Ispire Technology (ISPR) 2026財年第四季法說會：隨著馬來西亞產能提升，營收回升

重點摘要

• 2026 財年第四季營收年增 33%、季增 43% 至 2,670 萬美元，顯示需求轉強且生產活動增加。
• 單季淨虧損由去年同期的 1,480 萬美元收窄至 1,380 萬美元，調整後 EBITDA 虧損則由 440 萬美元改善至 230 萬美元。
• 2026 財年營收由 1.275 億美元降至 9,600 萬美元，主要歸因於美國大麻霧化硬體銷售下滑、歐洲品牌產品銷售疲軟，以及中國以外亞太地區的微幅下滑。
• 全年不含信用損失之營業費用下降 37% 至 2,420 萬美元。營業活動所用淨現金由 740 萬美元改善至 56.9 萬美元。
• 管理層預計 2027 財年將是 Ispire 馬來西亞自建工廠全面量產電子霧化器與尼古丁袋的第一個完整財年，商業機會預計將在未來三至六個月內趨於成熟。
• IKE Tech 正尋求在年齡驗證、產品防偽與合規技術方面的合作夥伴關係。管理層亦認為 2027 財年期間 IKE 存在潛在的流動性事件（獨立於監管授權之外），但未提供更多細節。

關鍵財務業績

業務與營運表現

馬來西亞是 Ispire 2027 財年成長策略的核心。該公司於 2026 年 3 月取得電子煙尼古丁產品製造許可證，並於 2026 年 5 月取得尼古丁袋生產許可證。尼古丁袋的生產已於 6 月展開，同時 OEM 與 ODM 客戶已進行試產、下單初始訂單及部分追加訂單。

管理層表示，馬來西亞第二座工廠最多可容納 73 條生產線。據公司稱，實施多班制運作的自動化生產線可提供數億個單位的產能。目前的投資涵蓋計畫中的自動化、基礎設施及人力擴展，而非原計畫之外的額外產能擴充。

不同客戶群體的興趣有所差異。大型菸草公司普遍聚焦於尼古丁袋的生產，而中國電子煙品牌與製造商則正在探索中國以外的生產佈局。管理層表示，有數個潛在機會可能在 2027 財年發展為商業協議。

IKE Tech 正在開發為適用於受管制尼古丁市場的使用端年齡驗證、產品防偽與合規平台。具備使用者體驗改善功能的 IKE 2.0 計畫於秋季推出。管理層表示，已與每家擁有獲授權電子尼古丁傳遞系統 (ENDS) 裝置的公司進行過討論，部分對話已推進至潛在的試點評估階段。

G-MESH 也持續吸引全球菸草公司及其他國際品牌的興趣。此外，Ispire 正評估對顛覆性技術進行選擇性投資，以發揮其資金、製造能力、法規基礎設施或全球關係的優勢。

管理層展望

管理層將 2027 財年描述為在馬來西亞生產、電子煙 ODM、尼古丁袋、IKE Tech 與 G-MESH 支持下，實現根本性成長與轉變的關鍵年份。然而，公司未提供具體的營收或獲利財務預測數據。

來自馬來西亞的訂單預計將在未來兩個季度趨於成熟。管理層預計在三至六個月內能對 2027 財年的營收年化率 (run rate) 有更清晰的能見度。

公司預計剩餘的歷史應收帳款沖銷將在 2027 財年期間基本處理完畢，幾乎不會延伸至後續年份。管理層認為完成此清理工作，加上基礎營運的改善，將有助於 Ispire 實現正向的 GAAP 盈餘。

風險與關注焦點

• 由於存貨跌價減損，第四季毛利率降至 6.3%，而 2026 財年的獲利能力亦受到產品組合及較高的存貨跌價準備打壓。
• 信用損失依然金額龐大，單季達 920 萬美元，全年達 2,070 萬美元。應收帳款與營運資金的清理尚未完成。
• 馬來西亞製造設施的計畫性支出可能使管理層難以提供實現正向現金流的確切時間表。
• 馬來西亞的商業化量產仍處於早期階段。客戶訂單通常從較小規模開始，管理層預計還需要三至六個月才能獲得更明確的營收能見度。
• IKE 的組件 PMTA（菸草產品上市前申請）仍處於 FDA 審查中，監管授權的時間與結果仍具不確定性。

分析師問答重點

在 PMTA 流程方面，管理層表示 IKE 已與每家擁有獲授權 ENDS 裝置的公司討論過其模組化年齡限制技術。部分討論已轉向潛在的試點評估，Ispire 認為可能會有一兩家參與者走補充 PMTA 途徑。管理層預計更多資訊可能在幾週或幾個月內釋出。

