Kaival Brands Innovations Group Inc
kaivalbrands.comWhat Do They Do?
Licenses nicotine e-cigarette technology to Philip Morris Products for international markets, and distributes e-cigarette products to wholesalers and retailers.
10-K for FY2025, filed Jan 29, 2026We are engaged in the sale, marketing and distribution of electronic nicotine delivery system (“ENDS”) products, also known as…View ↗
On June 13, 2022, KBI entered into the PMI License Agreement with PMPSA, effective as of May 13, 2022 (the “PMI Commencement Date”).…View ↗
On March 9, 2020, we entered into an exclusive distribution agreement (the “Distribution Agreement”) with our affiliate Bidi, which…View ↗
How Do They Make Money?
Kaival receives royalties from PMPSA for each unit of licensed product sold; the royalties are paid quarterly based on actual sales.
10-K for FY2025, filed Jan 29, 2026
$484.7K
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10-K for FY2025, filed Jan 29, 2026
$484.7K ↗
Who Are Their Customers?
Philip Morris Products licenses the company's intellectual property for e-cigarette products in international markets. Its distribution channel has served wholesalers and retailers, rather than direct-to-consumer buyers.
10-K for FY2025, filed Jan 29, 2026
Do Revenues Turn Into Profits?
No. It lost $16.6M in FY2025.
10-K for FY2025, filed Jan 29, 2026
How Are They Changing?
- Net income
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Sources
10-Q for Q3 FY2026, filed Sep 14, 2026
−$243.9KView ↗
- ▼ −56% (Loss)
- vs −$559.4K in Q3 FY2025
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Feb 5, 2026
Appointed Eric Mosser CEO after Mark Thoenes resigned as interim CEO
The board accepted Thoenes's resignation and appointed Mosser CEO and director.
Sources
8-K, filed Feb 5, 2026
The Board accepted the resignation of Mark Thoenes as interim-CEO, which was effective as of February 5, 2026. The resignation was not the…View ↗
Shrinking. Revenue fell 99% in 4 years, from $58.8M in FY2021 to $484.7K in FY2025, about 70% a year.
From distribution to royalties
The older report describes distributing BIDI Stick products to wholesalers and retailers; the latest says it no longer earns revenue from those sales and identifies PMPSA royalties as its primary revenue source.
10-K for FY2022, filed Jan 30, 2023 10-K for FY2025, filed Jan 29, 2026On March 9, 2020, we entered into an exclusive distribution agreement (the “Distribution Agreement”) with our affiliate Bidi Vapor, LLC…View ↗
We are engaged in the sale, marketing and distribution of electronic nicotine delivery system (“ENDS”) products, also known as…View ↗
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