Tag: Ispire Technology

  • Ispire Launches VLT ‘Reloadable’ Cannabis Vape

    Ispire Launches VLT ‘Reloadable’ Cannabis Vape

    Ispire Technology announced the launch of VLT, a groundbreaking vaping pod system that redefines the 510-thread experience. VLT’s proprietary reload system offers a sustainable and eco-friendly solution that empowers consumers to take control of their vaping devices, addressing key concerns about environmental impact and disposable hardware waste.

    “VLT is a transformative step forward for cannabis vaping,” said Michael Wang, co-CEO of Ispire. “We’ve combined the familiarity of 510-thread devices with a versatile reloadable system that gives our partners and consumers true ownership of their vaping experience while tackling the environmental and economic challenges that come with disposables.”

    Sustainability and Eco-Friendly Design

    Unlike disposable vapor products that contribute to electronic waste by discarding the entire device, including the battery, VLT’s reusable system promotes sustainability by allowing consumers to reload their pods. This means the battery isn’t thrown out with each use, reducing electronic waste and making the product more environmentally friendly.

    The eco-friendly design, featuring a reusable battery and multiple pod sizes, reduces electronic waste and supports Ispire’s commitment to environmental responsibility. A portion of VLT’s proceeds will be donated to organizations dedicated to reducing non-recyclable waste, making VLT a plastic-neutral product.

    Cost and Operational Efficiency

    VLT’s reloadable pods offer a greener alternative and are cost-effective compared to traditional disposable systems. For manufacturers, VLT drives operational efficiency through the Ispire ONE filling machine, cutting labor costs and maintaining product integrity. VLT’s airtight design preserves the natural terpenes in cannabis extracts, enhancing flavor profiles and extending shelf life.

    Elevating the 510-Thread Experience

    VLT elevates the vaping experience by merging the convenience of disposables with the reliability and performance of the 510-thread system. Available in a variety of pod sizes, colors, and fully customizable options, VLT caters to the needs of THC, CBD, and alternative cannabinoid users.

    The advanced pod technology ensures maximum terpene preservation with an airtight chamber that prevents evaporation and ensures every draw delivers a consistent and premium experience.

    “Disposable vapes have contributed significantly to electronic waste, but with VLT, we’re giving consumers the power to not only save money but also reduce their carbon footprint. VLT offers a premium, sustainable experience without sacrificing convenience or affordability,” Wang stated in a release. “It’s an ideal solution for multi-state operators (MSOs), single-state operators (SSOs), and brands seeking sustainable growth while offering consumers a smarter, eco-friendly alternative to disposables.

  • IKE Tech, Ispire to File Age Gating Technology PMTA

    IKE Tech, Ispire to File Age Gating Technology PMTA

    Credit: Thapana Studio

    Ispire Technology and IKE Tech announced a successful pre-premarket tobacco product application (PMTA) meeting with the U.S. Food and Drug Administration’s Center for Tobacco Products (CTP) for their age verification technology for electronic nicotine delivery systems (ENDS).

    According to an e-mailed release, the technology aims to prevent youth access while expanding adult market access to flavored PMTA-authorized products. IKE Tech is a joint venture among three leading technology and research companies Ispire and Touch Point Worldwide d/b/a Berify and Chemular Inc.

    IKE Tech will submit a component PMTA, which would allow ENDS manufacturers to incorporate their blockchain-based age-gating solution if authorized. The FDA indicated potential priority review consideration and acceptance of a component PMTA. The company plans to complete the required studies in Q1 2025.

    This critical regulatory milestone marks an essential step in the journey to provide an innovative, secure universal solution aimed at preventing youth access to ENDS and expanding the market for adults who choose to use flavored PMTA-authorized products, according to the release.

    “The IKE Tech identity and age verification technology unlocks opportunities for adults who choose to use flavored vapor products while introducing a pioneering approach to reducing youth access and usage,” the release states.

    Due to its innovative design, reliance on blockchain technology, and partnership with leading identity and age verification providers, the IKE Tech system is an advanced component that could be used — in any ENDS device — to ensure only authorized adult users can access vaping products.

    FDA alignment on key points:

    • Component PMTA: IKE Tech will submit a PMTA for a component, as opposed to a finished tobacco product to be sold to consumers, and the FDA indicated it will accept such a component PMTA if all statutory requirements are met. Additionally, due to the fact this component employs novel point-of-use technology, the FDA indicated it will consider a request to grant the IKE Tech system priority review. If authorized, the component PMTA would allow ENDS manufacturers to use the IKE Tech system in their finished tobacco product PMTAs, as a plug-and-play age-gating solution, which may allow for the approval of a variety of flavored ENDS products.
    • Creation of Tobacco Product Master File (TPMF): IKE will create and file a TPMF for the IKE component. Once authorized, the component and TPMF can, subject to agreement, be available to ENDS device manufacturers for incorporation into products.

