Nevis Brands Reports Increased Revenue and Debt Reduction in Fiscal Year 2024
Seattle, WA -- March 28, 2025 -- NewsGenie -- Nevis Brands Inc. (CSE: NEVI), a cannabis beverage company, has released its financial results for fiscal year 2024, showing revenue growth and debt reduction. Revenue increased to $1,555,030 in 2024, compared to $671,545 in 2023. Cost of goods sold were $473,572, up from $278,604 the previous year.
The company reported a net loss of $362,481, an improvement from $399,772 in 2023. Excluding interest, depreciation, and amortization, the loss for the year was $57,722. For the fourth quarter, revenue was $258,155, compared to $474,584 in the third quarter of 2024. The cost of goods sold in Q4 was $55,075, down from $135,433 in Q3, with a net loss of $230,338.
CEO John Kueber stated that the company successfully opened new markets, increased revenues, launched new products, and improved cash flow while reducing debt. Nevis Brands paid down substantial debt in 2024, reducing current liabilities from $1,119,072 to $572,579 through debt repayment and restructuring.
Kueber highlighted the company's dominant market position in Washington and its strong performance in Missouri. He also noted the potential of hemp-derived THC beverages, expecting them to contribute to revenue growth in 2025. The company experienced challenges in Q4 due to changes in licensees and market dynamics in several states, but expects a return to growth in 2025 with continued growth in successful markets, hemp-derived products, and restarts in Ohio and Arizona.
Nevis remains committed to its low capital expenditure model, expanding through licensing and focusing on sales of Happy Apple, which generates wholesale revenues. Nevis Brands innovates and develops cannabis products and licenses its products with leading cannabis product manufacturers and distributors. Nevis Brands Inc. is publicly traded on the CSE under the symbol “NEVI,” US OTC: “PSCBF” and Frankfurt Stock Exchange symbol under the symbol “8DZ”.