Kaival Brands Posts Wider Loss In Q2

(RTTNews) - Kaival Brands Innovations Group, Inc. (KAVL) posted a second quarter net loss of approximately $5.0 million, or $0.16 per share, compared to a loss of approximately $4.3 million, or $0.18 per share, a year ago. The company said the wider net loss is primarily attributable to the decreased revenues and increase in customer credits/discounts/rebates. Second-quarter total revenues declined to $3.06 million from $18.15 million, last year.

Niraj Patel, CEO and Founder of Kaival Brands, said: "Our results demonstrate strong execution and resiliency in our business, as revenues in the second quarter of fiscal year 2022 rose 11% as compared to revenues in the first quarter of fiscal year 2022."