Aphria Trades Down As Bottom Line Turns Negative In Q2

Aphria Inc. APHA APHA reported second-quarter financial results Tuesday, with net revenue of CA$120.6 million ($92.2 million), up 457% year-over-year from CA$21.7 million. 

The company posted a net loss for the quarter of CA$7.9 million or CA$0.03 per share versus net income of CA$16.4 million, or CA$0.07 per share, in the first quarter. 

The loss was mostly due to provisions related to Aphria’s Tier 3 passive investment portfolio, the company said.

Revenue for adult-use cannabis jumped 46% from the previous quarter to CA$29 million.

Aphria said it achieved a positive adjusted EBITDA of CA$1.9 million, up from CA$1 million in the prior quarter.

Irwim Simon will continue as CEO and is no longer working on an interim basis, according to Aphria. 

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.

“We are very pleased with our strong growth and execution in Canada demonstrated by our increase in adult-use cannabis revenue and positive adjusted EBITDA as a result of our compelling brands and market positioning,” Simon said in a statement. 

The company updated its guidance for fiscal year 2020, projecting net revenue between CA$575 million and CA$625 million and adjusted EBITDA of CA$35 million to CA$42 million.

Aphria shares were trading down 8.07% at $5.01 in Tuesday's premarket session. 

Related Links:

Aphria Analyst Trims Price Target On Lower Sales Projections Ahead Of Q2 Report

Aurora Cannabis Analyst Lowers Price Target, Says Company Needs 'Greater Financial Discipline'

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisEarningsNewsGuidanceMarkets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!
CCC-Oct-24-Banner-1

Click on the image for more info.

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry?

Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. 

Get your tickets now before prices surge by following this link.