Vancouver, Canada — News Direct — Nevis Brands
Nevis Brands CEO John Kueber joined Proactive's Steve Darling to present the company's financial results for fiscal year 2023 and fourth quarter ending November 30, 2023. Nevis Brands reported annual revenue of $671,000 and cost of goods sold of $278,604. In the fourth quarter alone, Nevis earned revenue of $395,876, primarily due to royalties he received from licensees in five states, and cost of goods sold was $134,223. .
Mr. Kueber highlighted the significant costs and expenses incurred during the transition from the company's previous entity, Pascal Biosciences Inc., and expressed satisfaction with the end of the fiscal year. Notably, Nevis Brands achieved revenue growth in the fourth quarter and successfully reduced the cost of goods sold, demonstrating positive operational momentum.
Additionally, Mr. Cuber highlighted the company's continued efforts to expand its revenue streams, particularly in the states where Nevis currently operates. He expressed excitement about the additional revenue expected from licensees that have been secured but are not yet contributing to revenue. Notably, fourth-quarter revenues do not include contributions from Nevada and California, the states that currently generate revenue.
In addition, Michigan and Missouri are expected to contribute to revenues in 2024, further strengthening the financial performance of the Nevis brand. Looking to the future, Nevis Brands sees significant growth opportunities for its leading brands through expansion into new markets as well as the introduction of new products. Mr. Kueber highlighted the company's commitment to innovation and market expansion, highlighting the potential for diversification beyond beverages into other edible products.
In summary, Nevis Brands' fiscal year 2023 and fourth quarter financial results reflect steady progress and positive momentum in the business. With a strategic focus on revenue growth and product diversification, the company is well-positioned to take advantage of new opportunities in the cannabis market and deliver value to shareholders.
Contact details
proactive north america
proactive north america
+1 604-688-8158
NA-editorial@proactiveinvestors.com
View source version on newsdirect.com: https://newsdirect.com/news/nevis-brands-releases-financial-numbers-seeing-a-44-increase-in-quarterly-revenue-209854143
