Organigram Holdings Inc. OGI OGI released first-quarter financial results Tuesday, reporting net revenue of CA$25.2 million ($19.3 million), up 102% year-over-year from $12.4 million.
The company achieved positive adjusted EBITDA in the quarter of CA$4.9 million versus adjusted EBITDA of CA$6.8 million in the first quarter of 2019.
Organigram's net loss from continuing operations was CA$0.9 million or CA$0.006 per share on a diluted basis versus net income of CA$29.5 million or CA$0.195 per share in the first quarter of fiscal 2019.
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"Despite ongoing industry challenges, we are pleased with solid Q1 2020 results and our return to positive adjusted EBITDA during the quarter," CEO Greg Engel said in a statement.
"Our team was also successful in shipping the first of our Rec 2.0 products as planned and on schedule in December of 2019. We also look forward to the launch of the remainder of our vape pen portfolio followed soon after by our premium cannabis-infused chocolate products."
In addition to Cannabis 2.0 products, Organigram is rolling out new core strains, including the high-THC Edison Limelight, the CEO said.
Organigram shares were trading 24.07% higher at $2.68 in premarket trading Wednesday.
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