Core Insights - Ispire Technology Inc. reported a decrease in accounts receivable from $67.7 million to $60.4 million, indicating an improvement in the company's financial position [1][3] - The company launched the SproutTM cannabis vapor device in collaboration with Raw Garden, emphasizing purity and safety [1][2] - Ispire is transitioning manufacturing to Malaysia, which is expected to reduce operating expenses by $8 million annually [2] Financial Performance - Revenue for the third quarter of fiscal 2025 was $26.2 million, down 12.7% from $30.0 million in the same period last year [4][5] - Gross profit decreased to $4.8 million with a gross margin of 18.2%, compared to $6.1 million and 20.4% respectively in the prior year [5][6] - Total operating expenses rose to $15.4 million from $11.8 million year-over-year [8] Loss and Cash Position - The net loss for the third quarter was $10.9 million, compared to a net loss of $5.9 million in the same quarter of the previous year [9][18] - As of March 31, 2025, the company held cash and cash equivalents of $23.5 million, with a working capital deficit of $2.1 million [9][16] Strategic Developments - Ispire received an interim license for manufacturing nicotine products in Malaysia, with expectations for a final license soon [2] - The company filed a PMTA with the FDA for IKE Tech's age-gating technology, which could be a significant milestone in age verification for vaping products [2][3]