KAVL · Kaival Brands Innovations Group, Inc. · Holdings
Substantial doubt about the company's ability to continue as a going concern.
“We will need significant additional funds to satisfy our outstanding payables, fund our working capital, and fully implement our business plan. U.S. distribution of BIDI® Stick products has ceased. Our ability to continue as a going concern depends on royalty receipts under the PMI License Agreement and our ability to raise additional capital. FDA marketing-denial orders applicable to Bidi's products and the ITC patent proceeding involving those products may continue to affect royalty receipts. All of these factors raise substantial doubt regarding our ability to continue as a going concern.”View the 10-Q filed Sep 14, 2026
One customer — 21% of revenue (the year ended October 31, 2024)
“For the year then ended October 31, 2024, (i) 21% or $1,236,491 of the revenue from the sale of Products, solely consisting of the BIDI® Stick, was generated from QuikTrip Corporation”
One customer — 12% of revenue (the year ended October 31, 2024)
“(ii) 12% or $678,562 was generated from GPM Investments, LLC”
One customer — 11% of revenue (the year ended October 31, 2024)
“(iii) 11% or $655,583 was generated from FAVS Business, LLC”
One customer — 100% of receivables (as of October 31, 2024)
“QuikTrip Corporation with an outstanding balance of $205 accounted for 100% of the total accounts receivable from customers as of October 31, 2024.”
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Institutional ownership from SEC Form 13F filings. Investment managers with more than $100 million in U.S. equities must disclose their positions every quarter, within 45 days of quarter-end, so the holdings shown can lag the market by up to a quarter.
Institutional Ownership Trend
Holder Concentration
Across 10 13F filers with any position, options included · Δ vs Sep 30, 2024Who Holds KAVL
Last 8 quarters through Sep 30, 2025Each kind of 13F filer's share of the common shares 13F filers report. Holder type comes from regulatory records, never the filer's name; style, turnover and horizon are measured from each filer's own 13F book. The quarter selector does not change this card.
Sep 30, 2025: 10 filers, like-for-like change +5.0%; actively managed books -43.7%; index-like books +78.0%.
| Holder type | Share | Filers | Change |
|---|---|---|---|
| Registered adviser | 91.4% | 5 | +139.0% |
| Bank | 1.2% | 2 | -97.5% |
| Non-US | 0.3% | 1 | 0.0% |
| Holding company | 0.0% | 0 | — |
| Unknown | 7.2% | 2 | -24.2% |
| Style | Share | Filers | Change |
|---|---|---|---|
| Index-like | 67.8% | 2 | +78.0% |
| Systematic-like | 23.4% | 1 | new |
| Diversified active | 8.8% | 7 | -84.6% |
| Concentrated | 0.0% | 0 | — |
| Not measured | 0.0% | 0 | — |
| Unknown | 0.0% | 0 | — |
| Turnover | Share | Filers | Change |
|---|---|---|---|
| Low turnover | 75.2% | 7 | -10.7% |
| Medium turnover | 1.1% | 1 | -5.8% |
| High turnover | 23.4% | 1 | +146.4% |
| Unknown | 0.3% | 1 | 0.0% |
| Not measured | 0.0% | 0 | — |
| Holding horizon | Share | Filers | Change |
|---|---|---|---|
| Short horizon | 0.3% | 1 | 0.0% |
| Long horizon | 76.3% | 8 | -10.7% |
| Medium horizon | 0.0% | 0 | — |
| Unknown | 23.4% | 1 | +146.4% |
| Not measured | 0.0% | 0 | — |
| 13F book size | Share | Filers | Change |
|---|---|---|---|
| Under $1B | 0.0% | 0 | -100.0% |
| $1B to $10B | 7.6% | 3 | +1759.4% |
| $10B to $100B | 23.4% | 3 | +148054.5% |
| $100B or more | 69.0% | 4 | -19.1% |
| Not measured | 0.0% | 0 | — |
| Client base | Share | Filers | Change |
|---|---|---|---|
| Individuals and high net worth | 0.1% | 2 | +10.8% |
| Pooled investment vehicles | 23.4% | 1 | new |
| Registered funds and BDCs | 67.8% | 2 | +78.0% |
| Unknown | 8.6% | 5 | -84.8% |
| Private funds | Share | Filers | Change |
|---|---|---|---|
| Hedge funds | 60.4% | 2 | +657.4% |
| Real estate funds | 0.0% | 1 | new |
| No private funds | 31.0% | 2 | +2.4% |
| Other private funds | 0.0% | 0 | — |
| Unknown | 8.6% | 5 | -84.8% |
| Location | Share | Filers | Change |
|---|---|---|---|
| United States | 99.7% | 8 | +103.7% |
| Outside the US | 0.3% | 2 | -99.4% |
How the mix is measured
Shares are 13F common shares restated to today's split basis; options and principal amounts are left out. The change compares only filers with a 13F in both quarters and keeps each filer in its bucket of the later quarter on both sides; a filer that continues under a new CIK is compared through its successor. Holder type comes from each filer's current regulatory profile; client base and private funds come from the Form ADV roster current at each quarter end (rosters from December 2019, so an earlier quarter reads Unknown). Style, turnover, horizon and book size are measured from each filer's 13F book in the newest measured quarter, and Not measured means none was. Actively managed books are those measured systematic-like, concentrated or diversified active.
