Ispire Technology (ISPR) Q4 2026 earnings summary

Executive summary

• Q4 revenue rose 33% year-over-year and 43% sequentially to $26.7 million, marking a significant operational turnaround.

• Full-year revenue was $96 million, down from $127.5 million, mainly due to lower U.S. and European vaping hardware sales.

• Achieved a key inflection point in turnaround, with improved revenue momentum and a leaner cost structure.

• Operating cash burn improved by $6.8 million for the year, with net cash used in operating activities at $569,000.

• Malaysia manufacturing facility is fully operational, with new product platforms and growth catalysts advancing toward commercialization.

Financial highlights

• Q4 gross profit was $1.7 million (gross margin 6.3%), down from 12.3% year-over-year due to inventory impairment.

• Q4 net loss was $13.8 million, improved from $14.8 million year-over-year.

• Q4 adjusted EBITDA loss was $2.3 million, an improvement of $2.1 million year-over-year.

• Full-year gross profit was $12.3 million (gross margin 12.8%), down from $22.6 million (17.8%) in prior year.

• Full-year net loss was $33.2 million, improved by $6 million year-over-year.

• Cash at year-end was $19.3 million, with working capital of $803,000.

Outlook and guidance

• Fiscal 2027 expected to be transformational, with full-year Malaysia production and major commercial developments.

• Achieving cash-flow-positive performance is less certain due to ongoing Malaysia investments, but management remains focused on this goal.

• Orders from Malaysia facility expected to mature over next two quarters, with better revenue visibility in 3-6 months.