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Ispire Technology Inc. (Nasdaq: ISPR) reported a wider net loss for its fiscal second quarter despite a small revenue bump and improved margins, as it expands both its cannabis and nicotine businesses globally.

The Los Angeles-based company posted a net loss of $8 million for the quarter ending Dec. 31, 2024, versus a $4 million loss in the same period last year.

Revenue inched up 0.3% to $41.8 million from $41.7 million a year earlier. Gross profit increased 23.5% to $7.7 million, with gross margins expanding to 18.5% from 15% in the prior-year quarter.

The company’s operating expenses jumped 48% to $15.1 million, driven largely by increased general and administrative costs, which rose to $13 million from $8.8 million a year ago.

While the company highlighted its nicotine vaping initiatives, including its BrkFst brand’s expansion to over 500 retail locations across South Africa and Nigeria, Ispire is simultaneously growing its cannabis hardware presence. The company said it has been pushing to expand its cannabis footprint beyond established markets in the U.S. and Europe, recently launching customer engagement initiatives in Canada and Latin America.

The company aims to expand to more than 2,000 stores in the next six months through strategic partnerships, Wang noted.

Ispire’s IKE Tech joint venture also received word from the FDA that it would accept the company’s component PMTA submission and consider priority review. The U.S. market for electronic nicotine delivery systems represents an approximately $11 billion opportunity, with an additional $7 billion potential in alternative markets, according to company estimates.

CFO Jim McCormick said the firm’s recent $10 million stock buyback announcement last month “underscores our confidence in Ispire’s long-term potential and our commitment to creating value for shareholders.”

The company also reported making regulatory progress in Malaysia, obtaining nicotine import and export licenses as it prepares to scale operations to 70 production lines at a new facility.

Ispire relocated certain operations to Malaysia after the end of the quarter, a move expected to reduce annual operating expenses by $8 million, the company said.