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Los Angeles-based Ispire Technology, (Nasdaq : ISPR), posted a 31.4% increase in revenue for fiscal year 2024. This was higher than analyst expectations. The company plans to jump back into the U.S. tobacco market.

The vaping technology firm saw its revenue increase to $151.9 millions for the fiscal year ending June 30 from $115.6 in fiscal 2023. According to Yahoo Finance, the figure exceeded the average analyst’s expectation of $148.83 millions.

The company reported a net profit of $14.8 million. This is a larger loss than the $6 million loss from the previous year, largely because operating expenses increased by 73%.

You can also find out more about the following: StatementMichael Wang, co-CEO of the company, said that this year was “foundational”, “marked by record revenues and substantial margin expansion” while “strategic positioning us for faster global growth in our nicotine business.” He also said that they intentionally focused their cannabis vaping hardware to high quality multistate operators (MSOs) customers.

Wang said that the company “forged strategic, long-term partnerships” with industry leaders like Acreage Holdings Inc., Hidden Hills Club, Dank Pack and BRKFST a brand produced under a licensing agreement with international singer/songwriter Burna Boy.

The firm’s expansion plans also include a new production facility in Malaysia, which will tap into the international market for nicotine. Management expects that this facility will reduce costs and boost profits in the coming year.

Ispire has submitted its first Premarket Tobacco Product Application to the U.S. Food and Drug Administration (FDA) this month. The PMTA is for disposable nicotine vapes in four flavors. This is a bid to reenter the U.S. vaping market. The company also said that age-verification technologies for its vapes are in the works.

Ispire has maintained an optimistic outlook. This is especially true after its $12.3M public offering in the spring, which was to support “future growth opportunities in both the cannabis and nicotine sectors”.

Sales of vaping products in Europe reached $65.3 millions, while U.S. sales grew to $63.1 million. Other markets, like South Africa, saw sales increase to $6 million.

CFO Jim McCormick cited challenges with “slow paying customers related to systemic cash demands put on the U.S. Cannabis industry,” citing specific tax requirements and regulatory concerns.

Ispire had $35.1 millions in cash and cash-equivalents on hand at the end of June. Working capital was $16.6 million.