OrganiGram Holdings Inc (OGI)

[john1311]

Organigram beats on revenue

Jan. 11, 2022 6:04 AM ETOrganiGram Holdings Inc. (OGI)By: Meghavi Singh, SA News Editor

Organigram (NASDAQ:OGI): FQ1 Net loss of $1.31M vs. net loss of $34.34M a year ago quarter.

Revenue of $30.38M (+57.2% Y/Y) beats by $7.1M.

Press Release
Q1 Fiscal 2022 adjusted gross margin was $5.5 million, or 18% of net revenue, compared to $1.9 million, or 10%, in Q1 Fiscal 2021.

Q1 Fiscal 2022 negative adjusted EBITDA improved to $1.9 million compared to $5.7 million in Q1 Fiscal 2021.

“Our positive outlook for 2022 is further bolstered by the addition of Laurentian’s premium products to our portfolio, with an increased presence in Quebec and the resumption of international sales, which will continue through the year. We are also pleased with our continued progress at improving economies of scale in our operations, thus reducing operating costs and driving significant improvements in adjusted gross margin and adjusted EBITDA. While we previously projected to achieve positive adjusted EBITDA in Q4, with the purchase of Laurentian that will be accelerated to Q3 Fiscal 2022," said Beena Goldenberg.

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