• Like a focused version of Altria or Philip Morris International, but exclusively distributing a major e-cigarette brand.
• Imagine Monster Beverage (MNST), but instead of energy drinks, they exclusively distribute a popular e-cigarette brand.
• The exclusive sales and marketing company for the Bidi Stick e-cigarette, similar to how Juul dominated its niche in vaping.

• Bidi Stick: A disposable electronic nicotine delivery system (ENDS) product.
• Bidi Pouch: A tobacco-free nicotine pouch product designed for oral use.

Kaival Brands Innovations (KAVL) primarily sells its products to other companies rather than directly to individuals.

Its major customer is:

• Core-Mark International, a wholly-owned subsidiary of Performance Food Group (Symbol: PFG).

Based on Kaival Brands' SEC filings, one customer accounted for approximately 64% of net sales for the fiscal year ended October 31, 2023, and 69% for the fiscal year ended October 31, 2022. While the filings do not explicitly name this specific customer, industry analyses and previous company press releases (such as one from March 30, 2022) indicate that Core-Mark International is this significant customer. Core-Mark serves as a major wholesale distributor, facilitating the distribution of Bidi Vapor products (which KAVL exclusively distributes) to a vast network of convenience stores and other retailers across the U.S.

The company also sells to other wholesalers and direct retail accounts, but none represent a significant portion of sales individually comparable to Performance Food Group/Core-Mark International.

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Mark Thoenes, Interim Chief Executive Officer & Director

Mr. Thoenes was appointed Interim Chief Executive Officer in September 2024. He brings over 35 years of diverse financial and operational leadership to the company. A licensed Certified Public Accountant since 1984, he began his career with Ernst & Young Global Limited. From 2000 to 2010, Mr. Thoenes served as the Executive Vice President and Chief Financial Officer of Rentrak Corporation, a publicly traded company that was later acquired by comScore, Inc. in 2016, after his departure. For eleven years, he was the President of MLT Consulting Services, LLC, a full-service business/financial consulting firm. He also served as Kaival Brands' Interim Chief Financial Officer from June 2021 to August 2023.

Eric Morris, Interim Chief Financial Officer & Secretary

Mr. Morris serves as the Interim Chief Financial Officer and Secretary for Kaival Brands Innovations Group.

Barry Hopkins, Executive Chairman

Mr. Hopkins was appointed Executive Chairman in November 2023, having initially joined Kaival Brands as Chairman of the Board in March 2023. He is a 40-year tobacco industry veteran with deep operational experience and industry contacts. Mr. Hopkins spent most of his career primarily in senior sales and marketing roles for companies such as Turning Point Brands and Altria.

James Dobbins, General Counsel

Mr. Dobbins serves as the General Counsel for Kaival Brands Innovations Group.

The proliferation of unregulated and unauthorized disposable vape products, particularly those imported without PMTA authorization and sold at significantly lower prices due to bypassing regulatory compliance and taxation. This growing illicit market directly competes with and undermines the market for regulated and compliant products like those offered by Kaival Brands, creating an uneven playing field and eroding market share and profitability for legitimate businesses.

Kaival Brands Innovations Group (KAVL) primarily operates in the Electronic Nicotine Delivery Systems (ENDS) market, with its main product being the Bidi Stick, a disposable e-cigarette. Kaival Brands and Philip Morris Products S.A. are the exclusive global distributors of products manufactured by Bidi Vapor.

The addressable market sizes for their main products are as follows:

• Global E-cigarette and Vape Market (ENDS):
  • The market size was estimated at USD 28.17 billion in 2023 and is projected to reach USD 182.84 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 30.6% from 2024 to 2030.
  • Another estimate shows the global e-cigarette and vape market size crossed USD 40.71 billion in 2025 and is likely to expand at a CAGR of approximately 20.4%, surpassing USD 260.59 billion in revenue by 2035.
  • The global Electronic Nicotine Delivery System (ENDS) Market was valued at USD 27.8 billion in 2023 and is expected to reach USD 66.2 billion by 2032, at a CAGR of 4.5% during the forecast period 2023–2032.
• U.S. E-cigarette and Vape Market (ENDS):
  • The U.S. e-cigarette and vape market size was valued at USD 8.98 billion in 2022. It is expected to expand at a CAGR of 29.8% from 2023 to 2030, reaching USD 69.53 billion by 2030.
  • The United States e-cigarette market reached USD 13.98 billion in 2024 and is expected to reach USD 48.22 billion by 2033, exhibiting a growth rate (CAGR) of 14.02% during 2025-2033.
  • North America held the largest share in the ENDS Market, accounting for USD 1.71 billion in 2025, representing 34% of the total market.

• International Licensing Agreement with Philip Morris Products S.A. (PMPSA): Royalties from an international distribution agreement with Philip Morris Products S.A. (PMPSA) are a primary source of revenue and are anticipated to continue driving growth. This includes the development, licensing, and distribution of ENDS products in various international markets, such as the VEEBA product being distributed in Canada.
• Monetization of Acquired Patent Portfolio from GoFire Inc.: Kaival Brands plans to pursue third-party licensing opportunities for its vaporization and inhalation-related intellectual property, acquired from GoFire Inc. in May 2023. These opportunities are expected in markets such as cannabis, hemp/CBD, nicotine, nutraceutical, and pharmaceutical, along with the development of new products based on these assets.
• Expansion of Bidi Stick Distribution in the U.S.: The company is focused on maximizing the distribution and growth of the Bidi Stick in traditional retail channels, including convenience stores. Past initiatives have included re-launching Bidi Stick distribution in numerous Circle K, Kwik Trip, and Mapco locations, with plans for further expansion.
• Merger with Delta Corp Holdings Limited: Kaival Brands is pursuing a merger with Delta Corp Holdings Limited, which is expected to diversify the company's revenue streams beyond its current Bidi Stick vaping product.
• New Product Development and Strategic Partnerships: The company is actively seeking to diversify its business and establish a platform for growth and profitability by pursuing new revenue opportunities, including strategic acquisition and collaboration arrangements that generate revenue and positive cash flows.

Share Issuance

• Kaival Brands Innovations Group completed a $6.0 million public offering on June 24, 2024, selling 3,921,500 units at $1.53 per unit. The proceeds from this offering were intended for general corporate purposes, working capital, and business expansion.
• As of October 3, 2025, the company had 11,593,402 shares of common stock issued and outstanding. The number of outstanding shares had increased by 204.59% in the year leading up to a point prior to November 2025.
• On January 22, 2024, a 1-for-21 reverse stock split of the company's common stock became effective.

Outbound Investments

• On May 30, 2023, Kaival Brands, through its subsidiary Kaival Labs, acquired certain vaporization and inhalation-related intellectual property from GoFire, Inc. in exchange for equity securities of Kaival Brands and contingent cash consideration. The objective of this acquisition was to diversify product offerings and create near and longer-term revenue opportunities through potential licenses and the development of new products.

Capital Expenditures

• Capital expenditures for Kaival Brands Innovations Group were reported as "n/a" for the trailing twelve months leading up to a point prior to November 2025, indicating minimal or no significant capital expenditures.