Kumulus Vape (ALVAP) Q3 2024 TU earnings summary

Executive summary

• Q3 2024 consolidated revenue reached €14.8M, bringing YTD revenue to €44.9M, representing 70% of the annual target.

• Performance achieved amid ongoing network restructuring and challenging economic conditions.

• Annual revenue target of €64M is maintained, with expectations of a strong Q4 due to seasonality and new distribution agreements.

Financial highlights

• Q3 2024 revenue was €14,767,143, slightly below Q3 2023's €15,028,962.

• 2023 full-year revenue was over €60M, up 8% year-over-year.

• BtoB segment contributed €12.4M (83.9%), BtoC €1.2M (8.3%), and retail network €1.1M (7.5%) in Q3 2024.

Outlook and guidance

• Q4 expected to be the strongest quarter, supported by favorable seasonality and commercial events like Black Friday.

• New distribution agreements and franchise expansion are expected to drive growth.

• Annual revenue guidance of €64M is reaffirmed.