Cannabis producer HEXO Corp. (NASDAQ: HEXO) has reported a narrower net loss for the second quarter of 2023, on an adjusted basis, amid a sharp fall in operating expenses. The Canada-based company’s revenues declined during the three-month period.
Comprehensive loss narrowed sharply to C$11.1 million in the January quarter from C$690.3 million in the corresponding period of fiscal 2022.
At C$24.2 million, net revenues were down 54% year-over-year, reflecting lower sales across all the main operating segments. Total operating expenses declined 96% year-over-year.
“SG&A spending is down 11 percent or $1.5 million compared to the previous quarter. We also made significant progress in our trade accounts receivable with a $21 million reduction compared to the first quarter and have paid off $40.7 million in debt,” 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
What to expect when Signet Jewelers (SIG) reports Q1 earnings
Shares of Signet Jewelers Limited (NYSE: SIG) were over 3% on Monday. The stock has dropped 13% over the past 3 months. The jewelry retailer is set to report its
MDB Infographic: Highlights of MongoDB’s Q1 2024 earnings report
Software company MongoDB, Inc. (NASDAQ: MDB) has announced financial results for the first quarter of 2024, posting an increase in revenues and adjusted profit. The company reported a 29% increase
Campbell Soup to report Q3 results Wednesday. Here’s what to expect
Campbell Soup Company (NYSE: CPB) is coming out of a rough patch after the packaged food company's sales and earnings got affected by the pandemic, due to the widespread movement
