Nevis Brands sees significant revenue growth and improved profitability in Q3

Nevis Brands (CSE:NEVI, OTCQB:PSCBF) reported significant growth in both revenue and profitability during the third quarter of 2024.

The company saw a 345% increase in EBITDA, achieving positive net income for the first time.

Revenue of C$474,584 marked a 9% increase compared to the previous quarter, while gross profit rose by 16% and gross margins improved to 71%.

The company’s EBITDA soared to C$104,746, compared to C$23,536 in the previous quarter, reflecting a combination of higher revenues, improved margins, and controlled expenses.

Net income for the quarter reached C$27,873, a sharp reversal from the C$64,749 loss reported in Q2.

CEO John Kueber highlighted the company’s ability to maintain low expenses while expanding into new states and continuing product development.

“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,” Kueber said in a statement.

Nevis Brands currently generates revenue from nine states, including Washington, Oregon, California, Nevada, Colorado, Arizona, Ohio, Missouri, and Mississippi. The company is preparing to enter the Michigan and New Jersey markets, pending state approvals and production planning.

“We remain committed to our model of low capital expenditures, licensing and royalty collection,” Kueber added.

“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.”

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