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HEXO Corp. reports third quarter fiscal 2020 financial results; Net Revenue Up 30% to $22.1 Million, Improved Operational Performance

Written by Customer Service on . Posted in Public Companies.

Key Operating Highlights
Gross Revenue increased 30% to $30.9M from $23.8M in Q2Net Revenue increased 30% to $22.1M from $17.0M in Q2Adult-use grams and gram equivalents sold increased 42% to 9,338 kg compared to Q2Gross Margins increased to 40%Operating expenses decreased to $26.8MClosed $46M public offering to enhance liquidityAdjusted EBITDA improved to ($4.3M) from ($8.5) in Q2; tracking towards positive adjusted EBITDA in the first half of fiscal 2021Announced expanded partnership with Molson Coors to explore US CBD market in ColoradoOTTAWA, June 11, 2020 (GLOBE NEWSWIRE) — HEXO Corp. (TSX: HEXO; NYSE: HEXO) (“HEXO” or the “Company”) today reported its financial results for the third quarter fiscal 2020 ended April 30, 2020. All amounts are expressed in Canadian dollars unless otherwise noted.“I’d like to take this opportunity to thank the HEXO team who has worked tirelessly during the COVID 19 pandemic to keep the doors open and ensure the safety of our employees and our customers.  We could not do this without you, we recognize and appreciate your efforts.  It’s thanks to your hard work that we closed the third quarter delivering on our financial goals, even in the face of adversity,” said Sebastien St-Louis, CEO and co-founder of HEXO.Operational and Financial Highlights Third Quarter 2020 HighlightsGross revenue increased 30% to $30.9M from $23.8M in Q2’20, and from $15.9M in Q3’19.  Net revenue increased 30% to $22.1M from $17.0M in Q2’20, and from $13.0M in Q3’19.Adult-use cannabis gross revenue in Q3’20 increased 30% to $29.8M from $23.0M in Q2’20, and from $14.6M in Q3’19.  The primary driver of the increase in sales during the quarter was the increase in sales from Original Stash.  Newly launched products such as hash and oil extract drops also contributed to overall adult-use sales growth.  Adult use sales volume in Q3’20 increased 42% to 9,338 kg from 6,579 kg sold in Q2’20. 

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