Org Chart Holdings Inc. OGI OGIreleased its results for the first quarter ended November 30, 2022 revealingly net sales from 43.3 million Canadian dollars($32.3 million) a 43% increase compared to CA$30.4 million in the first quarter of fiscal 2022.
Financial highlights of the first quarter of 2023
-
Gross margin was CA$23.9 million compared to CA$610,000 in the first quarter of fiscal 2022.
-
Adjusted gross margin was $12.8 million, or 30% of net sales, compared to $5.5 million, or 18%, in the first quarter of fiscal 2022.
-
Adjusted EBITDA was $5.6 million compared to a negative $1.9 million in the first quarter of fiscal 2022.
-
Net income was CA$5.3 million compared to a net loss of CA$1.3 million in the first quarter of fiscal 2022.
“Our first quarter of fiscal 2023 demonstrates the success of our expansion in Moncton and continued productivity improvements in fiscal 2022,” stated Beena Goldenberg, CHAIRMAN. “During the quarter, we had a bumper harvest and the lowest growing costs in the company’s history. We have maintained our market position and are confident that our disciplined approach to operations and innovation will lead to further successes as the year progresses.”
outlook
-
The Company generated positive cash flow from operations in the first quarter of fiscal 2023, primarily driven by positive Adjusted EBITDA and a reduction in accounts receivable. While the Company expects to continue to generate positive Adjusted EBITDA, periods in which the Company achieves significant increases in revenue will result in an increase in accounts receivable, which will negatively impact cash flow from operations. The Company has a capital expenditure budget of CA$29 million for fiscal 2023 and, if completed as planned in fiscal 2023, expects to generate positive free cash flows by the end of calendar 2023.
price action
Shares of Organigram Holdings traded 8.27% higher at $0.899 during Thursday’s premarket session.
Get your daily dose of Cannabis News on Benzinga cannabis. Don’t miss any important developments in the industry.
Photo:…
[ad_2]
Source story
