis breaks fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
q3 2026 earnings report
Estimated report date is May 8, 2026. You want revenue to look less broken than $20.3M and the loss to start narrowing. Another ugly quarter would make the turnaround pitch much harder to defend.
margin
gross margin above 16.4%
Here is the number to watch if management talks recovery. More revenue without better margin just scales a weak hardware model.
regulation
fda guidance on flavored vapes
The company flagged this on March 16, 2026 as a possible opening. The same issue is also the biggest risk because nicotine drives 85% of revenue.
segment mix
nicotine growth versus cannabis decline
Nicotine grew 12% and cannabis fell 16% last year. If that spread narrows the wrong way, your “pivot” is really just concentration risk with better branding.
Analyst rankings
earnings outlook
-$0.69
FY2025 EPS estimate. in human-speak, analysts still expect the company to lose money this year.
revenue outlook
$128M
That is the current full-year revenue estimate. The street is still underwriting a business bigger than the last quarter suggested.
coverage depth
thin
Formal rank data is limited here. Small-cap coverage is sparse, so consensus tells you less than execution does.
source: institutional data
Institutional activity
institutional ownership data for ISPR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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