Organigram Holdings Inc. OGI OGI reported on Tuesday its fourth quarter financial results for the three months ended Sept. 30., revealing an 11% year-over-year increase in net revenue to CA$161.6 million ($120.7 million).
Moreover, the Canadian producer reported a 71% increase in adjusted EBITDA over the same period reaching nearly CA$6 million in the fourth quarter of fiscal 2023.
CEO Beena Goldenberg holds a positive outlook for the company's growth potential driven by the successful accomplishment of numerous initiatives in fiscal 2023.
“In Fiscal 2023, our continued focus on innovative products that address consumers' evolving preferences toward convenience drove our growth across several ready-to-consume categories like pre-rolls and edibles, and we ended the year in the #2 market position which we held as of November 30th,” Goldenberg said on Tuesday in a press release. "”n Fiscal 2024 we expect improved margins from efficiencies tied to our completed facility upgrades and growth in higher margin categories such as craft flower and vapes, while the $124.6 million financial commitment from BAT expedites our plans for international growth.”
See also: Organigram Shares Trading Lower On Q3 Revenue Decline Of 14% YoY Impacted By THC Inflation
Q4 2023 Financial Highlights
- Adjusted gross margin was CA$40.2 million, representing an increase of 20% over CA$33.4 million in fiscal 2022. Adjusted gross margin percentage was 25% compared to 23% in fiscal 2022.
- Net loss increased to CA$248.6 million, from CA14.3 million net loss in the last year's period, primarily due to impairments on PP&E, intangibles, and goodwill.
- Selling, general and administrative expenses increased to CA$72.4 million, compared to CA$59.8 million in fiscal 2022.
- Net cash used in operating activities before working capital changes was CA$38.8 million, compared to CA$36.2 million in fiscal 2022.
OGI Price Action
Organigram's shares traded 1.42% higher at $1.3286 per share during the pre-market session on Tuesday morning.
Missed the first wave of cannabis investments? Don't make that mistake again.
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
Join Benzinga PotProfits. Our in-house canna stock expert, Michael Berger, is on a mission to uncover the most promising cannabis stocks poised for growth, even in a dull market. He leaves no bud unturned to bring you the juiciest potential double-digit opportunities!
Just this year, the PotProfits portfolio has seen smoking-hot gains like:
- 47.10% with $GTBIF
- 40.23% with $TCNNF
- 21.50% with $VFF
But here's the kicker: Michael is about to release his next potential winners, and he's chomping at the bit to share these ticker symbols with you ASAP.
Don't miss out on the green rush!
Related News
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!