Categories AlphaGraphs, Cannabis, Earnings

Earnings: A Snapshot of Hexo’s Q1 2023 financial results

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

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top