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Jan. 11, 2022, 6:23 a.m. EST

Organigram tops revenue estimates in latest quarter

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By Ciara Linnane

Canadian cannabis company Organigram Holdings Inc. /zigman2/quotes/209289540/lastsale OGI -2.89% said Tuesday it had a net loss of C$1.305 million ($1.0 million) in its fiscal first quarter to Nov. 30, narrower than the loss of C$34.3 million posted in the year-earlier period. The company did not offer a per-share breakdown in its earnings release. Revenue climbed to C$30.4 million from C$19.3 million, ahead of the FactSet consensus of C$29.2 million. CEO Beena Goldenberg said the company is now expecting to reach positive adjusted EBITDA in its fiscal third quarter, ahead of earlier guidance for a positive result in the fourth quarter. That goal is expected to be bolstered by the acquisition of Laurentian Organic Inc., a private Quebec-based producer of hash and craft cannabis, that took place after quarter-end. That deal is expected to be immediately accretive and to give the company a foothold in the Quebec market. Shares rose 5.8% premarket and are up 2.3% in the last 12 months, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -2.57% has fallen 48% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.19% has gained 22%.

US : U.S.: Nasdaq
$ 1.18
-0.03 -2.89%
Volume: 1.95M
May 23, 2022 10:35a
P/E Ratio
Dividend Yield
Market Cap
$376.55 million
Rev. per Employee
US : U.S.: NYSE Arca
$ 4.93
-0.13 -2.57%
Volume: 53,047
May 23, 2022 10:15a
+46.52 +1.19%
Volume: 549.28M
May 23, 2022 10:35a

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