Aphria Revenue Spikes 23% In Yet Another Growth Quarter
This is the Leamington, Ontario-based company's sixth consecutive quarter of growth.
"Our strong first-quarter results reflect the continued robust growth and development of Aphria's adult-use cannabis brands in Canada," explainedd chairman and CEO Irwin Simon.
Over the quarter, Aphria teamed up with InterCure Ltd.'s (TASE: INCR) subsidiary, Canndoc Ltd.
Under the two-year strategic supply deal, announced Aug. 4, Aphria agreed to supply Israel's medical cannabis producer with dried bulk flower.
- Net cannabis revenue amounted to CA$62.5 million
- That's a sequential increase of 103%
- Net revenue was CA$145.7 million, representing a year-over-year increase of 16% and a sequential decline of 4%
- The net revenue drop can be attributed to the lower distribution revenue due to the current health crisis
- An 11% increase in Adjusted EBITDA from the cannabis business, which amounted to CA$10.4 million for the quarter
- Adjusted EBITDA of CA$10 million, up by 17% compared to the previous quarter.
- CA$400 million of cash and cash equivalents at the end of the quarter
Meantime, in June, the company opted to transfer its stock from the New York Stock Exchange to the Nasdaq exchange.
The last fiscal year was "a transformative year for Aphria," Simon earlier said, as its net revenue increased by 129% over the period.
Moreover, the company continues to be the top stock pick among Canadian cannabis manufacturers, at least according to the Cantor Fitzgerald analyst Pablo Zuanic.
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