Nevis Brands (CSE:NEVI, OTCQB:NEVIF) saw its revenue jump in the first quarter of fiscal 2025 due to strong demand and expanded distribution of its cannabis beverages—particularly in New Jersey and Missouri—while also maintaining solid sales in Washington and reducing operational costs.
The Seattle-based cannabis beverage company reported a significant jump in revenue for the first quarter of fiscal 2025, up 61% from the year-ago period at about $416,000.
Nevis also reported a gross profit of about $324,000, with a 78% gross margin and cost of goods sold totalling about $93,000.
Net income was about $60,000 with earnings of $135,000 when excluding interest, depreciation and amortization.
The company saw “significant gains” for its products in New Jersey and Missouri, while maintaining a high level of sales in Washington, CEO John Kueber said.
“We are pleased to start our fiscal 2025 by growing our revenue by 61% from last quarter, growing revenues and continuing to build retailers and territories carrying Major and Happy Apple,” Kueber said.
“Demand for our products remains strong and we are also pleased to continue to make gains on our operations by lowering our expenses for both cost of goods sold as well as certain overhead.”
Looking to the second quarter, the CEO said it expects the company’s new hemp-derived THC product Happy Apple contribute to revenues.
“We also look forward to continuing to develop our growing markets in New Jersey and Missouri as well as launch at least one new market in Q2,” Kueber said.
Shares of Nevis traded higher on the report, up 11% early on Thursday.