Executive Summary

Q4 FY2024 revenue was $6.50M, gross margin 71.7%, operating income $0.17M, and net income $0.05M, reflecting a soft finish versus Q2 and Q3 and minimal bottom-line contribution due largely to a tax provision in the quarter .
Year over year, Q4 FY2024 revenue declined versus Q4 FY2023 ($6.90M) with gross margin compressing from 75.0% to 71.7%, and net income falling from $0.76M to $0.05M as operating leverage and tax dynamics weighed on results .
Street consensus (S&P Global) for Q4 FY2024 EPS and revenue was unavailable for RVIV due to missing CIQ mapping; therefore, we cannot assess beats/misses vs estimates (S&P Global consensus unavailable).
Product mix remained concentrated: hearing protection and enhancement accounted for ~95% of FY2024 revenue, with management emphasizing expansion into retail and distribution channels as a key growth catalyst .

What Went Well and What Went Wrong

What Went Well
- Management executed brand and channel strategy: “record revenues of $27.5 million, reflecting 17% YoY growth, largely driven by expanding distribution and retail channels” (CEO) .
- Revenue quality and diversification: “There was no single customer that accounted for greater than 10% of total sales” in hearing protection (~95% of revenue), supporting stability of demand (CFO) .
- Operational progress in prior quarters: Q2 and Q3 delivered stronger profitability and margins relative to Q4, underscoring seasonality and channel execution earlier in the year .
What Went Wrong
- Q4 gross margin compression and limited operating leverage: gross margin fell to 71.7% (vs 75.0% YoY) and operating income was just $0.17M despite $6.50M revenue .
- Net income sharply lower: Q4 net income was $0.05M vs $0.76M YoY, impacted by a tax provision in the quarter and weaker operating margin versus the prior year .
- Street context lacking: Q4 consensus EPS/revenue from S&P Global was unavailable for RVIV, limiting external benchmarking (S&P Global consensus unavailable).

Financial Results

Quarterly performance (oldest → newest):

Metric	Q2 FY2024 (Nov 30, 2023)	Q3 FY2024 (Feb 29, 2024)	Q4 FY2024 (May 31, 2024)
Revenue ($USD)	$8,421,677	$6,469,343	$6,501,250 (FY − 9M)
Gross Profit ($USD)	$6,257,939	$4,624,326	$4,664,106 (FY − 9M)
Gross Margin %	74.3%	71.5%	71.7% (derived)
Operating Expenses ($USD)	$4,994,027	$4,728,205	$4,494,516 (FY − 9M)
Operating Income ($USD)	$1,263,912	($103,879)	$169,590 (FY − 9M)
Net Income ($USD)	$1,018,075	$781,091	$49,516 (FY − 9M)

Year-over-year Q4 comparison:

Metric	Q4 FY2023 (May 31, 2023)	Q4 FY2024 (May 31, 2024)
Revenue ($USD)	$6,895,209 (FY23 − 9M23)	$6,501,250 (FY24 − 9M24)
Gross Margin %	75.0% (derived)	71.7% (derived)
Operating Income ($USD)	$583,227 (derived)	$169,590 (derived)
Net Income ($USD)	$760,100 (derived)	$49,516 (derived)

KPIs and margins:

KPI	Q2 FY2024	Q3 FY2024	Q4 FY2024
Operating Margin %	15.0% (derived)	(1.6)% (derived)	2.6% (derived)
Net Income Margin %	12.1% (derived)	12.1% (derived)	0.8% (derived)
OpEx as % of Sales	59.3%	73.1%	69.1% (derived)

Segment exposure (FY context):

Segment	FY2024 Revenue Mix
Hearing Protection & Enhancement	~95% of revenue
Hair & Skin Care	~5% of revenue (implied remainder)

Notes:

Q4 FY2024 values are derived from FY2024 minus nine-month FY2024 totals; Q4 FY2023 values are derived from FY2023 minus nine-month FY2023 .
EPS per quarter was not disclosed for Q4 FY2024; Q2/Q3 EPS were disclosed in period press releases .

Guidance Changes

No formal quantitative guidance (revenue, margins, OpEx, OI&E, tax rate) was disclosed in the FY2024 press release or Q3/Q2 releases; management referenced strategic priorities rather than specific ranges .

