KAVL · Kaival Brands Innovations Group, Inc. · Off Exchange
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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Weekly off-exchange (dark pool / OTC) trading volume reported to FINRA under its OTC/ATS Transparency data. ATS volume is executed on alternating trading systems (dark pools); non-ATS OTC is other over-the-counter dealer volume. The off-exchange share is total off-exchange volume as a percentage of consolidated weekly trading volume for the same Monday–Friday week.
Off-Exchange Volume History
| Week Start | ATS Volume | Non-ATS OTC Volume | Total Off-Exchange | % of FINRA Weekly Volume |
|---|---|---|---|---|
| 2026-07-13 | 64,466 | 324,987 | 389,453 | — |
| 2026-07-06 | 18,102 | 63,037 | 81,139 | — |
| 2026-06-29 | 15,000 | 404,915 | 419,915 | — |
| 2026-06-22 | 1,978 | 62,527 | 64,505 | — |
| 2026-06-15 | 6,548 | 344,680 | 351,228 | — |
| 2026-06-08 | 17,773 | 24,653 | 42,426 | — |
| 2026-06-01 | 82,199 | 566,715 | 648,914 | — |
| 2026-05-25 | 50,635 | 85,062 | 135,697 | — |
| 2026-05-18 | 17,408 | 86,903 | 104,311 | — |
| 2026-05-11 | 45,760 | 413,415 | 459,175 | — |
| 2026-05-04 | 28,293 | 124,414 | 152,707 | — |
| 2026-04-27 | 56,190 | 462,032 | 518,222 | — |
| 2026-04-20 | 701 | 114,350 | 115,051 | — |
| 2026-04-13 | 17,032 | 160,326 | 177,358 | — |
| 2026-04-06 | 10,421 | 39,092 | 49,513 | — |
| 2026-03-30 | 16 | 19,142 | 19,158 | — |
| 2026-03-23 | 1,240 | 158,087 | 159,327 | — |
| 2026-03-16 | 24,000 | 111,133 | 135,133 | — |
| 2026-03-09 | 2,863 | 20,555 | 23,418 | — |
| 2026-03-02 | 15,886 | 63,999 | 79,885 | — |
| 2026-02-23 | 228,373 | 1,076,155 | 1,304,528 | — |
| 2026-02-16 | 3 | 91,219 | 91,222 | — |
| 2026-02-09 | 81,864 | 416,088 | 497,952 | — |
| 2026-02-02 | 372 | 59,764 | 60,136 | — |
| 2026-01-26 | 192,811 | 633,115 | 825,926 | — |
| 2026-01-19 | 1,266 | 103,670 | 104,936 | — |
| 2026-01-12 | 360,542 | 1,118,268 | 1,478,810 | — |
| 2026-01-05 | 447,771 | 1,565,260 | 2,013,031 | — |
| 2025-12-29 | 303,126 | 2,187,845 | 2,490,971 | — |
| 2025-12-22 | 3,435,663 | 17,590,915 | 21,026,578 | 59.6% |
| 2025-12-15 | 518,154 | 19,176,945 | 19,695,099 | 61.6% |
| 2025-12-08 | 537,516 | 26,584,934 | 27,122,450 | 44.1% |
| 2025-12-01 | 3,518 | 62,269 | 65,787 | 63.9% |
| 2025-11-24 | 4,097 | 43,700 | 47,797 | 65.3% |
| 2025-11-17 | 13,431 | 233,435 | 246,866 | 66.1% |