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.
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“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.
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