    IKE Tech anticipates completing the required studies for the component PMTA for the IKE Tech system, including the Identity and Age Verification component in Q1 2025.

    “Our commitment to harm reduction through innovation and our collaborative efforts with regulators are central to Ispire’s mission,” said Michael Wang, Co-CEO of Ispire. “We are proud to introduce technologies that are designed to responsibly support adult consumer choice while significantly reducing youth access. This technology represents our dedication to aligning with regulatory guidance and setting new standards for safer

     

  • Ispire Technology Net Losses Widens to $5.6 Million

    Ispire Technology Net Losses Widens to $5.6 Million

    Credit: Andrii

    Ispire Technology reported revenue of $39.3 million for the first quarter of 2025, down from  $42.9 million in the comparable 2024 quarter. Gross profit increased 13.2 percent to $7.7 million. Net loss was $5.6 million as compared to net loss of $1.3 million in the fiscal first quarter of 2024.

    “Our results from the fiscal first quarter of 2025 reflect our commitment to our growth strategy of becoming the leading innovative vaping technology and precision dosing solutions company worldwide,” said Inspire Co-CEO Michael Wang in a statement.

    “While our financial results were slightly impacted due to the strategic shifts we have made in our U.S. business to focus on high-quality customers and to improve payment terms and gross profit, I am pleased with our team’s overall performance given the challenging macroeconomic environment and look forward to the remainder of fiscal 2025 and the opportunities that lay ahead.”

    According to Wang, Ispire continues to make progress with its point-of-use age gating technology. He also expressed excitement about the recent expansion of Ispire’s global reach through a five-year master distributor agreement with ANDS for the Middle East and North Affrica region and global duty-free markets

    “The results from our fiscal first quarter were in line with our internal projections as we shifted our U.S. strategy while we also had a few delayed shipments which impacted our quarterly results,” said Ispire Chief Financial Officer Jim McCormick.

    “As we head into the remainder of fiscal 2025, we are confident that we are well-positioned to continue delivering value to our shareholders as we advance our mission of becoming a global leading provider of innovative vaping technology and precision dosing solutions.”

  • Vape Manufacturer Ispire Partners With Hidden Hills

    Vape Manufacturer Ispire Partners With Hidden Hills

    Photo: Africa Studio

    Ispire Technology and Aspire North America have signed a global licensing agreement with the U.S. lifestyle brand Hidden Hills Club.

    Under the agreement, Ispire will globally manufacture, distribute and commercialize Hidden Hills’ branded nicotine products, including reduced-risk e-cigarettes. The initial Hidden Hills nicotine products are scheduled to roll out in the United Arab Emirates and South Africa in the coming weeks, followed by the United Kingdom and European Union over the next few months.

    “Our partnership with Hidden Hills Club enables us to bring more innovative and reduced-risk nicotine products to a global audience,” said Ispire Co-CEO Michael Wang.

    “The 30-year exclusive license will allow us to make significant investments in the Hidden Hills brand, ensuring robust distribution and a deep product portfolio that captures the essence of this iconic lifestyle brand. Hidden Hills’ popularity as a lifestyle brand—encompassing apparel, clothing and cannabis and hemp products—has grown at an exponential rate over the last two years. Partnering with Hidden Hill will help Ispire to capture this west-coast culture and energy, and infuse it into its nicotine product offerings globally, under the Hidden Hills brand flag.”

    “Teaming up with Ispire was a strategic decision for us,” said Hidden Hills Club CEO Dre Liang. “Ispire’s expertise in vaping technology and its global distribution network provide the perfect platform to expand our brand into the nicotine products market. We believe this collaboration will redefine the market with products that reflect our brand’s commitment to quality and innovation.”

  • Executive Appointments Made at Ispire Technology

    Executive Appointments Made at Ispire Technology

    Photo: Ink Drop

    Ispire Technology has appointed Jim McCormick chief financial officer. The company also announced the appointments of John Patterson as senior vice president of international nicotine; Dennis Lider as senior vice president of cannabis product sales; and David Hessler as senior vice president of operations.

    McCormick has more than three decades of diverse leadership experience to his new role. He started his career in public accounting with KPMG Peat Marwick in 1989, transitioning to consumer goods with Mid-America Pepsi-Cola and later joining BAT’s associate company Brown & Williamson Tobacco in 1992. At BAT, he held various international general management and CFO positions across Europe, South America, Southeast Asia, Sub-Saharan Africa and Northern Africa.

