ISPR earnings analysis
What we found in ISPR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Ispire Technology Inc. experienced continued financial difficulties in Q3 2026, reporting a revenue decline of 28.7% to $18.7 million and a significant net loss of $9.5 million, resulting in an EPS of -$0.17. While management anticipates potential improvements from recent structural changes, current trends point towards challenges in sales and collection issues that have exacerbated their financial position.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Decline
- Revenue fell by 28.7% from $26.2 million in Q3 2025 to $18.7 million in Q3 2026.
- Deepening Net Loss
- Reported net loss of $9.5 million in Q3 2026, compared to a loss of $10.9 million in Q3 2025.
- Improved Operational Cash Flow
- Cash used in operations decreased from $12.1 million to $3.2 million year-over-year.
- Gross Margin Compression
- Gross margin shrank from 18.2% in Q3 2025 to 10.7% in Q3 2026.
- Reduction in Operating Expenses
- Operating expenses decreased from $15.4 million to $11.5 million year-over-year.
- Increased Credit Loss Provision
- Credit loss expenses were $5.6 million in Q3 2026 compared to $6.1 million in Q3 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Regulatory Pressures
- Increased regulatory changes in China affecting nicotine vaping products could impact operations.
- High Customer Concentration
- Customer A accounted for 23% of net revenue, posing risks to revenue stability.
- Rising Operational Costs
- Costs for sourcing products from related parties may increase, affecting margins.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.17
- Gross margin
- 10.7%
- Operating margin
- -50.7%
What they said about what is next.
Management expects to improve operational cash flow and aims for positive cash flow in the first half of fiscal 2027.
The filing reads worse than the one before it.
What came before.
- 10-Q · February 6, 2026
- Ispire Technology Inc. reported a significant decline in revenue and net losses for the second quarter of fiscal 2026, partially driven by reduced sales in key markets. Despite strategic cost management, the company's…
- 10-Q · November 6, 2025
- Ispire Technology Inc. reported a significant decrease in revenue and net loss for Q1 2026 compared to the prior year, although they exceeded revenue expectations slightly. Gross and operating margins also showed…
- 10-K · September 15, 2025
- Ispire Technology Inc. reported a net loss of $39.2 million for the year ended June 30, 2025, an increase from $14.8 million in the prior year. Revenue decreased by 16.1% to $127.5 million, driven by declines in North…
- 10-Q · May 9, 2025
- Ispire Technology Inc. reported significant declines in revenue and increased losses for the third quarter of fiscal 2025 compared to both the previous quarter and prior year. Revenue dropped to $26.2 million, a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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