關於 FDA 的審查時程，管理層表示 Ispire 清楚其申請在審查佇列中的位置，並認為該流程可在未來幾個月內迎來有利的進展。公司將更快的審查環境歸因於歷史 PMTA 積案的清理與機構效率的提升，但並未給出正式決定的日期。

關於馬來西亞，管理層確認電子煙客戶已完成試產、下單初始訂單，且部分客戶已提出追加訂單。尼古丁袋的生產於 6 月展開，並已帶來追加訂單。大型菸草公司對尼古丁袋展現出更高的興趣，而電子煙 ODM 需求則主要來自尋求海外生產的中國品牌與製造商。

電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Good morning and welcome to Ispire Technology Inc. fiscal fourth quarter and full year 2026 earnings conference call. Please note that today's event is being recorded. [Operator Instructions]

I would now like to turn the conference over to James Carbonara with Hayden Investor Relations. Please go ahead.

James Carbonara

Thank you, Operator. Before we begin, I would like to remind everyone that this conference contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, in this announcement are forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the company in terms of its experience and its perception of historical trends, current conditions, and expected future developments, as well as other factors that the company believes are relevant. These forward-looking statements involve known and unknown uncertainties, and many factors could cause the company's actual results or performance to differ materially from those expected or implied by the forward-looking statements. Further information regarding this and other risk factors are included in the company's filings with the SEC. The company undertakes no obligation to update forward-looking statements to reflect subsequent or current events or circumstances or changes in expectations, except as may be required by law. I will now turn the call over to Steven Przybyla, President of Ispire Technology Inc.

Steve, you may begin.

Unknown Speaker

Thank you, James. As we look at the fourth quarter and fiscal year, I want to start with what we believe is the most important takeaway. Ispire has reached an important inflection point in its turnaround. We began this turnaround a little over 1 year ago with clear objectives: shore up the balance sheet, reduce the cost structure, address legacy issues, and build a foundation for a more focused and sustainable business, while advancing key growth catalysts. That work has not always been visible in the headline revenue numbers, but it has fundamentally changed the company, and we are now beginning to see that work reflected in the financial results. Fourth quarter revenue was $26.7 million, up 33% year-over-year and 43% sequentially. Cash also increased sequentially. At the same time, operating expenses remained substantially below where they were 1 year ago. For me, that combination is important: we are seeing improving revenue momentum against a much leaner cost structure and a stronger balance sheet.

There's still work to do. The financial cleanup is not completely finished, and we remain disciplined around receivables and working capital. I believe we are much closer to the end of that process, and we expect the remaining legacy account receivable write-offs to be substantially addressed during fiscal 2027, with little or no carryover into following years. Completing that process, along with the underlying business's continued improvement, positions us to achieve positive GAAP earnings. The first major catalyst in this turnaround is Malaysia. Fiscal 2027 will be our first fiscal year of vapor and nicotine production at our company-owned facilities in Malaysia. Recall, we obtained our nicotine manufacturing license for vapor products in March of 2026, and the license to produce nicotine pouches in May of 2026. This is important not only because of the additional production capacity, but because Malaysia changes both the economics of our manufacturing business and the markets we serve. We are seeing strong interest from Chinese brands looking to diversify and move production outside of China.

We also have recent visits to our facilities from major global tobacco companies. And I hope to announce the positive results of 1 such very recent visit in the near term. We believe the combination of our manufacturing capabilities, regulatory infrastructure, and Malaysian footprint gives us a differentiated proposition for brands looking for a reliable production partner. Our expectation is that several of these opportunities will mature and translate into commercial agreements during fiscal 2027. We are excited about Vapor ODM as well. The objective here is straightforward: Expand our customer base by allowing brands to leverage our manufacturing capabilities and product expertise without having to build that infrastructure themselves. We believe the combination of Malaysia, ODM, and our existing manufacturing platform can create a meaningful new source of revenue while also increasing utilization of our facilities. Another major area of opportunity is our technology joint venture, IKE Tech.

IKE is developing into a broader technology platform focused on age verification, product authentication, and compliance for regulated nicotine markets. We believe these capabilities address a growing need among regulators, manufacturers, and brands. We are actively pursuing commercial partnerships with large international brands and manufacturers. IKE 2.0, which includes significant improvements to the user experience, is also scheduled to launch this fall. We have made meaningful progress on the regulatory front as well. I have personally participated in 4 meetings with the FDA and Health and Human Services over the past 6 months, including a June 15th meeting with FDA's acting commissioner. Feedback has been overwhelmingly positive. The agency wants point-of-use age gating and applauds our technology. These discussions have reinforced our view that the need for this type of technology is real and growing on a global basis daily. Our component PMTA remains under review, but our strategy is broader than any single regulatory pathway.

