Organigram Holdings Inc. /zigman2/quotes/209289540/lastsale OGI -1.49% /zigman2/quotes/202287350/delayed CA:OGI -0.44% issued revenue guidance late Monday, saying that it now expects fiscal fourth-quarter net revenue of C$16.3 million ($12.3 million), a sequential decline from third-quarter revenue of C$24.8 million. Analysts polled by FactSet had expected fourth-quarter revenue of C$27.9 million. U.S. traded shares of Organigram fell more than 11% in the extended session. Organigram's fiscal fourth quarter ended in August and the revenue estimate is net of excise taxes. Organigram said it shipped about $20 million worth of cannabis during the quarter and said the lack of retail stores was partly to blame. The company said it expects to have roughly $47.9 million in cash and equivalents by the end of the quarter. "While Q4 2019 did not meet our overall expectations, we have not only emerged as one of the national leaders in the industry with significant growth expected in net revenue and strong market share, we expect to report positive adjusted EBITDA for the year," Chief Executive Greg Engel said in a statement. The company will report earnings in full Nov. 25 before the market opens and has a conference call scheduled for 8:00 a.m. Eastern time.
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Cronos kicks off cannabis earnings with revenue miss but stock gains