Kaival Brands reports Q1 FY2023 net loss of $3.0M; revenue down 10.7% YoY to $2.5M

Kaival Brands Innovations Group, Inc.

2024-Q1 EPS reported -$1.12 revenue$2,525,918

Revenue $2.5M vs $2.8M YoY; gross profit improved to 21.4% from (24.3%) loss.
Net loss $3.0M ($0.05 per share) compared to $2.8M ($0.09 per share) in prior year.
Operating expenses rose to $3.5M from $2.1M, driven by $1.4M non-cash stock option expense.
Distribution expanded: national broker agreement expected to add up to 40,000 retail stores; additional deals cover ~13,500 locations.
Cash position $3.8M; working capital $6.6M as of Jan 31, 2023.

item 2.02

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 fiscal 2023 first quarter ended January 31, 2023 results: revenue approximately $2.5 million, net income approximately $3.0 million, EPS $0.05 basic and diluted net loss per share.

Period: the fiscal 2023 first quarter ended January 31, 2023
Revenue: approximately $2.5 million
Net income: approximately $3.0 million
EPS: $0.05 basic and diluted net loss per share
Result: reported results

Exact text from the filing

Revenues for the first quarter of fiscal year 2023 were approximately $2.5 million, compared to approximately $2.8 million in the same period of the prior fiscal year.

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Source: SEC EDGAR

accession 0001731122-23-000411

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