Aphria Inc. APHA APHA has achieved record gross revenue of CA$69.6 million in the first quarter, up by 23% compared to the previous period.
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 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.
Earnings Breakdown
- 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.
Courtesy image
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
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.