Proactive - Interviews for investors
Nevis Brands doubles revenue in 2024, cuts losses & expands in key Markets
Nevis Brands CEO John Kueber joined Steve Darling from Proactive to discuss the company’s financial results for fiscal year 2024 and the fourth quarter ending November 30, 2024. Nevis reported $1.56 million in revenue, more than doubling its 2023 sales as it expanded into new markets and introduced new cannabis products.
The company narrowed its net loss to approximately $362,000, down from $400,000 the previous year. When excluding interest, depreciation, and amortization, the adjusted loss was reduced to about $58,000.
Nevis maintained its leading position in Washington’s cannabis beverage market and achieved the second-best sales ranking in Missouri within its first year in that state.
The company also made significant progress in debt reduction, cutting current liabilities from $1.12 million to about $573,000 through debt payments and restructuring.
Looking ahead to 2025, Nevis expects continued growth driven by expanding sales of its Happy Apple and Major brands in the hemp-derived THC beverage market. The company also looking for market re-entry in Ohio and Arizona following previous licensing and market shifts. All this happening while the company focused on licensing established products in key markets.
Kueber acknowledged that the fourth quarter was challenging, with revenue declines due to licensing and market shifts in Arizona, Ohio, Oregon, and California. However, growth in New Jersey and Missouri helped offset these declines, and the company remains focused on long-term expansion and profitability.
#proactiveinvestors #nevisbrandsinc #cse #nevi #otcqb #nevif #majorbrand #cannabis #CannabisInvesting #THCDrinks #HappyApple #CannabisStocks #HempTHC #CannabisBeverages #InvestorUpdate #JohnKueber #CannabisNews #CannabisRevenue #DebtReduction #ProactiveInvestors
