OrganiGram Holdings Inc (OGI)

[john1311]

OGI Revenue beats by $13.45M.

Organigram reports Q4 results; issues FY23 soft guidance

Nov. 29, 2022 OrganiGram Holdings Inc. (OGI),

Organigram press release (NASDAQ:OGI):

Q4 net loss was $6.1M, compared to a net loss of $26.0M in Q4 Fiscal 2021.

Adjusted EBITDA of $3.2M, the third consecutive quarter of positive Adjusted EBITDA, compared to negative Adjusted EBITDA of $4.8M in the same prior year period.

Adjusted Gross Margin of $10.4M or 23%, compared to $3.0M or 12% in the same prior year period, reflecting improvements from increased efficiencies and higher sales volume.

Revenue of $45.5M (+82.7% Y/Y) beats by $13.45M.

Outlook: Organigram currently expects Fiscal 2023 revenue to be higher than that of Fiscal 2022.

The company expects to see an improvement in adjusted gross margins in Fiscal 2023 and has put measures in place that it expects will further improve margins over time.

The company expects significant growth in Adjusted EBITDA in Fiscal 2023 over Fiscal 2022.

The company expects to have positive cash flows from operating activities during Fiscal 2023 and positive free cash flows during calendar 2023.

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