Ispire Technology Inc.

Hello, everyone, and welcome to today's conference call to discuss I-SPIRE's financial results for its fiscal third quarter 2024, ending March 31st, 2024. 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. Masha, the company's CFO. First, Mr. Wang will brief you on the company's key highlights, and then Mr. Mayshock will review the company's financial results. Before we begin, I would like to remind you that this conference call contains four 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 four 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 four 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 four to reflect subsequent or current events or certain circumstances or to change any expectation except that it may be required by law. I would now like to turn the call over to Mr. Wang. Mr. Wang, please go ahead.

Thank you, operator, and thank you all for joining us this morning.

During the fiscal third quarter, we continued building the foundation for future growth while maintaining our momentum in financial performance. Total revenue reached $30 million. That's an increase of 24% over the same three-month period last year. The quarter saw cannabis hardware revenue increase by 57% to $11.9 million compared to the same three-month period last year. Well, tobacco vaping products grew 9% to $18.1 million. During the quarter, we successfully balanced increasing profitability and increasing in our research and innovation, while maintaining and sustaining growth in our existing markets, as well as positioning ourselves to expand into new markets with broad potential. The third quarter proved to be very productive for iSpire as multiple segments of our business experienced growth and expansion. We entered into a joint venture with Verify and Camula to leverage Verify's patented blockchain-based authentication technology and Camula's industry-leading regulatory expertise to create a next-generation point-of-use age verification technology for e-cigarettes that will prevent underage access and improve user experience. This joint venture represents an opportunity for iSpire to bring our innovation to the e-cig market while addressing an unmet need within the sector to better safeguard underage access to vaping products.