HEXO Revenue Jumps 1,269% As Losses Drop

HEXO Corp (TSX: HEXONYSE: HEXO) delivered its financial results for the second quarter of the 2019 fiscal year with gross revenue of $16.2 million an increase of 1,269% versus the same time period for last year. Revenues increased by 114% sequentially.
The company reported a net loss for the quarter of $4.3 million, which was a big improvement over last year’s net loss of $8.9 million for the same time period. Sequentially, the net loss decreased 66% quarter over quarter as a result of the increased sales and 16% reduced total operating expenses in the period.
“This quarter not only saw an exponential increase in gross revenue and production, but also saw us continue to execute on our promises including reaching a construction and licensing milestone on our 1,000,000 sq. ft. greenhouse expansion and listing on the NYSE-A,” said HEXO Corp CEO and co-founder, Sebastien St-Louis. “Just yesterday, we announced an agreement to acquire Newstrike Brands Limited. HEXO’s future is very promising, I am looking forward to continually driving shareholder value and achieving milestones with our team.”
Adult Use

The company reported that it produced 4,938 kg of dried cannabis, an increase of 39% over the first quarter of fiscal 2019. It sold 2,689 kg of gram and gram equivalents, an increase of 142% quarter over quarter. The revenue from gross adult-use cannabis in the three months ended January 31, 2019, exceeded total revenues fiscal 2018 by $9,858 or 200%. Oils sales represented 23% of the adult-use revenues. Adult-use sold grams and gram equivalents increased 166% to 2,537 kg from the previous quarter as the company continues to scale up and deliver on its existing supply agreements. Adult-use revenues per gram and gram equivalents increased $0.38 to $5.83 form the first quarter of fiscal 2019.

Medical

Medical revenue per gram and gram equivalent sold increased $0.03 to $9.15 during the quarter, with 152 kg sold.

 

 

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

Back to Top

You have Successfully Subscribed!