Revenue has collapsed from $3.2M in 2024Q1 to just $37.5K in 2026Q2, while SG&A expenses consistently exceed gross profit, resulting in persistent operating losses.
| Sales/Revenue | 365.48K | 46.76K | 6.89M | 13.09M | 12.76M | 58.78M | 64.31M | 0 | 0 |
| Revenue Growth % | -77.92% | -99.32% | -47.38% | 2.55% | -78.29% | -8.61% | - | - | - |
| Cost of Goods Sold | 431.62K | -437.91K | 4.28M | 10.51M | 11.52M | 46.84M | 54.26M | 0 | 0 |
| COGS % of Revenue | - | -936.6% | 62.16% | 80.32% | 90.28% | 79.7% | 84.36% | - | - |
| Gross Profit | 365.48K | 484.66K | 2.6M | 2.58M | 1.24M | 11.93M | 10.06M | 0 | 0 |
| Gross Margin % | 100% | 1036.6% | 37.82% | 19.68% | 9.72% | 20.3% | 15.64% | - | - |
| Gross Profit Growth % | - | -81.39% | 1.17% | 107.49% | -89.6% | 18.64% | - | - | - |
| Operating Expenses | 3M | 17.56M | 8.31M | 13.24M | 15.63M | 22.4M | 4.7M | 68.85K | 4.38K |
| OpEx % of Revenue | - | 37562.56% | 120.72% | 101.15% | 122.48% | 38.12% | 7.31% | - | - |
| Selling, General & Admin | 3M | 7.29M | 8.31M | 13.24M | 15.63M | 22.4M | 4.7M | 68.85K | 4.38K |
| SG&A % of Revenue | - | 15585.48% | 120.72% | 101.15% | 122.48% | 38.12% | 7.31% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 10.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -2.64M | -17.08M | -5.71M | -10.66M | -14.39M | -10.47M | 5.36M | -68.85K | -4.38K |
| Operating Margin % | -721.68% | -36525.96% | -82.9% | -81.49% | -112.76% | -17.81% | 8.33% | - | - |
| Operating Income Growth % | - | -199.14% | 46.46% | 25.89% | -37.44% | -295.32% | 7885.15% | -1473.33% | - |
| EBITDA | -2.24M | -16.29M | -4.92M | -10.34M | -14.26M | 0 | 5.36M | 0 | 21.88K |
| EBITDA Margin % | -614.09% | -34843.24% | -71.47% | -78.98% | -111.72% | - | 8.34% | - | - |
| EBITDA Growth % | 69.3% | -230.99% | 52.38% | 27.5% | - | -100% | - | -100% | - |
| D&A (Non-Cash Add-back) | 393.2K | 786.76K | 787.09K | 328.3K | 132.89K | 10.47M | 3.62K | 68.85K | 26.26K |
| EBIT | -11.77M | -16.64M | -5.95M | -10.66M | -14.39M | -10.47M | 5.36M | -68.85K | -4.38K |
| Net Interest Income | -836 | -9.02K | -730K | -467K | 4 | 395 | 1.05K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 4 | 395 | 1.05K | 0 | 0 |
| Interest Expense | 836 | 9.02K | 729.56K | 466.52K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -9.13M | 428.89K | -970.34K | -466.65K | 4 | 395 | 1.05K | 0 | 0 |
| Pretax Income | -11.77M | -16.65M | -6.68M | -11.13M | -14.39M | -10.47M | 5.36M | -68.85K | -4.38K |
| Pretax Margin % | -3219.45% | -35608.66% | -96.98% | -85.05% | -112.76% | -17.81% | 8.34% | - | - |
| Income Tax | 0 | 18.94K | 19.66K | 2.35K | -18.32K | -1.44M | 1.51M | 0 | 0 |
| Effective Tax Rate % | 0% | -0.11% | -0.29% | -0.02% | 0.13% | 13.71% | 28.26% | 0% | 0% |
| Net Income | -11.77M | -16.65M | -6.7M | -11.13M | -14.37M | -9.03M | 3.85M | -68.85K | -4.38K |
| Net Margin % | -3219.45% | -35616.27% | -97.27% | -85.07% | -112.61% | -15.37% | 5.98% | - | - |
| Net Income Growth % | -29.05% | -148.58% | 39.83% | 22.53% | -59.08% | -334.87% | 5686.14% | -1473.33% | - |
| Net Income (Continuing) | -11.77M | -16.67M | -6.7M | -11.13M | -14.37M | -9.03M | 3.85M | -68.85K | -4.38K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.75 | -1.51 | -1.62 | -4.13 | -7.60 | -7.90 | 1.88 | -0.03 | -0.00 |
| EPS Growth % | 51.28% | 6.79% | 60.77% | 45.66% | 3.8% | -520.21% | 6304.62% | - | - |
| EPS (Basic) | - | -1.51 | -1.62 | -4.13 | -7.60 | -7.90 | 1.88 | -0.03 | -0.00 |
| Diluted Shares Outstanding | 15.63M | 11.03M | 4.31M | 2.72M | 1.89M | 1.14M | 2.05M | 2.27M | 2.27M |