Excluded 1 holder with no observed 2025-09-30 13F.
Quarterly Activity
New and Sold Out count only filers that reported a 13F for both quarters: a first-time filer's book is not a buy, and a fund that has not filed, or withheld its positions under confidential treatment, has not sold.
Top Buyers
vs Sep 30, 2024| Institution | Added | Now Holds | Open |
|---|---|---|---|
| Mega GEODE CAPITAL MANAGEMENT, LLC | +29,524 | 42,905 | |
| Mega TWO SIGMA INVESTMENTS, LP | +20,488 | 32,552 | |
| Mega CITIGROUP INC | +1,526 | 1,563 |
Top Sellers
vs Sep 30, 2024| Institution | Sold | Now Holds | Open |
|---|---|---|---|
| Mega BANK OF AMERICA CORP /DE/ | −39,956 | 47 |
Top New Positions
vs Sep 30, 2024| Institution | Acquired | Value (USD) | Open |
|---|---|---|---|
| Mega VANGUARD GROUP INC | 51,436 | $22,013 | |
| Mid StoneX Group Inc. | 10,011 | $4,284 | |
| Large Federation des caisses Desjardins du Quebec | 22 | $9 | |
| Large MAI Capital Management | 20 | $8 |
Top Sold-Out Positions
vs Sep 30, 2024| Institution | Previously Held | Last Value (USD) | Open |
|---|---|---|---|
| Mega UBS Group AG | 80,328 | $89,967 | |
| Large HRT FINANCIAL LP | 26,273 | $29,425 | |
| Mid XTX Topco Ltd | 13,998 | $15,677 | |
| Mid Tower Research Capital LLC (TRC) | 3,640 | $4,076 | |
| Mega MORGAN STANLEY | 843 | $944 |
| Holder | Value (USD) | % of 13F | Shares | Type | Filed | Open |
|---|---|---|---|---|---|---|
| Mega VANGUARD GROUP INC Registered adviser | $22,013 | 36.97% | 51,436 | Shares | 2025-11-07 | |
| Mega GEODE CAPITAL MANAGEMENT, LLC Registered adviser | $18,362 | 30.84% | 42,905 | Shares | 2025-11-12 | |
| Mega TWO SIGMA INVESTMENTS, LP Registered adviser | $13,932 | 23.40% | 32,552 | Shares | 2025-11-14 | |
| Mid StoneX Group Inc. | $4,284 | 7.20% | 10,011 | Shares | 2025-11-14 | |
| Mega CITIGROUP INC Bank | $668 | 1.12% | 1,563 | Shares | 2025-11-10 | |
| Mid SBI Securities Co., Ltd. Non-US | $164 | 0.28% | 384 | Shares | 2025-11-05 | |
| Mid Larson Financial Group LLC Registered adviser | $79 | 0.13% | 185 | Shares | 2025-11-14 | |
| Mega BANK OF AMERICA CORP /DE/ Bank | $19 | 0.03% | 47 | Shares | 2026-02-03 | |
| Large Federation des caisses Desjardins du Quebec | $9 | 0.02% | 22 | Shares | 2025-11-14 | |
| Large MAI Capital Management Registered adviser | $8 | 0.01% | 20 | Shares | 2025-11-10 |