11:57 AM EDT, 07/10/2024 (MT Newswires) -- Nevis Brands ( NEVIF ) , a provider of cannabis beverages brands, said overnight Tuesday that its loss for the fiscal second quarter narrowed.

Nevis reported a loss of $54,788 for the quarter ended May 31, compared to a loss of $97,215 in the fiscal first quarter.

Cannabis beverage royalty revenues totaled $436,532, up 15% from $380,729.

Excluding interest and tax, depreciation and amortization expense, the company posted earnings of $23,536, improving from a loss of $20,535.

"We are pleased to report growing revenues and positive Ebitda as we continue to grow our active states, product line and dispensaries selling Nevis products," CEO John Kueber said. "With 15% sequential quarterly revenue growth and only 8 of our 10 licensees producing, we are happy with our overall progress across our various markets and products."

Nevis expects to further increase its revenues for the fiscal third quarter ending Aug. 31 as it continues to optimize operations and grow store counts in collaboration with its licensees.

Nevis shares were last seen down $0.005 to $0.12 on the Canadian Securities Exchange.