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Aphria Inc. (TSX:APHA) (NASDAQ:APHA), a cannabis consumer packaged goods company, posted financial results Monday for the third quarter and nine months ended Feb. 28.
Aphria generated CA$153.6 million ($122.5 million) in net third-quarter revenue. That's a year-over-year increase of 6.4% and a sequential decline of 4.3%.
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Net cannabis revenue amounted to CA$51.7 million, dropping by 7.8% year-over-year and 23.8% sequentially.
The Leamington, Ontario-based company reported an adjusted EBITDA gain of CA$12.7 million in the third quarter of 2021, representing the eighth consecutive quarter of positive EBITDA. Adjusted EBITDA from the cannabis business amounted to CA$7.9 million versus CA$12.9 million in the second quarter.
Gross profit was CA$31.7 million, up year-over-year from CA$59.6 million.
See also: How to Buy Aphria Inc. (APHA) Stock
The company ended the quarter with CA$267.1 million in cash and cash equivalents.
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Operating expenses increased by 21% quarter-over-quarter and roughly 96% year-over-year to CA$100 million.
The net loss in the third quarter was CA$361 million, or a CA$1.14 loss per share.
"The duration and impact of lockdowns across many of the regions we operate in, particularly in Canada, were greater than we initially anticipated for the cannabis industry and our business; however, we believe Aphria remains well-positioned with our leading brands and market share to experience a robust increase in our top-line as the market improves," Irwin Simon, the company's chairman and CEO, said in a statement.
The Tilray Merger: In December, Aphria kicked off negotiations to merge with Tilray Inc. (NASDAQ:TLRY).
The combined company would continue to operate under the Tilray name with Simon as CEO.
The two companies have reached a definitive agreement to combine.
"We expect Aphria and Tilray's complementary cultures of innovation, brand development, and cultivation to further set us apart from others in the industry along with the strength of our balance sheet and cash availability as we enhance value for all stakeholders" Simon said.
APHA Price Action: Aphria shares were trading down 14.31% at $13.95 at last check Monday.
Photo by Esteban Lopez on Unsplash
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.