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Ispire Technology Inc.

For the period ended Sep 30, 2025. Filed Nov 6, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 6, 2025

ISPR$1.55+8.4%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to _________

Commission file number:001-41680

Ispire Technology Inc.

(Exact name of registrant as specified in its charter)

Delaware93-1869878
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
19700 Magellan Drive Los Angeles, California90502
(Address of principal executive offices)(Zip Code)

(310) 742-9975

(Registrant’s telephone number, including area code)

**Not Applicable

**(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:Trading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, par value $0.0001 per shareISPRThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☒
Non-accelerated filer☐Smaller reporting company☒
Emerging growth company☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐Yes☒ No

As of November 6, 2025, there were 57,289,864 shares of common stock outstanding.

TABLE OF CONTENTS

Page
PART I - FINANCIAL INFORMATION1
Item 1.Financial Statements1
Unaudited Condensed Consolidated Balance Sheets as of September 30, 2025 and June 30, 20251
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended September 30, 2025 and 20242
Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended September 30, 2025 and 20243
Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2025 and 20244
Notes to Unaudited Condensed Consolidated Financial Statements5
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations24
Item 3.Quantitative and Qualitative Disclosures About Market Risk31
Item 4.Controls and Procedures31
PART II – 2 OTHER INFORMATION32
Item 1.Legal Proceedings32
Item 1A.Risk Factors32
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds32
Item 3.Defaults upon Senior Securities32
Item 4.Mine and Safety Disclosure32
Item 5.Other Information33
Item 6.Exhibits33

i

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”), and any documents we incorporate by reference, contain, or may contain, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. All statements contained in this Quarterly Report and in any exhibits, other than statements of historical facts, are forward-looking statements including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

The words “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about:

●our goals and growth strategies;
●our expectations regarding demand for and market acceptance of our brand and platforms;
●our future business development, results of operations and financial condition;
●the actual timing for and results of the PMTAs described herein, and other FDA review of the our products in development
●our ability to successfully operate our manufacturing facility in Malaysia;
●our ability to establish material relationships with suppliers other than Shenzhen Yi Jia Technology Co., Limited (“Shenzhen Yi Jia”);
●the effect of regulations relating to the marketing and sale of vaping products in the United States and other countries;
●our ability to maintain and improve our infrastructure necessary to operate our business;
●competition in the vaping industry;
●the expected growth of, and trends in, the markets for our products and services in the markets in which jurisdictions that we sell our products;
●the development of a market for cannabis vaping products outside of the United States, including the legalization of cannabis in certain European countries;
●the expected growth of, and trends in, the markets for our products and services in the markets in which jurisdictions that we sell our products;
●the effect of supply chain issues on our ability to manufacture and our ability and the ability of our distributors to distribute product;
●the development of a market for cannabis vaping products and our ability to market cannabis products to adult users;

ii

●our ability to compete successfully in selling both tobacco and cannabis vapor products, the expected growth of, and trends in, the markets for our products and services in jurisdictions that we sell or plan to sell our products;
●government policies and regulations relating to our operations, including regulations relating to the sale and distribution of our vaping products and those relating to manufacturing operations;
●our ability to develop and maintain effective disclosure controls and procedures, and internal controls over financial reporting;
●our ability to comply with the continued listing standards of the Nasdaq Capital Market;
●our ability to attract and retain qualified senior management personnel and research and development staff;
●the volatility of our operating results and financial condition and the price of our common stock;
●the prospects of our joint venture with Touch Point Worldwide Inc. d/b/a Berify and Chemular Inc;
●general economic and business condition in China and elsewhere;
●assumptions underlying or related to any of the foregoing; and
●other risks and uncertainties, including those listed in the “Risk Factors” section of this this Quarterly Report and our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, filed with the SEC on September 15, 2025.

These forward-looking statements are only predictions and we may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, so you should not place undue reliance on our forward-looking statements, which speak only as of the date of this Quarterly Report or, in the case of any exhibits hereto, the date of those documents. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. These forward-looking statements involve risks and uncertainties that are subject to change based on various factors (many of which are beyond our control). We have included important factors in the cautionary statements included in this Quarterly Report that could cause actual future results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.

You should read this Quarterly Report and the documents that we incorporate by reference with the understanding that our actual future results may be materially different from what we expect. All subsequent written or oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this Quarterly Report or to reflect the occurrence of unanticipated events, except as may be required under applicable U.S. securities law. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

OTHER PERTINENT INFORMATION

Unless the context requires otherwise, references in this Quarterly Report to “we,” “us,” “our,” the “Company,” “Ispire,” or similar terminology refer to Ispire Technology Inc.

iii

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