2022 Stock to Watch – exclusive global distributor of the BIDI® Stick disposable electronic nicotine delivery system. Bidi Vapor is the manufacturer of the premium BIDI® Stick System. – FDA confirms, BIDI® Stick remains in the marketplace for sale – $3.85M In Q3 Revenue +23.4% Y/Y ended July 31, 2022. Kaival Brands and Philip Morris International (NYSE: PM) and has launched a custom branded self-contained e-vapor product named “Veeba”. The product had been launched in Canada and had come not long after the agreement had been reached with Phillip Morris and Europe expansion plans are forthcoming.
On Wednesday, KAVL stock surged 12.26% to $1.19 with more than 319K shares, compared to a volume of 1.58 million shares. The stock moved within a range of $1.05 – 1.25 after opening trade at $1.06.
Back on September 12, 2022, Kaival Brands announced its financial results for the third fiscal quarter that ended on July 31, 2022. In order to get a better idea about the situation with the company, it may be a good idea to take a look at some of the highlights. The biggest event of the quarter was that its fully owned subsidiary unit Kaival Brands International had signed an international licensing agreement with Phillip Morris Products SA, an affiliate of the tobacco behemoth Phillip Morris International Inc.
In the third fiscal quarter, the company managed to come up with revenues of as much as $3.8 million, and that reflected a jump from the $3.2 million in revenues that the company had generated in the prior year period. On the other hand, the gross profit came in at $442000 and that worked out to 11.5% of total revenues. In the prior year period, the company had managed to come up with gross profits of $84300, and that had only 2.6% of revenues. It may be a good time for investors to perhaps add the Kaival Brands Innovations stock to their watch lists.
KAVL stock is trading above the 20-Day and 50-Day Moving averages of $1.10 and $1.15 respectively. However, the stock is trading below the 200-Day moving average of $1.32.