Kaival Brands reports Q1 EPS 76c vs $1.12 last year

Reports Q1 revenue $3.2M vs $2.5M last year. Nirajkumar Patel, Chief Executive Officer and Chief Science and Regulatory Officer of Kaival Brands, stated, “After serving as an employee and non-committee Board member for the last two years, I have stepped into the role of CEO to redirect the Company’s efforts and focus our energy and resources on initiatives that will enable us to move forward. First, let me assure you, the team at Kaival remains focused on preserving and improving shareholder value. We have experienced a number of stalled starts related to the FDA’s denial of Bidi Vapor’s premarket tobacco product application for Bidi Vapor’s “Classic” tobacco-flavored BIDI Stick ENDS device, and, we are navigating a number of transitions. However, we continue to believe there is tremendous value related to our international business as well as new, potential opportunities to monetize the extensive and valuable inhalation patent portfolio that we acquired from GoFire, Inc. in May of last year. The purchase of the portfolio marked the beginning of our diversification efforts and move away from sole reliance on revenues from the sales of Bidi Sticks. Our efforts to explore profitability of this portfolio are underway, and we are incredibly energized by the interest and revenue opportunities we believe could be available to us through this portfolio.”