Ispire Q2 Marks ‘Inflection Point’ With Revenue Down on Customer Shift

Overview

• Revenue for the quarter ended December 31 fell to $20.3 million from $41.8 million as the company pivoted from cannabis customers to higher-quality nicotine clients.
• Operating expenses declined to $10.3 million and net loss narrowed to $6.6 million following a year of cost reductions and tighter controls.
• Accounts receivable improved to $37.9 million, cash collected equaled 116% of reported revenue, and operating cash burn was about $1 million from April through December 2025.
• Management highlighted rising interest in the IKE Tech age-gating joint venture and signaled an expected significant deal, positioning it as a key growth driver.
• The company advanced G-Mesh hardware and outlined a Malaysia capacity build-out from six lines toward a potential 80, with initial partner chip volumes targeted at 2–3 million per month and scalable to about 10 million, while noting nicotine-market volume softness and pricing pressure from Chinese manufacturers.