E HEXO Corp. Reports Record Q1 Gross Revenue

 

HEXO Corp. (HEXO) is a seed-to-sale Canadian licensed producer supplying the Canadian adult-use markets consumer packaged goods under its HEXO Cannabis, Up Cannabis, and Original Stash brands. It announced its Q1, 2021 financial and operating results on Tuesday for the period ended October 31, 2020, as follows:

Q3 Financial Highlights 

(All results are presented in Canadian dollars and compared to the previous quarter. Go here to convert into other currencies.)

  • Gross Revenue: increased 14% to $41.3M, the highest in the Company’s history
  • Net Revenue: increased 13% to $29.5M 
    • adult-use cannabis: +8%
    • adult-use beverages: +54%
  • Gross Margin: improved to 35% from 30%
  • Net Loss: improved to $(4.2)M from $(169.5)M
  • Adj. EBITDA: improved by 87% to $(0.4)M 

Q1 Operational Highlights

  • Increased sales momentum across Canada, with 18% of the periods gross sales coming from Alberta, 15% from Ontario and 6% from British Columbia.
  • Maintained number one market share in Quebec.
  • Improved Adjusted EBITDA for the sixth straight quarter.
  • Closed out Q1 with working capital of $250.3M, including $149.8M of cash.

Management Commentary

HEXO CEO and co-founder Sebastien St-Louis said:

  • “...[Q1’s] record revenue performance reflects our commitment to providing consumers with high-quality products, at reasonable prices..
  • We continue to hold the number one market share position in Quebec while continuing to aggressively expand into other markets.
  • HEXO is now top four in adult-use market share by net sales dollars in Canada.
  • We have also moved into the top beverage spot through Truss, our joint venture with Molson Coors, and
  • we have reached the number one market share position for hash, which we believe will continue to be an important category for the industry...”
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