Ispire Technology Inc.
ISPR · Cigarettes · 57.4M shares · +5%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$6M (gross $60K, SBC $6M)
Grade
D49Vaping-hardware maker with declining revenue and deep operating losses, partly cushioned by ~11.5 quarters of cash runway.
Strengths
- Scaled $127M revenue with an established global Aspire/Ispire distribution network
- Cash runway ~11.5 quarters (69th pct) gives some breathing room
Risks
- Operating margin -29.7% and net margin -30.8%; ROE -64.9 (0.2 pct) reflect severe unprofitability
- $18M allowance for credit losses and one-customer concentration threaten collections
- Related-party supplier owned by co-CEO (95%) plus heavy regulatory/PMTA overhang
Notable findings
- Net lossNet loss (net margin -30.8%)
- Cash burnNegative free cash flow (-8.5M)
- Customer concentration~100% of revenue from one customer/distributor — 0 % $ 151,909 100
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
17.8%
Operating margin
-29.7%
Net margin
-30.8%
Return on equity
-6489.3%
Return on assets
-38.4%
Revenue growth (QoQ)
-7.9%
Current ratio
1.0×
Free cash flow
-$8M
EBITDA
-$37M
Tangible book value
-$2M
Cash & investments
$24M
Cash runway
12q
Stock comp / revenue
4.4%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-25 | Shareholder vote | filing ↗ |
| 2025-06-26 | Shareholder vote | filing ↗ |
| 2025-05-23 | OtherExhibits | filing ↗ |
| 2025-05-15 | Exec/director changeExhibits | filing ↗ |
| 2025-05-12 | ResultsExhibits | filing ↗ |
| 2025-02-28 | Exec/director change | filing ↗ |
| 2025-02-21 | Auditor changeExhibits | filing ↗ |
| 2025-02-14 | Material agreementDebt obligation | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-23 | 0001213900-26-072149 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001213900-26-053368 ↗ |
| 10-Q | 2026-02-06 | 2025-12-31 | 0001213900-26-013305 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001213900-25-107205 ↗ |
| 10-K | 2025-09-15 | 2025-06-30 | 0001213900-25-087632 ↗ |
| 8-K | 2025-06-26 | 2025-06-24 | 0001213900-25-058419 ↗ |
| 8-K | 2025-05-23 | 2025-05-22 | 0001213900-25-047377 ↗ |
| 8-K | 2025-05-15 | 2025-05-13 | 0001213900-25-044269 ↗ |
| 8-K | 2025-05-12 | 2025-05-12 | 0001213900-25-041713 ↗ |
| 10-Q | 2025-05-09 | 2025-03-31 | 0001213900-25-041555 ↗ |
| 8-K | 2025-02-28 | 2025-02-27 | 0001213900-25-018831 ↗ |
| 8-K | 2025-02-21 | 2025-02-18 | 0001213900-25-016138 ↗ |