Gelonghui, May 15 | ISPR.US (ISPR.US) announced financial results for the third quarter of the 2024 fiscal year. For the three months ended March 31, 2024, the company's revenue reached US$30 million, an increase of 24% year on year, of which tobacco vaping products revenue was US$18.1 million and related atomized products revenue was US$11.9 million; gross margin increased to 20.4%, compared to 18.7% for the same period in fiscal year 2023. As of March 31, 2024, Fog Ma Technology's cash and cash equivalents were approximately US$39.5 million.
According to the announcement, the increase in the third fiscal quarter was mainly due to an increase in atomization hardware sales in North America, which increased 57% year over year, from 7.6 million US dollars to 11.9 million US dollars.
Michael Wang, Co-CEO of Fog Hemp Technology, commented, “The third quarter was very important for lspire because it demonstrated our ability to continue to add new strategic partners and expand in existing market segments as we carry out our mission to be the innovator and leader in the market. We formed joint ventures with Berifv and Chemical during the quarter and announced a partnership with Acreage Holdings' subsidiary after the quarter ended. These partnerships will allow us to continue to expand our market share while providing cutting-edge products and technology globally.
“Also in this quarter, we successfully closed a $12.3 million public funding round. This additional funding will allow us to help fund our joint ventures with our partners and enhance the operation of our manufacturing facility in Malaysia. The plant will play an important role in our operations and financial results as it further streamlines our supply chain, which will lead to increased gross margins and profitability,” concludes Michael Wang.
Daniel Machock, Chief Financial Officer of Fog Ma Technology, added: Our third quarter results reflect Fog Technology's ability to utilize its areas of strength and quickly adjust to meet market expectations. Due to the anticipated seasonal impact of the Chinese New Year on our manufacturing partners, we are shifting our focus to improving profitability, an ability that allows us to continue investing in research and innovation while expanding our existing markets and ensuring that we are well positioned to enter new markets where we believe there are significant market opportunities.