Ispire Technology appoints new CFO and cuts costs

LOS ANGELES - Ispire Technology Inc. (NASDAQ: ISPR), a company specializing in vaping technology and precision dosing with a market capitalization of $163 million, announced the appointment of Jie "Jay" Yu as its new Chief Financial Officer. The move comes on the heels of the company’s significant cost reduction efforts, including a $3.6 million payroll cut this month and plans to slash an additional $6.6 million in operating expenses over the next three months. According to InvestingPro data, these cost-cutting measures come as the company faces challenges with a negative EBITDA of $25.72 million in the last twelve months.

Yu, who has been with Ispire as Vice President of Finance since June 2023, brings a wealth of experience from previous public accounting and CFO roles at various firms. His appointment is effective immediately, following the exit of former CFO Jim McCormick.

Michael Wang, Co-Chief Executive Officer of Ispire, praised Yu’s track record and expressed confidence in his capabilities to further the company’s financial and corporate objectives. As part of its strategic vision, Ispire is focused on trimming expenses and increasing margins to steer towards profitability. The company currently operates with a gross profit margin of 21.24% and generated revenue of $144.7 million in the last twelve months.

The company’s recent workforce reduction and the termination of several contractor agreements are part of this initiative. Ispire is also transitioning certain duties to Malaysia with the goal of becoming more agile in its dealings with global nicotine companies. InvestingPro analysis indicates the stock is currently trading at $2.87, showing significant volatility with a beta of 3.16. Get access to 10 more exclusive ProTips and comprehensive financial analysis through InvestingPro’s detailed research reports.

Ispire is known for its research and development in e-cigarettes and cannabis vaping products, holding over 400 patents globally. Its tobacco products, marketed under the Aspire brand, are sold in various countries except the U.S., China, and Russia. The cannabis products are sold under the Ispire brand in the U.S. and have recently expanded to Canada and Europe.

This press release contains forward-looking statements regarding the company’s future plans, which are subject to risks and uncertainties. These statements are based on current expectations and assumptions and may differ materially from actual future results. For detailed insights into Ispire’s financial health and future prospects, access the comprehensive Pro Research Report available exclusively on InvestingPro, covering over 1,400 US stocks with expert analysis and actionable intelligence.

The information in this article is based on a press release statement from Ispire Technology Inc.

In other recent news, Ispire Technology Inc. reported its Q3 2025 financial results, revealing a net loss of $10.9 million, or $0.19 per share, which missed the forecast of a $0.15 EPS profit. Revenue for the quarter was $26.2 million, significantly below the expected $65 million, marking a 12.7% decrease from the previous year. The company’s performance was affected by a notable revenue drop in North America, which fell by 28.9%. Additionally, Ispire launched new products and secured a nicotine manufacturing license in Malaysia as part of its strategy to shift manufacturing operations from China. In terms of future outlook, the company has forecasted an EPS of -$0.44 for FY2025 and -$0.16 for FY2026. The transition to Malaysian operations is expected to mitigate tariff risks and enhance production capabilities. Ispire is also exploring international opportunities with its age verification system and has filed a component PMTA with the FDA for its age-gating technology. These developments are part of Ispire’s broader strategy to expand its market presence and improve financial stability.

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