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Dec. 16, 2019, 8:21 a.m. EST

Hexo's stock falls after net loss widens nearly 5-fold

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By Tomi Kilgore

Shares of Hexo Corp. /zigman2/quotes/206508254/composite HEXO -7.09% slumped 4% in premarket trading Monday, after the Canada-based consumer packaged goods cannabis company reported a fiscal first-quarter loss that widened nearly 5-fold from a year ago as net revenue more than doubled but revenue per gram declined. The net loss for the quarter to Oct. 31 was C$62.4 million ($47.6 million), compared with a loss of C$12.8 million in the same period a year ago. Hexo did not provide what the loss was per share. The company said the results included C$3.7 million in restructuring costs. Gross revenue rose to C$19.3 million from C$6.6 million, while excluding excise taxes net revenue grew to C$14.5 million from C$5.7 million. Total gram and gram equivalents sold rose to 4,196 from 952, while adult-use gross revenue per gram and gram equivalent sold fell to C$4.35 from C$5.45. The stock has plummeted 47% over the past three months through Friday, while the ETFMG Alternative Harvest ETF /zigman2/quotes/204332491/composite MJ -5.46% has tumbled 29% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -3.35% has gained 5.7%.

/zigman2/quotes/206508254/composite
US : U.S.: NYSE
$ 1.31
-0.10 -7.09%
Volume: 4.20M
Feb. 24, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$356.50 million
Rev. per Employee
N/A
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/zigman2/quotes/204332491/composite
US : U.S.: NYSE Arca
$ 15.58
-0.90 -5.46%
Volume: 1.11M
Feb. 24, 2020 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,225.89
-111.86 -3.35%
Volume: 2.75B
Feb. 24, 2020 5:04p
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