Ispire Technology Inc. Appoints Jay Yu as CFO Amid Major Cost Reductions

Ispire Technology Inc. Appoints Jay Yu as Chief Financial Officer

Los Angeles, May 15, 2025 – Ispire Technology Inc. (NASDAQ: ISPR), a pioneer in vaping technology and precision dosing, has officially appointed Jie "Jay" Yu as the new Chief Financial Officer (CFO) following Jim McCormick’s departure. This transition marks a significant moment for the company as it not only changes leadership but also aims to streamline operations and cut costs.

Jay Yu has played a vital role in Ispire as the Vice President of Finance since June 2023. With extensive accounting and audit experience, he is expected to bring a new perspective and strategic direction to the company’s financial operations. Mr. Yu's professional background includes prominent roles at Crowe Horwath (Hong Kong) CPA and DA HUA CPA, as well as CFO positions at MTI Environmental Group and Luokung Technology Corp. His academic credentials include a Bachelor of Commerce in finance and accounting and a postgraduate degree from the University of Auckland.

Cost-Cutting Measures and Their Implications
Ispire Technology has not only appointed a new CFO but has also announced major cost-cutting measures aimed at reinforcing its business model amid market fluctuations. The company implemented a reduction in its workforce, along with the termination of several contractor agreements, contributing to an estimated savings of $3.6 million in annual payroll.

Moreover, the company has set a goal to further reduce annual operating expenses by an additional $6.6 million over the next three months. This proactive approach is expected to total an estimated annualized expense cut of $10.2 million during the fiscal year of 2025. Michael Wang, Co-CEO of Ispire, stated, “These changes in personnel and operations are crucial for ensuring we remain competitive in the rapidly evolving market of precision dosing technology.”

Strategic Focus Going Forward
With these cost-cutting measures, Ispire is strategically repositioning itself as a global leader in vaping technology while enhancing shareholder value. The reduction in expenses will facilitate improved margins and prepare the company for a more profitable future. Wang emphasized, “Our aim is to become a more agile competitor, which will be crucial in dealing with major global players in the nicotine sector.”

Mr. Yu expressed his enthusiasm for his new role and the future prospects of Ispire: “I have gained tremendous respect for our management team and am eager to continue contributing to our mission. It is an honor to serve as CFO and to lead our financial strategy moving forward.”

Farewell to Jim McCormick
In preparation for this transition, Michael Wang expressed gratitude towards the outgoing CFO, Jim McCormick, acknowledging his valuable contributions to the company. “We extend our heartfelt thanks to Jim for his hard work and dedication throughout his tenure with Ispire and wish him success in his future endeavors.”

About Ispire Technology Inc.
Ispire Technology is committed to the research, development, design, and marketing of innovative vaping products, predominantly branded under the Aspire name. With a portfolio of over 400 patents, Ispire’s offerings are marketed globally, excluding specific markets such as the U.S. and China. In the cannabis sector, Ispire products are sold predominantly in the U.S. market with recent expansions into Canada and Europe. Their commitment lies in delivering high-quality vaping solutions in a rapidly changing industry.

For continuous updates and more information about Ispire Technology, visit their official website or follow them on social media platforms like Instagram, LinkedIn, and Twitter.

Forward-Looking Statements
This report contains forward-looking statements that are subject to certain risks and uncertainties, including the effectiveness of cost-cutting measures and potential future growth. Investors should not rely solely on these statements as predictions of actual events.

Contact Information
For inquiries, please reach out to Ispire’s investor relations or public relations teams.