Kaival Brands Innovations Group Inc., the global exclusive distributor of the BIDI® Stick by BIDI® Vapor, recently announced financial results for the second quarter of 2020.
Photo by fauxels from Pexels
Kaival Brands Innovations Group Inc. (OTC PINK: KAVL), the distributor of the BIDI® Stick, has recently released the company’s consolidated financial results for its fiscal 2020 cycle as the second quarter (Q2) concluded on April 30, 2020.
Here are the Fiscal 2020 Second Quarter highlights:
- Revenues for the second quarter of 2020 totaled to $22.5 million, compared to $0 in the same period last year
- Gross profit of $4.2 million compared to $0 in the second quarter of 2019
- Total revenues of $18.3 million compared to $0 in the same period last year
- Total operating expenses were approximately $458,000 in the second quarter of fiscal 2020, compared to roughly $4,200 in the same period of the prior fiscal year
- Net income of approximately $2.8 million, or $0.00 basic and diluted earnings per share, compared to a net loss of approximately $4,000, or $0.00 basic and diluted loss per share, in the second quarter of 2019
- Unearned revenue on April 30, 2020, was approximately $2.0 million compared to $0 on April 30, 2019
Remarkable Financial Growth in April 2020
On March 9, 2020, Kaival Brands partnered with and launched its first brand to exclusively distribute Bidi Vapor’s innovative and eco-conscious product, the BIDI® Stick. With this, the former entered into sub-distribution agreements and granted such sub-distributors the right to distribute the products to non-retail customers within the territory.
Weeks after its deal with Bidi Vapor, Kaival sealed the partnership last March 31, 2020, with QuikfillRx Digital as the partnership’s digital marketing arm. This emerging online marketing company will use its digital marketing expertise and offer services, such as sales strategies, website development, website design, content and market research, public communication, social media management, and analytics from time to time.
Financial revenues started to rise for the last three (3) months, which wrapped up on April 30, 2020, making a huge leap compared in the previous year.
Kaival Brands sees more significant potential for success in its partnership with Bidi Vapor. As they made substantial headway in its initial distribution of the BIDI® Stick, it gained revenues of approximately $22.5 million in the initial months of the partnership. The company’s current goal is to continue to boost revenues by increasing Bidi Vapor’s market share in the vaping industry.
Kaival Brands’ plan to drive growth is to create a market engagement and sales team, which will help the company attract more retail and wholesale customers. A dedicated customer support team is also in place to immediately address customer inquiries and complaints and ensure that the company provides excellent customer service. The company also mobilized its sales force for the onboarding of new wholesale and retail partners. These selected wholesale and retail partners are fully equipped and oriented with a comprehensive guide to the products to ensure that they adhere to Bidi Vapor principles.
Kaival Brands believes that a strong foundation in terms of a business partnership is a necessary element to success. Together with Bidi Vapor, the company ensures that both retail and wholesale partners are equipped with the right product knowledge and adhere to state regulations to achieve market success.
For more news about Kaival Brands, you can also check out their official message board here.