We are continuing to develop both age-gating and product authentication technology platforms, pursue additional regulatory and commercial paths, and build relationships that can create value independent of any particular regulatory timeline. We also see a potential path to a significant liquidity event involving IKE during fiscal 2027 that would be separate from regulatory authorization. We are not yet in a position to provide additional detail, but we do expect to have more to say as these discussions develop. Beyond IKE, G-MESH continues to generate interest from leading global tobacco companies and other major international brands. We believe the technology has the potential to meaningfully differentiate the products we can offer and create additional opportunities within the global nicotine market. And finally, we are looking beyond the business and technologies we have already announced. We are evaluating several transformational investments in disruptive technology.

We are being highly selective, but we believe there are opportunities where investment could materially expand Ispire's value proposition and accelerate our evolution into a technology-forward company. Specifically, I want to emphasize that we are looking for opportunities where we believe our capital, manufacturing expertise, regulatory infrastructure, or global relationships can create a meaningful advantage. When we look ahead, we believe fiscal 2027 will be a year of fundamental growth and change. We will have our first year of full vapor nicotine pouch production in Malaysia. We expect major new commercial relationships to develop. We begin the transition of our branded products to Malaysia and work towards materially improving the economics of that business. IKE Tech will have several commercial and technology milestones ahead, and we expect G-MESH and other proprietary technologies to create additional opportunities.

Most importantly, we are entering this period with a much stronger foundation than we had 1 year ago: a leaner cost structure, a cleaner balance sheet, increasing manufacturing capabilities, and multiple paths to growth. Our job now is execution. The fourth quarter was an important first step in demonstrating the turnaround is working. Fiscal 2024 is about taking that momentum and building the next version of Ispire. I will now turn the call over to Jay Yu for a more detailed review of our financial results. Jay?

James Carbonara

Thank you, Steve. For the fiscal first quarter ended June 30, 2026, Ispire Technology Inc. reported a revenue of $26.7 million, an increase of 33% year-over-year and 43% sequentially, compared with $20.1 million in the first quarter of fiscal 2025 and $18.7 million in the prior quarter. The increase reflects improving demand across the business and increased production activity as we entered the new fiscal year. Gross profit for the quarter was $1.7 million, and the gross margin was 6.3%, compared to $2.5 million and 12.3%, respectively. The decline in gross margin was the result of inventory impairment recognized in Q4. Total operating expenses excluding credit loss were $6 million, down 28.6% year-over-year from $8.5 million, and up a modest 2.3% sequentially from $5.9 million in the March quarter. The year-over-year decline reflects the continued benefits of a leaner operating structure and the disciplined expense management. With our cost base now substantially lower, we believe the business is increasingly positioned to leverage revenue growth and scale to drive operating improvements.

Credit loss in the first quarter was $9.2 million, down approximately $533,000 or 6.2% year-over-year. The reduction reflects continuous progress in resolving legacy receivables and improving the quality of our balance sheet. As we entered fiscal 2027, we remain focused on disciplined receivables and working capital management as we complete the final stage of the financial cleanup. Net loss first quarter was $13.8 million compared with $14.8 million in the year-ago period, and $9.5 million in the prior quarter. Adjusted EBITDA for the first quarter was a loss of $2.3 million and an improvement of $2.1 million compared to the adjusted EBITDA loss of $4.4 million in the year-ago quarter. The improvement reflects the continued benefit of a leaner cost structure and a greater operating efficiency as we move into fiscal 2027. Turning to our full-year results, for fiscal 2026, Ispire Technology Inc. reported revenue of $96 million, compared with $127.5 million last fiscal year.

The decline was primarily driven by a lower cannabis vaping hardware sales in the U.S. and lower written product sales in Europe, along with a modest decline in our Asia-Pacific business, excluding China. Gross profit was $12.3 million compared with $22.6 million in fiscal 2025, while gross margin was 12.8% compared with 70.8% last year. Declining gross margin was primarily driven by changes in product mix and 1-time increase in our inventory provision during fiscal 2026. Total operating expense excluding credit loss were $24.2 million, down 37% year over year from $38.5 million in fiscal 2025. This reflects the sustained cost discipline we have maintained and a more focused operating structure. We believe we now have a much more efficient cost base, positioning us to translate revenue growth and scale into improved profitability. Credit loss for the full year was $20.7 million, down approximately $1.3 million from $22 million in fiscal 2025. These improvements reflect continued progress in addressing legacy issues.