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q4 FY2024	None disclosed	None disclosed	Maintained (no guidance)
Gross Margin	FY/Q4 FY2024	None disclosed	None disclosed	Maintained (no guidance)
OpEx	FY/Q4 FY2024	None disclosed	None disclosed	Maintained (no guidance)
Tax Rate	FY/Q4 FY2024	None disclosed	None disclosed	Maintained (no guidance)

Earnings Call Themes & Trends

No Q4 FY2024 earnings call transcript was found in our document tools for RVIV; we searched earnings-call-transcript doc type and found none for RVIV in the relevant period (not available). Below is narrative evolution from press releases:

Topic	Previous Mentions (Q2 FY2024 and Q3 FY2024)	Current Period (Q4 FY2024)	Trend
Brand/Rebranding, Listing	Uplist to NYSE American and name change to AXIL Brands; governance changes	Continued emphasis on brand and distribution expansion	Stable focus
Channel/Distribution	Strength in holiday season (Q2); expansion initiatives	Emphasis on expanding retail and distribution channels (CEO/CFO)	Continuing execution
Customer Concentration	No single >10% customer in hearing segment (FY context)	Reiterated in FY release	Positive diversification
Tariffs/Macro Risk	Not specifically quantified in Q2/Q3 press releases	Risks cited: taxes/tariffs/trade policies potentially raising costs	Risk awareness increased

Management Commentary

“We concluded the fiscal year with record revenues of $27.5 million, reflecting a solid 17% year-over-year growth, largely driven by our strategic focus on expanding distribution and retail channels.” — Jeff Brown, CFO .
“We are making continued progress in areas that should contribute to our sustainable, long-term growth and profitability... enhancing our global presence, fostering strategic partnerships, and adapting our offerings...” — Jeff Toghraie, CEO .
“Our successful listing on the NYSE American stock exchange and recent repurchase of our Series A preferred shares enhances our ability to execute our enterprise growth strategy and unlock value for our shareholders.” — Jeff Toghraie, CEO (Q3 release) .

Q&A Highlights

No Q4 FY2024 earnings call transcript or Q&A was available for RVIV in our document set (not available).

Estimates Context

Wall Street consensus estimates (S&P Global) for RVIV Q4 FY2024 EPS and revenue were unavailable due to missing CIQ mapping; thus we cannot provide beats/misses vs Street (S&P Global consensus unavailable).
Given the lack of consensus, investors should rely on internal benchmarking versus prior periods and YoY trends presented above.

Key Takeaways for Investors

Q4 softness: Despite stable revenue sequentially vs Q3, margins compressed and net income was minimal, driven by limited operating leverage and a tax provision; monitor mix and pricing discipline in hearing products to stabilize gross margin .
Stronger 1H performance: Q2/Q3 delivered healthier margins and profits; seasonality and promotional cadence matter—near-term trading likely keys off holiday and channel events .
Concentrated core with diversified customers: Hearing products (~95% of FY revenue) remain core, but lack of single-customer dependence is a positive for revenue stability .
Execution vs guidance: Management emphasizes channel expansion and brand initiatives but provides no quantitative guidance; trading setups will focus on observed quarter-to-quarter margin recovery rather than guidance beats .
Watch tariff and regulatory exposure: Management highlights risk from taxes/tariffs/trade policies; U.S. manufacturing or sourcing shifts may be medium-term margin levers .
Data gap on estimates: With S&P Global consensus unavailable, incorporate internal expectations and historical seasonal patterns when framing near-term positioning (S&P Global consensus unavailable).
Near-term catalysts: Retail/distribution wins and product launches could improve volume and mix; monitor subsequent-quarter gross margin trends and operating expense ratios for signs of operating leverage .

Sources: Q4 FY2024 derived from FY2024 8-K press release and nine-month totals (EX-99.1) ; Q3 FY2024 8-K press release (EX-99.1) ; Q2 FY2024 8-K press release (EX-99.1) ; Uplist/name change 8-K .

Axil Brands, Inc. (RVIV)·Q4 2024 Earnings Summary