Ispire Technology Inc.

ISPIRE Technology Inc.

Business overview

ISPIRE Technology Inc. designs, develops, manufactures, markets, and distributes vaping hardware for both nicotine and cannabis applications. The company sells branded products (primarily under the Aspire and Ispire brands) and provides OEM/ODM services. Products are assembled in a company-owned facility in Malaysia and sourced from suppliers, including Shenzhen Yi Jia, under long-term supply agreements. ISPIRE focuses on adult-use products and is developing technology to restrict youth access, including the IKE age-gating system. The company does not cultivate cannabis or supply cannabis oil; hardware for cannabis vaporizers is sold to customers who supply their own oil under ODM contracts.

Products and technology

• E-cigarette hardware (open and closed systems)
  • Branded lines: Nautilus, Zestquest, BRKFST (closed-system line)
  • Coil technologies: BDC (Bottom Dual Coil), BVC (Bottom Vertical Coil); Cleito tank for improved airflow
• Cannabis vaping hardware
  • Ispire line using Ducore Dual Coil technology, designed for leak resistance and flavor delivery
• Ispire ONE (introduced June 2023)
  • Designed to eliminate capping in manufacturing/co-packing, improve fill consistency, prevent leaking/spitting/overheating, and enable sterilized-factory filling for cartridges, disposables, and PODs
• G-Mesh (marketed as Silica Series; in development)
  • 1 mm porous glass sheet with an interlocking mesh coil intended to improve nicotine uptake and flavor and to reduce potential ceramic dust hazards
• Intellectual property
  • Owns or licenses patents, trademarks, and other IP related to cannabis and tobacco vaping products; IP was transferred to Aspire North America and Aspire Science holds an exclusive license to tobacco vaping IP worldwide except PRC and Russia
• IKE joint venture (age-gating and anti-youth-use technology)
  • Aspire North America owns 40% of IKE; IKE aims to support PMTA submissions for age-gated ENDS devices with features such as device authentication, geo-fencing, and biometric access controls
  • IKE-related discussions with the FDA and PMTA activity are ongoing; the May 2025 PMTA for IKE’s age-gating component was accepted

Operations, facilities, and manufacturing

• Corporate headquarters and primary offices in Los Angeles, California
• Malaysia manufacturing facility
  • Approximately 31,000 sq ft with six production lines; assembles components sourced from other manufacturers
  • Certifications: ISO 9001, ISO 14001, ISO 13485, and GMP
  • Interim license for nicotine product manufacturing received May 2025; full license to manufacture nicotine vapor products in Malaysia granted March 17, 2026
  • Plans to expand capacity by adding up to 70 additional lines at a nearby facility over the next 12 months
• Other properties
  • 37,100 sq ft facility in Los Angeles (headquarters and storage)
  • 1,850 sq ft office in Hong Kong (King Yip Street)
  • Additional Malaysia facilities in the Senai area with a combined footprint referenced as 131,320 sq ft (land area included in total)

Markets, distribution, and customers

• Global distribution network with more than 100 distributors across 30+ countries and regions
• Revenue by region (year ended June 30)
  • Europe: $74.107 million (58.1%) in 2025; $61.430 million (63.9%) in 2026
  • North America (U.S. & Canada): $32.568 million (25.5%) in 2025; $15.128 million (15.8%) in 2026
  • Asia Pacific (excl. PRC): $12.274 million (9.6%) in 2025; $10.919 million (11.4%) in 2026
  • Other: $8.545 million (6.7%) in 2025; $8.538 million (8.9%) in 2026
• Major distributors
  • Your-Buyer International Limited (UK/France): ~$32.7 million in 2025 (25.7% of revenue) and ~$26.2 million in 2026 (27.3% of revenue)
  • UK-territory distributor: ~$17.5 million in 2025 (13.7%) and ~$24.4 million in 2026 (25.5%)
  • No other distributor or customer accounted for 10% or more of revenue in either year
• Business mix
  • E-cigarette products are primarily sold through distributors
  • OEM/ODM revenue increased to 40.2% of e-cigarette revenue in 2025 and 44.5% in 2026
  • Cannabis products are largely sold as ODM to other cannabis brands; Ispire-branded sales exist but most cannabis-related sales are ODM

Regulatory environment

• U.S. PMTA obligations for ENDS products; ongoing activity related to flavors and age-gating technology (IKE) to support PMTA submissions
• PACT Act amendments affecting mail and carrier delivery of vaping products in the U.S.
• EU and UK TRPR compliance and evolving legislation, including a UK ban on disposable e-cigarettes effective April 2025 and the Tobacco and Vapes Act 2026

Financial highlights

• Revenue
  • 2025: $127.494 million
  • 2026: $96.015 million
• Net income (loss)
  • 2025: approximately $(39.2) million
  • 2026: approximately $(33.2) million
• Employees
  • 88 employees as of September 14, 2026
  • Breakdown: 36 operations, 30 general management, 8 sales/marketing, 9 manufacturing, 5 R&D

Corporate structure, ownership, and governance

• Delaware corporation with operating entities including Aspire North America (California), Ispire Malaysia (Malaysia), and Aspire Science (Hong Kong); transfers and restructurings completed in July 2022
• Tuanfang Liu (CEO, Chairman) and Jiangyan Zhu (Director) hold a controlling stake in the company (approximately 62.1% of common stock as of June 30, 2026)
• Mr. Liu owns 95% of Shenzhen Yi Jia, the company’s primary supplier
• Classified as a “controlled company” under Nasdaq rules, reflecting concentrated stock ownership by the CEO and his spouse

Joint ventures and investments

• IKE Tech LLC: Aspire North America owns 40% of IKE; aggregate advances to IKE were about $8.61 million as of June 30, 2026
• Jin Wu Health Limited: Aspire holds 49%; remaining ownership held by third parties
• The company faces potential regulatory considerations related to classification under the Investment Company Act because of its joint venture interests

Intellectual property and risks

• Over 200 patents and patent applications across multiple jurisdictions
• Substantial reliance on IP licensed from related parties and IP transferred to Aspire North America
• IP protection targets cannabis and tobacco vaping technologies; IP rights may be challenged or expire

Key governance and operational risks

• Revenue concentration: a substantial portion of revenue depends on a small set of distributors, especially the largest UK/France distributor and the UK distributor
• Regulatory, legal, and health-safety developments in the U.S., Europe, and Asia-Pacific affect product approvals, marketing, and distribution
• Supply chain concentration around Shenzhen Yi Jia and Malaysia-based manufacturing, combined with related-party relationships, creates governance and supply risks

This summary reflects the company’s reported revenue, net income (loss), employee counts, major customers, regional revenue breakdowns, ownership structure, manufacturing facilities, strategic technologies, and joint ventures.