And we remain focused on maintaining this plan around receivables and working capital management as we complete the financial cleanup. Net loss for fiscal 2026 was $33.2 million, an improvement of $6 million compared with $39.2 million in fiscal 2025. The adjusted EBITDA for fiscal 2026 was a loss of $4 million and an improvement of $4.8 million compared to an adjusted EBITDA loss of $8.8 million in fiscal 2025. The improvement reflects the meaningful reduction in our operating cost structure and continued progress toward a more efficient and scalable business model. We ended the fiscal year with $19.3 million in cash, compared with $24.4 million at the end of the fiscal 2025. Importantly, net cash used in operating activity improved significantly during fiscal 2026. Operating cash used was $569,000 for the full year, compared with $7.4 million used in the fiscal 2025, representing an improvement of $6.8 million year over year.

This reflects the progress we have made in reducing operating costs, improving collections, and addressing legacy working capital issues. With a solid balance sheet, a leaner cost structure, and improved operating momentum, we believe Ispire has reached an important inflection point in its turnaround. The 33% year over year and the 43% sequential increase in first quarter revenue, along with a gross cash balance, providing tangible evidence that the business is moving in the right direction. We, entering fiscal 2027, focused on building on this momentum and converting the foundation we have established into sustainable growth, stronger cash generation, and improved profitability. With that, I will turn the call back to you, Steve.

Unknown Speaker

Thank you, Jay. Our fourth quarter results reinforce the message we started with today. Turnaround is here and now, and we are entering fiscal 2027 from a fundamentally stronger position. We have spent the past year simplifying the business, strengthening the balance sheet, reducing our cost structure, and addressing legacy issues. We've also made significant progress in our operating cash flow, bringing cash use and operations essentially to break even for the full fiscal year. As we enter fiscal 2027, we'll be making significant payments related to our Malaysia manufacturing facility. These are planned investments in capacity that we believe are important for our growth strategy, but they may make it difficult to provide a specific timeline for achieving cash flow positive. The key point is that the underlying cash operating performance has improved substantially. We believe fiscal 2027 can be a defining year for Ispire.

We have fundamentally changed the company over the past year, and we are now in a position to focus on what comes next: bringing new manufacturing capacity online, commercial opportunities into revenue, and advancing our technology platforms towards commercialization. We are excited about what we are building and believe the opportunities ahead have the potential to create meaningful long-term value for our shareholders. And with that, we'll open the call for questions.

Operator

Thank you. [Operator Instructions]

Thank you. And the first question is from the line of Nick Anderson with Roth Capital. Please proceed with your questions.

分析師問答

Nicholas Anderson

Yes, good morning. Thanks for taking the questions and congrats on the quarter. Steve, I just want to congratulate you on the elevation of the role. First from me on the PMTA process, given the platform IKE built just around age gating and the recent approvals we've seen by the FDA, wondering if you could provide any color regarding companies incorporating that technology into supplemental PMTA. Now that companies have seen age-gating as a necessary component to flavored products, have those discussions accelerated at all? Thank you.

Unknown Speaker

Yes, Nick, thank you. I appreciate that. And very topical question on the supplemental PMTAs here. So we at IKE have had discussions with every player that has an authorized ENDS device. Some of those discussions have progressed to a point of potential pilot evaluations. We are seeing also a lot of interest in amending PMTAs to include our modular age-gating technology here. Recall that there's really not a lot of other competitors out there. We believe we're the only 1 with the modular technology that you can drop in and then update your device with here.

So, supplemental certainly are the flavor right now. We believe we've got a pathway to a supplemental with perhaps 1 or 2 players here. Hopefully, we could report more on that in a couple of weeks or months.

Nicholas Anderson

Great, I appreciate that. Second for me on the FDA, after some delays in 2025, we're starting to see an accelerated pace of approvals. Would you say this is more attributable to larger peers pressuring the FDA and its 180-day timeline, or more of a structural move to support products lower on the risk continuum? And just off that, have your expectations in terms of timing on a formal ruling changed at all, given what's happening in the space? Yes.

Unknown Speaker

Yes, great question. I think [ Director Coplow ], who was recently confirmed as the full-time director, gave a speech at GTNF last week where he indicated, you know, applications are moving more quickly than ever. They've committed to a 3-week filing period for new finished product applications. We understand where our application is in the review queue. There are certainly some applications before us and there are certainly some applications behind us. We've done a lot of groundwork to get our application moved up and through the process here, and, you know, we believe in the next several months, you know, we'll see some really good results on that process. And I think FDA's, you know, sort of recent efficiency is due to 2 things. One, they really cleared out the backlog of the millions of PMTAs that were submitted a couple of years ago.

