Ispire Technology’s fiscal second quarter 2024 results reflect meaningful top-line momentum driven by cannabis vaping hardware and brand partnerships, offset by margin compression and ongoing cash burn as the company invests in manufacturing, regulatory initiatives, and market expansion. Total revenue reached $41.7–$41.8 million for the quarter, up approximately 30% year over year, with cannabis hardware revenue up 149% to $19.5 million and tobacco vaping contributing $22.1 million. Management highlighted strategic initiatives (Malaysian manufacturing, ISO/GMP certifications, PMTA activity, and Berify joint venture) as catalysts for margin improvement and longer-term growth, while acknowledging near-term profitability pressures and working-capital needs. The company also maintained a growth-oriented FY2024 outlook, projecting cannabis hardware revenue of $80–$90 million and tobacco vaping revenue of $95–$105 million, underscoring the path to expanding margins through production transition to Malaysia and scale across key geographies. The near-term risk profile remains elevated due to regulatory headwinds (EU disposable bans, FDA PMTA process), AR reserve implications from CECL adoption, and ongoing cash burn, but ISPR carries a differentiated growth thesis through premium precision-dosing technology and high-profile brand partnerships.