Ispire Technology Inc. (NASDAQ:ISPR) Q4 2023 Earnings Conference Call February 21, 2024 8:00 AM ET
Company Participants
Michael Wang - Co-Chief Executive Officer
Daniel Machock - Chief Financial Officer
Conference Call Participants
Bo Pei - US Tiger Securities
Operator
Hello everyone, and welcome to today's conference call to discuss Ispire’s financial results for its Fiscal Second Quarter 2024 ended December 31, 2023.
At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. We will be facilitating a question-and-answer session following the prepared remarks from the company.
Joining us today are Mr. Michael Wang, the company's Co-CEO, and Mr. Daniel J Machock, the company's CFO. First Mr. Wang will brief you on the company's key highlights and then Mr. Machock will review the company's financial results.
Before we begin, I would like to remind you that this conference call 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 its 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 risks and uncertainties, and many factors could cause the company's actual results or performance to differ materially from those expressed 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 to changes in its expectation, except as may be required by law.
I would now like to turn the call over to Mr. Wang. Mr. Wang, please go ahead.
Michael Wang
Thank you, operator, and thank you all for joining us this morning. This quarter, we were pleased to accomplish many key operational and business milestones. Overall sales reached $41.7 million, an increase of 30.7% over the same three-month period last year.
The quarter also saw cannabis hardware revenue increase by 149% to $19.5 million compared to the same three-month period last year. Our strategy of delivering best-in-class precision dosing technology and wide-scale of customer service in these sectors has led to the increase in demand for our products and increased brand recognition. This increase in demand has been showcased by the rapid increase in cannabis hardware sales that we have been seeing quarter-after-quarter.