    Patterson has more than 25 years of extensive experience in the tobacco and next-generation nicotine categories, spanning both U.S. domestic and international markets, notably in the U.K. and the EU. Beginning his career at Altria, Patterson has since held pivotal roles across Europe for Philip Morris International, NJOY and most recently Juul Labs, where he served as senior director and country manager for the United Kingdom.

    With more than 20 years of CPG sales leadership experience, Lider boasts over a decade of executive leadership in revenue management. Since 2019, he has held senior-level positions with publicly traded cannabis companies, overseeing wholesale, retail and distribution sales functions. Lider brings a wealth of experience in international market expansions, corporate business development, global sales management and channel diversification.

    Hessler, senior vice president of operations, began his career in California’s shipping industry after graduating from Georgetown University’s School of Foreign Service. He went to Moscow in 1992, where he spent two decades in the global cigarette industry with PMI and JTI. Hessler led At JTI’s global supply chain organization’s customer service department in Geneva, managing operations across 190 markets with over 5,000 SKUs.

    “We’re thrilled to announce this significant talent upgrade at Ispire as we gear up for rapid expansion both domestically and internationally,” said Ispire Co-CEO Michael Wang in a statement.

  • Ispire Technology Adds Partners for Joint Venture

    Ispire Technology Adds Partners for Joint Venture

    Credit: Kamiphotos

    Ispire Technology has partnered with Touchpoint World Wide, parent to Berify, a platform that links physical products to the digital world, digital engagement, and brand protection, and Chemular International, a multi-disciplinary regulatory consulting firm to form a joint venture.

    The group hopes to expedite innovation in the e-cigarette technology space, including developing secure, user-friendly solutions for age verification and age-gating nicotine vapor devices.

    “The U.S. market is ripe for technological disruption that addresses age-verification, safety, and counterfeit issues,” said Berify Founder and CEO Dan Kang. “Our mission is also to create smart products that generate a new level of consumer satisfaction. We plan to achieve this by leveraging our blockchain authentication, tokenized rewards, and creating true decentralization while keeping companies in control of their products and data.”

    Leveraging Berify’s multi-patented technology, Chemular’s regulatory consulting and PMTA expertise, and Ispire’s hardware capabilities, the joint venture’s goals are to introduce an industry-standard age-verification solution for vapor devices as well as the submission of PMTA applications that incorporate new technologies across the U.S. e-cigarette market.

    “Our commitment is not only to create next-gen vapor devices but also to elevate market education. This venture includes additional partnerships that will bring together biometric identity and access control, ensure the solution is embedded into vapor devices during manufacturing, and provide safety, security, and privacy for consumers,” Kevin Burd, CEO of Chemular, added. “It is also a testament to our dedication to positively shaping the future of vape hardware innovation.”

    Some of the possible solutions include:

    • Next-generation e-cigarette hardware with a user-friendly point-of-use age-verification and geo-fencing capability that eliminates the use of hardware in certain designated areas such as schools and sensitive areas;
    • E-cigarettes with end-to-end a range of dynamic features such as authentication, direct-to-consumer engagements, and exclusive offerings all built on the foundations of blockchain technology;
    • A real-time biometric identity platform for user access controls, creating added security and reliability that deters counterfeiting.

    “By combining our collective expertise in hardware, blockchain and regulatory consulting, we aim to set a new standard for age verification, security and overall quality in the e-cigarette space,” said Ispire Technology Co-CEO Michael Wang. “Our hope is that this JV will be a large step forward in innovative device control, safety, counterfeit prevention and enhanced user experiences that increase overall market and consumer satisfaction.”

  • Ispire Technology Growing Despite High Net Loss

    Ispire Technology Growing Despite High Net Loss

    Credit: Monopoly919

    Ispire Technology Inc. reported decent growth in its fiscal second quarter ending Dec. 31, 2023, despite facing rising operational costs and a deepening net loss.

    The Los Angeles-based vape maker saw its revenue climb 30.7 percent to $41.7 million for the quarter, up from $31.9 million in the same period the previous year, according to media reports. That increase was driven by strong sales in both its tobacco and cannabis vaping products, with tobacco vaping contributing $22.1 million and cannabis vaping products adding $19.5 million.

    However, the firm’s financials faced challenges as gross profit marginally rose by 24.1 percent to $6.4 million, with gross margin slightly decreasing to 15.3 percent from 16.1 percent year-over-year. Operating expenses saw a hefty jump, more than doubling to $10.3 million from $4.8 million, largely due to heightened marketing efforts and the costs associated with maintaining its manufacturing plant in Malaysia and navigating its public company status.

