Kaival Brands reported Q1 fiscal 2026 revenue of USD 0.1 million, down 50%. Net loss was USD 0.6 million, compared with a smaller loss a year earlier, and basic and diluted net loss per share was USD 0.05. Operating expenses were USD 0.7 million, down 84%, driven primarily by the absence of USD 2.9 million of stock-based compensation recorded in the prior-year quarter. The company said it currently generates no revenue from Bidi Stick sales following an ITC patent dispute and that its primary revenue source is royalties under its international licensing agreement with Philip Morris Products. Kaival Brands said it expects it will not have sufficient cash on hand to support operations for the next 12 months, and reported cash of USD 0.8 million and working capital of USD 497,068 as of Jan. 31, 2026.

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