27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.
Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) reported Tuesday that gross revenue decreased by 29% year-over-year to roughly CA$19.3 million ($15.4 million) in the second quarter of fiscal 2021.
Net revenue also declined over the same period, from CA$23.2 million to CA$14.6 million, the Moncton, New Brunswick-based company said in a statement.
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The second-quarter results were "challenged by industry dynamics, COVID-19 and staffing limitations at our facility," CEO Greg Engel said in a statement.
Yet "there are excellent prospects ahead for the industry, Organigram and our shareholders," he added.
Organigram Financial Highlights
- The second-quarter gross margin came in negative, at CA$17.2 million, representing a year-over-year decrease of 252% from the positive CA$11.3 million reported in the same quarter last year.
- The net loss amounted to CA$66.4 million, up from CA$6.8 million in the corresponding quarter of 2020.
- Adjusted EBITDA (a non-IFRS financial measure) was a negative CA$8.6 million, compared to a CA$59,000 loss in the second quarter of 2020.
- Selling, general and administrative expenses, excluding non-cash share-based compensation, were CA$11.1 million for the quarter, compared to some CA$14 million in the same period last year.
Organigram anticipates third-quarter revenue to exceed second-quarter results and said it's "improving demand fulfillment with increased staffing."
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Management also expects to boost revenue growth through the enhanced production of soft chews and other confectionery products from its Winnipeg Edibles & Infusions facility.
Recent Organigram Operational Milestones
Last week, Organigram purchased The Edibles & Infusions Corp. (a soft chew manufacturer co-founded by AgraFlora Organics International Inc. (OTCQX: AGRA) and Cavalier Candies CEO James Fletcher) for CA$22 million.
It also introduced two new recreational product lines, dubbed Indi and Edison Cannabis Co., in March, on the heels of announcing a collaboration with British American Tobacco PLC (NYSE:BTI).
The tobacco giant opted to buy some 58.3 million shares of Organigram's subsidiary at CA$3.792 each, representing a 19.9% equity interest.
Shares of Organigram traded down by more than 0.5% at the time of the writing of this article.
Photo by Roberto Valdivia on Unsplash.
Más de Organigram en Español en El Planteo.
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.