And two, I think [ Director Coplow ] has done a great job here making the organization sort of more accountable and more efficient in terms of being responsive to industry's needs stakeholders and realizing that, you know, enforcement of illicit products also requires a robust lawful market. And it's the agency's job to get authorized products out there for consumers. So, you know, I think a couple of things are at play here.

Nicholas Anderson

Great, that's it for me, I'll pass it on. Congrats again. Thanks, Ben.

Operator

Thank you. [Operator Instructions] The next question is in the line of Owen Bennett with BTIG. Please proceed with your questions.

Owen Bennett

Morning guys, hope all well. I've got a bunch of questions, I'll ask a couple now and pass it on and then come back if there's still time. First quick 1, just on the manufacturing investment, is that for additional capacity beyond what you were planning originally and what will be the capacity when that's done?

Unknown Speaker

Yes, Owen, great question. It is for planned capacity here. We were always going to stage this. You know, our investment was really contingent on getting these licenses, which we secured in March and May, respectively, here. And so automated lines, et cetera, those will be coming into play and really just planned investment in that automation infrastructure and workforce here. In terms of capacity itself, you know, that second factory can fit up to 73 lines. So we don't really view ourselves as having the ability to run out of capacity anytime soon. If you get those automated lines producing the same product in 2 or 3 shifts a day, the capacity is in the, you know, hundreds of millions.

So we believe we've got the ability to scale here as our customer demand scales in.

Owen Bennett

Okay, thank you. And then the second 1 is just, you talk about 27 being a transformational year of growth. I just wanted to understand kind of the possible size of this. So 2 areas I wanted to cover: first is the actual kind of confirmed production out of that facility in Malaysia. And then second is around kind of not already contracted opportunities. So on the first area of that, I mean, what is currently being produced or it's already contracted to begin production and what sort of incremental revenue could that be?

Unknown Speaker

Yes, so we don't want to forecast at this point, right? These licenses are new. We've done pilot runs with several customers. Customers have placed initial orders. We've delivered those orders and we've gotten some reorders from a couple of OEM and ODM customers here on the vape side. And pouch production began in June. We've had some reorders here and we've had some large customers come through. I think that's as deep as I think we'll go in this. I think we will continue to update the market with developments here. My sense is that orders will really start to mature over the next 2 quarters and we'll have a lot better insight to sort of total year run rate, you know, after the next, you know, 3 to 6 months.

Owen Bennett

Okay, thanks, Steve. And then just secondly, on the possible additional content, I'm just wondering kind of how realistic, how confident are you in securing these? And then secondly, I mean, if they are kind of realistic discussions, is this more skewed to the pouch opportunity or the vape ODM side? Yes.

Unknown Speaker

Yes, we've seen interest from both. You know, on the tobacco major side, it's generally been on the pouch business. I think pouch is growing at just an incredible clip and a lot of these organizations have had trouble scaling and keeping up with demand, particularly regional demand here. And then on the vapor side, it's mostly been Chinese brands and Chinese manufacturers looking to offshore production, whether that's based on their customer demands, based on these new regulatory pressures affecting manufacturers and brands in China. The FDA is beginning to inspect Chinese factories in China and sort of getting out of that scrutiny. You know, these are real deals, you know, but they start small and we're growing there and we're proving ourselves. We've gotten some great reorders and some great, you know, feedback from customers on the quality of the product and the efficiency of the product and the price point here.

So, again, I think, you know, over the next 3 to 6 months, that will mature and we'll be able to have a better sense of what the total revenue opportunity is for this year.

Owen Bennett

Great. Thanks, Dave. I'll pass it on.

Operator

Thank you. [Operator Instructions] Thank you. At this time, I'll hand the floor back to management for any closing remarks.

Unknown Speaker

Yes, thank you for taking the time to listen to our earnings call today. This is my first call as the company's president. I think 2027 is going to be really an exciting and transformational year here. We've put a lot of effort into turning this organization around, exerting really strong fiscal discipline, executing on our Malaysian plan. We were gated there by regulatory approvals and we secured those approvals last fiscal year. And so we're very excited to lean into now having these 2 licenses in Malaysia. The inbound interest has been really, really, really exciting. And on the IKE side, I think, you know, fiscal 2027, we'll see a lot of, you know, blockbuster developments on the regulatory side and on the partnership side. A lot of things are brewing right now, and I really look forward to updating the market on those developments as they come.

So thank you, everybody.

Operator

This will conclude today's conference. We disconnect your lines at this time. We thank you for your participation. Have a wonderful day.

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