Today, Ispire announced that revenue from its CBD atomizing equipment business for the fourth quarter of 2023 will exceed the previous forecast of $12 million to $15 million. The Company’s fourth quarter and full year of fiscal year 2023 ended June 30, 2023.
Michael Wang, Chief Financial Officer of Ispire, said, “While we were already expecting strong results for the fourth quarter, our CBD fogging equipment revenue will be at the upper end of our previous forecast range, which means very strong growth in the third quarter. We attribute our success to the market acceptance of our atomized CBD technology, which facilitates product orders for medical and recreational use.”
Ispire will start selling CBD atomizing equipment in mid-2020. The latest revenue forecast for CBD atomizing equipment for Q4 2023 is $14 million to $15 million, up from the upper end of the previous forecast of $12 million to $15 million. The updated range increased 247% to 271% year-over-year and 84% to 98% sequentially from the fourth quarter of 2022.
In addition, Ispire expects total fourth quarter revenue of $29 million to $31 million, an increase of 33% to 42% over the fourth quarter of 2022.
References:
[1] Ispire Technology Inc. Increases Fourth Quarter 2023 Revenue Outlook for Cannabis Vaping Hardware