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HEXO Corp. (TSX:HEXO) (NYSE: HEXO), a consumer packaged goods cannabis company, said Thursday that its third-quarter net revenue spiked 30% sequentially, reaching CA$22.1 million ($16.2 million).
Hexo's net loss fell from CA$298 million in the second quarter to CA$19.5 million during the third quarter, according to the earnings report.
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The Ottawa-based company entered the U.S. market in mid-April after creating a joint venture with Molson Coors to develop non-alcoholic, hemp-derived CBD beverages in Colorado.
Other quarterly highlights from the earnings report include:
- 40% increase in gross margins
- Operating expenses amounted to CA$26.8 million, down by 90% from the second quarter
- Negative adjusted EBITDA of CA$4.3 million versus a loss of CA$8.5 million in the previous quarter
- CA$46 million in financing through a public offering
- The receipt of Health Canada approval for its Belleville, Ontario-based facility for the sale of dried and fresh cannabis and related products
"I'd like to take this opportunity to thank the HEXO team who has worked tirelessly during the COVID 19 pandemic to keep the doors open and ensure the safety of our employees and our customers," CEO and co-founder Sebastien St-Louis said in a statement.
St-Louis praised the company's team, thanking them for "hard work that we closed the third quarter delivering on our financial goals, even in the face of adversity."
Courtesy photo.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.