Cannabis producer HEXO Corp. (NASDAQ: HEXO) has reported a narrower net loss for the first quarter of 2023 amid a sharp fall in operating expenses. The Canada-based company’s revenues decreased in double-digits during the three-month period.
Net loss and comprehensive loss narrowed sharply to C$52.1 million in the October quarter from C$116.9 million in the prior-year period.
At C$35.77 million, net revenues were down 29% year-over-year, reflecting lower sales across all the main operating segments. Total operating expenses declined 81% year-over-year.
Check this space to read management/analysts’ comments on quarterly reports
“We’ve increased our gross profit before fair value adjustments by approximately $41 million over the previous quarter and have significantly decreased our inventory levels. We’ve also eliminated unprofitable sales, redeploying those resources into profitable business segments,” said Hexo’s CFO Julius Ivancsits.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Most Popular
Important takeaways from Conagra Brands’ Q3 2025 report
Conagra Brands, Inc. (NYSE: CAG) has reported weaker-than-expected revenue and profit for the February quarter, with sales declining across all business segments amid softer demand and persistent supply challenges. The
Main takeaways from Lamb Weston’s (LW) Q3 2025 earnings report
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) jumped 9% on Thursday after the company delivered better-than-expected results for the third quarter of 2025 and reaffirmed its outlook for the
Summary: Tesla (TSLA) reports Q1 2025 production, deliveries
Tesla Inc. (NASDAQ: TSLA) has announced results of vehicle production and deliveries for the first quarter of 2025. The company also provided data on the deployment of energy storage products
