Organigram Holdings (TSXV:OGI,OTCQX:OGRMF) announced the financial and operational results for its Q2 2019.
As quoted in the press release:
“We executed very well again this quarter and have established Organigram as one of the leaders in the Canadian adult-use recreational market,” said Greg Engel, Chief Executive Officer.
“For the second consecutive quarter, our results reflected operational excellence which translated into record revenue for the Company, industry-leading adjusted gross margin, and positive adjusted EBITDA, all of which differentiates us from most of the Canadian industry today. Our team has already progressed several key initiatives in preparation for the derivative and edibles launch in the fall of 2019. We are excited about the significant growth ahead expected from these new products, our expanding capacity, our strategic partnerships, and our relentless focus on continuous improvement to consistently deliver high quality product to our customers.”
Select Highlights for the Second Quarter of Fiscal 2019
- Q2-2019 gross revenue of C$33.5 million and net revenue of C$26.9 million (less excise taxes) increased exponentially from the same prior year period (Q2-2018) as Q2 2019 included the first full quarter of adult-use recreational sales.
- Cash cost of cultivation of C$0.65 and “all-in” cost of cultivation of C$0.85 (including non-cash depreciation and share-based compensation) per gram of dried flower harvested decreased from C$1.24 and C$1.48, respectively, in Q2-2018 largely due to higher yields per plant.