Organigram stock rises after Q4 revenue soars, net loss narrows
- Shares of Canadian cannabis producer Organigram (NASDAQ:OGI) gained as much as 6.1% to $1.05 in Tuesday late afternoon trading, after the company posted a surge in Q4 revenue and a narrower loss.
- It is worth noting that OGI stock had been on a weak run, having ended lower in four of its past five sessions.
- OGI earlier in the day reported Q4 net loss of $6.1M, compared to a loss of $26M a year ago. Revenue soared 83% Y/Y to $45.5M.
- The revenue increase was helped by demand for its recreational cannabis products.
- "We harvested approximately 16,000 kilos of flower during Q4 to '22 compared to about 12,000 kilos in Q4 of fiscal 2021, an increase of 33%," OGI CFO Derrick West said on the earnings conference call.
- The company also said it expects fiscal 2023 revenue to be higher than fiscal 2022. It sees "significant growth" in adj. EBITDA in fiscal 2023 over 2022.