Nevis Brands Reports Q3 2024 Financial Results Marked by a 345% Increase in EBITDA and Positive Net Income

Company also reported 9% revenue growth over prior quarter and increasing margins.

Nevis Brands Inc (OTCQB:NEVIF)

SEATTLE, WA, UNITED STATES, October 9, 2024 /EINPresswire.com/ -- * Generated positive EBITDA of $104,746 vs $23,536 an increase of 345%
* Generated Net Income of $27,873 VS a loss of $64,749 in Q2
* Generated revenue of $474,584 in Q3 vs $436,532 in Q2 an increase of 9%

Seattle, WA - Nevis Brands Inc (CSE: NEVI) (OTCQB: NEVIF) ("Nevis" or the "Company") a leading provider of cannabis beverages brands, today reported its financial results for the third fiscal quarter, ending August 31st, 2024. All currency references used in this news release are in Canadian currency unless otherwise noted.

For the quarter, Nevis cannabis beverage royalty revenues totaled $474,584 and a $339,151 of gross profit This represents sequential revenue growth of 9% and a 16% increase in gross profit. Gross margins improved to 71% vs 67% the prior quarter.

When excluding interest, tax, depreciation, and amortization Nevis generated earnings of $104,746, an increase of 345% due to combination of lower expenses, higher gross margin, and growing revenues.

Management Commentary:

John Kueber, CEO of Nevis Brands, commented,

“We are pleased to report another quarter of growing revenues and EBITDA, and achieving the milestone of positive net income."

“In Q3 we were able to keep our expenses low, despite our continued expansion to new states and maintaining development of our product portfolio. We were also able to realize some improvements in our supply chain for packaging which resulted in improved gross margins”

The appetite for our flagship product, Major(™) remains robust in the majority of our markets and we continue to make efforts to expand our store counts and product awareness in developing states. Q3 revenues were earned in 9 states: Washington, Oregon, California, Nevada, Colorado, Arizona, Ohio and Missouri and Mississippi. Michigan remains in pre-production awaiting state approvals and New Jersey is still in pre-production planning. Those two states, plus some additional growth initiatives should continue the upward trajectory in our financial results.”

“We remain committed to our model of low capital expenditures, licensing and royalty collection. In doing so, we will continue to bring our products to new markets and work towards our vision of building the most recognized cannabis beverage brands in the United States.”
Full financials for the Company may be found at SEDAR: https://thecse.com/listings/nevis-brands-inc/sedar-filings

About Nevis Brands

Nevis innovates and develops cannabis products that have been consumed by millions of consumers across Washington, Oregon, California, Colorado, Arizona, Nevada, Missouri, Mississippi and Ohio with agreements to expand to Michigan and New Jersey. Led by our flagship brand Major™ (www.nevisbrands.com/brands) Nevis partners with leading cannabis product manufacturers and distributors to enhance their product offerings.

Nevis Brands Inc. is publicly traded on the CSE under the symbol “NEVI,” OTCQB “NEVIF” and Frankfurt Stock Exchange symbol under the symbol “8DZ”

CONTACT INFORMATION:
Investor Relations - Attention John Kueber
investors@nevisbrands.com
Tel: 425-380-2151
www.nevisbrands.com

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Cautionary Statement Regarding “Forward-Looking” Information Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved.

This forward-looking information is provided as of the date of this news release. The forward-looking information reflects our current expectations and assumptions and is subject to a number of known and unknown risks, uncertainties and other factors, which may cause actual results, performance, or achievements to be materially different from any anticipated future results, performance or expectations expressed or implied by the forward-looking information. No assurance can be given that these assumptions will prove correct. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Investors are advised to consider the risk factors under the heading “Risks and Uncertainties” in the Company’s Form 2A, available at www.sedar.com for a discussion of the factors that could cause the Company’s actual results, performance and achievements to be materially different from any anticipated future results, performance, or achievements expressed or implied by the forward-looking information. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

John Kueber
Nevis Brands Inc
+1 425-380-2151
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