    Consequently, Ispire reported a net loss of $4 million, a substantial increase from a minor $100,000 loss reported in the same quarter the previous year.

    In their statements, Ispire’s leadership focused on the company’s initiatives and expansion efforts.

    “This quarter proved to be quite pivotal for not only our product expansions but also our business operations,” CEO Michael Wang said in a statement. “As we further execute on our growth strategy, we continue to expand our footprint in existing and new markets, which helps to grow our diverse customer base.”

    That includes obtaining ISO and GMP certification for the firm’s Malaysian facility and pursuing premarket tobacco product application (PMTA) authorization in the U.S.

  • Ispire Technology Gets ISO Certifications in Malaysia

    Ispire Technology Gets ISO Certifications in Malaysia

    Ispire Technology received ISO9001: 2015 Quality Management System, ISO14001: 2015 Environmental Management System and ISO13485: 2016 Quality Management System Medical Device certifications for its 31,000-square-foot manufacturing facility in Malaysia.

    Credit: Ispire

    Ispire offers a complete line of vape cartridges, pod systems, disposables and batteries.

    “Earning three ISO certifications at our Malaysian manufacturing facility is a testament to our team’s ability to quickly bring the facility up to some of the highest standards in the industry, allowing us to expand our gross margins, geopolitically de-risk our production and service other businesses who need manufacturing for their vape hardware,” said Ispire Technology Co-CEO Michael Wang in a statement.

    “Currently, our Malaysian manufacturing facility has already received initial orders and is quickly moving into production readiness. As the facility ramps up production, our gross margin is expected to increase due to the lack of a tariff when assembling products in Malaysia and then shipping them to the U.S.

    “This is in contrast to the 25 percent tariff incurred when shipping finished products from China. Additionally, by owning the factory, we also expect to be able to realize a profit on product assembly, which was formerly outsourced to a third party. We anticipate that these efficiency improvements will help drive gross-margin growth across the company’s full array of high-quality vaping products.”

  • Ispire Technology Sees Jump in Revenue and Profits

    Ispire Technology Sees Jump in Revenue and Profits

    Photo: Freedomz

    Ispire Technology reported revenue of $42.9 million and gross profit of $6.9 million in the quarter that ended Sept. 30, reflecting growth of 59.1 percent and 43.7 percent, respectively, over the comparable 2022 quarter.

    Revenue from cannabis vaping products jumped 116.8 percent to $17.3 million, and revenue from tobacco vaping products was up 34.8 percent to $25.5 million.

    Ispire co-CEO Michael Wang attributed the growth to the company’s expansion in the United States and the reception there of its most recent product, Ispire One. “Our business strategy has clearly manifested as we continue to redefine the vaping experience, consistently delivering high-quality and groundbreaking products that align with customer preferences,” he said.

    “We remain confident in our ability to maintain our position as the leading premier precision dosing technology company as we’ve not only secured our position in existing markets but have also made inroads into new geographies, adapting swiftly to increased market demands. The establishment of a new manufacturing facility in Malaysia marks a strategic step into the Southeast Asian market, signaling our readiness for scalable operations.”

  • Ispire Technology Reports 2023 Annual Earnings

    Ispire Technology Reports 2023 Annual Earnings

    Ispire Technology Inc, a vapor technology, has announced its financial results for the fiscal year 2023, which ended on June 30, 2023.

    Fiscal year 2023 marked a significant milestone for Ispire, with a 100.4% and 10.9% surge in cannabis and tobacco vaping products revenues, respectively from Fiscal year 2022, according to a press note.

    Overall revenue Increased 31.2%. The growth was predominantly driven by the doubling of the revenues from our cannabis vaping products in the United States and a rise in sales of tobacco vaping products in Europe.

    “Central to this success is our multi-pronged strategy: expanding our e-cigarette vaporizer technology sales and innovating our cannabis vaporizer offerings for both medical and recreational sectors. Our commitment to delivering industry-leading products has positioned Ispire at the forefront, cultivating a reputation for innovation and reliability,” said Michael Wang, the Co-Chief Executive Officer of Ispire. “The recent introduction of the Ispire ONETM technology in July 2023 further exemplifies our commitment to innovation and sets industry standards, particularly around consumer safety and operational efficiency. As part of our ongoing improvements, our California operations are set to launch our first fully automated assembly system by the end of December 2023.”

    The company also announced it is actively exploring Southeast Asia as a potential hub for future manufacturing operations, “aiming to further optimize” its production capabilities.