Kaival Brands FY2022 revenue drops 78% to $12.8M; net loss widens to $14.4M; legal win and PMI deal pave way for 2023

Kaival Brands Innovations Group, Inc.

Full year revenue $12.8M vs $58.8M in FY2021; Q4 revenue $3.0M vs $0.1M in prior-year Q4.
Net loss full year $14.4M ($0.36/sh) vs $9.0M ($0.38/sh) in FY2021; Q4 net loss $2.7M.
11th Circuit vacated FDA MDO on non-tobacco flavored BIDI Sticks in August 2022, allowing renewed US sales.
International licensing deal with Philip Morris Products S.A. for ENDS outside US; VEEBA launched in Canada July 2022.
Cash and restricted cash $3.7M as of Oct 31, 2022, down from $7.8M a year earlier; no debt mentioned.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Kaival Brands Innovations Group, Inc. reported the fourth fiscal quarter and the full year ended October 31, 2022 results: revenue approximately $3.0 million.

Period: the fourth fiscal quarter and the full year ended October 31, 2022
Revenue: approximately $3.0 million
Result: reported results

Exact text from the filing

Revenues for the fourth fiscal quarter ended October 31, 2022 were approximately $3.0 million

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Source: SEC EDGAR

accession 0001731122-23-000095

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