| Basic Shares Outstanding | 15.63M | 11.03M | 4.31M | 2.72M | 1.89M | 1.14M | 2.05M | 2.27M | 2.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Regulatory and Liquidity Crisis
As reported in recent financial filings, KAVL's quarterly revenue has plummeted to just $37.5K, representing a near-total collapse from the multi-million dollar figures observed in early 2024, which suggests the company's primary commercial distribution model for Bidi-branded products is no longer functioning as a viable revenue engine.
The precipitous decline in top-line performance indicates that the company has lost its ability to generate meaningful wholesale volume. This trend suggests that the business has transitioned from an operating entity into a speculative vehicle, as the current revenue levels are insufficient to support even basic corporate overhead.
Based on the provided income statement data, KAVL reported gross margins reaching 100% in recent quarters, an outlier figure that likely reflects accounting adjustments or supplier credits rather than sustainable product profitability, as the company lacks the manufacturing scale to justify such high margins in this industry.
Investors should monitor these margin figures with extreme caution, as they appear to be disconnected from the underlying economics of nicotine distribution. The volatility in gross margin, swinging from 13.6% in 2024Q2 to 100% in subsequent periods, suggests that the reported profitability is highly sensitive to non-recurring accounting events.
According to the company's income statements, SG&A expenses have consistently dwarfed gross profit, with quarterly operating expenses frequently exceeding $600K despite the near-total absence of revenue, which highlights a structural inability to align the cost base with the current, severely diminished scale of operations.
The persistence of high fixed costs in the face of collapsing revenue suggests that management has struggled to right-size the organization for its current reality. This mismatch between operational spending and income generation creates a persistent drain on the company's limited cash reserves, necessitating constant scrutiny of expense discipline.
While the bull case for KAVL rests on a potential FDA regulatory breakthrough, the income statement data reveals a company that is fundamentally burning through its remaining capital, with net losses consistently eroding the balance sheet and leaving little room for error in the ongoing litigation strategy.
Short-term survival appears to be the primary challenge, as the company's reliance on external financing to cover operating losses is likely to result in significant shareholder dilution. The lack of a diversified revenue stream means that any further regulatory setbacks could render the current business model entirely obsolete.
Quick answers to the most common questions about buying KAVL stock.
For fiscal year 2025, Kaival Brands Innovations Group, Inc. (KAVL) reported total revenue of $0.0M.
Kaival Brands Innovations Group, Inc. (KAVL) reported a net loss of $16.7M for the fiscal year ending 2025.
Kaival Brands Innovations Group, Inc. (KAVL) reported an operating income of $-17.1M, resulting in an operating profit margin of -36526.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Kaival Brands Innovations Group, Inc. (KAVL) generated $0.5M in gross profit for the year, representing a gross profit margin of 1036.6%. This demonstrates the company's core pricing power and production efficiency.